Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 0-14237 | |
Entity Registrant Name | First United Corporation | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 52-1380770 | |
Entity Address, Address Line One | 19 South Second Street | |
Entity Address, City or Town | Oakland | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 21550-0009 | |
City Area Code | 800 | |
Local Phone Number | 470-4356 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FUNC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,614,604 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Entity Central Index Key | 0000763907 | |
Amendment Flag | false |
Consolidated Statement of Finan
Consolidated Statement of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 190,949 | $ 146,673 |
Interest bearing deposits in banks | 3,473 | 2,759 |
Cash and cash equivalents | 194,422 | 149,432 |
Investment securities - available for sale (at fair value) | 242,013 | 226,885 |
Investment securities - held to maturity (fair value $75,574 at June 30, 2021 and $77,612 at December 31, 2020) | 65,683 | 68,263 |
Restricted investment in bank stock, at cost | 3,658 | 4,468 |
Loans held for sale | 1,443 | 3,546 |
Loans | 1,145,343 | 1,167,812 |
Unearned fees | (2,458) | (1,730) |
Allowance for loan losses | (17,068) | (16,486) |
Net loans | 1,125,817 | 1,149,596 |
Premises and equipment, net | 35,988 | 36,863 |
Goodwill | 11,004 | 11,004 |
Bank owned life insurance | 44,553 | 43,974 |
Deferred tax assets | 7,849 | 7,972 |
Other real estate owned, net | 6,756 | 9,386 |
Operating lease asset | 2,414 | 2,408 |
Accrued interest receivable and other assets | 22,206 | 19,617 |
Total Assets | 1,763,806 | 1,733,414 |
Liabilities: | ||
Non-interest bearing deposits | 497,736 | 420,427 |
Interest bearing deposits | 958,375 | 1,001,939 |
Total deposits | 1,456,111 | 1,422,366 |
Short-term borrowings | 49,406 | 49,160 |
Long-term borrowings | 100,929 | 100,929 |
Operating lease liability | 2,945 | 2,958 |
Accrued interest payable and other liabilities | 22,867 | 26,044 |
Dividends payable | 992 | 910 |
Total Liabilities | 1,633,250 | 1,602,367 |
Shareholders' Equity: | ||
Common Stock - par value $0.01 per share; Authorized 25,000,000 shares; issued and outstanding 6,614,604 shares at June 30, 2021 and 6,992,911 at December 31, 2020 | 66 | 70 |
Surplus | 23,422 | 30,149 |
Retained earnings | 135,536 | 129,691 |
Accumulated other comprehensive loss | (28,468) | (28,863) |
Total Shareholders' Equity | 130,556 | 131,047 |
Total Liabilities and Shareholders' Equity | $ 1,763,806 | $ 1,733,414 |
Consolidated Statement of Fin_2
Consolidated Statement of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Consolidated Statement of Financial Condition [Abstract] | ||
Held-to-maturity securities, fair value | $ 75,574 | $ 77,612 |
Common stock, Par value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 6,614,604 | 6,992,911 |
Common Stock, Shares, Outstanding | 6,614,604 | 6,992,911 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income | ||||
Interest and fees on loans | $ 13,097 | $ 13,413 | $ 25,829 | $ 26,252 |
Interest on investment securities: Taxable | 994 | 1,344 | 1,984 | 2,652 |
Interest on investment securities: Exempt from federal income tax | 268 | 273 | 543 | 533 |
Total investment income | 1,262 | 1,617 | 2,527 | 3,185 |
Other | 77 | 74 | 142 | 283 |
Total interest income | 14,436 | 15,104 | 28,498 | 29,720 |
Interest expense | ||||
Interest on deposits | 999 | 1,612 | 2,145 | 3,482 |
Interest on short-term borrowings | 26 | 21 | 50 | 49 |
Interest on long-term borrowings | 648 | 815 | 1,304 | 1,646 |
Total interest expense | 1,673 | 2,448 | 3,499 | 5,177 |
Net interest income | 12,763 | 12,656 | 24,999 | 24,543 |
Provision for loan losses | 555 | 2,167 | 665 | 4,821 |
Net interest income after provision for loan losses | 12,208 | 10,489 | 24,334 | 19,722 |
Other operating income | ||||
Net gains on investments, available for sale | 154 | 47 | 154 | 47 |
Net gains on investments, held to maturity | 60 | 60 | ||
Gains on sale of residential mortgage loans | 272 | 687 | 860 | 746 |
Gains/(losses) on disposal of fixed assets | 16 | 16 | (18) | |
Net gains | 442 | 794 | 1,030 | 835 |
Total other income | 4,321 | 3,425 | 9,063 | 7,433 |
Total other operating income | 4,763 | 4,219 | 10,093 | 8,268 |
Other operating expenses | ||||
Salaries and employee benefits | 5,507 | 4,943 | 10,495 | 10,866 |
FDIC premiums | 183 | 160 | 366 | 203 |
Equipment | 954 | 967 | 1,805 | 1,893 |
Occupancy | 693 | 746 | 1,418 | 1,493 |
Data processing | 875 | 973 | 1,601 | 2,025 |
Marketing | 133 | 153 | 279 | 283 |
Professional services | 1,491 | 1,181 | 2,661 | 1,904 |
Contract labor | 185 | 149 | 333 | 300 |
Line rentals | 268 | 221 | 483 | 438 |
Other real estate owned | (198) | (3) | (610) | (3) |
Investor relations | 306 | 1,013 | 430 | 1,106 |
Settlement expense | 3,300 | |||
Other | 635 | 924 | 1,398 | 1,924 |
Total other operating expenses | 11,032 | 11,427 | 23,959 | 22,432 |
Income before income tax expense | 5,939 | 3,281 | 10,468 | 5,558 |
Provision for income tax expense | 1,536 | 711 | 2,635 | 1,233 |
Net Income | $ 4,403 | $ 2,570 | $ 7,833 | $ 4,325 |
Basic net income per share | $ 0.66 | $ 0.37 | $ 1.15 | $ 0.62 |
Diluted net income per share | $ 0.66 | $ 0.37 | $ 1.15 | $ 0.62 |
Weighted average number of basic shares outstanding | 6,609 | 6,974 | 6,803 | 7,018 |
Weighted average number of diluted shares outstanding | 6,615 | 6,992 | 6,808 | 7,032 |
Dividends declared per common share | $ 0.15 | $ 0.13 | $ 0.30 | $ 0.26 |
Service Charges on Deposit Accounts [Member] | ||||
Other operating income | ||||
Total other income | $ 412 | $ 377 | $ 817 | $ 992 |
Other Service Charges [Member] | ||||
Other operating income | ||||
Total other income | 221 | 32 | 432 | 322 |
Trust Department [Member] | ||||
Other operating income | ||||
Total other income | 2,034 | 1,731 | 4,275 | 3,484 |
Debit Card Income [Member] | ||||
Other operating income | ||||
Total other income | 913 | 680 | 1,723 | 1,314 |
Bank Owned Life Insurance [Member] | ||||
Other operating income | ||||
Total other income | 293 | 285 | 579 | 588 |
Brokerage Commissions [Member] | ||||
Other operating income | ||||
Total other income | 357 | 202 | 625 | 479 |
Other [Member] | ||||
Other operating income | ||||
Total other income | $ 91 | $ 118 | $ 612 | $ 254 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Consolidated Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 4,403 | $ 2,570 | $ 7,833 | $ 4,325 |
Other comprehensive loss, net of tax and reclassification adjustments: | ||||
Net unrealized gains/(losses) on investments with OTTI | 1,544 | (281) | 1,773 | (1,506) |
Net unrealized (losses)/gains on all other AFS securities | 1,921 | 608 | (3,281) | 1,992 |
Net unrealized gains on HTM securities | 34 | 441 | 79 | 494 |
Net unrealized gains/(losses) on cash flow hedges | (34) | (81) | 371 | (1,044) |
Net unrealized gains/(losses) on pension | 1,210 | 3,399 | 1,343 | (1,516) |
Net unrealized gains on SERP | 55 | 34 | 110 | 68 |
Other comprehensive income/(loss), net of tax | 4,730 | 4,120 | 395 | (1,512) |
Comprehensive income | $ 9,133 | $ 6,690 | $ 8,228 | $ 2,813 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Dec. 31, 2019 | $ 71 | $ 32,359 | $ 119,481 | $ (25,971) | $ 125,940 |
Net income | 1,755 | 1,755 | |||
Other comprehensive income/(loss) | (5,632) | (5,632) | |||
Common stock issued | 52 | 52 | |||
Stock based compensation | 98 | 98 | |||
Stock repurchase | (1) | (2,753) | (2,754) | ||
Common stock dividend declared | (910) | (910) | |||
Balance at Mar. 31, 2020 | 70 | 29,756 | 120,326 | (31,603) | 118,549 |
Balance at Dec. 31, 2019 | 71 | 32,359 | 119,481 | (25,971) | 125,940 |
Net income | 4,325 | ||||
Other comprehensive income/(loss) | (1,512) | ||||
Balance at Jun. 30, 2020 | 70 | 29,874 | 121,992 | (27,483) | 124,453 |
Balance at Mar. 31, 2020 | 70 | 29,756 | 120,326 | (31,603) | 118,549 |
Net income | 2,570 | 2,570 | |||
Other comprehensive income/(loss) | 4,120 | 4,120 | |||
Common stock issued | 47 | 47 | |||
Stock based compensation | 71 | 71 | |||
Common stock dividend declared | (904) | (904) | |||
Balance at Jun. 30, 2020 | 70 | 29,874 | 121,992 | (27,483) | 124,453 |
Balance at Dec. 31, 2020 | 70 | 30,149 | 129,691 | (28,863) | 131,047 |
Net income | 3,430 | 3,430 | |||
Other comprehensive income/(loss) | (4,335) | (4,335) | |||
Common stock issued | 46 | 46 | |||
Stock based compensation | 50 | 50 | |||
Common stock dividend declared | (1,049) | (1,049) | |||
Balance at Mar. 31, 2021 | 70 | 30,245 | 132,072 | (33,198) | 129,189 |
Balance at Dec. 31, 2020 | 70 | 30,149 | 129,691 | (28,863) | 131,047 |
Net income | 7,833 | ||||
Other comprehensive income/(loss) | 395 | ||||
Balance at Jun. 30, 2021 | 66 | 23,422 | 135,536 | (28,468) | 130,556 |
Balance at Mar. 31, 2021 | 70 | 30,245 | 132,072 | (33,198) | 129,189 |
Net income | 4,403 | 4,403 | |||
Other comprehensive income/(loss) | 4,730 | 4,730 | |||
Common stock issued | 56 | 56 | |||
Stock based compensation | 296 | 296 | |||
Stock repurchase | (4) | (7,175) | (7,179) | ||
Common stock dividend declared | (939) | (939) | |||
Balance at Jun. 30, 2021 | $ 66 | $ 23,422 | $ 135,536 | $ (28,468) | $ 130,556 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Consolidated Statement of Changes in Shareholders' Equity [Abstract] | ||||
Common stock issued, shares | 3,261 | 2,956 | 3,465 | 2,167 |
Stock repurchase, shares | 400,000 | 145,291 | ||
Common stock dividend declared per share | $ 0.15 | $ 0.15 | $ 0.13 | $ 0.13 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net income | $ 7,833 | $ 4,325 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 665 | 4,821 |
Depreciation | 1,632 | 1,625 |
Stock based compensation | 402 | 169 |
Gains on sales of other real estate owned | (596) | (21) |
Write-(ups)\downs of other real estate owned | (160) | 39 |
Originations of loans held for sale | (20,744) | (34,298) |
Proceeds from sale of loans held for sale | 23,707 | 30,511 |
