Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 10, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity File Number | 0-16540 | ||
Entity Registrant Name | UNITED BANCORP INC /OH/ | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 34-1405357 | ||
Entity Address, Address Line One | 201 South Fourth Street | ||
Entity Address, City or Town | Martins Ferry | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 43935 | ||
City Area Code | 740 | ||
Local Phone Number | 633-0445 | ||
Title of 12(b) Security | Common Stock, Par Value $1.00 | ||
Trading Symbol | UBCP | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 68,642,392 | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 5,929,488 | ||
Entity Central Index Key | 0000731653 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Name | BKD LLP | ||
Auditor Firm ID | 686 | ||
Auditor Location | Cincinnati, Ohio |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 7,653 | $ 11,637 |
Interest-bearing demand deposits | 75,346 | 39,955 |
Cash and cash equivalents | 82,999 | 51,592 |
Available-for-sale securities | 146,313 | 158,067 |
Loans, net of allowance for loan losses of $3,673 and $5,113 at December 31, 2021 and 2020, respectively | 450,699 | 438,378 |
Premises and equipment | 12,757 | 13,743 |
Federal Home Loan Bank stock | 3,704 | 4,177 |
Foreclosed assets held for sale, net | 415 | 721 |
Core deposit intangible assets | 560 | 710 |
Goodwill | 682 | 682 |
Accrued interest receivable | 2,345 | 2,901 |
Bank-owned life insurance | 18,809 | 18,109 |
Other assets | 5,173 | 4,322 |
Total Assets | 724,456 | 693,402 |
Deposits | ||
Demand | 408,296 | 376,287 |
Savings | 140,598 | 122,549 |
Time | 56,242 | 80,699 |
Total deposits | 605,136 | 579,535 |
Securities sold under repurchase agreements | 15,701 | 12,705 |
Deferred federal income tax | 1,681 | 2,185 |
Subordinated debentures | 23,665 | 23,604 |
Interest payable and other liabilities | 6,572 | 7,045 |
Total liabilities | 652,755 | 625,074 |
Stockholders' Equity | ||
Preferred stock, no par value, authorized 2,000,000 shares; no shares issued | 0 | 0 |
Common stock, $1 par value; authorized 10,000,000 shares; issued 2021 - 6,053,851 shares, 2020 - 6,046,351 shares; outstanding 2021 - 5,791,853, 2020 - 5,791,853 | 6,054 | 6,046 |
Additional paid-in capital | 23,635 | 23,166 |
Retained earnings | 37,847 | 32,497 |
Stock held by deferred compensation plan; 2021 - 172,538 shares, 2020 - 174,905 shares | (1,738) | (1,675) |
Unearned ESOP compensation | 0 | 0 |
Accumulated other comprehensive income | 6,964 | 9,283 |
Stock held by deferred compensation plan; 2021 - 172,538 shares, 2020 - 174,905 shares | (1,061) | (989) |
Total stockholders' equity | 71,701 | 68,328 |
Total liabilities and stockholders' equity | $ 724,456 | $ 693,402 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans, allowance for loan losses | $ 3,673 | $ 5,113 |
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 1 | $ 1 |
Common stock, authorized | 10,000,000 | 10,000,000 |
Common stock, issued | 6,053,851 | 6,046,351 |
Common Stock, Shares, Outstanding | 5,791,853 | 5,791,853 |
Stock held by deferred compensation plan, shares | 172,538 | 174,905 |
Treasury stock, shares | 84,363 | 79,593 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and Dividend Income | ||
Loans | $ 20,181 | $ 22,099 |
Securities | ||
Taxable | 468 | 596 |
Tax-exempt | 3,877 | 4,785 |
Federal funds sold | 101 | 49 |
Dividends on Federal Home Loan Bank and other stock | 81 | 99 |
Total interest and dividend income | 24,708 | 27,628 |
Interest Expense | ||
Deposits | 1,273 | 3,141 |
Borrowings | 1,323 | 1,593 |
Total interest expense | 2,596 | 4,734 |
Net Interest Income | 22,112 | 22,894 |
(Credit) Provision for Loan Losses | (1,255) | 3,337 |
Net Interest Income After (Credit) Provision for Loan Losses | 23,367 | 19,557 |
Noninterest income | ||
Customer service fees | 2,852 | 2,580 |
Net gains on loan sales | 272 | 180 |
Earnings on bank-owned life insurance | 802 | 706 |
Realized gains on available-for-sale securities | 1,250 | 2,593 |
Other | 530 | 856 |
Total noninterest income | 5,706 | 6,915 |
Noninterest expense | ||
Salaries and employee benefits | 9,698 | 9,311 |
Net occupancy and equipment expense | 2,364 | 2,406 |
Professional fees | 1,217 | 1,232 |
Insurance | 531 | 486 |
Deposit insurance premiums | 195 | 184 |
Franchise and other taxes | 551 | 492 |
Marketing expense | 380 | 339 |
Printing and office supplies | 115 | 122 |
Amortization of intangible assets | 150 | 150 |
Other | 3,191 | 3,168 |
Total noninterest expense | 18,392 | 17,890 |
Income Before Federal Income Taxes | 10,681 | 8,582 |
Provision for Federal Income Taxes | 1,230 | 629 |
Net income | $ 9,451 | $ 7,953 |
Basic Earnings Per Share | $ 1.62 | $ 1.39 |
Diluted earnings Per Share | $ 1.62 | $ 1.39 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 9,451 | $ 7,953 |
Other comprehensive income (loss), net of tax | ||
Reclassification adjustment for realized losses (gains) on available-for-sale securities included in net income, net of taxes $263 and $544 for each respective period | (987) | (2,049) |
Unrealized holding (losses) gains on available-for-sale securities during the period, net of (benefits) taxes of $(497) and $1,841 for each respective period | (1,871) | 6,925 |
Change in funded status of defined benefit plan, net of taxes (benefits) of $104 and $(312) for each respective period | 396 | (1,174) |
Amortization of prior service included in net periodic pension expense, net of tax benefits of $19 and $19 for each respective period | (70) | (70) |
Amortization of net loss included in net periodic pension cost, net of taxes of $57 and $30 for each respective period | 213 | 115 |
Comprehensive income | $ 7,132 | $ 11,700 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification adjustment for realized gains on available-for-sale securities included in net income, net of taxes | $ 263 | $ 544 |
Unrealized holding gains (losses) on securities during the period, net of tax (benefit) | (497) | 1,841 |
Change in funded status of defined benefit plan, net of tax benefits | 104 | (312) |
Amortization of prior service included in net periodic pension expense, net of tax benefits | 19 | 19 |
Amortization of net loss included in net periodic pension cost, net of taxes | $ 57 | $ 30 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Treasury Stock And Deferred Compensation | Shares Acquired By ESOP | Retained Earnings | Other Comprehensive Income Income (Loss) | Total |
Beginning Balance at Dec. 31, 2019 | $ 5,959 | $ 22,871 | $ (2,121) | $ (228) | $ 27,905 | $ 5,536 | $ 59,922 |
Net income | 7,953 | 7,953 | |||||
Other comprehensive income | 3,747 | 3,747 | |||||
Cash dividends - per share | (3,361) | (3,361) | |||||
Shares sold for deferred compensation plan | 17 | (17) | |||||
Shares purchased for treasury stock | (526) | (526) | |||||
Expense related to share-based compensation plans | 324 | 324 | |||||
Restricted stock activity | 87 | (87) | |||||
Amortization of ESOP | 41 | $ 228 | 269 | ||||
Ending Balance at Dec. 31, 2020 | 6,046 | 23,166 | (2,664) | 32,497 | 9,283 | 68,328 | |
Net income | 9,451 | 9,451 | |||||
Other comprehensive income | (2,319) | (2,319) | |||||
Cash dividends - per share | (4,101) | 0 | (4,101) | ||||
Shares sold for deferred compensation plan | 63 | (63) | |||||
Shares purchased for treasury stock | (72) | (72) | |||||
Expense related to share-based compensation plans | 414 | 414 | |||||
Restricted stock activity | 8 | (8) | |||||
Ending Balance at Dec. 31, 2021 | $ 6,054 | $ 23,635 | $ (2,799) | $ 37,847 | $ 6,964 | $ 71,701 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash dividends, per share | $ 0.685 | $ 0.57 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | ||
Net income | $ 9,451 | $ 7,953 |
Items not requiring (providing) cash | ||
Depreciation and amortization | 1,143 | 1,157 |
(Credit) Provision for loan losses | (1,255) | 3,337 |
Gain on sale of available-for-sale securities | (1,250) | (2,593) |
Amortization of premiums and discounts on securities-net | 384 | 407 |
Amortization of intangible assets | 150 | 150 |
Deferred income taxes | 112 | (547) |
Originations of loans held for sale | (11,631) | (8,040) |
Proceeds from sale of loans held for sale | 11,903 | 8,220 |
Net gains on sales of loans | (272) | (180) |
Amortization of ESOP | 270 | |
Expense related to share-based compensation plans | 414 | 324 |
Gain on sale of real estate and other repossessed assets | (75) | (5) |
Increase in cash surrender value of bank-owned life insurance | (441) | (463) |
Amortization of debt issuance costs | 61 | 61 |
Changes in | ||
Accrued interest receivable | 556 | (205) |
Other assets | (1,237) | (1,800) |
Interest payable and other liabilities | 179 | 1,324 |
Net cash provided by operating activities | 8,192 | 9,370 |
Investing Activities | ||
Purchases of available-for-sale securities | (24,371) | (22,602) |
Sale of available-for-sale securities | 12,684 | 31,675 |
Maturities, prepayments and calls | 20,834 | 30,003 |
Net change in loans | (10,864) | (2,658) |
Mandatory redemption (Purchase) of Federal Home Loan Bank Stock | 473 | (165) |
Purchases of bank-owned life insurance | (259) | (450) |
Purchases of premises and equipment, net | (777) | (2,519) |
Proceeds from sale of premises and equipment | 620 | 21 |
Proceeds from sales of foreclosed assets | 451 | 363 |
Net cash (used in) provided by investing activities | (1,209) | 33,668 |
Financing Activities | ||
Net increase in deposits | 25,601 | 31,466 |
Proceeds of Federal Home Loan Bank advances | 0 | (39,800) |
Net change in securities sold under repurchase agreements | 2,996 | 5,790 |
Repurchase of common stock | (72) | (526) |
Cash dividends paid | (4,101) | (3,361) |
Net cash provided by (used in) financing activities | 24,424 | (6,431) |
Increase in Cash and Cash Equivalents | 31,407 | 36,607 |
Cash and Cash Equivalents, Beginning of Year | 51,592 | 14,985 |
Cash and Cash Equivalents, End of Year | 82,999 | 51,592 |
Supplemental Cash Flows Information | ||
Interest paid on deposits and borrowings | 2,182 | 4,723 |
Federal income taxes paid | 710 | 990 |
Supplemental Disclosure of Non-Cash Investing Activities | ||
Transfers from loans to foreclosed assets held for sale | $ 70 | $ 260 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
Nature of Operations and Summary of Significant Accounting Policies | Note 1: Nature of Operations and Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of United Bancorp, Inc. (“United” or “the Company”) and its wholly-owned subsidiary, Unified Bank of Martins Ferry, Ohio (“the Bank” or “Unified”). All intercompany transactions and balances have been eliminated in consolidation. Nature of Operations The Company’s revenues, operating income and assets are almost exclusively derived from banking. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Customers are mainly located in Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson and Tuscarawas Counties in Ohio and Marshall and Ohio Counties in West Virginia and the surrounding localities in northeastern, east-central and southeastern Ohio and include a wide range of individuals, businesses and other organizations. Unified Bank conducts its business through its main office in Martins Ferry, Ohio and branches in Amesville, Bridgeport, Colerain, Dellroy, Dover, Glouster, Jewett, Lancaster Downtown, Lancaster East, Nelsonville, New Philadelphia, Powhatan Point, St. Clairsville East, St. Clairsville West, Sherrodsville, Strasburg, Tiltonsville, Ohio and Moundsville West Virginia. The Company’s primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgage, commercial and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by both residential and commercial real estate. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances. The level of interest rates paid or received by the Company can be significantly influenced by a number of environmental factors, such as governmental monetary policy, that are outside of management’s control. Revenue Recognition Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, investment securities, as well as revenue related to our mortgage banking activities, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our revenue-generating activities that are within the scope of ASC 606, which are presented in our statements of income as components of non-interest income are as follows: Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and the valuation of foreclosed assets held for sale, management obtains independent appraisals for significant properties. Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2021 and 2020, cash equivalents consisted primarily of due from accounts with the Federal Reserve and other correspondent banks. Currently, the FDIC’s insurance limits are $250,000. At December 31, 2021 and 2020, the Company’s various cash accounts did not exceed the federally insured limit of $250,000. At December 31, 2021 and 2020, the Company held $74,752,000 and $37,738,000 at the Federal Home Loan Bank and the Federal Reserve Bank, respectively, which are not subject to FDIC limits. Securities Certain debt securities that management has the positive intent and ability to hold to maturity would be classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For debt securities with fair value below amortized cost, when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. At December 31, 2021 and 2020, the Company did not have any loans held for sale. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Management’s general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. For all loan portfolio segments except residential and consumer loans, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. The Company charges-off residential and consumer loans when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance which provides for the charge-down of 1-4 family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 120 days past due, charge-off of unsecured open-end loans when the loan is 120 days past due, and charge down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. For all classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. When cash payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. Troubled debt restructured loans recognize interest income on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms, no principal reduction has been granted and the loan has demonstrated the ability to perform in accordance with the renegotiated terms for a period of at least six months. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a monthly basis by Bank management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical charge-off experience by segment. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior five years. Management believes the five year historical loss experience methodology is appropriate in the current economic environment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due based on the loan’s current payment status and the borrower’s financial condition including available sources of cash flows. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for non-homogenous type loans such as commercial, non-owner residential and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. For impaired loans where the Company utilizes the discounted cash flows to determine the level of impairment, the Company includes the entire change in the present value of cash flows as bad debt expense. The fair values of collateral dependent impaired loans are based on independent appraisals of the collateral. In general, the Company acquires an updated appraisal upon identification of impairment and annually thereafter for commercial, commercial real estate and multi-family loans. If the most recent appraisal is over a year old, and a new appraisal is not performed, due to lack of comparable values or other reasons, the existing appraisal is utilized and discounted generally 10% -35% based on the age of the appraisal, condition of the subject property, and overall economic conditions. After determining the collateral value as described, the fair value is calculated based on the determined collateral value less selling expenses. The potential for outdated appraisal values is considered in our determination of the allowance for loan losses through our analysis of various trends and conditions including the local economy, trends in charge-offs and delinquencies, etc. and the related qualitative adjustments assigned by the Company. Segments of loans with similar risk characteristics are collectively evaluated for impairment based on the segment’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. In the course of working with borrowers, the Company may choose to restructure the contractual terms of certain loans. In this scenario, the Company attempts to work-out an alternative payment schedule with the borrower in order to optimize collectability of the loan. Any loans that are modified are reviewed by the Company to identify if a troubled debt restructuring (“TDR”) has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status and the restructuring of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms, or a combination of the two. If such efforts by the Company do not result in a satisfactory arrangement, the loan is referred to legal counsel, at which time foreclosure proceedings are initiated. At any time prior to a sale of the property at foreclosure, the Company may terminate foreclosure proceedings if the borrower is able to work-out a satisfactory payment plan. It is the Company’s policy to have any restructured loans which are on nonaccrual status prior to being restructured remain on nonaccrual status until six months of satisfactory borrower performance at which time management would consider its return to accrual status. If a loan was accruing at the time of restructuring, the Company reviews the loan to determine if it is appropriate to continue the accrual of interest on the restructured loan. With regard to determination of the amount of the allowance for credit losses, trouble debt restructured loans are considered to be impaired. As a result, the determination of the amount of impaired loans for each portfolio segment within troubled debt restructurings is the same as detailed previously. On March 27, 2020, the President of the United State signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides entities with optional temporary relief from certain accounting and financial reporting requirements under U.S. GAAP. Section 4013 of the CARES Act allows financial institutions to suspend application of certain TDR accounting guidance for loan and lease modifications related to the COVID-19 pandemic made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the COVID-19 national emergency, provided certain criteria are met. Section 4013 of the CARES Act was amended on December 27, 2020 to extend this relief until January 1, 2022. The relief can be applied to loan and lease modifications for borrowers that were not more than 30 days past due as of December 31, 2019 and to loan and lease modifications that defer or delay the payment of principal or interest, or change the interest rate on the loan. The Company chose to apply this relief to eligible loan and lease modifications. Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. An accelerated method is used for tax purposes. Federal Home Loan Bank Stock Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value, less costs to sell, at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. Bank-Owned Life Insurance The Company and the Bank have purchased life insurance policies on certain key executives. Company and bank-owned life insurance is recorded at its cash surrender value, or the amount that can be realized. Treasury Stock Common shares repurchased are recorded at cost. Cost of shares retired or reissued is determined using the weighted average cost. Restricted Stock Awards The Company has a share-based employee compensation plan, which is described more fully in Note 14. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if based on the weight of evidence available it is more likely than not that some portion or all of a deferred tax asset will not be realized. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. At December 31, 2021, the Company had no uncertain tax positions. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiary. With a few exceptions, the Company is no longer subject to the examination by tax authorities for years before 2018. Deferred Compensation Plan Directors have the option to defer all or a portion of fees for their services into a deferred stock compensation plan that invests in common shares of the Company. Officers of the Company have the option to defer up to 50% of their annual incentive award into this plan. The plan does not permit diversification and must be settled by the delivery of a fixed number of shares of the Company stock. The stock held in the plan is included in equity as deferred shares and is accounted for in a manner similar to treasury stock. Subsequent changes in the fair value of the Company’s stock are not recognized. The deferred compensation obligation is also classified as an equity instrument and changes in the fair value of the amount owed to the participant are not recognized. The Company has entered into supplemental income agreements for certain individuals. These agreements call for a fixed payment over 180 months after the individual reaches normal retirement age. Stockholders’ Equity and Dividend Restrictions The Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. Generally, the Bank’s payment of dividends is limited to net income for the current year plus the two preceding calendar years, less capital distributions paid over the comparable time period. Dividend payments to the stockholders may be legally paid from additional paid-in capital or retained earnings. Earnings Per Share Basic earnings per share allocated to common stockholders is calculated using the two-class method and is computed by dividing net income allocated to common stockholders by the weighted average number of commons shares outstanding during the period. Diluted earnings per share is adjusted for the dilutive effects of stock based compensation and is calculated using the two-class method or the treasury method. There were no dilutive effects for the years ended December 31, 2021 and 2020. Comprehensive Income Comprehensive income consists of net income and other comprehensive (loss) income, net of applicable income taxes. Other comprehensive (loss) income includes unrealized appreciation (depreciation) on available-for-sale securities and changes in the funded status of the defined benefit pension plan. Advertising Advertising costs are expensed as incurred. |