Gains from sale of loans held for sale | (860) | (746) |
(Gains)/losses on disposal of fixed assets | (16) | 18 |
Net amortization of investment securities discounts and premiums- AFS | 516 | 62 |
Net amortization of investment securities discounts and premiums- HTM | 168 | 96 |
Gains on sales/calls of investment securities - AFS | (154) | (47) |
Gain on calls of investment securities - HTM | (60) | |
Earnings on Bank owned life insurance | (579) | (588) |
Amortization of deferred loan fees | (1,979) | (1,269) |
Amortization of operating lease asset | (6) | 143 |
Decrease/(increase) in accrued interest receivable and other assets | (502) | (3,581) |
Deferred tax (benefit)/expense | (22) | 1 |
Operating lease liability | (13) | (151) |
Increase in accrued interest payable and other liabilities | (2,670) | 1,778 |
Net cash provided by operating activities | 6,622 | 2,827 |
Investing activities | ||
Proceeds from maturities/calls of investment securities - AFS | 27,285 | 22,327 |
Proceeds from maturities/calls of investment securities - HTM | 8,744 | 38,601 |
Proceeds from sales of investment securities - AFS | 13,687 | 1,080 |
Purchases of investment securities - AFS | (58,516) | (37,664) |
Purchases of investment securities - HTM | (6,332) | (18,633) |
Proceeds from sales of other real estate owned | 3,386 | 204 |
Net decrease/(increase) in restricted stock | 810 | (53) |
Net decrease/(increase) in loans | 45,193 | (132,649) |
Purchases of loans | (20,100) | |
Purchases of premises and equipment | (741) | (1,254) |
Net cash provided by/(used in) investing activities | 13,416 | (128,041) |
Financing activities | ||
Net increase in deposits | 33,745 | 209,537 |
Issuance of common stock | 46 | 99 |
Cash dividends on common stock | (1,906) | (1,830) |
Net increase/(decrease) in short-term borrowings | 246 | (12,727) |
Stock repurchase | (7,179) | (2,754) |
Net cash provided by financing activities | 24,952 | 192,325 |
Increase in cash and cash equivalents | 44,990 | 67,111 |
Cash and cash equivalents at beginning of the year | 149,432 | 49,979 |
Cash and cash equivalents at end of period | 194,422 | 117,090 |
Supplemental information | ||
Interest paid | 3,561 | 5,206 |
Taxes paid | $ 3,487 | 75 |
Non-cash investing activities: | ||
Transfers from loans to other real estate owned | $ 21 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated financial statements of First United Corporation and its consolidated subsidiaries, including First United Bank & Trust (the “Bank”), have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, as required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 270, Interim Reporting As used in these notes, the terms “the Corporation” “we”, “us”, and “our” refer to First United Corporation and, unless the context clearly requires otherwise, its consolidated subsidiaries. The Corporation has evaluated events and transactions occurring subsequent to the statement of financial condition date of June 30, 2021 for items that should potentially be recognized or disclosed in these financial statements. |
COVID-19
COVID-19 | 6 Months Ended |
Jun. 30, 2021 | |
COVID-19 [Abstract] | |
COVID-19 | Note 2 – COVID-19 The COVID-19 pandemic has adversely impacted our business and financial results and that of many of our customers, and the ultimate impact will depend on future developments, which are highly uncertain, cannot be predicted, and are largely outside of our control, including the scope and duration of the pandemic and actions taken by governmental authorities in response to the pandemic. The COVID-19 pandemic has created extensive disruptions to the global and U.S. economies and to the lives of individuals throughout the world. Governments, businesses, and the public are taking unprecedented actions to contain the spread of COVID-19 and to mitigate its effects, including closures of businesses and schools, fiscal and monetary stimulus, and legislation designed to deliver financial aid and other relief. While the scope, duration, and full effects of COVID-19 are not fully known, the pandemic and the efforts to contain it have disrupted global economic activity, adversely affected the functioning of financial markets, impacted market interest rates, increased economic and market uncertainty, and disrupted trade and supply chains. Congress, the President, and the Board of Governors of the Federal Reserve System (the “Federal Reserve”) have taken several actions designed to cushion the economic fallout. Most notably, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion legislative package, was signed into law at the end of March 2020. The goal of the CARES Act is to prevent a severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors, such as by providing funds for loans under the Paycheck Protection Program (the “PPP”) administered by the Small Business Administration (the “SBA”). Section 4013 of the CARES Act, “Temporary Relief from Troubled Debt Restructurings,” provides banks the option to temporarily suspend certain requirements under U.S. GAAP related to trouble debt restructurings (“TDRs”) for a limited period of time to account for the effects of COVID-19. Additionally, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”) was enacted on December 27, 2020 and provided for a second round of PPP loans. The PPP Extension Act of 2021, which was enacted on March 30, 2021, extended the PPP application deadline to May 31, 2021 and provided the SBA with additional time to process applications through June 30, 2021. Also, the Consolidated Appropriations Act (the “CAA”) passed on December 27, 2020, which, among other things, extended the provisions of Section 4013 of the CARES Act to January 1, 2022. The Federal Reserve also took actions to mitigate the economic impact of the COVID-19 pandemic, including cutting the federal funds rate 150 basis points and targeting a 0 to 25 basis point rate. In addition to the general impact of the COVID-19 pandemic, certain provisions of the CARES Act as well as other legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations. During the first six months of 2021, we continued to assist our business customers with the PPP loan forgiveness process and to originate additional PPP loans. We remained diligent in protecting our associates and customers from the lingering effects of the pandemic, delaying opening our lobbies until April 1, 2021. Many of our sales and support employees continue to work remotely as we have adjusted to a hybrid work environment. We have continued to monitor our market areas, maintaining travel protocols and utilizing safety precautions while continuing to provide full banking services to our customers. Paycheck Protection Program The Corporation actively participated in the PPP. On January 19, 2021, the SBA implemented a second round of funding for PPP loans. The Corporation originated $66.1 million in PPP loans during the first six months of 2021, consisting of 870 loans with an average loan size of $80 thousand. New PPP loans are no longer available. A total of 1,174 loans totaling $148.5 million were originated in 2020. As of June 30, 2021, approximately $140.5 million have been forgiven with a remaining balance of $74.1 million. COVID Modifications While the COVID-19 pandemic has had an impact on most industries, some have been more affected than others. In accordance with Section 4013 of the CARES Act and related regulatory pronouncements, we have not accounted for modifications of loans affected by the pandemic as troubled debt restructurings nor have we designated them as past due or nonaccrual. As of July 16, 2021, there were six commercial loans totaling $7.3 million in total loan modifications related to the real estate rental and health care sectors. These loans are scheduled to return to contractual payment terms within the next quarter. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Note 3 – Earnings Per Common Share Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents, such as restricted stock units (“RSUs”). At June 30, 2021, there were RSUs relating to 7,073 time-vested shares of common stock outstanding. There were no anti-dilutive shares at June 30, 2021 or 2020. The following tables set forth the calculation of basic and diluted earnings per common share for the six and three months periods ended June 30, 2021 and 2020: Six months ended June 30, 2021 2020 Average Per Share Average Per Share (in thousands, except for per share amount) Income Shares Amount Income Shares Amount Basic Earnings Per Share: Net income $ 7,833 6,803 $ 1.15 $ 4,325 7,018 $ 0.62 Diluted Earnings Per Share: Net income $ 7,833 6,808 $ 1.15 $ 4,325 7,032 $ 0.62 Three months ended June 30, 2021 2020 Average Per Share Average Per Share (in thousands, except for per share amount) Income Shares Amount Income Shares Amount Basic Earnings Per Share: Net income $ 4,403 6,609 $ 0.66 $ 2,570 6,974 $ 0.37 Diluted Earnings Per Share: Net income $ 4,403 6,615 $ 0.66 $ 2,570 6,992 $ 0.37 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Investments | Note 4 – Investments The following table shows a comparison of amortized cost and fair values of investment securities at June 30, 2021 and December 31, 2020: (in thousands) Amortized Gross Gross Fair OTTI June 30, 2021 Available for Sale: U.S. government agencies $ 59,703 $ 367 $ 1,949 $ 58,121 $ — Residential mortgage-backed agencies 32,027 — 545 31,482 — Commercial mortgage-backed agencies 54,361 306 477 54,190 — Collateralized mortgage obligations 73,559 144 1,547 72,156 — Obligations of states and political subdivisions 9,417 417 — 9,834 — Collateralized debt obligations 18,579 — 2,349 16,230 (1,415) Total available for sale $ 247,646 $ 1,234 $ 6,867 $ 242,013 $ (1,415) Held to Maturity: Residential mortgage-backed agencies $ 35,595 $ 879 $ 327 $ 36,147 $ — Commercial mortgage-backed agencies 9,747 397 — 10,144 — Collateralized mortgage obligations 118 1 — 119 — Obligations of states and political subdivisions 20,223 8,941 — 29,164 — Total held to maturity $ 65,683 $ 10,218 $ 327 $ 75,574 $ — December 31, 2020 Available for Sale: U.S. government agencies $ 75,856 $ 899 $ 322 $ 76,433 $ — Residential mortgage-backed agencies 22,999 — 100 22,899 — Commercial mortgage-backed agencies 32,549 529 36 33,042 — Collateralized mortgage obligations 70,372 266 1 70,637 — Obligations of states and political subdivisions 10,144 470 — 10,614 — Collateralized debt obligations 18,544 — 5,284 13,260 (3,839) Total available for sale $ 230,464 $ 2,164 $ 5,743 $ 226,885 $ (3,839) Held to Maturity: Residential mortgage-backed agencies $ 34,597 $ 1,173 $ 38 $ 35,732 $ — Commercial mortgage-backed agencies 11,716 587 — 12,303 — Collateralized mortgage obligations 1,348 58 — 1,406 — Obligations of states and political subdivisions 20,602 7,569 — 28,171 — Total held to maturity $ 68,263 $ 9,387 $ 38 $ 77,612 $ — The following table shows the Corporation’s investment securities with gross unrealized losses and fair values at June 30, 2021 and December 31, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: Less than 12 months 12 months or more (in thousands) Fair Unrealized Number of Fair Unrealized Number of June 30, 2021 Available for Sale: U.S. government agencies $ 34,409 $ 1,949 6 $ — $ — — Residential mortgage-backed agencies 31,481 545 3 — — — Commercial mortgage-backed agencies 24,748 477 3 — — — Collateralized mortgage obligations 65,230 1,547 7 — — — Collateralized debt obligations — — — 16,230 2,349 9 Total available for sale $ 155,868 $ 4,518 19 $ 16,230 $ 2,349 9 Held to Maturity: Residential mortgage-backed agencies 8,268 327 3 — — — Total held to maturity $ 8,268 $ 327 3 $ — $ — — December 31, 2020 Available for Sale: U.S. government agencies $ 39,611 $ 322 7 $ — $ — — Residential mortgage-backed agencies 22,899 100 2 — — — Commercial mortgage-backed agencies 16,034 36 1 — — — Collateralized mortgage obligations 39,628 1 4 — — — Collateralized debt obligations — — — 13,260 5,284 9 Total available for sale $ 118,172 $ 459 14 $ 13,260 $ 5,284 9 Held to Maturity: Residential mortgage-backed agencies $ 2,973 $ 38 1 $ — $ — — Total held to maturity $ 2,973 $ 38 1 $ — $ — — Management systematically evaluates securities for impairment on a quarterly basis. Based upon application of accounting guidance for subsequent measurement in ASC Topic 320 (ASC Section 320-10-35), management assesses whether (a) the Corporation has the intent to sell a security being evaluated and (b) it is more likely than not that the Corporation will be required to sell the security prior to the anticipated recovery of any decline in fair value. If neither applies, then any decline in the fair value below the security’s cost that is considered an other-than-temporary decline is split into two components. The first component is the loss attributable to declining credit quality. Credit losses are recognized in earnings as realized losses in the period in which the impairment determination is made. The second component consists of all other losses, which are recognized in other comprehensive loss. In estimating other than temporary impairment (“OTTI”) losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) adverse conditions specifically related to the security, an industry, or a geographic area, (3) the historic and implied volatility of the fair value of the security, (4) changes in the rating of the security by a rating agency, (5) recoveries or additional declines in fair value subsequent to the balance sheet date, (6) failure of the issuer of the security to make scheduled interest or principal payments, and (7) the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future. Management also monitors cash flow projections for securities that are considered beneficial interests under the guidance of ASC Subtopic 325-40, Investments – Other – Beneficial Interests in Securitized Financial Assets Management believes that the valuation of certain securities is a critical accounting policy that requires significant estimates in preparation of the Corporation’s consolidated financial statements. Management utilizes an independent third party to prepare both the impairment valuations and fair value determinations for the Corporation’s collateralized debt obligation (“CDO”) portfolio consisting of pooled trust preferred securities. See Note 9 for a discussion of the methodology used by management to determine the fair values of these securities. Based upon a review of credit quality and the cash flow tests performed by the independent third party, management determined that there were no securities that had credit-related OTTI charges during the first six months of 2021 or 2020. The Corporation believes that the investment securities that were in an unrealized loss position at June 30, 2021 do not represent other-than-temporary impairment. The Corporation does not intend to sell, nor is it anticipated that the Corporation will be required to sell, any of its impaired investment securities at a loss. The following tables present a cumulative roll-forward of the amount of non-cash OTTI charges related to credit losses that have been recognized in earnings for the trust preferred securities held in the CDO portfolio during the six month and three month periods ended June 30, 2021 and 2020 that the Corporation does not intend to sell: Six Months Ended June 30, (in thousands) 2021 2020 Balance of credit-related OTTI at January 1 $ 2,244 $ 2,446 Reduction for increases in cash flows expected to be collected (101) (101) Balance of credit-related OTTI at June 30 $ 2,143 $ 2,345 Three Months Ended June 30, (in thousands) 2021 2020 Balance of credit-related OTTI at April 1 $ 2,194 $ 2,396 Reduction for increases in cash flows expected to be collected (51) (51) Balance of credit-related OTTI at June 30 $ 2,143 $ 2,345 The amortized cost and estimated fair value of securities by contractual maturity at June 30, 2021 are shown in the following table. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. June 30, 2021 (in thousands) Amortized Fair Contractual Maturity Available for Sale: Due after one year through five years $ 4,411 $ 4,489 Due after five years through ten years 10,063 10,238 Due after ten years 73,225 69,458 87,699 84,185 Residential mortgage-backed agencies 32,027 31,482 Commercial mortgage-backed agencies 54,361 54,190 Collateralized mortgage obligations 73,559 72,156 Total available for sale $ 247,646 $ 242,013 Held to Maturity: Due after ten years $ 20,223 $ 29,164 Residential mortgage-backed agencies 35,595 36,147 Commercial mortgage-backed agencies 9,747 10,144 Collateralized mortgage obligations 118 119 Total held to maturity $ 65,683 $ 75,574 |
Loans and Related Allowance for
Loans and Related Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2021 | |
Loans and Related Allowance for Loan Losses [Abstract] | |
Loans and Related Allowance for Loan Losses | Note 5 – Loans and Related Allowance for Loan Losses The following table summarizes the primary segments of the loan portfolio at June 30, 2021 and December 31, 2020: (in thousands) Commercial Acquisition Commercial Residential Consumer Total June 30, 2021 Individually evaluated for impairment $ 7,494 $ 858 $ — $ 2,918 $ — $ 11,270 Collectively evaluated for impairment 354,447 130,772 229,852 361,490 57,512 1,134,073 Total loans $ 361,941 $ 131,630 $ 229,852 $ 364,408 $ 57,512 $ 1,145,343 December 31, 2020 Individually evaluated for impairment $ 3,330 $ 842 $ — $ 3,185 $ 102 $ 7,459 Collectively evaluated for impairment 365,846 116,119 266,745 375,985 35,658 1,160,353 Total loans $ 369,176 $ 116,961 $ 266,745 $ 379,170 $ 35,760 $ 1,167,812 The commercial and industrial portfolio in the table above includes $74.1 million and $114.0 million of PPP loans at June 30, 2021 and December 31, 2020, respectively, which are 100% guaranteed by the SBA, and no allowance for loan loss (“ALL”) has been assigned to them. The following table presents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention and Substandard within the internal risk rating system at June 30, 2021 and December 31, 2020: (in thousands) Pass Special Substandard Total June 30, 2021 Commercial real estate Non owner-occupied $ 171,876 $ 10,255 $ 6,340 $ 188,471 All other CRE 164,282 2,531 6,657 173,470 Acquisition and development 1-4 family residential construction 20,179 — — 20,179 All other A&D 110,998 — 453 111,451 Commercial and industrial 212,138 6,132 11,582 229,852 Residential mortgage Residential mortgage - term 298,413 — 5,556 303,969 Residential mortgage - home equity 59,655 — 784 60,439 Consumer 57,420 — 92 57,512 Total $ 1,094,961 $ 18,918 $ 31,464 $ 1,145,343 December 31, 2020 Commercial real estate Non owner-occupied $ 178,670 $ 5,526 $ 6,322 $ 190,518 All other CRE 166,504 5,664 6,490 178,658 Acquisition and development 1-4 family residential construction 18,920 — — 18,920 All other A&D 97,648 17 376 98,041 Commercial and industrial 245,185 8,867 12,693 266,745 Residential mortgage Residential mortgage - term 309,177 283 6,117 315,577 Residential mortgage - home equity 62,804 — 789 63,593 Consumer 35,648 3 109 35,760 Total $ 1,114,556 $ 20,360 $ 32,896 $ 1,167,812 The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and non-accrual loans at June 30, 2021 and December 31, 2020: (in thousands) Current 30-59 Days 60-89 Days 90 Days+ Total Past Non- Total Loans June 30, 2021 Commercial real estate Non owner-occupied $ 183,896 $ — $ — $ — $ — $ 4,575 $ 188,471 All other CRE 172,913 — — — — 557 173,470 Acquisition and development 1-4 family residential construction 20,179 — — — — — 20,179 All other A&D 111,045 — — 5 5 401 111,451 Commercial and industrial 229,754 98 — — 98 — 229,852 Residential mortgage Residential mortgage - term 301,002 588 874 224 1,686 1,281 303,969 Residential mortgage - home equity 59,889 79 — — 79 471 60,439 Consumer 57,280 124 64 44 232 57,512 Total $ 1,135,958 $ 889 $ 938 $ 273 $ 2,100 $ 7,285 $ 1,145,343 December 31, 2020 Commercial real estate Non owner-occupied $ 190,510 $ — $ — $ — $ — $ 8 $ 190,518 All other CRE 177,360 408 — — 408 890 178,658 Acquisition