Restriction on Cash and Due Fro
Restriction on Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2021 | |
Restriction on Cash and Due From Banks | |
Restriction on Cash and Due From Banks | Note 2: Restriction on Cash and Due From Banks The Company did not have a reserve requirement at December 31, 2021 and 2020. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2021 | |
Securities | |
Securities | Note 3: Securities The amortized cost and approximate fair values, together with gross unrealized gains and losses of securities are as follows: Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Available-for-sale Securities: December 31, 2021: U.S. government agencies $ — $ — $ — $ — Subordinated notes 28,837 76 (148) 28,765 State and municipal obligations 106,533 $ 11,015 — 117,548 Total debt securities $ 135,370 $ 11,091 $ (148) $ 146,313 Available-for-sale Securities: December 31, 2020: U.S. government agencies $ 10,000 $ 53 $ — $ 10,053 Subordinated notes 4,500 6 (1) 4,505 State and municipal obligations 129,006 $ 14,503 — 143,509 Total debt securities $ 143,506 $ 14,562 $ (1) $ 158,067 During 2021 the Company sold $11.4 million of State and Municipal securities for a total gain of approximately $1,250,000. During 2020 the Company sold $23.7 million of State and Municipal securities for a total gain of approximately $2,525,000 and the Company also sold $8.0 million of US Government Agency bonds for a total gain of approximately $69,000. The amortized cost and fair value of available-for-sale securities at December 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In thousands) One to five years $ 3,202 $ 3,191 Five to ten years 25,634 25,573 Over ten years 106,534 117,549 Totals $ 135,370 $ 146,313 The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $64.4 million and $55.8 million at December 31, 2021 and 2020, respectively. Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. The total fair value of these investments at December 31, 2021 and 2020, was $14.2 million and $1.0 million, which represented approximately 10% and less than 1%, respectively, of the Company’s available-for-sale investment portfolio. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021 and 2020: December 31, 2021 Less than 12 Months 12 Months or More Total Description of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses (In thousands) US government agencies $ — $ — $ — $ — $ — $ — Subordinated notes $ 14,204 $ (148) $ — $ — $ 14,204 $ (148) State and municipal obligations $ — $ — $ — $ — $ — $ — Total temporarily impaired securities $ 14,204 $ (148) $ — $ — $ 14,204 $ (148) December 31, 2020 Less than 12 Months 12 Months or More Total Description of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses (In thousands) US government agencies $ — $ — $ — $ — $ — $ — Subordinated notes — $ — $ 1,000 $ (1) $ 1,000 $ (1) State and municipal obligations $ — $ — $ –– $ –– $ — $ — Total temporarily impaired securities $ — $ — $ 1,000 $ (1) $ 1,000 $ (1) The unrealized losses on the Company’s investments in subordinated notes were caused by interest rate increases. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2021. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2021 | |
Loans and Allowance for Loan Losses | |
Loans and Allowance for Loan Losses | Note 4: Loans and Allowance for Loan Losses Categories of loans at December 31, include: 2021 2020 (In thousands) Commercial loans $ 90,892 $ 103,277 Commercial real estate 266,777 246,167 Residential real estate 90,132 85,789 Installment loans 6,571 8,258 Total gross loans 454,372 443,491 Less allowance for loan losses (3,673) (5,113) Total loans $ 450,699 $ 438,378 The risk characteristics of each loan portfolio segment are as follows: Commercial Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and may include a personal guarantee. Short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Commercial Real Estate Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Company’s commercial real estate portfolio are diverse, but with geographic location almost entirely in the Company’s market area. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. In general, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level of owner-occupied commercial real estate versus nonowner-occupied loans. Residential and Installment Residential and installment loans consist of two segments - residential mortgage loans and personal loans. For residential mortgage loans that are secured by 1-4 family residences and are generally owner-occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and consumer personal loans are secured by consumer personal assets, such as automobiles or recreational vehicles. Some consumer personal loans are unsecured, such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2021 and 2020: 2021 Commercial Commercial Real Estate Residential Installment Unallocated Total (In thousands) Allowance for loan losses: Balance, beginning of year $ 1,397 $ 1,821 $ 1,471 $ 424 $ — $ 5,113 (Credit) Provision charged to expense (276) (586) (331) (62) — (1,255) Losses charged off (78) — (26) (126) — (230) Recoveries 3 — 7 35 — 45 Balance, end of year $ 1,046 $ 1,235 $ 1,121 $ 271 $ — $ 3,673 Ending balance: individually evaluated for impairment $ — $ 230 $ — $ — $ — $ 230 Ending balance: collectively evaluated for impairment $ 1,046 $ 1,005 $ 1,121 $ 271 $ — $ 3,443 Loans: Ending balance: individually evaluated for impairment $ — $ 3,933 $ — $ — $ — $ 3,933 Ending balance: collectively evaluated for impairment $ 90,892 $ 262,844 $ 90,132 $ 6,571 $ — $ 450,439 2020 Commercial Commercial Real Estate Residential Installment Unallocated Total (In thousands) Allowance for loan losses: Balance, beginning of year $ 568 $ 792 $ 572 $ 299 $ — $ 2,231 Provision charged to expense 875 1,254 986 222 — 3,337 Losses charged off (69) (225) (104) (169) — (567) Recoveries 23 — 17 72 — 112 Balance, end of year $ 1,397 $ 1,821 $ 1,471 $ 424 $ — $ 5,113 Ending balance: individually evaluated for impairment $ — $ 1 $ — $ — $ — $ 1 Ending balance: collectively evaluated for impairment $ 1,397 $ 1,820 $ 1,471 $ 424 $ — $ 5,112 Loans: Ending balance: individually evaluated for impairment $ 80 $ 182 $ 114 $ — $ — $ 376 Ending balance: collectively evaluated for impairment $ 103,197 $ 245,985 $ 85,675 $ 8,258 $ — $ 443,115 To facilitate the monitoring of credit quality within the loan portfolio, and for purposes of analyzing historical loss rates used in the determination of the allowance for loan loss estimate, the Company utilizes the following categories of credit grades: pass, special mention, substandard, and doubtful. The four categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter. Pass ratings, which are assigned to those borrowers that do not have identified potential or well defined weaknesses and for which there is a high likelihood of orderly repayment, are updated periodically based on the size and credit characteristics of the borrower. All other categories are updated on at least a quarterly basis. The Company assigns a special mention rating to loans that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the loan or the Company’s credit position. The Company assigns a substandard rating to loans that are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. Substandard loans have well defined weaknesses or weaknesses that could jeopardize the orderly repayment of the debt. Loans and leases in this grade also are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies noted are not addressed and corrected. The Company assigns a doubtful rating to loans that have all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage of and strengthen the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceeding, capital injection, perfecting liens on additional collateral or refinancing plans. The following table shows the portfolio quality indicators as of December 31, 2021: Commercial Loan Class Commercial Real Estate Residential Installment Total (In thousands) Pass Grade $ 90,892 $ 254,760 $ 90,132 $ 6,571 $ 442,355 Special Mention — 4,115 — — 7,943 Substandard — 7,902 — — 4,074 Doubtful — — — — — $ 90,892 $ 266,777 $ 90,132 $ 6,571 $ 454,372 The following table shows the portfolio quality indicators as of December 31, 2020: Commercial Loan Class Commercial Real Estate Residential Installment Total (In thousands) Pass Grade $ 103,181 $ 239,862 $ 85,675 $ 8,258 $ 436,976 Special Mention 15 3,422 — — 3,437 Substandard 81 2,883 114 — 3,078 Doubtful — — — — — $ 103,277 $ 246,167 $ 85,789 $ 8,258 $ 443,491 The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant methodology changes were made during 2021 and 2020. The following table shows the loan portfolio aging analysis of the recorded investment in loans as of December 31, 2021: 30 ‑ 59 Days 60 ‑ 89 Days Greater Past Past Than 90 Total Past Due and Due and Days and Non Due and Total Loans Accruing Accruing Accruing Accrual Non Accrual Current Receivable (In thousands) Commercial $ 63 $ — $ — $ — $ 63 $ 90,829 $ 90,892 Commercial real estate 220 — — 3,818 4,038 262,739 266,777 Residential 22 — — 391 413 89,719 90,132 Installment 40 — — — 40 6,531 6,571 Total $ 345 $ — $ — $ 4,209 $ 4,554 $ 449,818 $ 454,372 The following table shows the loan portfolio aging analysis of the recorded investment in loans as of December 31, 2020: 30 ‑ 59 Days 60 ‑ 89 Days Greater Past Past Than 90 Total Past Due and Due and Days and Non Due and Total Loans Accruing Accruing Accruing Accrual Non Accrual Current Receivable (In thousands) Commercial $ — $ — $ — $ 83 $ 83 $ 103,194 $ 103,277 Commercial real estate — — — 98 98 246,069 246,167 Residential 120 59 — 445 624 85,165 85,789 Installment 7 20 — — 27 8,231 8,258 Total $ 127 $ 79 $ — $ 626 $ 832 $ 442,659 $ 443,491 A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. The following table presents impaired loans for the year ended December 31, 2021: Average Unpaid Investment in Interest Recorded Principal Specific Impaired Income Balance Balance Allowance Loans Recognized (In thousands) Loans without a specific valuation allowance: Commercial $ — $ — $ — $ — $ — Commercial real estate 128 128 — 128 6 Real Estate — — — — — Installment — — — — — 128 128 — 128 6 Loans with a specific valuation allowance: Commercial $ — $ — $ — $ — $ — Commercial real estate 3,805 3,805 230 3,822 105 Real Estate — — — — — $ 3,805 $ 3,805 $ 230 $ 3,822 $ 105 Total: Commercial $ — $ — $ — $ — $ — Commercial Real Estate $ 3,933 $ 3,933 $ 230 $ 3,950 $ 111 Real Estate $ — $ — $ — $ — $ — Installment $ — $ — $ — $ — $ — The following table presents impaired loans for the year ended December 31, 2020: Average Unpaid Investment in Interest Recorded Principal Specific Impaired Income Balance Balance Allowance Loans Recognized (In thousands) Loans without a specific valuation allowance: Commercial $ 80 $ 80 $ — $ 78 $ 11 Commercial real estate 110 196 — 136 8 Real Estate 114 121 — 118 22 Installment — 14 — — 5 304 411 — 332 46 Loans with a specific valuation allowance: Commercial $ — $ — $ — $ 92 $ — Commercial real estate 72 72 1 3 3 Real Estate — — — — — $ 72 $ 72 $ 1 $ 95 $ 3 Total: Commercial $ 80 $ 80 $ — $ 170 $ 11 Commercial Real Estate $ 182 $ 268 $ 1 $ 139 $ 11 Real Estate $ 114 $ 121 $ –– $ 118 $ 22 Installment $ — $ 14 $ — $ — $ 5 At December 31, 2021 and 2020, the Company had certain loans that were modified in troubled debt restructurings and impaired. The modification of terms of such loans included one or a combination of the following: an extension of maturity, a reduction of the stated interest rate or a permanent reduction of the recorded investment in the loan. The following tables present information regarding troubled debt restructurings by class and by type of modification for the year ended December 31, 2021 and 2020: Year Ended December 31, 2021 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In thousands) Commercial — $ — $ — Commercial Real Estate — $ — $ — Year Ended December 31, 2021 Interest Total Only Term Combination Modification (In thousands) Commercial $ — $ — $ — $ — Commercial Real Estate $ — $ — $ — $ — Year Ended December 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In thousands) Commercial — $ — $ — Commercial Real Estate 1 $ 86 $ 86 Year Ended December 31, 2020 Interest Total Only Term Combination Modification (In thousands) Commercial $ — $ — $ — $ — Commercial Real Estate $ — $ 86 $ — $ 86 During the year ended December 31, 2021 and 2020, troubled debt restructurings did not have an impact on the allowance for loan losses. At December 31, 2021 and 2020 and for the years then ended, there were no material defaults of any troubled debt restructurings that were modified in the last 12 months. The Company generally considers TDR’s that become 90 days or more past due under the modified terms as subsequently defaulted. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Premises and Equipment | |
Premises and Equipment | Note 5: Premises and Equipment Major classifications of premises and equipment, stated at cost, are as follows: 2021 2020 (In thousands) Land, buildings and improvements $ 19,838 $ 19,956 Furniture and equipment 15,079 15,051 Computer software 2,284 2,225 37,201 37,232 Less accumulated depreciation (24,444) (23,489) Net premises and equipment $ 12,757 $ 13,743 |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Time Deposits | |
Time Deposits | Note 6: Time Deposits Time deposits in denominations of $250,000 or more were $4.4 million at December 31, 2021 and $7.8 million at December 31, 2020. At December 31, 2021, the scheduled maturities of time deposits are as follows: (In thousands) Due during the year ending December 31, 2022 $ 36,815 2023 11,755 2024 5,430 2025 1,516 2026 366 Thereafter 360 $ 56,242 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings | |
Borrowings | Note 7: Borrowings At December 31, 2021 and 2020, as a member of the Federal Home Loan Bank system the Bank had the ability to obtain up to $154.1 million and $140.5 million, respectively, in additional borrowings based on securities and certain loans pledged to the FHLB. At December 31, 2021 and 2020, the Bank had approximately $228.2 million and $207.9 million, respectively of one- to four-family residential real estate and commercial real estate loans pledged as collateral for borrowings. Also at December 31, 2020 and 2019, the Company and the Bank have cash management lines of credit with various correspondent banks (excluding FHLB cash management lines of credit) enabling additional borrowings of up to $18.0 million. At December 31, 2021 and 2020 the Company had no outstanding borrowings with the FHLB. Securities sold under repurchase agreements were approximately $15.7 million and $12.7 million at December 31, 2021 and 2020. Securities sold under agreements to repurchase are financing arrangements whereby the Company sells securities and agrees to repurchase the identical securities at the maturities of the agreements at specified prices. Physical control is maintained for all securities sold under repurchase agreements. Information concerning securities sold under agreements to repurchase is summarized as follows: 2021 2020 (Dollars in thousands) Balance outstanding at year end $ 15,701 $ 12,705 Average daily balance during the year $ 19,452 $ 12,524 Average interest rate during the year 0.12 % 0.29 % Maximum month-end balance during the year $ 26,653 $ 16,503 Weighted-average interest rate at year end 0.12 % 0.29 % All repurchase agreements are subject to term and conditions of repurchase/security agreements between the Company and the customer and are accounted for as secured borrowings. The Company’s repurchase agreements reflected in short-term borrowings consist of customer accounts and securities which are pledged on an individual security basis. The following table presents the Company’s repurchase agreements accounted for as secured borrowings: Remaining Contractual Maturity of the Agreement (In thousands) Overnight and Greater than 90 December 31, 2021 Continuous Up to 30 Days 30 ‑ 90 Days Days Total Repurchase Agreements State and municipal obligations $ 15,701 $ — $ — $ — $ 15,701 Total $ 15,701 $ — $ — $ — $ 15,701 Overnight and Greater than 90 December 31, 2020 Continuous Up to 30 Days 30 ‑ 90 Days Days Total Repurchase Agreements U.S government agencies $ 12,705 $ — $ — $ — $ 12,705 Total $ 12,705 $ — $ — $ — $ 12,705 Securities with an approximate carrying value of $37.5 million and $30.1 million at December 31, 2021 and 2020, respectively, were pledged as collateral for repurchase borrowings. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2021 | |
Subordinated Debentures | |
Subordinated Debentures | Note 8: Subordinated Debentures On May 14, 2019 the Company issued $20,000,000 of junior subordinated debentures. The debentures bear interest at a fixed rate of 6.0% until May 2024, which then becomes a floating interest rate equal to the three-month LIBOR (or an equivalent index) plus 3.625%, resetting quarterly. Interest on the subordinated notes is payable semiannually through May 2024 In 2005, a Delaware statutory business trust owned by the Company, United Bancorp Statutory Trust I (“Trust I” or the “Trust”), issued $4.1 million of mandatorily redeemable debt securities. The sale proceeds were utilized to purchase $4.1 million of the Company’s subordinated debentures which mature in 2035. The Company’s subordinated debentures are the sole asset of Trust I. The Company’s investment in Trust I is not consolidated herein as the Company is not deemed the primary beneficiary of the Trust. However, the $4.1 million of mandatorily redeemable debt securities issued by the Trust are includible for regulatory purposes as a component of the Company’s Tier I Capital. Interest on the Company’s subordinated debentures is equal to three month LIBOR plus 1.35% and is payable quarterly. Subordinated debentures, net of unamortized debt costs, totaled $23.7 million and $23.6 million at December 31, 2021 and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Income Taxes | Note 9: Income Taxes The provision for income taxes includes these components: 2021 2020 (In thousands) Taxes currently payable $ 1,118 $ 1,176 Deferred income taxes 112 (547) Income tax expense $ 1,230 $ 629 A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below: 2021 2020 (In thousands) Computed at the statutory rate (21%) $ 2,243 $ 1,802 (Decrease) increase resulting from Tax exempt interest (822) (967) Earnings on bank-owned life insurance - net (168) (148) Low income housing credit (52) (131) Other 29 73 Actual tax expense $ 1,230 $ 629 The tax effects of temporary differences related to deferred taxes shown on the balance sheets were: 2021 2020 (In thousands) Deferred tax assets Allowance for loan losses $ 771 $ 992 Stock based compensation 253 187 Deferred compensation, and other accruals 472 456 Employee benefit expense — 159 Non-accrual loan interest 33 2 Other 7 10 Total deferred tax assets 1,536 1,806 Deferred tax liabilities Depreciation (407) (390) Deferred loan costs, net (34) (51) FHLB stock dividends (304) (304) Unrealized gains on securities available for sale (2,298) (3,058) Prepaid expenses (49) (70) Intangibles (97) (118) Employee benefit expense (28) — Total deferred tax liabilities (3,217) (3,991) Net deferred tax liability $ (1,681) $ (2,185) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income | |
Accumulated Other Comprehensive Income | Note 10: Accumulated Other Comprehensive Income The components of accumulated other comprehensive income, included in stockholders’ equity, are as follows: 2021 2020 (In thousands) Net unrealized gain on securities available-for-sale $ 10,943 $ 14,561 Net unrealized loss for funded status of defined benefit plan liability (2,127) (2,810) 8,816 11,751 Tax effect (1,852) (2,468) Net-of-tax amount $ 6,964 $ 9,283 Reclassifications out of accumulated other comprehensive income during 2021 and 2020 and the affected line items in the Consolidated Financial Statements of Income were as follows: 2021 2020 (In thousands) Realized gains on securities available-for-sale $ 1,250 $ 2,593 Less provision for federal income taxes 263 544 Reclassification adjustment, net of taxes $ 987 $ 2,049 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters | |
Regulatory Matters | Note 11: Regulatory Matters The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory–and possibly additional discretionary–actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company and the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. In July 2013, the Federal Reserve approved final rules, referred to herein as the Basel III Rules, establishing a new comprehensive capital framework for U.S. banking organizations. The Basel III Rules generally implement the Basel Committee on Banking Supervision’s December 2010 final capital framework referred to as “Basel III” for strengthening international capital standards. The Basel III Rules substantially revise the risk-based capital requirements applicable to bank holding companies and their depository institution subsidiaries, including the Company and Unified, as compared to the current U.S. general risk-based capital rules. The Basel III Rules revise the definitions and the components of regulatory capital, as well as address other issues affecting the computation of regulatory capital ratios. The Basel III rules added another capital ratio component “Tier 1 Common Capital Ratio” which is a measurement of a bank’s core equity capital compared with its total risk-weighted assets The Basel III Rules also prescribe a new standardized approach for risk weightings that expand the risk-weighting categories from the current categories to a larger more risk-sensitive number of categories, depending on the nature of the assets, generally ranging from 0% for U.S. government and agency securities, to 600% for certain equity exposures, and resulting in higher risk weights for a variety of asset classes. The Basel III capital rules became effective for the Company and Unified on January 1, 2015, subject to phase-in periods for certain components. The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital. As of December 31, 2021, the Company exceeded its minimum regulatory capital requirements with a total risk-based capital ratio of 19.5%, common equity tier 1 ratio of 13.9%, Tier 1 risk-based capital ratio of 14.7% and a Tier 1 leverage ratio of 10.3%. As of December 31, 2021, the most recent notification from Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, the Bank must maintain capital ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Company’s and Bank’s actual capital amounts and ratios are presented in the following table. To Be Well Capitalized For Capital Adequacy Under Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2021 Total Capital (to Risk-Weighted Assets) Consolidated $ 96,785 19.5 % $ 39,746 8.0 % N/A N/A Unified 79,740 14.95 42,683 8.0 $ 53,353 10.0 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) Consolidated $ 69,112 13.9 % $ 22,357 4.5 % N/A N/A Unified 76,067 14.3 24,009 4.5 $ 34,680 6.5 % Tier I Capital (to Risk-Weighted Assets) Consolidated $ 73,112 14.7 % $ 29,810 6.0 % N/A N/A Unified 76,067 14.3 32,012 6.0 $ 42,683 8.0 % Tier I Capital (to Average Assets) Consolidated $ 73,112 10.3 % $ 28,438 4.0 % N/A N/A Unified 76,067 10.6 28,594 4.0 $ 35,742 5.0 % As of December 31, 2020 Total Capital (to Risk-Weighted Assets) Consolidated $ 94,085 18.9 % $ 39,746 8.0 % N/A N/A Unified 80,494 16.2 39,860 8.0 $ 48,825 10.0 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) Consolidated $ 64,972 13.1 % $ 22,357 4.5 % N/A N/A Unified 75,831 15.2 22,421 4.5 $ 32,386 6.5 % Tier I Capital (to Risk-Weighted Assets) Consolidated $ 68,972 13.9 % $ 29,810 6.0 % N/A N/A Unified 75,831 15.2 29,895 6.0 $ 39,860 8.0 % Tier I Capital (to Average Assets) Consolidated $ 68,972 10.1 % $ 27,572 4.0 % N/A N/A Unified 75,831 11.2 27,007 4.0 $ 33,759 5.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions | |
Related Party Transactions | Note 12: Related Party Transactions At December 31, 2021 and 2020, the Bank had loan commitments outstanding to executive officers, directors, significant stockholders and their affiliates (related parties). In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than normal risk of collectability or present other unfavorable features. Such loans are summarized below. 2021 2020 (In thousands) Aggregate balance – January 1 $ 20,984 $ 17,768 New loans 4,439 5,236 Repayments (5,076) (2,020) Aggregate balance – December 31 $ 20,347 $ 20,984 Deposits from related parties held by the Bank at December 31, 2021 and 2020, totaled approximately $5.6 million and $6.1 million, respectively. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Benefit Plans | |
Benefit Plans | Note 13: Benefit Plans Pension and Other Postretirement Benefit Plans The Company has a noncontributory defined benefit pension plan covering all employees who meet the eligibility requirements. The Company’s funding policy is to make the minimum annual contribution that is required by applicable regulations, plus such amounts as the Company may determine to be appropriate from time to time. The Company expects to contribute $744,000 to the plan in 2022. The Company has certain agreements which provide for a fixed number of payments once the individual reaches normal retirement age. At December 31, 2021, the present value of these future payments was approximately $401,000. The Company uses a December 31st measurement date for the plan. Information about the plan’s funded status and pension cost follows: Pension Benefits 2021 2020 (In thousands) Change in benefit obligation Beginning of year $ (7,215) $ (5,588) Service cost (528) (389) Interest cost (239) (234) Actuarial gain (loss) 45 (1,534) Benefits paid 379 530 End of year (7,558) (7,215) Change in fair value of plan assets Beginning of year 6,522 6,111 Actual return on plan assets 944 563 Employer contribution 657 378 Benefits paid (379) (530) End of year 7,744 6,522 Funded (unfunded) status at end of year $ 186 $ (693) Amounts recognized in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost consist of: Pension Benefits 2021 2020 (In thousands) Unamortized net loss $ 2,531 $ 3,302 Unamortized prior service (403) (492) $ 2,128 $ 2,810 The estimated net loss and prior service credit for the defined benefit pension plan that will be amortized from accumulated other comprehensive income as a credit into net periodic benefit cost over the next fiscal year is approximately $95,000. The accumulated benefit obligation for the defined benefit pension plan was $6.4 million and $6.2 million at December 31, 2021 and 2020, respectively. Information for the pension plan with respect to accumulated benefit obligation and plan assets is as follows: December 31, 2021 2020 (In thousands) Projected benefit obligation $ 7,558 $ 7,215 Accumulated benefit obligation $ 6,405 $ 6,168 Fair value of plan assets $ 7,744 $ 6,522 December 31, 2021 2020 (In thousands) Components of net periodic benefit cost Service cost $ 528 $ 389 Interest cost 239 234 Expected return on plan assets (487) (467) Amortization of prior service credit (89) (89) Amortization of net loss 270 145 Net periodic benefit cost $ 461 $ 212 Significant assumptions include: Pension Benefits 2021 2020 Weighted-average assumptions used to determine benefit obligation: Discount rate 3.75 % 3.41 % Rate of compensation increase 3.50 % 3.50 % Weighted-average assumptions used to determine benefit cost: Discount rate 3.75 % 3.41 % Expected return on plan assets 7.00 % 7.00 % Rate of compensation increase 3.50 % 3.50 % The Company has estimated the long-term rate of return on plan assets based primarily on historical returns on plan assets, adjusted for changes in target portfolio allocations and recent changes in long-term interest rates based on publicly available information. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2021: Pension Benefits (In thousands) 2022 $ 544 2023 383 2024 468 2025 428 2026 598 2027-2031 3,336 Total $ 6,301 Plan assets are held by an outside trustee which invests the plan assets in accordance with the provisions of the plan agreement. All equity and fixed income investments are held in various mutual funds with quoted market prices. Mutual fund equity securities primarily include investment funds that are comprised of large-cap, mid-cap and international companies. Fixed income mutual funds primarily include investments in corporate bonds, mortgage-backed securities and U.S. Treasuries. Other types of investments include a prime money market fund. The asset allocation strategy of the plan is designed to allow flexibility in the determination of the appropriate investment allocations between equity and fixed income investments. This strategy is designed to help achieve the actuarial long term rate on plan assets of 7.0%. The target asset allocation percentages for both 2021 and 2020 are as follows: Large-Cap stocks Not to exceed 68% Small-Cap stocks Not to exceed 23% Mid-Cap stocks Not to exceed 23% International equity securities Not to exceed 30% Fixed income investments Not to exceed 35% Alternative investments Not to exceed 19% At December 31, 2021 and 2020, the fair value of plan assets as a percentage of the total was invested in the following: December 31, 2021 2020 Equity securities 69.5 % 70.3 % Debt securities 28.0 28.1 Cash and cash equivalents 2.5 1.6 100.0 % 100.0 % Pension Plan Assets Following is a description of the valuation methodologies used for pension plan assets measured at fair value on a recurring basis, as well as the general classification of pension plan assets pursuant to the valuation hierarchy. Where quoted market prices are available in an active market, plan assets are classified within Level 1 of the valuation hierarchy. Level 1 plan assets include investments in mutual funds that involve equity, bond and money market investments. All of the Plan’s assets are classified as Level 1. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of plan assets with similar characteristics or discounted cash flows. In certain cases where Level 1 or Level 2 inputs are not available, plan assets are classified within Level 3 of the hierarchy. At December 31, 2021 and 2020, the Plan did not contain Level 2 or Level 3 investments. The fair values of Company’s pension plan assets at December 31st, by asset category are as follows: December 31, 2021 Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Asset Category Value (Level 1) (Level 2) (Level 3) (In thousands) Mutual money market $ 198 $ 198 $ — $ — Mutual funds – equities ETF mutual funds 4,964 4,964 — — Large and small Cap 99 99 — — International 319 319 Commodities –– –– — — Mutual funds – fixed income Fixed income 1,340 1,340 — — ETF fixed income 824 824 — — Total $ 7,744 $ 7,744 $ — $ — December 31, 2020 Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Asset Category Value (Level 1) (Level 2) (Level 3) (In thousands) Mutual money market $ 103 $ 103 $ — $ — Mutual funds – equities ETF mutual funds 4,190 4,190 — — Large and small Cap 111 111 — — International 287 287 Commodities –– –– — — Mutual funds – fixed income Fixed income 1,193 1,193 — — ETF fixed income 638 638 — — Total $ 6,522 $ 6,522 $ — $ — Employee Stock Ownership Plan The Company has an Employee Stock Ownership Plan (“ESOP”) with an integrated 401(k) plan covering substantially all employees of the Company. As of December 31, 2020, the original ESOP loan xxx Dividends on the allocated shares are recorded as dividends and charged to retained earnings. ESOP Compensation expense in 2020 was recorded equal to the fair market value of the stock when contributions, which are determined annually by the Board of Directors of the Company, are made to the ESOP. The Company’s 401(k) matching percentage was 50% of the employees’ first 6% of contributions for 2021 and 2020. ESOP and 401(k) expense for the years ended December 31, 2021 and 2020 was approximately $132,000 and $270,000, respectively. Share information for the ESOP is as follows at December 31, 2021 and 2020: 2021 2020 Allocated shares at beginning of the year 417,086 411,411 Shares released for allocation during the year — 23,635 Net shares distributed due to retirement/diversification (18,982) (17,960) Unearned shares –– –– Total ESOP shares 398,104 417,086 Fair value of unearned shares at December 31st $ –– $ –– At December 31, 2021, the fair value of the 398,104 the shares held by the ESOP was approximately $6,632,000. Split Dollar Life Insurance Arrangements The Company has split-dollar life insurance arrangements with its executive officers and certain directors that provide certain death benefits to the executive’s beneficiaries upon his or her death. The agreements provide a pre- and post-retirement death benefit payable to the beneficiaries of the executive in the event of the executive’s death. The Company has purchased life insurance policies on the lives of all participants covered by these agreements in amounts sufficient to provide the sums necessary to pay the beneficiaries, and the Company pays all premiums due on the policies. In the case of an early separation from the Company, the nonvested executive portion of the death benefit is retained by the Company. The accumulated post retirement benefit obligation was $1.8 million and $1.7 million at December 31, 2021 and December 31, 2020, respectively. |
Restricted Stock Plan
Restricted Stock Plan | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Stock Plan | |
Restricted Stock Plan | Note 14: Restricted Stock Plan During 2018, the Company’s stockholders authorized the adoption of the United Bancorp, Inc. 2018 Stock Incentive Plan (the “2018 Plan”). No more than 500,000 shares of the Company’s common stock may be issued under the 2018 Plan. As of December 31, 2021, 92,500 shares have been issued under this plan. The shares that may be issued can be authorized but unissued shares or treasury shares. The 2018 Plan permits the grant of incentive awards in the form of options, stock appreciation rights, restricted share and share unit awards, and performance share awards. The 2018 Plan contains annual limits on certain types of awards to individual participants. In any calendar year, no participant may be granted awards covering more than 25,000 shares. During 2008, the Company’s stockholders authorized the adoption of the United Bancorp, Inc. 2008 Stock Incentive Plan (the “2008 Plan”). No more than 500,000 shares of the Company’s common stock may be issued under the 2008 Plan. The shares that may be issued can be authorized but unissued shares or treasury shares. The 2008 Plan permits the grant of incentive awards in the form of options, stock appreciation rights, restricted share and share unit awards, and performance share awards. The 2008 Plan contains annual limits on certain types of awards to individual participants. In any calendar year, no participant may be granted awards covering more than 25,000 shares. As of December 31, 2018, no additional shares can be awarded under the 2008 Plan. The Company believes that such awards better align the interests of its employees with those of its stockholders. Stock options are generally granted with an exercise price, and restricted stock awards are valued, equal to the market price of the Company’s stock at the date of grant; stock option awards generally vest within 9.5 years of continuous service and have a 9.5 year contractual term. Restricted stock awards generally vest over a 9.5 year contractual term, or over the period to retirement, whichever is shorter. Restricted stock awards have no post-vesting restrictions. Restricted stock awards provide for accelerated vesting if there is a change in control (as defined in the Plans). A summary of the status of the Company’s nonvested restricted shares as of December 31, 2021, and changes during the year then ended, is presented below: Weighted- Average Grant-Date Shares Fair Value Nonvested, beginning of year 320,000 $ 11.73 Granted 10,000 14.08 Vested (10,000) 10.73 Forfeited (2,500) 13.00 Nonvested, end of year 317,500 $ 11.83 Total compensation cost recognized in the income statement for share-based payment arrangements during the years ended December 31, 2021 and 2020 was $414,000 and $324,000, respectively. The recognized tax benefits related thereto were $65,000 and $68,000, for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, there was $2,890,000 and $2,864,000, respectively, of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 6.9 years. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share | |
Earnings Per Share | Note 15: Earnings Per Share Earnings per share (EPS) were computed as follows: Year Ended December 31, 2021 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 9,451 Less allocated earnings on non-vested restricted stock (348) Less allocated dividends on non-vested restricted stock (221) Net income allocated to common stockholders 8,882 5,477,266 Basic and diluted earnings per share $ 1.62 Year Ended December 31, 2020 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 7,953 Less allocated earnings on non-vested restricted stock (141) Less allocated dividends on non-vested restricted stock (253) Net income allocated to common stockholders 7,559 5,458,365 Basic and diluted earnings per share $ 1.39 |
Disclosures about Fair Value of
Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities | |
Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities | Note 16: Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company also utilizes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 Level 2 Level 3 Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Available-for-sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2021 and 2020: December 31, 2021 Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) Subordinated notes $ 28,765 $ — $ 28,765 $ — State and municipal obligation $ 117,548 — $ 117,548 — December 31, 2020 Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) U.S government agencies $ 10,053 $ — $ 10,053 $ — Subordinated notes $ 4,505 — $ 4,505 — State and municipal obligations $ 143,509 — $ 143,509 — Following is a description of the valuation methodologies used for instruments measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy. Impaired Loans (Collateral Dependent) Collateral dependent impaired loans consisted primarily of loans secured by nonresidential real estate. Management has determined fair value measurements on impaired loans primarily through evaluations of appraisals performed. Due to the nature of the valuation inputs, impaired loans are classified within Level 3 of the hierarchy. The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the Company’s Chief Lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the Company’s Chief Lender by comparison to historical results. Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value (based on current appraised value) at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Management has determined fair value measurements on other real estate owned primarily through evaluations of appraisals performed, and current and past offers for the other real estate under evaluation. Due to the nature of the valuation inputs, foreclosed assets held for sale are classified within Level 3 of the hierarchy. Appraisals of other real estate owned (OREO) are obtained when the real estate is acquired and subsequently as deemed necessary by the Company’s Chief Lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender and are selected from the list of approved appraisers maintained by management. The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a non-recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2021 and 2020: December 31, 2021 Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) Collateral dependent impaired loans $ 2,822 $ — $ — $ 2,822 Foreclosed assets held for sale — — — — December 31, 2020 Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) Collateral dependent impaired loans $ 71 $ — $ — $ 71 Foreclosed assets held for sale — — — — Unobservable (Level 3) Inputs The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. Fair Value at Valuation 12/31/21 Technique Unobservable Inputs Range (In thousands) Collateral-dependent impaired loans $ 2,822 Market comparable properties Comparability adjustments 5% – 10% Foreclosed assets held for sale — Market comparable properties Marketability discount 10% – 35% Fair Value at Valuation 12/31/20 Technique Unobservable Inputs Range (In thousands) Collateral-dependent impaired loans $ 71 Market comparable Comparability adjustments 5% – 10% Foreclosed assets held for sale — Market comparable Marketability discount 10% – 35% There were no significant changes in the valuation techniques used during 2021. The following table presents estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. Fair Value Measurements Using Quoted Prices in Active Markets for Significant Significant Identical Other Unobservable Carrying Assets Observable Inputs Inputs Amount (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2021 Financial assets Cash and cash equivalents $ 82,999 $ 82,999 $ — $ — Loans, net of allowance 450,699 — — 459,031 Federal Home Loan Bank stock 3,704 — 3,704 — Accrued interest receivable 2,345 — 2,345 — Financial liabilities Deposits $ 605,136 — 605,855 — Securities sold under repurchase agreements 15,701 — 15,701 — Subordinated debentures 23,665 — 23,575 — Interest payable 180 — 180 — The fair value has been derived from the December 31, 2020 audited consolidated financial statements. Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2020 Financial assets Cash and cash equivalents $ 51,592 $ 51,592 $ — $ — Loans, net of allowance 438,378 — — 436,893 Federal Home Loan Bank stock 4,177 — 4,177 — Accrued interest receivable 2,901 — 2,901 — Financial liabilities Deposits 579,535 — 580,130 — Securities sold under repurchase agreements 12,705 — 12,705 — Subordinated debentures 23,604 — 21,989 — Interest payable 224 — 224 — The following methods and assumptions were used to estimate the fair value of each class of financial instruments. Cash and Cash Equivalents, Accrued Interest Receivable and Federal Home Loan Bank Stock The carrying amounts approximate fair value. Loans Fair values of loans and leases are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors. Deposits Deposits include demand deposits, savings accounts, NOW accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. Interest Payable The carrying amount approximates fair value. Securities Sold Under Repurchase Agreements and Subordinated Debentures Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Commitments to Originate Loans, Letters of Credit and Lines of Credit The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. Fair values of commitments were not material at December 31, 2021 and 2020. |