and development 1-4 family residential construction 18,920 — — — — — 18,920 All other A&D 97,660 5 — 10 15 366 98,041 Commercial and industrial 266,708 37 — — 37 — 266,745 Residential mortgage Residential mortgage - term 312,500 63 670 710 1,443 1,634 315,577 Residential mortgage - home equity 63,036 80 63 — 143 414 63,593 Consumer 35,473 230 26 4 260 27 35,760 Total $ 1,162,167 $ 823 $ 759 $ 724 $ 2,306 $ 3,339 $ 1,167,812 The current status of commercial and industrial loans includes $74.1 million and $114.0 million of PPP loans at June 30, 2021 and December 31, 2020, respectively. Non-accrual loans that have been subject to partial charge-offs totaled $0.5 million at June 30, 2021 and $0.2 million at December 31, 2020. Loans secured by 1-4 family residential real estate properties in the process of foreclosure totaled $0.6 million at June 30, 2021 and $0.4 million at December 31, 2020. Foreclosure and repossession activities were temporarily suspended as a result of COVID-19. As a percentage of the loan portfolio, accruing loans past due 30 days or more increased slightly to 0.19%, including PPP loans, or 0.20% excluding PPP loans, compared to 0.17% at June 30, 2020 and 0.20% at December 31, 2020. The following table summarizes the primary segments of the ALL at June 30, 2021 and December 31, 2020, segregated by the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment: (in thousands) Commercial Acquisition Commercial Residential Consumer Unallocated Total June 30, 2021 Individually evaluated $ 230 $ — $ — $ 20 $ — $ — $ 250 Collectively evaluated $ 5,445 $ 2,500 $ 2,944 $ 4,839 $ 590 $ 500 $ 16,818 Total ALL $ 5,675 $ 2,500 $ 2,944 $ 4,859 $ 590 $ 500 $ 17,068 December 31, 2020 Individually evaluated $ 4 $ 13 $ — $ 40 $ — $ — $ 57 Collectively evaluated $ 5,539 $ 2,326 $ 2,584 $ 5,110 $ 370 $ 500 $ 16,429 Total ALL $ 5,543 $ 2,339 $ 2,584 $ 5,150 $ 370 $ 500 $ 16,486 The evaluation of the need and amount of a specific allocation of the ALL and whether a loan can be removed from impairment status is made on a quarterly basis. The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not required at June 30, 2021 and December 31, 2020: Impaired Loans with Impaired Total Impaired Loans (in thousands) Recorded Related Recorded Recorded Unpaid June 30, 2021 Commercial real estate Non owner-occupied $ 1,866 $ 230 $ 2,818 $ 4,684 $ 4,684 All other CRE — — 2,810 2,810 2,810 Acquisition and development 1-4 family residential construction — — 252 252 252 All other A&D — — 606 606 1,815 Commercial and industrial — — — — 2,214 Residential mortgage Residential mortgage – term 440 15 2,007 2,447 2,627 Residential mortgage – home equity 46 5 425 471 503 Consumer — — — — 25 Total impaired loans $ 2,352 $ 250 $ 8,918 $ 11,270 $ 14,930 December 31, 2020 Commercial real estate Non owner-occupied $ 111 $ 4 $ 8 $ 119 $ 119 All other CRE — — 3,211 3,211 3,211 Acquisition and development 1-4 family residential construction — — 266 266 266 All other A&D 276 13 300 576 1,724 Commercial and industrial — — — — 2,214 Residential mortgage Residential mortgage – term 936 34 1,910 2,846 3,031 Residential mortgage – home equity 76 6 339 415 447 Consumer — — 26 26 51 Total impaired loans $ 1,399 $ 57 $ 6,060 $ 7,459 $ 11,063 (1) Recorded investment consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and cost. The following tables present the activity in the ALL for the six and three month periods ended June 30, 2021 and 2020: (in thousands) Commercial Acquisition Commercial Residential Consumer Unallocated Total ALL balance at January 1, 2021 $ 5,543 $ 2,339 $ 2,584 $ 5,150 $ 370 $ 500 $ 16,486 Charge-offs — (81) — (82) (175) — (338) Recoveries — 110 38 29 78 — 255 Provision 132 132 322 (238) 317 — 665 ALL balance at June 30, 2021 $ 5,675 $ 2,500 $ 2,944 $ 4,859 $ 590 $ 500 $ 17,068 ALL balance at January 1, 2020 $ 2,882 $ 3,674 $ 1,341 $ 3,828 $ 312 $ 500 $ 12,537 Charge-offs — (31) (232) (98) (223) — (584) Recoveries 66 22 16 48 88 — 240 Provision 1,579 833 872 1,328 209 — 4,821 ALL balance at June 30, 2020 $ 4,527 $ 4,498 $ 1,997 $ 5,106 $ 386 $ 500 $ 17,014 (in thousands) Commercial Acquisition Commercial Residential Consumer Unallocated Total ALL balance at April 1, 2021 $ 5,404 $ 2,423 $ 2,831 $ 5,028 $ 368 $ 500 $ 16,554 Charge-offs — — — — (95) — (95) Recoveries — 9 2 12 31 — 54 Provision 271 68 111 (181) 286 — 555 ALL balance at June 30, 2021 $ 5,675 $ 2,500 $ 2,944 $ 4,859 $ 590 $ 500 $ 17,068 ALL balance at April 1, 2020 $ 3,816 $ 4,063 $ 1,682 $ 4,586 $ 365 $ 500 $ 15,012 Charge-offs — (16) (131) — (91) — (238) Recoveries — 8 1 22 42 — 73 Provision 711 443 445 498 70 — 2,167 ALL balance at June 30, 2020 $ 4,527 $ 4,498 $ 1,997 $ 5,106 $ 386 $ 500 $ 17,014 The ALL is based on estimates, and actual losses may vary from current estimates. Management believes that the granularity of the homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. The following table presents the average recorded investment in impaired loans by class and related interest income recognized for the periods indicated: Six months ended Six months ended June 30, 2021 June 30, 2020 (in thousands) Average Interest income Interest income Average Interest income Interest income Commercial real estate Non owner-occupied $ 3,165 $ 6 $ — $ 138 $ 3 $ — All other CRE 3,058 69 — 3,182 73 — Acquisition and development 1-4 family residential construction 259 6 — 285 6 — All other A&D 599 6 — 8,436 6 1 Commercial and industrial — — — 16 — — Residential mortgage Residential mortgage – term 2,672 39 5 2,477 43 — Residential mortgage – home equity 454 — — 709 — 3 Consumer 17 — — 14 — — Total $ 10,224 $ 126 $ 5 $ 15,257 $ 131 $ 4 Three months ended Three months ended June 30, 2021 June 30, 2020 (in thousands) Average Interest income Interest income Average Interest income Interest income Commercial real estate Non owner-occupied $ 4,689 $ 3 $ — $ 132 $ 1 $ — All other CRE 2,982 34 — 3,258 36 — Acquisition and development 1-4 family residential construction 255 3 — 282 3 — All other A&D 611 3 — 8,515 3 — Commercial and industrial — — — 9 — — Residential mortgage Residential mortgage – term 2,585 19 — 2,450 21 — Residential mortgage – home equity 474 — — 634 — 3 Consumer 11 — — 19 — — Total $ 11,607 $ 62 $ — $ 15,299 $ 64 $ 3 The Bank modifies loan terms in the normal course of business. Among other reasons, modifications might be made in an effort to retain the loan relationship, to remain competitive in the current interest rate environment and/or to re-amortize or extend the loan’s term to better match the loan’s payment stream with the borrower’s cash flow. A modified loan is considered to be a TDR when the Bank has determined that the borrower is troubled (i.e., experiencing financial difficulties). The Bank evaluates the probability that the borrower will be in payment default on any of its debt obligations in the foreseeable future without modification. To make this determination, the Bank performs a global financial review of the borrower and loan guarantors to assess their current ability to meet their financial obligations. Section 4013 of the CARES Act allows financial institutions to suspend application of certain current TDRs accounting guidance under ASC 310-40 for loan modifications related to the COVID-19 pandemic made between March 1, 2020 and the earlier of January 1, 2022 or 60 days after the end of the COVID-19 national emergency, provided certain criteria are met. This relief can be applied to loan modifications for borrowers that defer or delay the payment of principal or interest, or change the interest rate on the loan and that were not more than 30 days past due as of December 31, 2019. In April 2020, federal and state banking regulators issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus to provide further interpretation of when a borrower is experiencing financial difficulty, specifically indicating that if the modification is either short-term (i.e., up to nine months) or mandated by a federal or state government in response to the COVID-19 pandemic, the borrower is not experiencing financial difficulty under ASC 310-40. The Corporation continues to prudently work with borrowers negatively impacted by the COVID-19 pandemic while managing credit risks and recognizing appropriate allowance for credit losses on its loan portfolio. See Note 2 to the financial statements included elsewhere in this report for additional information. There were 14 loans totaling $3.8 million and $4.0 million that were classified as TDRs at June 30, 2021 and December 31, 2020, respectively. Temporary Rate Extension of Maturity Modification of Payment (in thousands) Number of Recorded Number of Recorded Number of Recorded Six months ended June 30, 2021 Commercial real estate Non owner-occupied — $ — 1 $ 109 — $ — All other CRE — — — — — — Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — — — — — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term — — — — — — Residential mortgage – home equity — — — — — — Consumer — — — — — — Total — $ — 1 $ 109 — $ — Temporary Rate Extension of Maturity Modification of Payment (in thousands) Number of Recorded Number of Recorded Number of Recorded Six months ended June 30, 2020 Commercial real estate Non owner-occupied — $ — — $ — — $ — All other CRE — — — — 1 2,226 Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — 1 217 — — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term 1 46 1 230 2 245 Residential mortgage – home equity — — — — — — Consumer — — — — — — Total 1 $ 46 2 $ 447 3 $ 2,471 During the six month period ended June 30, 2021, there were no new TDRs and one existing TDR that had reached its modification maturity date and was re-modified. The Bank had no significant commitments to lend additional funds to TDRs. During the six month period ended June 30, 2020, there were no new TDRs but six existing TDRs that had reached their modification maturity dates were re-modified. These modifications did not impact the ALL. During the six month periods ended June 30, 2021 and 2020, there were no payment defaults. Temporary Rate Extension of Maturity Modification of Payment (in thousands) Number of Recorded Number of Recorded Number of Recorded Three months ended June 30, 2021 Commercial real estate Non owner-occupied — $ — 1 $ 109 — $ — All other CRE — — — — — — Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — — — — — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term — — — — — — Residential mortgage – home equity — — — — — — Consumer — — — — — — Total — $ — 1 $ 109 — $ — Temporary Rate Extension of Maturity Modification of Payment (in thousands) Number of Recorded Number of Recorded Number of Recorded Three months ended June 30, 2020 Commercial real estate Non owner-occupied — $ — — $ — — $ — All other CRE — — — — 1 2,226 Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — 1 217 — — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term 1 46 1 230 2 245 Residential mortgage – home equity — — — — — — Consumer — — — — — — Total 1 $ 46 2 $ 447 3 $ 2,471 During the three month period ended June 30, 2021, there were no new TDRs and one existing TDR that had reached its modification maturity date and was re-modified. The Bank had no significant commitments to lend additional funds to TDR borrowers. During the three month period ended June 30, 2020, there were no new TDRs but six existing TDRs that had reached their modification maturity dates were re-modified. These re-modifications did not impact the ALL. During the three months ended June 30, 2021 and 2020, there were no payment defaults under TDRs. |
Other Real Estate Owned, Net
Other Real Estate Owned, Net | 6 Months Ended |
Jun. 30, 2021 | |
Other Real Estate Owned, Net [Abstract] | |
Other Real Estate Owned, Net | Note 6 - Other Real Estate Owned, net The following table presents the components of other real estate owned (“OREO”) at June 30, 2021 and December 31, 2020: (in thousands) June 30, December 31, Commercial real estate $ 900 $ 945 Acquisition and development 5,856 8,441 Residential mortgage — — Total OREO, net $ 6,756 $ 9,386 The following table presents the activity in the OREO valuation allowance for the six and three month periods ended June 30, 2021 and 2020: Six Months Ended Three Months Ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Balance beginning of period $ 1,010 $ 1,790 $ 1,004 $ 1,780 Fair value adjustment (160) 39 (164) 13 Sales of OREO (307) (95) (297) (59) Balance at end of period $ 543 $ 1,734 $ 543 $ 1,734 The following table presents the components of OREO (income)/expenses, net, for the six and three month periods ended June 30, 2021 and 2020: Six Months Ended Three Months Ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Gains on sale of real estate, net $ (596) $ (21) $ (105) $ (11) Fair value adjustment, net (160) 39 (164) 13 Expenses, net 195 65 72 31 Rental and other income (49) (86) (1) (36) Total OREO income, net $ (610) $ (3) $ (198) $ (3) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 7 – Fair Value of Financial Instruments Fair value is defined as the price to sell an asset or to transfer a liability in an orderly transaction between willing market participants as of the measurement date. Fair value is best determined by values quoted through active trading markets. Active trading markets are characterized by numerous transactions of similar financial instruments between willing buyers and willing sellers. Because no active trading market exists for various types of financial instruments, many of the fair values disclosed were derived using present value discounted cash flows or other valuation techniques described below. As a result, the Corporation’s ability to actually realize these derived values cannot be assumed. The Corporation measures fair values based on the fair value hierarchy established in ASC Paragraph 820-10-35-37. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs that may be used to measure fair value under the hierarchy are as follows: Level 1: Level 2: liability (for example, interest rates and yield curves at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). It also includes inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Several sources are utilized for valuing these assets, including a contracted valuation service, Standard & Poor’s (“S&P”) evaluations and pricing services, and other valuation matrices. Level 3: The level established within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Management believes that the Corporation’s valuation techniques are appropriate and consistent with the techniques used by other market participants. However, the use of different methodologies and assumptions could result in a different estimate of fair values at the reporting date. The valuation techniques used by the Corporation to measure, on a recurring basis and on a non-recurring basis, the fair value of assets as of June 30, 2021 are discussed in the paragraphs that follow. Investments The CDO segment, which consists of pooled trust preferred securities issued by banks, thrifts and insurance companies, is classified as Level 3 within the valuation hierarchy. At June 30, 2021, the Corporation owned nine trust preferred securities with an amortized cost of $18.6 million and a fair value of $16.2 million. At June 30, 2021, the market for these securities is not active and the markets for similar securities are also not active. Recent developments in the credit markets have had a negative impact on the market for CDOs. Specifically, as COVID-19 developed, which led to deteriorating performance of credit instruments, investors became less willing to buy a range of structured credit products. The result was massive spread-widening across a wide range of credit instruments, and for CDO bonds in particular. At present, we believe that it is not currently economically feasible to form new CDOs or restructure existing CDOs, as the market for CDO bonds has effectively disappeared. The market values for these securities or any securities other than those issued or guaranteed by the U.S. Department of the Treasury are depressed relative to historical levels. Therefore, in the current market, a low market price for a particular bond may only provide evidence of stress in the credit markets in general rather than being an indicator of credit problems with a particular issue. Given the conditions in the current debt markets and the absence of observable transactions in the secondary and new issue markets, management has determined that (a) the few observable transactions and market quotations that are available are not reliable for the purpose of obtaining fair value at June 30, 2021, (b) an income valuation approach technique (i.e. present value) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs will be equally or more representative of fair value than a market approach, and (c) the CDO segment is appropriately classified within Level 3 of the valuation hierarchy because management determined that significant adjustments were required to determine fair value at the measurement date. Management uses an independent third party to prepare both the evaluations of OTTI as well as the fair value determinations for its CDO portfolio. Management believes that the valuations are adequately reflected at June 30, 2021. The approach used by the third party to determine fair value involved several steps, which included detailed credit and structural evaluation of each piece of collateral in each bond, projection of default, recovery and prepayment/amortization probabilities for each piece of collateral in the bond, and discounted cash flow modeling. The discount rate methodology used by the third party combines a baseline current market yield for comparable corporate and structured credit products with adjustments based on evaluations of the differences found in structure and risks associated with actual and projected credit performance of each CDO being valued. Currently, the only active and liquid trading market that exists is for stand-alone trust preferred securities, with a limited market for highly-rated CDO securities that are more senior in the capital structure than the securities in the CDO portfolio. Therefore, adjustments to the baseline discount rate are also made to reflect the additional leverage found in structured instruments. At June 30, 2021, these conditions had a minimal impact on the trust preferred bonds, although there has been a significant effect on several asset classes in the equity and fixed income markets related to COVID-19. Management will continue to review assumptions as they relate to the impact of COVID-19 during the remainder of the year. Derivative financial instruments (Cash flow hedge) Impaired loans – Fair value of the collateral dependent loans is measured based on the loan’s observable market price or the fair value of the collateral (less estimated selling costs). Collateral may be real estate and/or business assets such as equipment, inventory and/or accounts receivable. The value of business equipment, inventory and accounts receivable collateral is based on either net book value of the business’ financial statements or evaluations/appraisals obtained by the Bank. If necessary, these values may be discounted based on management’s review and analysis. Appraised and reported values may be discounted based on management’s historical experience, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business. Collateral dependent loans are reviewed and evaluated on at least a quarterly basis for additional individual reserve and adjusted accordingly, based on the factors identified above Other real estate owned For Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: (in thousands) Fair Value at Valuation Significant Significant Recurring: Investment Securities – available for sale $ 16,230 Discounted Cash Flow Discount Rate LIBOR+ 3.75% Non-recurring: Impaired Loans $ 2,099 Market Comparable Properties Marketability Discount 10.0% - 15.0% (1) (weighted avg 10.5%) Other Real Estate Owned $ 443 Market Comparable Properties