Significant Estimates and Conce
Significant Estimates and Concentrations | 12 Months Ended |
Dec. 31, 2021 | |
Significant Estimates and Concentrations | |
Significant Estimates and Concentrations | Note 17: Significant Estimates and Concentrations Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for loan losses are reflected in the footnote regarding loans. Current vulnerabilities due to certain concentrations of credit risk are discussed in the footnote on commitments and credit risk. The Company invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is possible that changes in the values of investment securities may occur and that such changes could affect the amounts reported in the accompanying statements of financial position. |
Commitments and Credit Risk
Commitments and Credit Risk | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Credit Risk | |
Commitments and Credit Risk | Note 18: Commitments and Credit Risk At December 31, 2021 and 2020, total commercial and commercial real estate loans made up 78.7% and 78.3%, respectively, of the loan portfolio. Installment loans account for 1.5% and 1.9%, respectively, of the loan portfolio. Real estate loans comprise 19.8% and 19.8% of the loan portfolio as of December 31, 2021 and 2020, respectively, and primarily include first mortgage loans on residential properties and home equity lines of credit. Included in cash and cash and cash equivalents as of December 31, 2021 and 2020 is $79.6 and $39.7 million, respectively, of deposits with the Federal Reserve Bank of Cleveland. COVID-19: Update on Company Action and Ongoing Risks In December 2019, a novel coronavirus (COVID-19) was reported in China, and, in March 2020, the World Health Organization declared it a pandemic. On March 12, 2020, the President of the United States declared the COVID-19 outbreak in the United States a national emergency. The COVID-19 pandemic has caused significant economic dislocation in the United States as many state and local governments have ordered non-essential businesses to close and residents to shelter in place at home. This has resulted in an unprecedented slow-down in economic activity and a related increase in unemployment. As a result of the spread of COVID-19, economic uncertainties arose which can ultimately affect the financial position, results of operations and cash flows of the Company as well as the Company’s customers. The Coronavirus Aid, Relief, and Economic Security Act 2021 Consolidated Appropriations Act The CARES Act included several provisions designed to help financial institutions like the Bank in working with their customers. Section 4013 of the CARES Act, as extended, allows a financial institution to elect to suspend generally accepted accounting principles and regulatory determinations with respect to qualifying loan modifications related to COVID-19 that would otherwise be categorized as a troubled debt restructuring (TDR) until January 1, 2022. The Bank has taken advantage of this provision to extend certain payment modifications to loan customers in need. As of December 31, 2021, the Bank has $7.8 million of outstanding loans that were modified and are paying interest only and a $67,000 loan on total payment deferrals. These modifications were granted in 2020 under the CARES Act guidance. Commitments to Originate Loans Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. At December 31, 2021 and 2020, the Company had outstanding commitments to originate variable rate loans aggregating approximately $75.8 million and $39.6 million, respectively. The commitments extended over varying periods of time with the majority being disbursed within a one-year period. Mortgage loans in the process of origination represent amounts that the Company plans to fund within a normal period of 60 to 90 days, some of which are intended for sale to investors in the secondary market. The Company did not have any mortgage loans in the process of origination which are intended for sale at December 31, 2021 or 2020. Standby Letters of Credit Standby letters of credit are irrevocable conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Financial standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. Performance standby letters of credit are issued to guarantee performance of certain customers under non-financial contractual obligations. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. Fees for letters of credit are initially recorded by the Company as deferred revenue and are included in earnings at the termination of the respective agreements. Should the Company be obligated to perform under the standby letters of credit, the Company may seek recourse from the customer for reimbursement of amounts paid. The Company had $127,000 and $22,000 at December 31, 2021 and 2020, respectively in outstanding standby letters of credit. At both December 31, 2021 and 2020, the Company had no deferred revenue under standby letter of credit agreements. Lines of Credit and Other Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. At December 31, 2021, the Company had granted unused lines of credit to borrowers aggregating approximately $78.1 million and $39.6 million for commercial lines and open-end consumer lines, respectively. At December 31, 2020, the Company had granted unused lines of credit to borrowers aggregating approximately $49.4 million and $39.6 million for commercial lines and open-end consumer lines, respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | Note 19: 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.” For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, the initial allowance for credit losses is added to the purchase price rather than being reported as a credit loss expense. Subsequent changes in the allowance for credit losses on PCD assets are recognized through the statement of income as a credit loss expense. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. On October 16, 2019, FASB approved a final ASU delaying the effective date of ASU 2016-13 for small reporting companies to interim and annual periods beginning after December 15, 2022. The Company is currently evaluating the impact of these amendments to the Company’s financial position and results of operations and currently does not know or cannot reasonably quantify the impact of the adoption of the amendments as a result of the complexity and extensive changes from the amendments. The Allowance for Loan Losses (ALL) estimate is material to the Company and given the change from an incurred loss model to a methodology that considers the credit loss over the life of the loan, there is the potential for an increase in the ALL at adoption date. The Company is anticipating a significant change in the processes and procedures to calculate the ALL, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for the other-than-temporary impairment on available-for-sale securities will be replaced with an allowance approach. The Company continues to run projections and now have multiple scenarios to consider and continues to review segmentation to ensure it is fully compliant with the amendments at adoption date. For additional information on the allowance for loan losses, see Note 4. |
Condensed Financial Information
Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information (Parent Company Only) | |
Condensed Financial Information (Parent Company Only) | Note 20: Condensed Financial Information (Parent Company Only) Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company: Condensed Balance Sheets December 31, 2021 2020 (In thousands) Assets Cash and cash equivalents $ 9,092 $ 3,684 Investment in the Bank 85,954 88,276 Other assets 1,182 1,564 Total assets $ 96,228 $ 93,524 Liabilities and Stockholders’ Equity Subordinated debentures $ 23,665 $ 23,603 Other liabilities 862 1,593 Stockholders’ equity 71,701 68,328 Total liabilities and stockholders’ equity $ 96,228 $ 93,524 Condensed Statements of Income and Comprehensive Income Years Ended December 31, 2021 2020 (In thousands) Operating Income Dividends from subsidiary $ 12,363 $ 2,392 Interest and dividend income from securities and federal funds — — Total operating income 12,363 2,392 General, Administrative and Other Expenses 4,210 3,733 Income (Loss) Before Income Taxes and Equity in Undistributed Income of Subsidiary 8,153 (1,341) Income Tax Benefits 773 785 Income (Loss) Before Equity in Undistributed Income of Subsidiary 8,926 (556) Equity in Undistributed Income of Subsidiary 525 8,509 Net Income $ 9,451 $ 7,953 Comprehensive Income $ 7,132 $ 11,700 Condensed Statements of Cash Flows Years Ended December 31, 2021 2020 (In thousands) Operating Activities Net income $ 9,451 $ 7,953 Items not requiring (providing) cash Equity in undistributed income of subsidiary (525) (8,509) Amortization of ESOP and share-based compensation plans 404 594 Net change in other assets and other liabilities 251 687 Net cash provided by operating activities 9,581 725 Investing Activities Equity infusion into the Bank — — Net cash used in investing activities — — Financing Activities Repurchase of Common Stock (72) (526) Dividends paid to stockholders (4,101) (3,361) Net cash used in financing activities (4,173) (3,887) Net Change in Cash and Cash Equivalents 5,408 (3,162) Cash and Cash Equivalents at Beginning of Year 3,684 6,846 Cash and Cash Equivalents at End of Year $ 9,092 $ 3,684 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Data (Unaudited) | |
Quarterly Financial Data (Unaudited) | Note 21: Quarterly Financial Data (Unaudited) The following tables summarize the Company’s quarterly results of operations for the years ended December 31, 2021 and 2020. Three Months Ended 2021: March 31, June 30, September 30, December 31, (In thousands, except per share data) Total interest income $ 6,088 $ 6,233 $ 6,234 $ 6,153 Total interest expense 775 676 629 516 Net interest income 5,313 5,557 5,605 5,637 Credit for loan losses (205) (250) (400) (400) Noninterest income 926 1,142 2,287 1,351 Noninterest expense 4,449 4,550 4,942 4,451 Income before income taxes 1,995 2,399 3,350 2,937 Federal income taxes 87 214 448 481 Net income $ 1,908 $ 2,185 $ 2,902 $ 2,456 Earnings per share Basic $ 0.33 $ 0.38 $ 0.50 $ 0.41 Diluted $ 0.33 $ 0.38 $ 0.50 $ 0.41 Three Months Ended 2020: March 31, June 30, September 30, December 31, (In thousands, except per share data) Total interest income $ 7,319 $ 6,949 $ 6,692 $ 6,668 Total interest expense 1,685 1,427 948 674 Net interest income 5,634 5,522 5,744 5,994 Provision for loan losses 563 1,408 1,333 33 Noninterest income 1,044 2,156 2,340 1,375 Noninterest expense 4,410 4,579 4,492 4,409 Income before income taxes 1,705 1,691 2,259 2,927 Federal income taxes 126 16 200 287 Net income $ 1,579 $ 1,675 $ 2,059 $ 2,640 Earnings per share Basic $ 0.28 $ 0.29 $ 0.36 $ 0.46 Diluted $ 0.28 $ 0.29 $ 0.36 $ 0.46 |
Goodwill and Core Deposits
Goodwill and Core Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Core Deposits | |
Goodwill and Core Deposits | Note 22: Goodwill and Core Deposits The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 (in thousands): 2021 2020 Balance beginning of year $ 682 $ 682 Additions from acquisition — — Balance, end of year $ 682 $ 682 Intangible assets in the consolidated balance sheets at December 31, 2021 and 2020 were as follows (in thousands): 2021 2020 Gross Gross Intangible Accumulated Net Intangible Intangible Accumulated Net Intangible Assets Amortization Assets Assets Amortization Assets Core deposit intangibles $ 1,041 481 560 1,041 331 710 The estimated aggregate future amortization expense for each of the next five years for intangible assets remaining as of December 31, 2021 is as follows (in thousands): 2022 $ 150 2023 150 2024 150 2025 110 |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of United Bancorp, Inc. (“United” or “the Company”) and its wholly-owned subsidiary, Unified Bank of Martins Ferry, Ohio (“the Bank” or “Unified”). All intercompany transactions and balances have been eliminated in consolidation. |
Nature of Operations | Nature of Operations The Company’s revenues, operating income and assets are almost exclusively derived from banking. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Customers are mainly located in Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson and Tuscarawas Counties in Ohio and Marshall and Ohio Counties in West Virginia and the surrounding localities in northeastern, east-central and southeastern Ohio and include a wide range of individuals, businesses and other organizations. Unified Bank conducts its business through its main office in Martins Ferry, Ohio and branches in Amesville, Bridgeport, Colerain, Dellroy, Dover, Glouster, Jewett, Lancaster Downtown, Lancaster East, Nelsonville, New Philadelphia, Powhatan Point, St. Clairsville East, St. Clairsville West, Sherrodsville, Strasburg, Tiltonsville, Ohio and Moundsville West Virginia. The Company’s primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgage, commercial and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by both residential and commercial real estate. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances. The level of interest rates paid or received by the Company can be significantly influenced by a number of environmental factors, such as governmental monetary policy, that are outside of management’s control. |
Revenue Recognition | Revenue Recognition Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, investment securities, as well as revenue related to our mortgage banking activities, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our revenue-generating activities that are within the scope of ASC 606, which are presented in our statements of income as components of non-interest income are as follows: Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and the valuation of foreclosed assets held for sale, management obtains independent appraisals for significant properties. |
Cash Equivalents | Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2021 and 2020, cash equivalents consisted primarily of due from accounts with the Federal Reserve and other correspondent banks. Currently, the FDIC’s insurance limits are $250,000. At December 31, 2021 and 2020, the Company’s various cash accounts did not exceed the federally insured limit of $250,000. At December 31, 2021 and 2020, the Company held $74,752,000 and $37,738,000 at the Federal Home Loan Bank and the Federal Reserve Bank, respectively, which are not subject to FDIC limits. |
Securities | Securities Certain debt securities that management has the positive intent and ability to hold to maturity would be classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For debt securities with fair value below amortized cost, when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. |
Loans Held for Sale | Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. At December 31, 2021 and 2020, the Company did not have any loans held for sale. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Management’s general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. For all loan portfolio segments except residential and consumer loans, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. The Company charges-off residential and consumer loans when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance which provides for the charge-down of 1-4 family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 120 days past due, charge-off of unsecured open-end loans when the loan is 120 days past due, and charge down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. For all classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. When cash payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. Troubled debt restructured loans recognize interest income on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms, no principal reduction has been granted and the loan has demonstrated the ability to perform in accordance with the renegotiated terms for a period of at least six months. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a monthly basis by Bank management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical charge-off experience by segment. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior five years. Management believes the five year historical loss experience methodology is appropriate in the current economic environment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due based on the loan’s current payment status and the borrower’s financial condition including available sources of cash flows. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for non-homogenous type loans such as commercial, non-owner residential and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. For impaired loans where the Company utilizes the discounted cash flows to determine the level of impairment, the Company includes the entire change in the present value of cash flows as bad debt expense. The fair values of collateral dependent impaired loans are based on independent appraisals of the collateral. In general, the Company acquires an updated appraisal upon identification of impairment and annually thereafter for commercial, commercial real estate and multi-family loans. If the most recent appraisal is over a year old, and a new appraisal is not performed, due to lack of comparable values or other reasons, the existing appraisal is utilized and discounted generally 10% -35% based on the age of the appraisal, condition of the subject property, and overall economic conditions. After determining the collateral value as described, the fair value is calculated based on the determined collateral value less selling expenses. The potential for outdated appraisal values is considered in our determination of the allowance for loan losses through our analysis of various trends and conditions including the local economy, trends in charge-offs and delinquencies, etc. and the related qualitative adjustments assigned by the Company. Segments of loans with similar risk characteristics are collectively evaluated for impairment based on the segment’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. In the course of working with borrowers, the Company may choose to restructure the contractual terms of certain loans. In this scenario, the Company attempts to work-out an alternative payment schedule with the borrower in order to optimize collectability of the loan. Any loans that are modified are reviewed by the Company to identify if a troubled debt restructuring (“TDR”) has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status and the restructuring of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms, or a combination of the two. If such efforts by the Company do not result in a satisfactory arrangement, the loan is referred to legal counsel, at which time foreclosure proceedings are initiated. At any time prior to a sale of the property at foreclosure, the Company may terminate foreclosure proceedings if the borrower is able to work-out a satisfactory payment plan. It is the Company’s policy to have any restructured loans which are on nonaccrual status prior to being restructured remain on nonaccrual status until six months of satisfactory borrower performance at which time management would consider its return to accrual status. If a loan was accruing at the time of restructuring, the Company reviews the loan to determine if it is appropriate to continue the accrual of interest on the restructured loan. With regard to determination of the amount of the allowance for credit losses, trouble debt restructured loans are considered to be impaired. As a result, the determination of the amount of impaired loans for each portfolio segment within troubled debt restructurings is the same as detailed previously. On March 27, 2020, the President of the United State signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides entities with optional temporary relief from certain accounting and financial reporting requirements under U.S. GAAP. Section 4013 of the CARES Act allows financial institutions to suspend application of certain TDR accounting guidance for loan and lease modifications related to the COVID-19 pandemic made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the COVID-19 national emergency, provided certain criteria are met. Section 4013 of the CARES Act was amended on December 27, 2020 to extend this relief until January 1, 2022. The relief can be applied to loan and lease modifications for borrowers that were not more than 30 days past due as of December 31, 2019 and to loan and lease modifications that defer or delay the payment of principal or interest, or change the interest rate on the loan. The Company chose to apply this relief to eligible loan and lease modifications. |