Marketability Discount 15.0% (in thousands) Fair Value at Valuation Significant Significant Recurring: Investment Securities – available for sale $ 13,260 Discounted Cash Flow Discount Rate LIBOR+ 5.25% Non-recurring: Impaired Loans $ 1,465 Market Comparable Properties Marketability Discount 10.0% - 15.0% (1) (weighted avg Other Real Estate Owned $ 913 Market Comparable Properties Marketability Discount 15.0% NOTE: (1) Range would include discounts taken since appraisal and estimated values For assets measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2021 and December 31, 2020 were as follows: Fair Value Measurements Quoted Prices in Significant Assets/(liabilities) Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 06/30/21 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 58,121 $ 58,121 Residential mortgage-backed agencies $ 31,482 $ 31,482 Commercial mortgage-backed agencies $ 54,190 $ 54,190 Collateralized mortgage obligations $ 72,156 $ 72,156 Obligations of states and political subdivisions $ 9,834 $ 9,834 Collateralized debt obligations $ 16,230 $ 16,230 Financial derivatives $ (834) $ (834) Non-recurring: Impaired loans $ 2,099 $ 2,099 Other real estate owned $ 443 $ 443 Fair Value Measurements Quoted Prices in Significant Assets/(liabilities) Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 12/31/20 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 76,433 $ 76,433 Residential mortgage-backed agencies $ 22,899 $ 22,899 Commercial mortgage-backed agencies $ 33,042 $ 33,042 Collateralized mortgage obligations $ 70,637 $ 70,637 Obligations of states and political subdivisions $ 10,614 $ 10,614 Collateralized debt obligations $ 13,260 $ 13,260 Financial derivatives $ (1,320) $ (1,320) Non-recurring: Impaired loans $ 1,465 $ 1,465 Other real estate owned $ 913 $ 913 There were no transfers of assets between any of the fair value hierarchy for the six and three month periods ended June 30, 2021 or 2020. The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured on a recurring basis using Level 3 significant unobservable inputs for the six and three month periods ended June 30, 2021 and 2020: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment Securities (in thousands) Available for Sale Beginning balance January 1, 2021 $ 13,260 Total losses realized/unrealized: Included in other comprehensive income 2,970 Ending balance June 30, 2021 $ 16,230 Fair Value Measurements (in thousands) Investment Securities Beginning balance April 1, 2021 $ 13,649 Total gains realized/unrealized: Included in other comprehensive income 2,581 Ending balance June 30, 2021 $ 16,230 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment Securities (in thousands) Available for Sale Beginning balance January 1, 2020 $ 14,354 Total losses realized/unrealized: Included in other comprehensive loss (2,402) Ending balance June 30, 2020 $ 11,952 Fair Value Measurements (in thousands) Investment Securities Beginning balance April 1, 2020 $ 12,380 Total losses realized/unrealized: Included in other comprehensive income (428) Ending balance June 30, 2020 $ 11,952 There were no gains or losses included in earnings attributable to the change in realized/unrealized gains or losses related to the assets for the six and three month periods ended June 30, 2021 or 2020. The disclosed fair values may vary significantly between institutions based on the estimates and assumptions used in the various valuation methodologies. The derived fair values are subjective in nature and involve uncertainties and significant judgment. Therefore, they cannot be determined with precision. Changes in the assumptions could significantly impact the derived estimates of fair value. Disclosure of non-financial assets such as buildings, as well as certain financial instruments such as leases is not required. Accordingly, the aggregate fair values presented do not represent the underlying value of the Corporation. The following tables present fair value information about financial instruments, whether or not recognized in the Consolidated Statement of Financial Condition, for which it is practicable to estimate that value. The actual carrying amounts and estimated fair values of the Corporation’s financial instruments that are included in the Consolidated Statement of Financial Condition are as follows: June 30, 2021 Fair Value Measurements Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 190,949 $ 190,949 $ 190,949 Interest bearing deposits in banks 3,473 3,473 3,473 Investment securities - AFS 242,013 242,013 $ 225,783 $ 16,230 Investment securities - HTM 65,683 75,574 46,410 29,164 Restricted bank stock 3,658 3,658 3,658 Loans, net 1,125,817 1,121,938 1,121,938 Accrued interest receivable 5,201 5,201 765 4,436 Financial Liabilities: Deposits - non-maturity 1,256,597 1,256,597 1,256,597 Deposits - time deposits 199,514 201,160 201,160 Financial derivatives 834 834 834 Short-term borrowed funds 49,406 49,406 49,406 Long-term borrowed funds 100,929 103,176 103,176 Accrued interest payable 329 329 329 Off balance sheet financial instruments — — — December 31, 2020 Fair Value Measurements Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 146,673 $ 146,673 $ 146,673 Interest bearing deposits in banks 2,759 2,759 2,759 Investment securities - AFS 226,885 226,885 $ 213,625 $ 13,260 Investment securities - HTM 68,263 77,612 49,442 28,170 Restricted bank stock 4,468 4,468 4,468 Loans, net 1,149,596 1,150,186 1,150,186 Accrued interest receivable 6,241 6,241 6,241 Financial Liabilities: Deposits - non-maturity 1,194,140 1,194,140 1,194,140 Deposits - time deposits 228,226 231,241 231,241 Financial derivative 1,320 1,320 1,320 Short-term borrowed funds 49,160 49,160 49,160 Long-term borrowed funds 100,929 104,825 104,825 Accrued interest payable 391 391 391 Off balance sheet financial instruments — — — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 8 – Accumulated Other Comprehensive Loss The following table presents the changes in each component of accumulated other comprehensive loss for the 12 months ended December 31, 2020, the three months ended March 31, 2021, and the three months ended June 30, 2021 Investment Investment securities- securities- Investment with OTTI all other securities- Cash Flow Pension (in thousands) AFS AFS HTM Hedge Plan SERP Total Accumulated OCL, net: Balance - January 1, 2020 $ (2,542) $ (853) $ (899) $ (85) $ (20,417) $ (1,175) $ (25,971) Other comprehensive income/(loss) before reclassifications (587) 1,291 — (869) (3,262) (625) (4,052) Amounts reclassified from accumulated other comprehensive loss (148) (463) 584 — 1,049 138 1,160 Balance - December 31, 2020 $ (3,277) $ (25) $ (315) $ (954) $ (22,630) $ (1,662) $ (28,863) Other comprehensive income/(loss) before reclassifications 266 (5,202) — 405 (139) — (4,670) Amounts reclassified from accumulated other comprehensive loss (37) — 45 — 272 55 335 Balance - March 31, 2021 $ (3,048) $ (5,227) $ (270) $ (549) $ (22,497) $ (1,607) $ (33,198) Other comprehensive income/(loss) before reclassifications 1,581 2,034 — (34) 938 — 4,519 Amounts reclassified from accumulated other comprehensive loss (37) (113) 34 — 272 55 211 Balance - June 30, 2021 $ (1,504) $ (3,306) $ (236) $ (583) $ (21,287) $ (1,552) $ (28,468) The following tables present the components of other comprehensive income/(loss) for the six and three month periods ended June 30, 2021 and 2020: Before Tax Components of Other Comprehensive Income Tax (Expense) (in thousands) Amount Benefit Net For the six months ended June 30, 2021 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ 2,523 $ (676) $ 1,847 Less: accretable yield recognized in income 101 (27) 74 Net unrealized gains on investments with OTTI 2,422 (649) 1,773 Available for sale securities – all other: Unrealized holding losses (4,327) 1,159 (3,168) Less: gains recognized in income 154 (41) 113 Net unrealized losses on all other AFS securities (4,481) 1,200 (3,281) Held to maturity securities: Less: gains recognized in income — — — Less: amortization recognized in income (108) 29 (79) Net unrealized gains on HTM securities 108 (29) 79 Cash flow hedges: Unrealized holding gains 507 (136) 371 Pension Plan: Unrealized net actuarial gain 1,090 (291) 799 Less: amortization of unrecognized loss (744) 200 (544) Net pension plan liability adjustment 1,834 (491) 1,343 SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (150) 40 (110) Net SERP liability adjustment 150 (40) 110 Other comprehensive income $ 540 $ (145) $ 395 Before Tax Components of Other Comprehensive Loss Tax (Expense) (in thousands) Amount Benefit Net For the six months ended June 30, 2020 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (1,956) $ 524 $ (1,432) Less: accretable yield recognized in income 101 (27) 74 Net unrealized losses on investments with OTTI (2,057) 551 (1,506) Available for sale securities – all other: Unrealized holding gains 2,767 (741) 2,026 Less: gains recognized in income 47 (13) 34 Net unrealized gains on all other AFS securities 2,720 (728) 1,992 Held to maturity securities: Unrealized holding gains — — — Less: gains recognized in income 60 (16) 44 Less: amortization recognized in income (735) 197 (538) Net unrealized gains on HTM securities 675 (181) 494 Cash flow hedges: Unrealized holding losses (1,425) 381 (1,044) Pension Plan: Unrealized net actuarial loss (2,786) 746 (2,040) Less: amortization of unrecognized loss (716) 192 (524) Net pension plan liability adjustment (2,070) 554 (1,516) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (94) 25 (69) Less: amortization of prior service costs 1 — 1 Net SERP liability adjustment 93 (25) 68 Other comprehensive loss $ (2,064) $ 552 $ (1,512) Components of Other Comprehensive Income Before Tax Net For the three months ended June 30, 2021 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ 2,160 $ (579) $ 1,581 Less: accretable yield recognized in income 51 (14) 37 Net unrealized gains on investments with OTTI 2,109 (565) 1,544 Available for sale securities – all other: Unrealized holding gains 2,778 (744) 2,034 Less: gains recognized in income 154 (41) 113 Net unrealized gains on all other AFS securities 2,624 (703) 1,921 Held to maturity securities: Unrealized holding gains — — — Less: amortization recognized in income (46) 12 (34) Net unrealized gains on HTM securities 46 (12) 34 Cash flow hedges: Unrealized holding gains (47) 13 (34) Pension Plan: Unrealized net actuarial gain 1,280 (342) 938 Less: amortization of unrecognized loss (372) 100 (272) Net pension plan liability adjustment 1,652 (442) 1,210 SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (73) 18 (55) Net SERP liability adjustment 73 (18) 55 Other comprehensive income $ 6,457 $ (1,727) $ 4,730 Components of Other Comprehensive Income Before Tax Net For the three months ended June 30, 2020 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (333) $ 89 $ (244) Less: accretable yield recognized in income 51 (14) 37 Net unrealized losses on investments with OTTI (384) 103 (281) Available for sale securities – all other: Unrealized holding gains 877 (235) 642 Less: gains recognized in income 47 (13) 34 Net unrealized gains on all other AFS securities 830 (222) 608 Held to maturity securities: Unrealized holding gains — — — Less: gains recognized in income 60 (16) 44 Less: amortization recognized in income (662) 177 (485) Net unrealized gains on HTM securities 602 (161) 441 Cash flow hedges: Unrealized holding losses (111) 30 (81) Pension Plan: Unrealized net actuarial gain 4,284 (1,147) 3,137 Less: amortization of unrecognized loss (358) 96 (262) Net pension plan liability adjustment 4,642 (1,243) 3,399 SERP: Less: amortization of unrecognized loss (47) 13 (34) Less: amortization of prior service costs — — — Net SERP liability adjustment 47 (13) 34 Other comprehensive income $ 5,626 $ (1,506) $ 4,120 The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the six and three month periods ended June 30, 2021 and 2020: Amounts Reclassified from Six Months Ended Accumulated Other Comprehensive Loss June 30, Affected Line Item in the Statement (in thousands) 2021 2020 Where Net Income is Presented Net unrealized gains on available for sale investment securities with OTTI: Accretable yield $ 101 $ 101 Interest income on taxable investment securities Taxes (27) (27) Provision for income tax expense $ 74 $ 74 Net of tax Net unrealized gains on available for sale investment securities - all others: Gains on sales $ 154 $ 47 Net gains Taxes (41) (13) Provision for income tax expense $ 113 $ 34 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (108) $ (735) Interest income on taxable investment securities Gains on calls — 60 Net gains Taxes 29 181 Provision for income tax expense $ (79) $ (494) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (744) $ (716) Other Expense Taxes 200 192 Provision for income tax expense $ (544) $ (524) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (150) $ (94) Other Expense Amortization of prior service costs — 1 Salaries and employee benefits Taxes 40 25 Provision for income tax expense $ (110) $ (68) Net of tax Total reclassifications for the period $ (546) $ (978) Net of tax Amounts Reclassified from Three Months Ended Accumulated Other Comprehensive Loss June 30, Affected Line Item in the Statement (in thousands) 2021 2020 Where Net Income is Presented Net unrealized gains on available for sale investment securities with OTTI: Accretable Yield $ 51 $ 51 Interest income on taxable investment securities Taxes (14) (14) Provision for income tax expense $ 37 $ 37 Net of tax Net unrealized gains on available for sale investment securities - all others: Gains on sales $ 154 $ 47 Net gains Taxes (41) (13) Provision for income tax expense $ 113 $ 34 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (46) $ (662) Interest income on taxable investment securities Gains on calls — 60 Net gains Taxes 12 161 Provision for income tax expense $ (34) $ (441) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (372) $ (358) Other expense Amortization of prior service costs — — Salaries and employee benefits Taxes 100 96 Provision for income tax expense $ (272) $ (262) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (73) $ (47) Other expense Amortization of prior service costs — — Salaries and employee benefits Taxes 18 13 Provision for income tax expense $ (55) $ (34) Net of tax Total reclassifications for the period $ (211) $ (666) Net of tax |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2021 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 9 – Employee Benefit Plans The following tables present the components of the net periodic pension plan cost for First United Corporation’s noncontributory Defined Benefit Pension Plan (the “Pension Plan”) and the Bank’s Defined Benefit Supplemental Executive Retirement Plan (“Defined Benefit SERP”) for the periods indicated: Six Months Ended Three Months Ended Pension Plan June 30, June 30, (in thousands) 2021 2020 2021 2020 Service cost $ 78 $ 112 $ 39 $ 56 Interest cost 711 813 355 406 Expected return on assets (1,785) (1,774) (892) (887) Amortization of net actuarial loss 744 716 372 358 Net pension credit included in employee benefits and other expense $ (252) $ (133) $ (126) $ (67) Six Months Ended Three Months Ended Defined Benefit SERP June 30, June 30, (in thousands) 2021 2020 2021 2020 Service cost $ 69 $ 62 $ 34 $ 31 Interest cost 119 134 59 67 Amortization of recognized loss 151 94 76 47 Amortization of prior service cost (1) (1) — — Net Defined Benefit SERP expense included in employee benefits and other expense $ 338 $ 289 $ 169 $ 145 The service cost component of net periodic benefit cost is included in salaries and benefits and all other components of net periodic benefit cost are included in other expense in the Consolidated Statement of Operations for the Pension Plan and the Defined Benefit SERP. The Pension Plan is a noncontributory defined benefit pension plan that covers our employees who were hired prior to the freeze and others who were grandfathered into the plan. The benefits are based on years of service and the employees’ compensation during the last five years of employment. Effective April 30, 2010, the Pension Plan was amended, resulting in a “soft freeze”, the effect of which prohibits new entrants into the plan and ceases crediting of additional years of service after that date. Effective January 1, 2013, the Pension Plan was amended to unfreeze it for those employees for whom the sum of their (a) ages, at their closest birthday plus (b) years of service for vesting purposes equals 80 or greater. The “soft freeze” continues to apply to all other plan participants. Pension benefits for these participants are managed through discretionary contributions to the First United Corporation 401(k) Profit Sharing Plan (the “401(k) Plan”). The Bank established the Defined Benefit SERP in 2001 as an unfunded supplemental executive retirement plan. The Defined Benefit SERP is available only to a select group of management or highly compensated employees to provide supplemental retirement benefits in excess of limits imposed on qualified plans by federal tax law. Concurrent with the establishment of the Defined Benefit SERP, the Bank acquired Bank Owned Life Insurance (“BOLI”) policies on the senior management personnel and officers of the Bank. The benefits resulting from the favorable tax treatment accorded the earnings on the BOLI policies are intended to provide a source of funds for the future payment of the Defined Benefit SERP benefits as well as other employee benefit costs. The benefit obligation activity for both the Pension Plan and the Defined Benefit SERP was calculated using an actuarial measurement date of January 1. Plan assets and the benefit obligations were calculated using an actuarial measurement date of December 31. The Corporation will assess the need for future annual contributions to the pension plan based upon its funded status and an evaluation of the future benefits to be provided thereunder. No contributions were made to the Pension Plan during the first three months of 2021 and a contribution of $1.0 million was made during the first three months of 2020. The Corporation expects to fund the annual projected benefit payments for the Defined Benefit SERP from operations. On January 9, 2015, First United Corporation and members of management who do not participate in the Defined Benefit SERP entered into participation agreements under the Deferred Compensation Plan, each styled as a Defined Contribution SERP Agreement (the “Contribution Agreement”). Pursuant to each Contribution Agreement, First United Corporation agreed, for each Plan Year (as defined in the Deferred Compensation Plan) in which it determines that it has been Profitable (as defined in the Contribution Agreement), to make a discretionary contribution to the participant’s Employer Account in an amount equal to 15% of the participant’s base salary level for such Plan Year, with the first Plan Year being the year ending December 31, 2015. The Contribution Agreement provides that the participant will become 100% vested in the amount maintained in his or her Employer Account upon the earliest to occur of the following events: (a) Normal Retirement (as defined in the Contribution Agreement); (b) Separation from Service (as defined in the Contribution Agreement) following a Change of Control (as defined in the Deferred Compensation Plan) and subsequent Triggering Event (as defined in the Contribution Agreement); (c) Separation from Service due to a Disability (as defined in the Contribution Agreement); (d) with respect to a particular award of Employer Contribution Credits, the participant’s completion of 2 lose entitlement to the amount maintained in his or her Employer Account in the event employment is terminated for Cause (as defined in the Contribution Agreement). In addition, the Contribution Agreement conditions entitlement to the amounts held in the Employer Account on the participant (1) refraining from engaging in