Premises and Equipment | Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. An accelerated method is used for tax purposes. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. |
Foreclosed Assets Held for Sale | Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value, less costs to sell, at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Company and the Bank have purchased life insurance policies on certain key executives. Company and bank-owned life insurance is recorded at its cash surrender value, or the amount that can be realized. |
Treasury Stock | Treasury Stock Common shares repurchased are recorded at cost. Cost of shares retired or reissued is determined using the weighted average cost. |
Restricted Stock Awards | Restricted Stock Awards The Company has a share-based employee compensation plan, which is described more fully in Note 14. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if based on the weight of evidence available it is more likely than not that some portion or all of a deferred tax asset will not be realized. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. At December 31, 2021, the Company had no uncertain tax positions. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiary. With a few exceptions, the Company is no longer subject to the examination by tax authorities for years before 2018. |
Deferred Compensation Plan | Deferred Compensation Plan Directors have the option to defer all or a portion of fees for their services into a deferred stock compensation plan that invests in common shares of the Company. Officers of the Company have the option to defer up to 50% of their annual incentive award into this plan. The plan does not permit diversification and must be settled by the delivery of a fixed number of shares of the Company stock. The stock held in the plan is included in equity as deferred shares and is accounted for in a manner similar to treasury stock. Subsequent changes in the fair value of the Company’s stock are not recognized. The deferred compensation obligation is also classified as an equity instrument and changes in the fair value of the amount owed to the participant are not recognized. The Company has entered into supplemental income agreements for certain individuals. These agreements call for a fixed payment over 180 months after the individual reaches normal retirement age. |
Stockholders' Equity and Dividend Restrictions | Stockholders’ Equity and Dividend Restrictions The Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. Generally, the Bank’s payment of dividends is limited to net income for the current year plus the two preceding calendar years, less capital distributions paid over the comparable time period. Dividend payments to the stockholders may be legally paid from additional paid-in capital or retained earnings. |
Earnings Per Share | Earnings Per Share Basic earnings per share allocated to common stockholders is calculated using the two-class method and is computed by dividing net income allocated to common stockholders by the weighted average number of commons shares outstanding during the period. Diluted earnings per share is adjusted for the dilutive effects of stock based compensation and is calculated using the two-class method or the treasury method. There were no dilutive effects for the years ended December 31, 2021 and 2020. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive (loss) income, net of applicable income taxes. Other comprehensive (loss) income includes unrealized appreciation (depreciation) on available-for-sale securities and changes in the funded status of the defined benefit pension plan. |
Advertising | Advertising Advertising costs are expensed as incurred. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Securities | |
Schedule of amortized cost and approximate fair values, together with gross unrealized gains and losses of securities | The amortized cost and approximate fair values, together with gross unrealized gains and losses of securities are as follows: Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Available-for-sale Securities: December 31, 2021: U.S. government agencies $ — $ — $ — $ — Subordinated notes 28,837 76 (148) 28,765 State and municipal obligations 106,533 $ 11,015 — 117,548 Total debt securities $ 135,370 $ 11,091 $ (148) $ 146,313 Available-for-sale Securities: December 31, 2020: U.S. government agencies $ 10,000 $ 53 $ — $ 10,053 Subordinated notes 4,500 6 (1) 4,505 State and municipal obligations 129,006 $ 14,503 — 143,509 Total debt securities $ 143,506 $ 14,562 $ (1) $ 158,067 |
Schedule of amortized cost and fair value of available-for-sale securities by contractual maturity | The amortized cost and fair value of available-for-sale securities at December 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In thousands) One to five years $ 3,202 $ 3,191 Five to ten years 25,634 25,573 Over ten years 106,534 117,549 Totals $ 135,370 $ 146,313 |
Schedule of investments' gross unrealized losses and fair value, aggregated by investment category and length of time | The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021 and 2020: December 31, 2021 Less than 12 Months 12 Months or More Total Description of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses (In thousands) US government agencies $ — $ — $ — $ — $ — $ — Subordinated notes $ 14,204 $ (148) $ — $ — $ 14,204 $ (148) State and municipal obligations $ — $ — $ — $ — $ — $ — Total temporarily impaired securities $ 14,204 $ (148) $ — $ — $ 14,204 $ (148) December 31, 2020 Less than 12 Months 12 Months or More Total Description of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses (In thousands) US government agencies $ — $ — $ — $ — $ — $ — Subordinated notes — $ — $ 1,000 $ (1) $ 1,000 $ (1) State and municipal obligations $ — $ — $ –– $ –– $ — $ — Total temporarily impaired securities $ — $ — $ 1,000 $ (1) $ 1,000 $ (1) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loans and Allowance for Loan Losses | |
Schedule of categories of loans | Categories of loans at December 31, include: 2021 2020 (In thousands) Commercial loans $ 90,892 $ 103,277 Commercial real estate 266,777 246,167 Residential real estate 90,132 85,789 Installment loans 6,571 8,258 Total gross loans 454,372 443,491 Less allowance for loan losses (3,673) (5,113) Total loans $ 450,699 $ 438,378 |
Schedule of allowance for loan losses and recorded investment in loans | The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2021 and 2020: 2021 Commercial Commercial Real Estate Residential Installment Unallocated Total (In thousands) Allowance for loan losses: Balance, beginning of year $ 1,397 $ 1,821 $ 1,471 $ 424 $ — $ 5,113 (Credit) Provision charged to expense (276) (586) (331) (62) — (1,255) Losses charged off (78) — (26) (126) — (230) Recoveries 3 — 7 35 — 45 Balance, end of year $ 1,046 $ 1,235 $ 1,121 $ 271 $ — $ 3,673 Ending balance: individually evaluated for impairment $ — $ 230 $ — $ — $ — $ 230 Ending balance: collectively evaluated for impairment $ 1,046 $ 1,005 $ 1,121 $ 271 $ — $ 3,443 Loans: Ending balance: individually evaluated for impairment $ — $ 3,933 $ — $ — $ — $ 3,933 Ending balance: collectively evaluated for impairment $ 90,892 $ 262,844 $ 90,132 $ 6,571 $ — $ 450,439 2020 Commercial Commercial Real Estate Residential Installment Unallocated Total (In thousands) Allowance for loan losses: Balance, beginning of year $ 568 $ 792 $ 572 $ 299 $ — $ 2,231 Provision charged to expense 875 1,254 986 222 — 3,337 Losses charged off (69) (225) (104) (169) — (567) Recoveries 23 — 17 72 — 112 Balance, end of year $ 1,397 $ 1,821 $ 1,471 $ 424 $ — $ 5,113 Ending balance: individually evaluated for impairment $ — $ 1 $ — $ — $ — $ 1 Ending balance: collectively evaluated for impairment $ 1,397 $ 1,820 $ 1,471 $ 424 $ — $ 5,112 Loans: Ending balance: individually evaluated for impairment $ 80 $ 182 $ 114 $ — $ — $ 376 Ending balance: collectively evaluated for impairment $ 103,197 $ 245,985 $ 85,675 $ 8,258 $ — $ 443,115 |
Schedule of portfolio quality indicators | The following table shows the portfolio quality indicators as of December 31, 2021: Commercial Loan Class Commercial Real Estate Residential Installment Total (In thousands) Pass Grade $ 90,892 $ 254,760 $ 90,132 $ 6,571 $ 442,355 Special Mention — 4,115 — — 7,943 Substandard — 7,902 — — 4,074 Doubtful — — — — — $ 90,892 $ 266,777 $ 90,132 $ 6,571 $ 454,372 The following table shows the portfolio quality indicators as of December 31, 2020: Commercial Loan Class Commercial Real Estate Residential Installment Total (In thousands) Pass Grade $ 103,181 $ 239,862 $ 85,675 $ 8,258 $ 436,976 Special Mention 15 3,422 — — 3,437 Substandard 81 2,883 114 — 3,078 Doubtful — — — — — $ 103,277 $ 246,167 $ 85,789 $ 8,258 $ 443,491 |
Schedule of loan portfolio aging analysis | The following table shows the loan portfolio aging analysis of the recorded investment in loans as of December 31, 2021: 30 ‑ 59 Days 60 ‑ 89 Days Greater Past Past Than 90 Total Past Due and Due and Days and Non Due and Total Loans Accruing Accruing Accruing Accrual Non Accrual Current Receivable (In thousands) Commercial $ 63 $ — $ — $ — $ 63 $ 90,829 $ 90,892 Commercial real estate 220 — — 3,818 4,038 262,739 266,777 Residential 22 — — 391 413 89,719 90,132 Installment 40 — — — 40 6,531 6,571 Total $ 345 $ — $ — $ 4,209 $ 4,554 $ 449,818 $ 454,372 The following table shows the loan portfolio aging analysis of the recorded investment in loans as of December 31, 2020: 30 ‑ 59 Days 60 ‑ 89 Days Greater Past Past Than 90 Total Past Due and Due and Days and Non Due and Total Loans Accruing Accruing Accruing Accrual Non Accrual Current Receivable (In thousands) Commercial $ — $ — $ — $ 83 $ 83 $ 103,194 $ 103,277 Commercial real estate — — — 98 98 246,069 246,167 Residential 120 59 — 445 624 85,165 85,789 Installment 7 20 — — 27 8,231 8,258 Total $ 127 $ 79 $ — $ 626 $ 832 $ 442,659 $ 443,491 |
Schedule of impaired loans | The following table presents impaired loans for the year ended December 31, 2021: Average Unpaid Investment in Interest Recorded Principal Specific Impaired Income Balance Balance Allowance Loans Recognized (In thousands) Loans without a specific valuation allowance: Commercial $ — $ — $ — $ — $ — Commercial real estate 128 128 — 128 6 Real Estate — — — — — Installment — — — — — 128 128 — 128 6 Loans with a specific valuation allowance: Commercial $ — $ — $ — $ — $ — Commercial real estate 3,805 3,805 230 3,822 105 Real Estate — — — — — $ 3,805 $ 3,805 $ 230 $ 3,822 $ 105 Total: Commercial $ — $ — $ — $ — $ — Commercial Real Estate $ 3,933 $ 3,933 $ 230 $ 3,950 $ 111 Real Estate $ — $ — $ — $ — $ — Installment $ — $ — $ — $ — $ — The following table presents impaired loans for the year ended December 31, 2020: Average Unpaid Investment in Interest Recorded Principal Specific Impaired Income Balance Balance Allowance Loans Recognized (In thousands) Loans without a specific valuation allowance: Commercial $ 80 $ 80 $ — $ 78 $ 11 Commercial real estate 110 196 — 136 8 Real Estate 114 121 — 118 22 Installment — 14 — — 5 304 411 — 332 46 Loans with a specific valuation allowance: Commercial $ — $ — $ — $ 92 $ — Commercial real estate 72 72 1 3 3 Real Estate — — — — — $ 72 $ 72 $ 1 $ 95 $ 3 Total: Commercial $ 80 $ 80 $ — $ 170 $ 11 Commercial Real Estate $ 182 $ 268 $ 1 $ 139 $ 11 Real Estate $ 114 $ 121 $ –– $ 118 $ 22 Installment $ — $ 14 $ — $ — $ 5 |
Schedule of troubled debt restructurings on financing receivables | The following tables present information regarding troubled debt restructurings by class and by type of modification for the year ended December 31, 2021 and 2020: Year Ended December 31, 2021 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In thousands) Commercial — $ — $ — Commercial Real Estate — $ — $ — Year Ended December 31, 2021 Interest Total Only Term Combination Modification (In thousands) Commercial $ — $ — $ — $ — Commercial Real Estate $ — $ — $ — $ — Year Ended December 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In thousands) Commercial — $ — $ — Commercial Real Estate 1 $ 86 $ 86 Year Ended December 31, 2020 Interest Total Only Term Combination Modification (In thousands) Commercial $ — $ — $ — $ — Commercial Real Estate $ — $ 86 $ — $ 86 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Premises and Equipment | |
Schedule of major classifications of premises and equipment | Major classifications of premises and equipment, stated at cost, are as follows: 2021 2020 (In thousands) Land, buildings and improvements $ 19,838 $ 19,956 Furniture and equipment 15,079 15,051 Computer software 2,284 2,225 37,201 37,232 Less accumulated depreciation (24,444) (23,489) Net premises and equipment $ 12,757 $ 13,743 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Time Deposits | |
Scheduled maturities of time deposits | (In thousands) Due during the year ending December 31, 2022 $ 36,815 2023 11,755 2024 5,430 2025 1,516 2026 366 Thereafter 360 $ 56,242 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings | |
Schedule of information concerning securities sold under agreements to repurchase | 2021 2020 (Dollars in thousands) Balance outstanding at year end $ 15,701 $ 12,705 Average daily balance during the year $ 19,452 $ 12,524 Average interest rate during the year 0.12 % 0.29 % Maximum month-end balance during the year $ 26,653 $ 16,503 Weighted-average interest rate at year end 0.12 % 0.29 % |
Schedule of repurchase agreements | The following table presents the Company’s repurchase agreements accounted for as secured borrowings: Remaining Contractual Maturity of the Agreement (In thousands) Overnight and Greater than 90 December 31, 2021 Continuous Up to 30 Days 30 ‑ 90 Days Days Total Repurchase Agreements State and municipal obligations $ 15,701 $ — $ — $ — $ 15,701 Total $ 15,701 $ — $ — $ — $ 15,701 Overnight and Greater than 90 December 31, 2020 Continuous Up to 30 Days 30 ‑ 90 Days Days Total Repurchase Agreements U.S government agencies $ 12,705 $ — $ — $ — $ 12,705 Total $ 12,705 $ — $ — $ — $ 12,705 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Schedule of components of income tax expense | The provision for income taxes includes these components: 2021 2020 (In thousands) Taxes currently payable $ 1,118 $ 1,176 Deferred income taxes 112 (547) Income tax expense $ 1,230 $ 629 |
Schedule of reconciliation of income tax expense at the statutory rate to the Company's actual income tax expense | A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below: 2021 2020 (In thousands) Computed at the statutory rate (21%) $ 2,243 $ 1,802 (Decrease) increase resulting from Tax exempt interest (822) (967) Earnings on bank-owned life insurance - net (168) (148) Low income housing credit (52) (131) Other 29 73 Actual tax expense $ 1,230 $ 629 |
Schedule of tax effects of temporary differences related to deferred taxes shown on the balance sheets | The tax effects of temporary differences related to deferred taxes shown on the balance sheets were: 2021 2020 (In thousands) Deferred tax assets Allowance for loan losses $ 771 $ 992 Stock based compensation 253 187 Deferred compensation, and other accruals 472 456 Employee benefit expense — 159 Non-accrual loan interest 33 2 Other 7 10 Total deferred tax assets 1,536 1,806 Deferred tax liabilities Depreciation (407) (390) Deferred loan costs, net (34) (51) FHLB stock dividends (304) (304) Unrealized gains on securities available for sale (2,298) (3,058) Prepaid expenses (49) (70) Intangibles (97) (118) Employee benefit expense (28) — Total deferred tax liabilities (3,217) (3,991) Net deferred tax liability $ (1,681) $ (2,185) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income | |
Schedule of components of accumulated other comprehensive income, included in stockholders' equity | The components of accumulated other comprehensive income, included in stockholders’ equity, are as follows: 2021 2020 (In thousands) Net unrealized gain on securities available-for-sale $ 10,943 $ 14,561 Net unrealized loss for funded status of defined benefit plan liability (2,127) (2,810) 8,816 11,751 Tax effect (1,852) (2,468) Net-of-tax amount $ 6,964 $ 9,283 |
Reclassification out of accumulated other comprehensive income | Reclassifications out of accumulated other comprehensive income during 2021 and 2020 and the affected line items in the Consolidated Financial Statements of Income were as follows: 2021 2020 (In thousands) Realized gains on securities available-for-sale $ 1,250 $ 2,593 Less provision for federal income taxes 263 544 Reclassification adjustment, net of taxes $ 987 $ 2,049 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters | |
Summary of Company's and Bank's Actual Capital Amounts and Ratios | The Company’s and Bank’s actual capital amounts and ratios are presented in the following table. To Be Well Capitalized For Capital Adequacy Under Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2021 Total Capital (to Risk-Weighted Assets) Consolidated $ 96,785 19.5 % $ 39,746 8.0 % N/A N/A Unified 79,740 14.95 42,683 8.0 $ 53,353 10.0 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) Consolidated $ 69,112 13.9 % $ 22,357 4.5 % N/A N/A Unified 76,067 14.3 24,009 4.5 $ 34,680 6.5 % Tier I Capital (to Risk-Weighted Assets) Consolidated $ 73,112 14.7 % $ 29,810 6.0 % N/A N/A Unified 76,067 14.3 32,012 6.0 $ 42,683 8.0 % Tier I Capital (to Average Assets) Consolidated $ 73,112 10.3 % $ 28,438 4.0 % N/A N/A Unified 76,067 10.6 28,594 4.0 $ 35,742 5.0 % As of December 31, 2020 Total Capital (to Risk-Weighted Assets) Consolidated $ 94,085 18.9 % $ 39,746 8.0 % N/A N/A Unified 80,494 16.2 39,860 8.0 $ 48,825 10.0 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) Consolidated $ 64,972 13.1 % $ 22,357 4.5 % N/A N/A Unified 75,831 15.2 22,421 4.5 $ 32,386 6.5 % Tier I Capital (to Risk-Weighted Assets) Consolidated $ 68,972 13.9 % $ 29,810 6.0 % N/A N/A Unified 75,831 15.2 29,895 6.0 $ 39,860 8.0 % Tier I Capital (to Average Assets) Consolidated $ 68,972 10.1 % $ 27,572 4.0 % N/A N/A Unified 75,831 11.2 27,007 4.0 $ 33,759 5.0 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions | |
Summary of Loans Outstanding | 2021 2020 (In thousands) Aggregate balance – January 1 $ 20,984 $ 17,768 New loans 4,439 5,236 Repayments (5,076) (2,020) Aggregate balance – December 31 $ 20,347 $ 20,984 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Benefit Plans | |
Schedule of Information About the Plan's Funded Status and Pension Cost | The Company uses a December 31st measurement date for the plan. Information about the plan’s funded status and pension cost follows: Pension Benefits 2021 2020 (In thousands) Change in benefit obligation Beginning of year $ (7,215) $ (5,588) Service cost (528) (389) Interest cost (239) (234) Actuarial gain (loss) 45 (1,534) Benefits paid 379 530 End of year (7,558) (7,215) Change in fair value of plan assets Beginning of year 6,522 6,111 Actual return on plan assets 944 563 Employer contribution 657 378 Benefits paid (379) (530) End of year 7,744 6,522 Funded (unfunded) status at end of year $ 186 $ (693) |
Schedule of Components of Net Periodic Benefit Cost | Amounts recognized in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost consist of: Pension Benefits 2021 2020 (In thousands) Unamortized net loss $ 2,531 $ 3,302 Unamortized prior service (403) (492) $ 2,128 $ 2,810 |
Schedule of Information For the Pension Plan With Respect To Accumulated Benefit Obligation And Plan Assets | Information for the pension plan with respect to accumulated benefit obligation and plan assets is as follows: December 31, 2021 2020 (In thousands) Projected benefit obligation $ 7,558 $ 7,215 Accumulated benefit obligation $ 6,405 $ 6,168 Fair value of plan assets $ 7,744 $ 6,522 |
Schedule of pension expense | December 31, 2021 2020 (In thousands) Components of net periodic benefit cost Service cost $ 528 $ 389 Interest cost 239 234 Expected return on plan assets (487) (467) Amortization of prior service credit (89) (89) Amortization of net loss 270 145 Net periodic benefit cost $ 461 $ 212 |
Summary of Significant Assumptions | Significant assumptions include: Pension Benefits 2021 2020 Weighted-average assumptions used to determine benefit obligation: Discount rate 3.75 % 3.41 % Rate of compensation increase 3.50 % 3.50 % Weighted-average assumptions used to determine benefit cost: Discount rate 3.75 % 3.41 % Expected return on plan assets 7.00 % 7.00 % Rate of compensation increase 3.50 % 3.50 % |
Summary of Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2021: Pension Benefits (In thousands) 2022 $ 544 2023 383 2024 468 2025 428 2026 598 2027-2031 3,336 Total $ 6,301 |
Schedule of Target Asset Allocation Percentages | Large-Cap stocks Not to exceed 68% Small-Cap stocks Not to exceed 23% Mid-Cap stocks Not to exceed 23% International equity securities Not to exceed 30% Fixed income investments Not to exceed 35% Alternative investments Not to exceed 19% |
Schedule of Investment of Fair Value of Plan Assets as a Percentage of the Total | At December 31, 2021 and 2020, the fair value of plan assets as a percentage of the total was invested in the following: December 31, 2021 2020 Equity securities 69.5 % 70.3 % Debt securities 28.0 28.1 Cash and cash equivalents 2.5 1.6 100.0 % 100.0 % |
Schedule of Fair Values of Company's Pension Plan By Asset Category | The fair values of Company’s pension plan assets at December 31st, by asset category are as follows: December 31, 2021 Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Asset Category Value (Level 1) (Level 2) (Level 3) (In thousands) Mutual money market $ 198 $ 198 $ — $ — Mutual funds – equities ETF mutual funds 4,964 4,964 — — Large and small Cap 99 99 — — International 319 319 Commodities –– –– — — Mutual funds – fixed income Fixed income 1,340 1,340 — — ETF fixed income 824 824 — — Total $ 7,744 $ 7,744 $ — $ — December 31, 2020 Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Asset Category Value (Level 1) (Level 2) (Level 3) (In thousands) Mutual money market $ 103 $ 103 $ — $ — Mutual funds – equities ETF mutual funds 4,190 4,190 — — Large and small Cap 111 111 — — International 287 287 Commodities –– –– — — Mutual funds – fixed income Fixed income 1,193 1,193 — — ETF fixed income 638 638 — — Total $ 6,522 $ 6,522 $ — $ — |
Schedule of Share Information for the ESOP | Share information for the ESOP is as follows at December 31, 2021 and 2020: 2021 2020 Allocated shares at beginning of the year 417,086 411,411 Shares released for allocation during the year — 23,635 Net shares distributed due to retirement/diversification (18,982) (17,960) Unearned shares –– –– Total ESOP shares 398,104 417,086 Fair value of unearned shares at December 31st $ –– $ –– |
Restricted Stock Plan (Tables)
Restricted Stock Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Stock Plan | |
Schedule of Nonvested Restricted Stock Units Activity | A summary of the status of the Company’s nonvested restricted shares as of December 31, 2021, and changes during the year then ended, is presented below: Weighted- Average Grant-Date Shares Fair Value Nonvested, beginning of year 320,000 $ 11.73 Granted 10,000 14.08 Vested (10,000) 10.73 Forfeited (2,500) 13.00 Nonvested, end of year 317,500 $ 11.83 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share | |
Schedule of Earnings Per Share, Basic and Diluted | Earnings per share (EPS) were computed as follows: Year Ended December 31, 2021 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 9,451 Less allocated earnings on non-vested restricted stock (348) Less allocated dividends on non-vested restricted stock (221) Net income allocated to common stockholders 8,882 5,477,266 Basic and diluted earnings per share $ 1.62 Year Ended December 31, 2020 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 7,953 Less allocated earnings on non-vested restricted stock (141) Less allocated dividends on non-vested restricted stock (253) Net income allocated to common stockholders 7,559 5,458,365 Basic and diluted earnings per share $ 1.39 |
Disclosures about Fair Value _2
Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities | |
Schedule of fair value measurements of assets recognized in consolidated balance sheets measured at fair value on recurring basis | The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2021 and 2020: December 31, 2021 Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) Subordinated notes $ 28,765 $ — $ 28,765 $ — State and municipal obligation $ 117,548 — $ 117,548 — December 31, 2020 Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) U.S government agencies $ 10,053 $ — $ 10,053 $ — Subordinated notes $ 4,505 — $ 4,505 — State and municipal obligations $ 143,509 — $ 143,509 — |
Schedule of fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a non-recurring basis | The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a non-recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2021 and 2020: December 31, 2021 Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) Collateral dependent impaired loans $ 2,822 $ — $ — $ 2,822 Foreclosed assets held for sale — — — — December 31, 2020 Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) Collateral dependent impaired loans $ 71 $ — $ — $ 71 Foreclosed assets held for sale — — — — |
Schedule of information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements | The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. Fair Value at Valuation 12/31/21 Technique Unobservable Inputs Range (In thousands) Collateral-dependent impaired loans $ 2,822 Market comparable properties Comparability adjustments 5% – 10% Foreclosed assets held for sale — Market comparable properties Marketability discount 10% – 35% Fair Value at Valuation 12/31/20 Technique Unobservable Inputs Range (In thousands) Collateral-dependent impaired loans $ 71 Market comparable Comparability adjustments 5% – 10% Foreclosed assets held for sale — Market comparable Marketability discount 10% – 35% |
Schedule of estimated fair values of company's financial instruments | The following table presents estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. Fair Value Measurements Using Quoted Prices in Active Markets for Significant Significant Identical Other Unobservable Carrying Assets Observable Inputs Inputs Amount (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2021 Financial assets Cash and cash equivalents $ 82,999 $ 82,999 $ — $ — Loans, net of allowance 450,699 — — 459,031 Federal Home Loan Bank stock 3,704 — 3,704 — Accrued interest receivable 2,345 — 2,345 — Financial liabilities Deposits $ 605,136 — 605,855 — Securities sold under repurchase agreements 15,701 — 15,701 — Subordinated debentures 23,665 — 23,575 — Interest payable 180 — 180 — The fair value has been derived from the December 31, 2020 audited consolidated financial statements. Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2020 Financial assets Cash and cash equivalents $ 51,592 $ 51,592 $ — $ — Loans, net of allowance 438,378 — — 436,893 Federal Home Loan Bank stock 4,177 — 4,177 — Accrued interest receivable 2,901 — 2,901 — Financial liabilities Deposits 579,535 — 580,130 — Securities sold under repurchase agreements 12,705 — 12,705 — Subordinated debentures 23,604 — 21,989 — Interest payable 224 — 224 — |
Condensed Financial Informati_2
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information (Parent Company Only) | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, 2021 2020 (In thousands) Assets Cash and cash equivalents $ 9,092 $ 3,684 Investment in the Bank 85,954 88,276 Other assets 1,182 1,564 Total assets $ 96,228 $ 93,524 Liabilities and Stockholders’ Equity Subordinated debentures $ 23,665 $ 23,603 Other liabilities 862 1,593 Stockholders’ equity 71,701 68,328 Total liabilities and stockholders’ equity $ 96,228 $ 93,524 |
Condensed Statements of Income and Comprehensive Income | Condensed Statements of Income and Comprehensive Income Years Ended December 31, 2021 2020 (In thousands) Operating Income Dividends from subsidiary $ 12,363 $ 2,392 Interest and dividend income from securities and federal funds — — Total operating income 12,363 2,392 General, Administrative and Other Expenses 4,210 3,733 Income (Loss) Before Income Taxes and Equity in Undistributed Income of Subsidiary 8,153 (1,341) Income Tax Benefits 773 785 Income (Loss) Before Equity in Undistributed Income of Subsidiary 8,926 (556) Equity in Undistributed Income of Subsidiary 525 8,509 Net Income $ 9,451 $ 7,953 Comprehensive Income $ 7,132 $ 11,700 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, 2021 2020 (In thousands) Operating Activities Net income $ 9,451 $ 7,953 Items not requiring (providing) cash Equity in undistributed income of subsidiary (525) (8,509) Amortization of ESOP and share-based compensation plans 404 594 Net change in other assets and other liabilities 251 687 Net cash provided by operating activities 9,581 725 Investing Activities Equity infusion into the Bank — — Net cash used in investing activities — — Financing Activities Repurchase of Common Stock (72) (526) Dividends paid to stockholders (4,101) (3,361) Net cash used in financing activities (4,173) (3,887) Net Change in Cash and Cash Equivalents 5,408 (3,162) Cash and Cash Equivalents at Beginning of Year 3,684 6,846 Cash and Cash Equivalents at End of Year $ 9,092 $ 3,684 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Data (Unaudited) | |
Schedule Of Quarterly Financial Information | The following tables summarize the Company’s quarterly results of operations for the years ended December 31, 2021 and 2020. Three Months Ended 2021: March 31, June 30, September 30, December 31, (In thousands, except per share data) Total interest income $ 6,088 $ 6,233 $ 6,234 $ 6,153 Total interest expense 775 676 629 516 Net interest income 5,313 5,557 5,605 5,637 Credit for loan losses (205) (250) (400) (400) Noninterest income 926 1,142 2,287 1,351 Noninterest expense 4,449 4,550 4,942 4,451 Income before income taxes 1,995 2,399 3,350 2,937 Federal income taxes 87 214 448 481 Net income $ 1,908 $ 2,185 $ 2,902 $ 2,456 Earnings per share Basic $ 0.33 $ 0.38 $ 0.50 $ 0.41 Diluted $ 0.33 $ 0.38 $ 0.50 $ 0.41 Three Months Ended 2020: March 31, June 30, September 30, December 31, (In thousands, except per share data) Total interest income $ 7,319 $ 6,949 $ 6,692 $ 6,668 Total interest expense 1,685 1,427 948 674 Net interest income 5,634 5,522 5,744 5,994 Provision for loan losses 563 1,408 1,333 33 Noninterest income 1,044 2,156 2,340 1,375 Noninterest expense 4,410 4,579 4,492 4,409 Income before income taxes 1,705 1,691 2,259 2,927 Federal income taxes 126 16 200 287 Net income $ 1,579 $ 1,675 $ 2,059 $ 2,640 Earnings per share Basic $ 0.28 $ 0.29 $ 0.36 $ 0.46 Diluted $ 0.28 $ 0.29 $ 0.36 $ 0.46 |
Goodwill and Core Deposits (Tab
Goodwill and Core Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Core Deposits | |
Summary of changes in the carrying amount of goodwill | The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 (in thousands): 2021 2020 Balance beginning of year $ 682 $ 682 Additions from acquisition — — Balance, end of year $ 682 $ 682 |
Summary of intangible assets | Intangible assets in the consolidated balance sheets at December 31, 2021 and 2020 were as follows (in thousands): 2021 2020 Gross Gross Intangible Accumulated Net Intangible Intangible Accumulated Net Intangible Assets Amortization Assets Assets Amortization Assets Core deposit intangibles $ 1,041 481 560 1,041 331 710 |
Summary of estimated aggregate future amortization expense for each of the next five years for intangible assets remaining | The estimated aggregate future amortization expense for each of the next five years for intangible assets remaining as of December 31, 2021 is as follows (in thousands): 2022 $ 150 2023 150 2024 150 2025 110 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Cash, FDIC Insured Amount | $ 250,000 | |
Accounts Payable, Interest-bearing | $ 250,000 | $ 250,000 |
Maximum Deferrable Under Annual Incentive Award Percent | 50.00% | |
Dilutive effects | $ 0 | 0 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | |
Federal Home Loan and Reserve Bank Stock | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Cash, Uninsured Amount | $ 74,752,000 | $ 37,738,000 |
Restriction on Cash and Due F_2
Restriction on Cash and Due From Banks (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash Reserve Deposit Required and Made | $ 0 | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Approximate Fair Values, Together with Gross Unrealized Gains and Losses of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 135,370 | $ 143,506 |
Available-for-sale Securities, Gross Unrealized Gains | 11,091 | 14,562 |
Available-for-sale Securities, Gross Unrealized Losses | (148) | (1) |
Available-for-sale securities, Fair Value | 146,313 | 158,067 |
U.S government agencies | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 0 | 10,000 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 53 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | |
Available-for-sale securities, Fair Value | 0 | 10,053 |
Subordinated notes | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 28,837 | 4,500 |
Available-for-sale Securities, Gross Unrealized Gains | 76 | 6 |
Available-for-sale Securities, Gross Unrealized Losses | (148) | (1) |
Available-for-sale securities, Fair Value | 28,765 | 4,505 |
State and municipal obligations | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 106,533 | 129,006 |
Available-for-sale Securities, Gross Unrealized Gains | 11,015 | 14,503 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | |
Available-for-sale securities, Fair Value | $ 117,548 | $ 143,509 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale, Amortized Cost | ||
One to five years | $ 3,202 | |
Five to ten year | 25,634 | |
Due after ten years | 106,534 | |
Totals | 135,370 | $ 143,506 |
Available-for-sale, Fair Value | ||
One to five years | 3,191 | |
Five to ten year | 25,573 | |
Due after ten years | 117,549 | |
Total | $ 146,313 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value, Aggregated by Investment Category and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Gain (Loss) on Investments [Line Items] | ||
Less than 12 Months, Fair Value | $ 14,204 | |
Less than 12 Months, Unrealized Losses | (148) | |
12 Months or More, Fair Value | 0 | $ 1,000 |
12 Months or More, Unrealized Losses | 0 | (1) |
Total, Fair Value | 14,204 | 1,000 |
Total, Unrealized Losses | (148) | (1) |
U.S government agencies | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 Months, Fair Value | 0 | |
Less than 12 Months, Unrealized Losses | 0 | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total, Fair Value | 0 | |
Total, Unrealized Losses | 0 | |
Subordinated notes | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 Months, Fair Value | 14,204 | |
Less than 12 Months, Unrealized Losses | (148) | |
12 Months or More, Fair Value | 0 | 1,000 |
12 Months or More, Unrealized Losses | 0 | (1) |
Total, Fair Value | 14,204 | 1,000 |
Total, Unrealized Losses | (148) | (1) |
State and municipal obligations | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 Months, Fair Value | ||
Less than 12 Months, Unrealized Losses | ||
12 Months or More, Fair Value | ||
12 Months or More, Unrealized Losses | ||
Total, Fair Value | ||
Total, Unrealized Losses |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Marketable Securities [Line Items] | ||
Debt Securities, Available-for-sale, Restricted | $ 64,400 | $ 55,800 |
Fair Value of Investment in debt securities | $ 14,200 | $ 1,000 |
Percentage of fair value of investment in debt | 10.00% | 1.00% |
Sale of available-for-sale securities | $ 12,684 | $ 31,675 |
U.S government agencies | ||
Schedule Of Marketable Securities [Line Items] | ||
Sale of available-for-sale securities | 8,000 | |
Gain on sale of securities | 69,000 | |
State and municipal obligations | ||
Schedule Of Marketable Securities [Line Items] | ||
Sale of available-for-sale securities | 11,400 | 23,700 |
Gain on sale of securities | $ 1,250,000 | $ 2,525,000 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Approximate Fair Values, Together with Gross Unrealized Gains and Losses of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Gains | $ 11,091 | $ 14,562 |
Available-for-sale Securities, Gross Unrealized Losses | (148) | (1) |
Available-for-sale securities, Fair Value | 146,313 | 158,067 |
U.S government agencies | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Gains | 0 | 53 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | |
Subordinated notes | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Gains | 76 | 6 |
Available-for-sale Securities, Gross Unrealized Losses | (148) | (1) |
State and municipal obligations | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Gains | 11,015 | $ 14,503 |
Available-for-sale Securities, Gross Unrealized Losses | $ 0 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Schedule of Categories of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total gross loans | $ 454,372 | $ 443,491 | |
Less allowance for loan losses | (3,673) | (5,113) | $ (2,231) |
Total loans | 450,699 | 438,378 | |
Commercial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total gross loans | 90,892 | 103,277 | |
Less allowance for loan losses | (1,046) | (1,397) | (568) |
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total gross loans | 266,777 | 246,167 | |
Less allowance for loan losses | (1,235) | (1,821) | (792) |
Residential | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total gross loans | 90,132 | 85,789 | |
Less allowance for loan losses | (1,121) | (1,471) | $ (572) |
Installment loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total gross loans | $ 6,571 | $ 8,258 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for loan losses: | ||||||||||
Beginning Balance | $ 5,113 | $ 2,231 | $ 5,113 | $ 2,231 | ||||||
(Credit) Provision charged to expense | $ (400) | $ (400) | $ (250) | (205) | $ 33 | $ 1,333 | $ 1,408 | 563 | (1,255) | 3,337 |
Losses charged off | (230) | (567) | ||||||||
Recoveries | 45 | 112 | ||||||||
Ending Balance | 3,673 | 5,113 | 3,673 | 5,113 | ||||||
Ending balance: individually evaluated for impairment | 230 | 1 | 230 | 1 | ||||||
Ending balance: collectively evaluated for impairment | 3,443 | 5,112 | 3,443 | 5,112 | ||||||
Loans: | ||||||||||
Ending balance: individually evaluated for impairment | 3,933 | 376 | 3,933 | 376 | ||||||
Ending balance: collectively evaluated for impairment | 450,439 | 443,115 | 450,439 | 443,115 | ||||||
Commercial | ||||||||||
Allowance for loan losses: | ||||||||||
Beginning Balance | 1,397 | 568 | 1,397 | 568 | ||||||
(Credit) Provision charged to expense | (276) | 875 | ||||||||
Losses charged off | (78) | (69) | ||||||||
Recoveries | 3 | 23 | ||||||||
Ending Balance | 1,046 | 1,397 | 1,046 | 1,397 | ||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Ending balance: collectively evaluated for impairment | 1,046 | 1,397 | 1,046 | 1,397 | ||||||
Loans: | ||||||||||
Ending balance: individually evaluated for impairment | 80 | 80 | ||||||||
Ending balance: collectively evaluated for impairment | 90,892 | 103,197 | 90,892 | 103,197 | ||||||
Commercial Real Estate | ||||||||||
Allowance for loan losses: | ||||||||||
Beginning Balance | 1,821 | 792 | 1,821 | 792 | ||||||
(Credit) Provision charged to expense | (586) | 1,254 | ||||||||
Losses charged off | 0 | (225) | ||||||||
Recoveries | 0 | 0 | ||||||||
Ending Balance | 1,235 | 1,821 | 1,235 | 1,821 | ||||||
Ending balance: individually evaluated for impairment | 230 | 1 | 230 | 1 | ||||||
Ending balance: collectively evaluated for impairment | 1,005 | 1,820 | 1,005 | 1,820 | ||||||
Loans: | ||||||||||
Ending balance: individually evaluated for impairment | 3,933 | 182 | 3,933 | 182 | ||||||
Ending balance: collectively evaluated for impairment | 262,844 | 245,985 | 262,844 | 245,985 | ||||||
Residential | ||||||||||
Allowance for loan losses: | ||||||||||
Beginning Balance | 1,471 | 572 | 1,471 | 572 | ||||||
(Credit) Provision charged to expense | (331) | 986 | ||||||||
Losses charged off | (26) | (104) | ||||||||
Recoveries | 7 | 17 | ||||||||
Ending Balance | 1,121 | 1,471 | 1,121 | 1,471 | ||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Ending balance: collectively evaluated for impairment | 1,121 | 1,471 | 1,121 | 1,471 | ||||||
Loans: | ||||||||||
Ending balance: individually evaluated for impairment | 114 | 114 | ||||||||
Ending balance: collectively evaluated for impairment | 90,132 | 85,675 | 90,132 | 85,675 | ||||||
Installment | ||||||||||
Allowance for loan losses: | ||||||||||
Beginning Balance | 424 | 299 | 424 | 299 | ||||||
(Credit) Provision charged to expense | (62) | 222 | ||||||||
Losses charged off | (126) | (169) | ||||||||
Recoveries | 35 | 72 | ||||||||
Ending Balance | 271 | 424 | 271 | 424 | ||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Ending balance: collectively evaluated for impairment | 271 | 424 | 271 | 424 | ||||||
Loans: | ||||||||||
Ending balance: individually evaluated for impairment | ||||||||||
Ending balance: collectively evaluated for impairment | 6,571 | 8,258 | 6,571 | 8,258 | ||||||
Unallocated | ||||||||||
Allowance for loan losses: | ||||||||||
Beginning Balance | $ 0 | $ 0 | 0 | 0 | ||||||
(Credit) Provision charged to expense | 0 | 0 | ||||||||
Losses charged off | 0 | 0 | ||||||||
Recoveries | 0 | 0 | ||||||||
Ending Balance | 0 | 0 | 0 | 0 | ||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Ending balance: collectively evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Loans: | ||||||||||
Ending balance: individually evaluated for impairment | ||||||||||
Ending balance: collectively evaluated for impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Schedule of Portfolio Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | $ 454,372 | $ 443,491 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 90,892 | 103,277 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 266,777 | 246,167 |
Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 90,132 | 85,789 |
Installment loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 6,571 | 8,258 |
Pass Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 442,355 | 436,976 |
Pass Grade | Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 90,892 | 103,181 |
Pass Grade | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 254,760 | 239,862 |
Pass Grade | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 90,132 | 85,675 |
Pass Grade | Installment loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 6,571 | 8,258 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 7,943 | 3,437 |
Special Mention | Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 0 | 15 |
Special Mention | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 4,115 | 3,422 |
Special Mention | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Special Mention | Installment loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 4,074 | 3,078 |
Substandard | Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 0 | 81 |
Substandard | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 7,902 | 2,883 |
Substandard | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 0 | 114 |
Substandard | Installment loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Doubtful | Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Doubtful | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Doubtful | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Doubtful | Installment loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | $ 0 | $ 0 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Schedule of Loan Portfolio Aging Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non Accrual | $ 4,209 | $ 626 |
Total gross loans | 454,372 | 443,491 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 345 | 127 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 79 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 4,554 | 832 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 449,818 | 442,659 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non Accrual | 0 | 83 |
Total gross loans | 90,892 | 103,277 |
Commercial | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 63 | 0 |
Commercial | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Commercial | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Commercial | Financial Asset, Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 63 | 83 |
Commercial | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 90,829 | 103,194 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non Accrual | 3,818 | 98 |
Total gross loans | 266,777 | 246,167 |
Commercial Real Estate | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 220 | 0 |
Commercial Real Estate | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Commercial Real Estate | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Commercial Real Estate | Financial Asset, Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 4,038 | 98 |
Commercial Real Estate | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 262,739 | 246,069 |
Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non Accrual | 391 | 445 |
Total gross loans | 90,132 | 85,789 |
Residential | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 22 | 120 |
Residential | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 59 |
Residential | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Residential | Financial Asset, Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 413 | 624 |
Residential | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 89,719 | 85,165 |
Installment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non Accrual | 0 | 0 |
Total gross loans | 6,571 | 8,258 |
Installment | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 40 | 7 |
Installment | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 20 |
Installment | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Installment | Financial Asset, Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 40 | 27 |
Installment | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | $ 6,531 | $ 8,231 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Schedule of Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Recorded Balance | ||
Recorded balance, loans without a specific valuation allowance | $ 128 | $ 304 |
Recorded balance, loans with a specific valuation allowance | 3,805 | 72 |
Unpaid Principal Balance | ||
Unpaid principal balance, loans without a specific valuation allowance | 128 | 411 |
Unpaid principal balance, loans with a specific valuation allowance | 3,805 | 72 |
Specific Allowance | 230 | 1 |
Average Investment in Impaired Loans | ||
Average investment in impaired loans, loans without a specific valuation allowance | 128 | 332 |
Average investment in impaired loans, loans with a specific valuation allowance | 3,822 | 95 |
Interest Income Recognized | ||
Interest income recognized, loans without a specific valuation allowance | 6 | 46 |
Interest income recognized, loans with a specific valuation allowance | 105 | 3 |
Commercial | ||
Recorded Balance | ||
Recorded balance, loans without a specific valuation allowance | 0 | 80 |
Recorded balance, loans with a specific valuation allowance | 0 | 0 |
Recorded balance, total | 0 | 80 |
Unpaid Principal Balance | ||
Unpaid principal balance, loans without a specific valuation allowance | 0 | 80 |
Unpaid principal balance, loans with a specific valuation allowance | 0 | 0 |
Unpaid principal balance, total | 0 | 80 |
Average Investment in Impaired Loans | ||
Average investment in impaired loans, loans without a specific valuation allowance | 0 | 78 |
Average investment in impaired loans, loans with a specific valuation allowance | 0 | 92 |
Average investment in impaired loans, total | 0 | 170 |
Interest Income Recognized | ||
Interest income recognized, loans without a specific valuation allowance | 0 | 11 |
Interest income recognized, loans with a specific valuation allowance | 0 | 0 |
Interest income recognized, total | 0 | 11 |
Real Estate | ||
Recorded Balance | ||
Recorded balance, loans without a specific valuation allowance | 0 | 114 |
Recorded balance, loans with a specific valuation allowance | 0 | 0 |
Recorded balance, total | 0 | 114 |
Unpaid Principal Balance | ||
Unpaid principal balance, loans without a specific valuation allowance | 0 | 121 |
Unpaid principal balance, loans with a specific valuation allowance | 0 | 0 |
Unpaid principal balance, total | 0 | 121 |
Average Investment in Impaired Loans | ||
Average investment in impaired loans, loans without a specific valuation allowance | 0 | 118 |
Average investment in impaired loans, loans with a specific valuation allowance | 0 | 0 |
Average investment in impaired loans, total | 0 | 118 |
Interest Income Recognized | ||
Interest income recognized, loans without a specific valuation allowance | 0 | 22 |
Interest income recognized, loans with a specific valuation allowance | 0 | 0 |
Interest income recognized, total | 0 | 22 |
Commercial Real Estate | ||
Recorded Balance | ||
Recorded balance, loans without a specific valuation allowance | 128 | 110 |
Recorded balance, loans with a specific valuation allowance | 3,805 | 72 |
Recorded balance, total | 3,933 | 182 |
Unpaid Principal Balance | ||
Unpaid principal balance, loans without a specific valuation allowance | 128 | 196 |
Unpaid principal balance, loans with a specific valuation allowance | 3,805 | 72 |
Unpaid principal balance, total | 3,933 | 268 |
Specific Allowance | 230 | 1 |
Average Investment in Impaired Loans | ||
Average investment in impaired loans, loans without a specific valuation allowance | 128 | 136 |
Average investment in impaired loans, loans with a specific valuation allowance | 3,822 | 3 |
Average investment in impaired loans, total | 3,950 | 139 |
Interest Income Recognized | ||
Interest income recognized, loans without a specific valuation allowance | 6 | 8 |
Interest income recognized, loans with a specific valuation allowance | 105 | 3 |
Interest income recognized, total | 111 | 11 |
Installment loans | ||
Recorded Balance | ||
Recorded balance, loans without a specific valuation allowance | 0 | 0 |
Recorded balance, total | 0 | 0 |
Unpaid Principal Balance | ||
Unpaid principal balance, loans without a specific valuation allowance | 0 | 14 |
Unpaid principal balance, total | 0 | 14 |
Average Investment in Impaired Loans | ||
Average investment in impaired loans, loans without a specific valuation allowance | 0 | 0 |
Average investment in impaired loans, total | 0 | 0 |
Interest Income Recognized | ||
Interest income recognized, loans without a specific valuation allowance | 0 | 5 |
Interest income recognized, total | $ 0 | $ 5 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings on Financing Receivables (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)contract | |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | |
Pre- Modification Outstanding Recorded Investment | $ 86 | |
Post-Modification Outstanding Recorded Investment | 86 | |
Interest Only | $ 0 | 0 |
Term | 0 | 86 |
Combination | 0 | 0 |
Total Modification | $ 86 | |
Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Interest Only | 0 | |
Term | 0 | |
Combination | $ 0 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 37,201 | $ 37,232 |
Less accumulated depreciation | (24,444) | (23,489) |
Net premises and equipment | 12,757 | 13,743 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 19,838 | 19,956 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 15,079 | 15,051 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,284 | $ 2,225 |
Time Deposits - Maturities of T
Time Deposits - Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Time Deposits [Line Items] | |
2022 | $ 36,815 |
2023 | 11,755 |
2024 | 5,430 |
2025 | 1,516 |
2026 | 366 |
Thereafter | 360 |
Time deposits maturities, after next twelve months | $ 56,242 |
Time Deposits - Additional Info
Time Deposits - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits [Line Items] | ||
Time deposits, $250,000 or more | $ 4.4 | $ 7.8 |
Borrowings - Securities Sold Un
Borrowings - Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Balance outstanding at year end | $ 15,701 | $ 12,705 |
Average daily balance during the year | $ 19,452 | $ 12,524 |
Average interest rate during the year | 0.12% | 0.29% |
Maximum month-end balance during the year | $ 26,653 | $ 16,503 |
Weighted-average interest rate at year end | 0.12% | 0.29% |
Borrowings - Repurchase Agreeme
Borrowings - Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities Sold under Agreements to Repurchase | $ 15,701 | $ 12,705 |
Repurchase Agreements U.S. government agencies [Member] | ||
Securities Sold under Agreements to Repurchase | 12,705 | |
State and municipal obligations | ||
Securities Sold under Agreements to Repurchase | 15,701 | |
Overnight and Continuous [Member] | ||
Securities Sold under Agreements to Repurchase | 15,701 | 12,705 |
Overnight and Continuous [Member] | Repurchase Agreements U.S. government agencies [Member] | ||
Securities Sold under Agreements to Repurchase | 12,705 | |
Overnight and Continuous [Member] | State and municipal obligations | ||
Securities Sold under Agreements to Repurchase | 15,701 | |
Up to 30 Days [Member] | ||
Securities Sold under Agreements to Repurchase | 0 | 0 |
Up to 30 Days [Member] | Repurchase Agreements U.S. government agencies [Member] | ||
Securities Sold under Agreements to Repurchase | 0 | |
Up to 30 Days [Member] | State and municipal obligations | ||
Securities Sold under Agreements to Repurchase | 0 | |
30-90 Days [Member] | ||
Securities Sold under Agreements to Repurchase | 0 | 0 |
30-90 Days [Member] | Repurchase Agreements U.S. government agencies [Member] | ||
Securities Sold under Agreements to Repurchase | 0 | |
30-90 Days [Member] | State and municipal obligations | ||
Securities Sold under Agreements to Repurchase | 0 | |
Greater than 90 Days [Member] | ||
Securities Sold under Agreements to Repurchase | 0 | 0 |
Greater than 90 Days [Member] | Repurchase Agreements U.S. government agencies [Member] | ||
Securities Sold under Agreements to Repurchase | $ 0 | |
Greater than 90 Days [Member] | State and municipal obligations | ||
Securities Sold under Agreements to Repurchase | $ 0 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Outstanding borrowings with FHLB | $ 0 | $ 0 |
Federal home loan bank additional borrowings capacity | 154,100,000 | 140,500,000 |
Loans Pledged as Collateral | 228,200,000 | 207,900,000 |
Cash management lines of credit, additional borrowings | 18,000,000 | 18,000,000 |
Security Owned and Pledged as Collateral, Fair Value | $ 37,500,000 | $ 30,100,000 |
Subordinated Debentures (Detail
Subordinated Debentures (Details) - USD ($) | May 14, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2005 |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Debt Instrument Unamortized Debt Costs | $ 459,000 | $ 519,000 | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ 23,700,000 | $ 23,600,000 | ||
Subordinated debentures | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Proceeds from Issuance of Long-term Debt | $ 4,100,000 | |||
Repayments of Subordinated Debt | $ 4,100,000 | |||
Subordinated debentures | LIBOR | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.35% | |||
Junior Subordinated Debt [Member] | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Debt Instrument, face amount | $ 20,000,000 | |||
Debt instrument, interest rate, stated percentage | 6.00% | |||
Debt instrument, maturity date | May 31, 2024 | |||
Debt instrument, description of variable date basis | three-month LIBOR | |||
Debt instrument, basis spread on variable rate | 3.625% |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes | ||||||||||
Taxes currently payable | $ 1,118 | $ 1,176 | ||||||||
Deferred income taxes | 112 | (547) | ||||||||
Income tax expense | $ 481 | $ 448 | $ 214 | $ 87 | $ 287 | $ 200 | $ 16 | $ 126 | $ 1,230 | $ 629 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense at the Statutory Rate to the Company's Actual Income Tax Expense (Details).. - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes | ||||||||||
Statutory rate | 21.00% | 21.00% | ||||||||
Computed at the statutory rate (21%) | $ 2,243 | $ 1,802 | ||||||||
(Decrease) increase resulting from | ||||||||||
(Decrease) increase resulting from Tax exempt interest | (822) | (967) | ||||||||
Earnings on bank-owned life insurance - net | (168) | (148) | ||||||||
Low income housing credit | (52) | (131) | ||||||||
Other | 29 | 73 | ||||||||
Actual tax expense | $ 481 | $ 448 | $ 214 | $ 87 | $ 287 | $ 200 | $ 16 | $ 126 | $ 1,230 | $ 629 |
Income Taxes - Tax Effects of T
Income Taxes - Tax Effects of Temporary Differences Related to Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
Allowance for loan losses | $ 771 | $ 992 |
Stock based compensation | 253 | 187 |
Deferred compensation, and other accruals | 472 | 456 |
Intangible assets | 0 | 159 |
Non-accrual loan interest | 33 | 2 |
Other | 7 | 10 |
Total deferred tax assets | 1,536 | 1,806 |
Deferred tax liabilities | ||
Depreciation | (407) | (390) |
Deferred loan costs, net | (34) | (51) |
FHLB stock dividends | (304) | (304) |
Unrealized gains on securities available for sale | (2,298) | (3,058) |
Prepaid expenses | (49) | (70) |
Intangibles | (97) | (118) |
Employee benefit expense | (28) | 0 |
Total deferred tax liabilities | (3,217) | (3,991) |
Net deferred tax liability | $ (1,681) | $ (2,185) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income | ||
Net unrealized gain on securities available-for-sale | $ 10,943 | $ 14,561 |
Net unrealized loss for unfunded status of defined benefit plan liability | (2,127) | (2,810) |
Accumulated other comprehensive income, before taxes, total | 8,816 | 11,751 |
Tax effect | (1,852) | (2,468) |
Net-of-tax amount | $ 6,964 | $ 9,283 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Reclassifications out of accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gains on securities available for sale | $ 1,250 | $ 2,593 |
Less provision for federal income taxes | 263 | 544 |
Reclassification adjustment, net of taxes | $ 987 | $ 2,049 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Company's and Bank's Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Consolidated Entities [Member] | ||
Total Capital (to Risk-Weighted Assets) | ||
Actual | $ 96,785 | $ 94,085 |
For Capital Adequacy Purposes | 39,746 | 39,746 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual | 69,112 | 64,972 |
For Capital Adequacy Purposes | 22,357 | 22,357 |
Tier I Capital (to Risk-Weighted Assets) | ||
Actual | 73,112 | 68,972 |
For Capital Adequacy Purposes | 29,810 | 29,810 |
Tier I Capital (to Average Assets) | ||
Actual | 73,112 | 68,972 |
For Capital Adequacy Purposes | $ 28,438 | $ 27,572 |
Total Capital (to Risk-Weighted Assets), Ratio | ||
Actual, Ratio | 19.5 | 18.9 |
For Capital Adequacy Purposes, Ratio | 8 | 8 |
Actual, Ratio | 13.9 | 13.1 |
For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Actual, Ratio | 14.7 | 13.9 |
For Capital Adequacy Purposes, Ratio | 6 | 6 |
Tier I Capital (to Average Assets), Ratio | ||
Actual, Ratio | 10.3 | 10.1 |
For Capital Adequacy Purposes, Ratio | 4 | 4 |
Unified | ||
Total Capital (to Risk-Weighted Assets) | ||
Actual | $ 79,740 | $ 80,494 |
For Capital Adequacy Purposes | 42,683 | 39,860 |
To Be Well Capitalized Under Prompt Corrective Action Provisions | 53,353 | 48,825 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual | 76,067 | 75,831 |
For Capital Adequacy Purposes | 24,009 | 22,421 |
To Be Well Capitalized Under Prompt Corrective Action Provisions | 34,680 | 32,386 |
Tier I Capital (to Risk-Weighted Assets) | ||
Actual | 76,067 | 75,831 |
For Capital Adequacy Purposes | 32,012 | 29,895 |
To Be Well Capitalized Under Prompt Corrective Action Provisions | 42,683 | 39,860 |
Tier I Capital (to Average Assets) | ||
Actual | 76,067 | 75,831 |
For Capital Adequacy Purposes | 28,594 | 27,007 |
To Be Well Capitalized Under Prompt Corrective Action Provisions | $ 35,742 | $ 33,759 |
Total Capital (to Risk-Weighted Assets), Ratio | ||
Actual, Ratio | 14.95 | 16.2 |
For Capital Adequacy Purposes, Ratio | 8 | 8 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10 | 10 |
Actual, Ratio | 14.3 | 15.2 |
For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Actual, Ratio | 14.3 | 15.2 |
For Capital Adequacy Purposes, Ratio | 6 | 6 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8 | 8 |
Tier I Capital (to Average Assets), Ratio | ||
Actual, Ratio | 10.6 | 11.2 |
For Capital Adequacy Purposes, Ratio | 4 | 4 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5 | 5 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2013 |
US Government Debt Securities [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier One Risk Based Capital to Risk Weighted Assets | 0 | ||
Equity securities | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier One Risk Based Capital to Risk Weighted Assets | 600 | ||
Consolidated Entities [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier One Risk Based Capital to Risk Weighted Assets | 14.7 | 13.9 | |
Capital to Risk Weighted Assets | 19.5 | 18.9 | |
Common Equity Tier One Capital Ratio | 13.9 | 13.1 | |
Tier One Leverage Capital to Average Assets | 10.3 | 10.1 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Aggregate balance - January 1 | $ 20,984 | $ 17,768 |
New loans | 4,439 | 5,236 |
Repayments | (5,076) | (2,020) |
Aggregate balance - December 31 | $ 20,347 | $ 20,984 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Related party deposit liabilities | $ 5.6 | $ 6.1 |
Benefit Plans - Information Abo
Benefit Plans - Information About the Plan's Funded Status and Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in benefit obligation | ||
Beginning of year | $ (7,215) | $ (5,588) |
Service cost | (528) | (389) |
Interest cost | (239) | (234) |
Actuarial gain (loss) | 45 | (1,534) |
Benefits paid | 379 | 530 |
End of year | (7,558) | (7,215) |
Change in fair value of plan assets | ||
Beginning of year | 6,522 | 6,111 |
Actual return on plan assets | 944 | 563 |
Employer contribution | 657 | 378 |
Benefits paid | (379) | (530) |
End of year | 7,744 | 6,522 |
Funded (unfunded) status at end of year | $ 186 | $ (693) |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax [Line Items] | ||
Unamortized net loss | $ 2,531 | $ 3,302 |
Unamortized prior service | (403) | (492) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ 2,128 | $ 2,810 |
Benefit Plans - Information For
Benefit Plans - Information For the Pension Plan With Respect To Accumulated Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Asset [Line Items] | ||
Projected benefit obligation | $ 7,558 | $ 7,215 |
Accumulated benefit obligation | 6,405 | 6,168 |
Fair value of plan assets | $ 7,744 | $ 6,522 |
Benefit Plans - Pension Expense
Benefit Plans - Pension Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Components of net periodic benefit cost | ||
Service cost | $ 528 | $ 389 |
Interest cost | 239 | 234 |
Expected return on plan assets | (487) | (467) |
Amortization of prior service credit | (89) | (89) |
Amortization of net loss | 270 | 145 |
Net periodic benefit cost | $ 461 | $ 212 |
Benefit Plans - Summary of Sign
Benefit Plans - Summary of Significant Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted-average assumptions used to determine benefit obligation: | ||
Discount rate | 3.75% | 3.41% |
Rate of compensation increase | 3.50% | 3.50% |
Weighted-average assumptions used to determine benefit cost: | ||
Discount rate | 3.75% | 3.41% |
Expected return on plan assets | 7.00% | 7.00% |
Rate of compensation increase | 3.50% | 3.50% |
Benefit Plans - Summary of Bene
Benefit Plans - Summary of Benefit Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Plan Expected Future Benefit Payments Fiscal Year Maturity [Line Items] | |
2022 | $ 544 |
2023 | 383 |
2024 | 468 |
2025 | 428 |
2026 | 598 |
2027-2031 | 3,336 |
Total | $ 6,301 |
Benefit Plans - Target Asset Al
Benefit Plans - Target Asset Allocation Percentages (Details) | 12 Months Ended | 24 Months Ended |
Dec. 31, 2021 | Dec. 31, 2021 | |
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items] | ||
Actuarial long term rate on plan assets | 7.00% | |
Large-Cap stocks | ||
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | Not to exceed 68% | |
Small-Cap stocks | ||
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | Not to exceed 23% | |
Mid-Cap stocks | ||
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | Not to exceed 23% | |
International equity securities | ||
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | Not to exceed 30% | |
Fixed income investments | ||
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | Not to exceed 35% | |
Alternative investments | ||
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | Not to exceed 19% |
Benefit Plans - Investment of F
Benefit Plans - Investment of Fair Value of Plan Assets as a Percentage of the Total (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Funded Percentage [Line Items] | ||
Fair value of plan assets as a percentage of the total was invested | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Funded Percentage [Line Items] | ||
Fair value of plan assets as a percentage of the total was invested | 69.50% | 70.30% |
Debt securities | ||
Defined Benefit Plan Funded Percentage [Line Items] | ||
Fair value of plan assets as a percentage of the total was invested | 28.00% | 28.10% |
Cash and cash equivalents | ||
Defined Benefit Plan Funded Percentage [Line Items] | ||
Fair value of plan assets as a percentage of the total was invested | 2.50% | 1.60% |
Benefit Plans - Fair Values of
Benefit Plans - Fair Values of Company's Pension Plan By Asset Category (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 7,744 | $ 6,522 | $ 6,111 |
Estimate of Fair Value Measurement [Member] | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,744 | 6,522 | |
Estimate of Fair Value Measurement [Member] | Mutual money market | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 198 | 103 | |
Estimate of Fair Value Measurement [Member] | ETF mutual funds | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4,964 | 4,190 | |
Estimate of Fair Value Measurement [Member] | Large and small Cap | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 99 | 111 | |
Estimate of Fair Value Measurement [Member] | International | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 319 | 287 | |
Estimate of Fair Value Measurement [Member] | Fixed income | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,340 | 1,193 | |
Estimate of Fair Value Measurement [Member] | ETF fixed income | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 824 | 638 | |
Fair Value, Inputs, Level 1 | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,744 | 6,522 | |
Fair Value, Inputs, Level 1 | Mutual money market | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 198 | 103 | |
Fair Value, Inputs, Level 1 | ETF mutual funds | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4,964 | 4,190 | |
Fair Value, Inputs, Level 1 | Large and small Cap | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 99 | 111 | |
Fair Value, Inputs, Level 1 | International | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 319 | 287 | |
Fair Value, Inputs, Level 1 | Fixed income | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,340 | 1,193 | |
Fair Value, Inputs, Level 1 | ETF fixed income | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 824 | 638 | |
Fair Value, Inputs, Level 2 | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 2 | Mutual money market | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 2 | ETF mutual funds | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 2 | Large and small Cap | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 2 | Commodities | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 2 | Fixed income | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 2 | ETF fixed income | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 | Mutual money market | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 | ETF mutual funds | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 | Large and small Cap | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 | Commodities | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 | Fixed income | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 | ETF fixed income | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Benefit Plans - Share Informati
Benefit Plans - Share Information for the ESOP (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Allocated shares at beginning of the year | 417,086 | 411,411 |
Shares released for allocation during the year | 23,635 | |
Net shares distributed due to retirement/diversification | (18,982) | (17,960) |
Total ESOP shares | 398,104 | 417,086 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 132,000 | $ 270,000 | |
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 398,104 | 417,086 | 411,411 |
Employer contribution | $ 657,000 | $ 378,000 | |
Accumulated benefit obligation for the defined benefit pension plan | 6,405,000 | $ 6,168,000 | |
Present value Of Defined Benefit Future Plan | $ 401,000 | ||
Defined benefit plan, assumptions used calculating net periodic benefit cost, expected long-term Rate of return on plan assets, decrease | 50.00% | 6.00% | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | $ 95,000 | ||
Employee Stock Option [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution | 6,632,000 | ||
Postretirement Life Insurance [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 1,800,000 | $ 1,700,000 | |
Employer contribution | $ 744,000 |
Restricted Stock Plan - Summari
Restricted Stock Plan - Summarized status of Company's nonvested restricted shares (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Shares | |
Nonvested, beginning of year | shares | 320,000 |
Granted | shares | 10,000 |
Vested | shares | (10,000) |
Forfeited | shares | (2,500) |
Nonvested, end of year | shares | 317,500 |
Weighted - Average Grant-Date Fair Value | |
Nonvested, beginning of year | $ / shares | $ 11.73 |
Granted | $ / shares | 14.08 |
Vested | $ / shares | 10.73 |
Forfeited | $ / shares | 13 |
Nonvested, end of year | $ / shares | $ 11.83 |
Restricted Stock Plan - Additio
Restricted Stock Plan - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2008 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share based compensation arrangement by share based payment award contractual period | 9 years 6 months | |||
Maximum number of shares shares base stock option award granted to per employee | 25,000 | 25,000 | ||
Stock option awards vest period | 9 years 6 months | |||
Allocated share-based compensation expense | $ 414,000 | $ 324,000 | ||
Employee service share-based compensation, tax benefit from compensation expense | 65,000 | 68,000 | ||
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan | $ 2,890,000 | $ 2,864,000 | ||
Total unrecognized compensation cost related to nonvested share-based compensation cost is expected to be recognized over a weighted-average period | 6 years 10 months 24 days | |||
Restricted Stock | ||||
Share based compensation arrangement by share based payment award contractual period | 9 years 6 months | |||
Stock Incentive Plan | ||||
Number of shares authorized under plan | 500,000 | 500,000 | ||
Number of shares issued under plan | 92,500 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 2,456 | $ 2,902 | $ 2,185 | $ 1,908 | $ 2,640 | $ 2,059 | $ 1,675 | $ 1,579 | $ 9,451 | $ 7,953 |
Less allocated earnings on non-vested restricted stock | (348) | (141) | ||||||||
Less allocated dividends on non-vested restricted stock | (221) | (253) | ||||||||
Net income allocated to common stockholders | $ 8,882 | $ 7,559 | ||||||||
Weighted Average Number of Shares Outstanding, Basic (Shares) | 5,477,266 | 5,458,365 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted (Shares) | 5,477,266 | 5,458,365 | ||||||||
Basic earnings per share | $ 0.41 | $ 0.50 | $ 0.38 | $ 0.33 | $ 0.46 | $ 0.36 | $ 0.29 | $ 0.28 | $ 1.62 | $ 1.39 |
Diluted earnings Per Share | $ 0.41 | $ 0.50 | $ 0.38 | $ 0.33 | $ 0.46 | $ 0.36 | $ 0.29 | $ 0.28 | $ 1.62 | $ 1.39 |
Disclosures about Fair Value _3
Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities- Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
U.S government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | $ 10,053 | |
Subordinated notes | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | $ 28,765 | 4,505 |
State and municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 117,548 | 143,509 |
Fair Value, Inputs, Level 1 | U.S government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 0 | |
Fair Value, Inputs, Level 1 | Subordinated notes | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 0 | |
Fair Value, Inputs, Level 1 | State and municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 0 | |
Fair Value, Inputs, Level 2 | U.S government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 10,053 | |
Fair Value, Inputs, Level 2 | Subordinated notes | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 28,765 | 4,505 |
Fair Value, Inputs, Level 2 | State and municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 117,548 | 143,509 |
Fair Value, Inputs, Level 3 | U.S government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | $ 0 | |
Fair Value, Inputs, Level 3 | Subordinated notes | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 0 | |
Fair Value, Inputs, Level 3 | State and municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | $ 0 |
Disclosures about Fair Value _4
Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities - Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | $ 2,822 | $ 71 |
Foreclosed assets held for sale | 0 | 0 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 0 | 0 |
Foreclosed assets held for sale | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 0 | 0 |
Foreclosed assets held for sale | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 2,822 | 71 |
Foreclosed assets held for sale | $ 0 | $ 0 |
Disclosures about Fair Value _5
Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities - Quantitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Collateral-dependent impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 2,822 | $ 71 |
Valuation Technique | Market comparable properties | Market comparableproperties |
Unobservable Inputs | Comparability adjustments | Comparability adjustments |
Collateral-dependent impaired loans | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 5.00% | 5.00% |
Collateral-dependent impaired loans | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 10.00% | 10.00% |
Foreclosed assets held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 0 | |
Valuation Technique | Market comparable properties | Market comparableproperties |
Unobservable Inputs | Marketability discount | Marketability discount |
Foreclosed assets held for sale | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 10.00% | 10.00% |
Foreclosed assets held for sale | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 35.00% | 35.00% |
Disclosures about Fair Value _6
Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities - Estimated Fair Values of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets | ||
Cash and cash equivalents | $ 82,999 | $ 51,592 |
Loans, net of allowance | 450,699 | 438,378 |
Federal Home Loan Bank stock | 3,704 | 4,177 |
Accrued interest receivable | 2,345 | 2,901 |
Financial liabilities | ||
Deposits | 605,136 | 579,535 |
Securities sold under repurchase agreements | 15,701 | 12,705 |
Subordinated debentures | 23,665 | 23,604 |
Interest payable | 180 | 224 |
Fair Value, Inputs, Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 82,999 | 51,592 |
Loans, net of allowance | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | |
Financial liabilities | ||
Deposits | 0 | |
Securities sold under repurchase agreements | 0 | |
Subordinated debentures | 0 | |
Interest payable | 0 | |
Fair Value, Inputs, Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Loans, net of allowance | 0 | 0 |
Federal Home Loan Bank stock | 3,704 | 4,177 |
Accrued interest receivable | 2,345 | 2,901 |
Financial liabilities | ||
Deposits | 605,855 | 580,130 |
Securities sold under repurchase agreements | 15,701 | 12,705 |
Subordinated debentures | 23,575 | 21,989 |
Interest payable | 180 | 224 |
Fair Value, Inputs, Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Loans, net of allowance | 459,031 | 436,893 |
Federal Home Loan Bank stock | $ 0 | 0 |
Accrued interest receivable | 0 | |
Financial liabilities | ||
Deposits | 0 | |
Securities sold under repurchase agreements | 0 | |
Subordinated debentures | 0 | |
Interest payable | $ 0 |
Commitments and Credit Risk (De
Commitments and Credit Risk (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Credit Risk [Line Items] | ||
Outstanding loans that were modified | $ 7,800,000 | |
Loans on total payment deferrals | 67,000,000,000 | |
Deposits with Federal Reserve Bank of Cleveland | 79,600,000 | $ 39,700,000 |
Loans and Leases Receivable, Commitments, Variable Rates | $ 75,800,000 | 39,600,000 |
Majority commitments disbursement term | 1 year | |
Deferred revenue standby letter of credit | $ 0 | 0 |
Standby lines of credit | ||
Commitments and Credit Risk [Line Items] | ||
Outstanding standby letters of credit | $ 127,000 | $ 22,000 |
Minimum | ||
Commitments and Credit Risk [Line Items] | ||
Time to fund mortgage loan | 60 days | |
Maximum | ||
Commitments and Credit Risk [Line Items] | ||
Time to fund mortgage loan | 90 days | |
Installment | ||
Commitments and Credit Risk [Line Items] | ||
Concentration risk percentage credit risk loan products | 1.50% | 1.90% |
Real Estate Loans | ||
Commitments and Credit Risk [Line Items] | ||
Concentration risk percentage credit risk loan products | 19.80% | 19.80% |
Commercial Line | ||
Commitments and Credit Risk [Line Items] | ||
Lines Of credit granted | $ 78,100,000 | $ 49,400,000 |
Consumer Lines | ||
Commitments and Credit Risk [Line Items] | ||
Lines Of credit granted | $ 39,600,000 | $ 39,600,000 |
Commercial Real Estate Other Receivable | ||
Commitments and Credit Risk [Line Items] | ||
Concentration risk percentage credit risk loan products | 78.70% | 78.30% |
Condensed Financial Informati_3
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Cash and cash equivalents | $ 82,999 | $ 51,592 | |
Other assets | 5,173 | 4,322 | |
Total assets | 724,456 | 693,402 | |
Liabilities and Stockholders' Equity | |||
Subordinated debentures | 23,665 | 23,604 | |
Stockholders' equity | 71,701 | 68,328 | $ 59,922 |
Total liabilities and stockholders' equity | 724,456 | 693,402 | |
Parent Company | |||
Assets | |||
Cash and cash equivalents | 9,092 | 3,684 | |
Investment in the Bank | 85,954 | 88,276 | |
Other assets | 1,182 | 1,564 | |
Total assets | 96,228 | 93,524 | |
Liabilities and Stockholders' Equity | |||
Subordinated debentures | 23,665 | 23,603 | |
Other liabilities | 862 | 1,593 | |
Stockholders' equity | 71,701 | 68,328 | |
Total liabilities and stockholders' equity | $ 96,228 | $ 93,524 |
Condensed Financial Informati_4
Condensed Financial Information (Parent Company Only) - Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Income | ||||||||||
Income (Loss) Before Income Taxes and Equity in Undistributed Income of Subsidiary | $ 2,937 | $ 3,350 | $ 2,399 | $ 1,995 | $ 2,927 | $ 2,259 | $ 1,691 | $ 1,705 | $ 10,681 | $ 8,582 |
Income Tax Benefits | (481) | (448) | (214) | (87) | (287) | (200) | (16) | (126) | (1,230) | (629) |
Net Income | $ 2,456 | $ 2,902 | $ 2,185 | $ 1,908 | $ 2,640 | $ 2,059 | $ 1,675 | $ 1,579 | 9,451 | 7,953 |
Comprehensive Income | 7,132 | 11,700 | ||||||||
Parent Company | ||||||||||
Operating Income | ||||||||||
Dividends from subsidiary | 12,363 | 2,392 | ||||||||
Interest and dividend income from securities and federal funds | 0 | |||||||||
Total operating income | 12,363 | 2,392 | ||||||||
General, Administrative and Other Expenses | 4,210 | 3,733 | ||||||||
Income (Loss) Before Income Taxes and Equity in Undistributed Income of Subsidiary | 8,153 | (1,341) | ||||||||
Income Tax Benefits | 773 | 785 | ||||||||
Income (Loss) Before Equity in Undistributed Income of Subsidiary | 8,926 | (556) | ||||||||
Equity in Undistributed Income of Subsidiary | 525 | 8,509 | ||||||||
Net Income | 9,451 | 7,953 | ||||||||
Comprehensive Income | $ 7,132 | $ 11,700 |
Condensed Financial Informati_5
Condensed Financial Information (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | ||||||||||
Net income | $ 2,456 | $ 2,902 | $ 2,185 | $ 1,908 | $ 2,640 | $ 2,059 | $ 1,675 | $ 1,579 | $ 9,451 | $ 7,953 |
Items not requiring (providing) cash | ||||||||||
Amortization of ESOP and share-based compensation plans | 414 | 324 | ||||||||
Net cash provided by operating activities | 8,192 | 9,370 | ||||||||
Investing Activities | ||||||||||
Net cash used in investing activities | (1,209) | 33,668 | ||||||||
Financing Activities | ||||||||||
Repurchase of Common Stock | (72) | (526) | ||||||||
Dividends paid to stockholders | (4,101) | (3,361) | ||||||||
Net cash used in financing activities | 24,424 | (6,431) | ||||||||
Cash and Cash Equivalents, Beginning of Year | 51,592 | 14,985 | 51,592 | 14,985 | ||||||
Cash and Cash Equivalents, End of Year | 82,999 | 51,592 | 82,999 | 51,592 | ||||||
Parent Company | ||||||||||
Operating Activities | ||||||||||
Net income | 9,451 | 7,953 | ||||||||
Items not requiring (providing) cash | ||||||||||
Equity in undistributed income of subsidiary | (525) | (8,509) | ||||||||
Amortization of ESOP and share-based compensation plans | 404 | 594 | ||||||||
Net change in other assets and other liabilities | 251 | 687 | ||||||||
Net cash provided by operating activities | 9,581 | 725 | ||||||||
Financing Activities | ||||||||||
Repurchase of Common Stock | (72) | (526) | ||||||||
Dividends paid to stockholders | (4,101) | (3,361) | ||||||||
Net cash used in financing activities | (4,173) | (3,887) | ||||||||
Net Change in Cash and Cash Equivalents | 5,408 | (3,162) | ||||||||
Cash and Cash Equivalents, Beginning of Year | $ 3,684 | $ 6,846 | 3,684 | 6,846 | ||||||
Cash and Cash Equivalents, End of Year | $ 9,092 | $ 3,684 | $ 9,092 | $ 3,684 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Data [Line Items] | ||||||||||
Total interest income | $ 6,153 | $ 6,234 | $ 6,233 | $ 6,088 | $ 6,668 | $ 6,692 | $ 6,949 | $ 7,319 | ||
Total interest expense | 516 | 629 | 676 | 775 | 674 | 948 | 1,427 | 1,685 | $ 2,596 | $ 4,734 |
Net interest income | 5,637 | 5,605 | 5,557 | 5,313 | 5,994 | 5,744 | 5,522 | 5,634 | 22,112 | 22,894 |
Provision (credit) charged to expense | (400) | (400) | (250) | (205) | 33 | 1,333 | 1,408 | 563 | (1,255) | 3,337 |
Noninterest income | 1,351 | 2,287 | 1,142 | 926 | 1,375 | 2,340 | 2,156 | 1,044 | ||
Noninterest expense | 4,451 | 4,942 | 4,550 | 4,449 | 4,409 | 4,492 | 4,579 | 4,410 | 18,392 | 17,890 |
Income before income taxes | 2,937 | 3,350 | 2,399 | 1,995 | 2,927 | 2,259 | 1,691 | 1,705 | 10,681 | 8,582 |
Federal income taxes | 481 | 448 | 214 | 87 | 287 | 200 | 16 | 126 | 1,230 | 629 |
Net income | $ 2,456 | $ 2,902 | $ 2,185 | $ 1,908 | $ 2,640 | $ 2,059 | $ 1,675 | $ 1,579 | $ 9,451 | $ 7,953 |
Earnings per share | ||||||||||
Basic earnings per share | $ 0.41 | $ 0.50 | $ 0.38 | $ 0.33 | $ 0.46 | $ 0.36 | $ 0.29 | $ 0.28 | $ 1.62 | $ 1.39 |
Diluted | $ 0.41 | $ 0.50 | $ 0.38 | $ 0.33 | $ 0.46 | $ 0.36 | $ 0.29 | $ 0.28 | $ 1.62 | $ 1.39 |
Goodwill and Core Deposits (Det
Goodwill and Core Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in the carrying amount of goodwill | ||
Balance beginning of year | $ 682 | $ 682 |
Additions from acquisition | 0 | 0 |
Balance, end of period | $ 682 | $ 682 |
Goodwill and Core Deposits - In
Goodwill and Core Deposits - Intangible assets (Details) - Core deposit intangibles - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Intangible assets | ||
Gross Intangible Assets | $ 1,041 | $ 1,041 |
Accumulated Amortization | 481 | 331 |
Net Intangible Assets | $ 560 | $ 710 |
Goodwill and Core Deposits - Fu
Goodwill and Core Deposits - Future amortization expense (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Estimated aggregate future amortization expense | |
2022 | $ 150 |
2023 | 150 |
2024 | 150 |
2025 | $ 110 |