Competitive Employment (as defined in the Contribution Agreement) for three years following his or her Separation from Service, (2) refraining from injurious disclosure of confidential information concerning the Corporation, and (3) remaining available, at the First United Corporation’s reasonable request, to provide at least six hours of transition services per month for 12 months following his or her Separation from Service (except in the case of death or Disability), except that only item (2) will apply in the event of a Separation from Service following a Change of Control and subsequent Triggering Event. In January 2019, the Board approved discretionary contributions to four participants totaling $123,179. The contributions had a two year vesting period that ended on December 31, 2020. In January 2020, the Board of Directors of First United Corporation approved discretionary contributions to four participants totaling $126,058. The Corporation recorded $31,514 of related compensation expense for the first six months of 2021 and 2020. The Corporation recorded $15,757 for the second quarters of 2021 and 2020, related to these contributions. In January 2021, the Board of Directors approved discretionary contributions to three participants totaling $101,257. The Corporation recorded $25,314 of related compensation expense for the first six months of 2021 and $12,657 for the second quarter of 2021 related to these contributions. Each discretionary contribution has a two year vesting period. |
Equity Compensation Plan Inform
Equity Compensation Plan Information | 6 Months Ended |
Jun. 30, 2021 | |
Equity Compensation Plan Information [Abstract] | |
Equity Compensation Plan Information | Note 10 - Equity Compensation Plan Information At the 2018 Annual Meeting of Shareholders, First United Corporation’s shareholders approved the First United Corporation 2018 Equity Compensation Plan (the “Equity Plan”) which authorizes the issuance of up to 325,000 shares of common stock to employees, directors and qualifying consultants pursuant to stock options, stock appreciation rights, stock awards, dividend equivalents, and other stock-based awards. The Corporation complies with the provisions of ASC Topic 718, Compensation Stock Compensation Stock based awards were made to non-employee directors in June 2020 pursuant to First United Corporation’s director compensation policy. Each director receives an annual retainer of 1,000 shares of First United Corporation common stock, plus $10,000 to be paid, at the director’s election, in cash or additional shares of common stock. In June 2020, a total of 13,160 fully vested shares of common stock were issued to directors, which had a grant date fair market value of $14.52 per share. In July 2020, a total of 916 fully vested shares of common stock were issued to a new director, which had a grant date fair market value of $11.22 per share. In May 2021, a total of 12,726 fully vested shares of common stock were issued to directors, which had a grant date fair value of $18.50 per share. Director stock compensation expense was $132,860 for the six months ended June 30, 2021 and $106,681 for the six months ended June 30, 2020. Director stock compensation expense was $62,644 for the three months ended June 30, 2021 and $39,698 for the three months ended June 30, 2020. Restricted Stock Units On March 26, 2020, pursuant to the Corporation’s Long Term Incentive Plan (the "LTIP"), which is a sub-plan of the Equity Plan, the Compensation Committee of the Corporation’s Board of Directors (the "Committee") granted RSUs to the Corporation’s principal executive officer, its principal financial officer, and certain of its other executive officers. An RSU contemplates the issuance of shares of common stock of the Corporation if and when the RSU vests. The RSUs granted to each of the foregoing officers consist of (a) a performance vesting award for a three year performance period ending December 31, 2021, (b) a performance vesting award for a three year performance period ending December 31, 2022, and (c) a time-vesting award that will vest ratably over a three year period beginning on March 26, 2021. Target performance levels were set based on the annual budget which supports the Company’s long-term objective of achieving high performance as compared to peers. Threshold performance is the minimum level of acceptable performance as defined by the Committee and maximum performance represented a level potentially achievable under ideal circumstances. Achievement of the threshold performance level would result in each executive participant earning a payout at 50% of his or her respective target award opportunity. Achievement of the target performance level would result in the executive participant earning the target award and achievement at or above the maximum performance level would result in the executive participant earning 150% of the target opportunity. Actual results for any goal that falls between performance levels would be interpolated to calculate a proportionate award. For the performance period ending December 31, 2021, the RSUs’ performance goal is based on earnings per share for the year ending December 31, 2021. For the performance period ending December 31, 2022, the RSUs’ performance goals are based on earnings per share for the year ending December 31, 2022 and growth in tangible book value per share during the performance period. The threshold, target and maximum performance levels for these grants will be disclosed pursuant to Item 402 of Regulation S-K following the conclusion of the applicable performance period. To receive any shares under an RSU, a grantee must be employed by the Corporation or one of its subsidiaries on the applicable vesting date, except that a grantee whose employment terminates prior to such vesting date due to death, disability or retirement will be entitled to a pro-rated portion of the shares subject to the RSUs, assuming that, in the case of performance-vesting RSUs, the performance goals had been met at their "target" levels. In the first quarter of 2020, RSUs relating to 19,934 performance vested shares and 5,070 time vested shares of common stock (target level) were granted, which had a grant date fair market value of $12.54 per share of common stock underlying each RSU. On March 26, 2021, 1,690 of the 5,070 time vested shares were issued to participants. Stock compensation expense was $52,254 and $62,484 for the first six months of 2021 and 2020, respectively. Stock compensation expense was $26,127 and $31,242 for the three month periods ended June 30, 2021 and 2020. Unrecognized compensation expense at June 30, 2021 related to unvested units was $136,300. In May 2021, RSUs relating to 7,389 performance vested shares and 3,693 time vested shares of common stock (target level) were granted, which had a grant date fair market value of $17.93 per share of common stock underlying each RSU. These RSUs are related to the 2021 plan granted in the second quarter of 2021. The performance vesting award for a three year performance period ending December 31, 2023, and a time-vesting award that will vest ratably over a three year period beginning on May 5, 2022. Stock compensation expense was $11,048 for the three and six month periods ended June 30, 2021. Unrecognized compensation expense at June 30, 2021 related to unvested units was $187,806. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | Note 11 – Derivative Financial Instruments As a part of managing interest rate risk, the Bank entered into interest rate swap agreements to modify the re-pricing characteristics of certain interest-bearing liabilities. The Corporation has designated these interest rate swap agreements as cash flow hedges under the guidance of ASC Subtopic 815-30, Derivatives and Hedging – Cash Flow Hedges In March 2016, the Corporation entered into four interest rate swap contracts totaling $30.0 million notional amount, hedging future cash flows associated with floating rate trust preferred debt. These contracts included a three year $5.0 million contract that matured on September 17, 2019, a five year $5.0 million contract that matured on March 17, 2021, a seven year $5.0 million contract that matures on March 17, 2023 and a 10 year $15.0 million contract that matures on March 17, 2026. As of June 30, 2021, $20.0 million notional amount remains. The fair value of the interest rate swap contracts was $(834) thousand and $(1.3) million at June 30, 2021 and December 31, 2020, respectively. For the six months ended June 30, 2021, the Corporation recorded an increase in the value of the derivatives of $485 thousand and the related deferred tax of $114 thousand in net accumulated other comprehensive loss to reflect the effective portion of cash flow hedges. ASC Subtopic 815-30 requires the net accumulated other comprehensive loss to be reclassified to earnings if the hedge becomes ineffective or is terminated. There was no hedge ineffectiveness recorded for the six months ended June 30, 2021. The Corporation does not expect any material losses relating to these hedges to be reclassified into earnings within the next 12 months. Interest rate swap agreements are entered into with counterparties that meet established credit standards and the Corporation believes that the credit risk inherent in these contracts is not significant as of June 30, 2021. The table below discloses the impact of derivative financial instruments on the Corporation’s Consolidated Financial Statements for the six and three month periods ended June 30, 2021 and 2020. Derivative in Cash Flow Hedging Relationships Amount of gain or (loss) recognized in Amount of gain or income or derivative Amount of gain or (loss) reclassified from (ineffective portion (loss) recognized in accumulated OCI into and amount excluded OCI on derivative income (effective from effectiveness (in thousands) (effective portion) portion) (a) testing) (b) Interest rate contracts: Six months ended: June 30, 2021 $ 371 $ — $ — June 30, 2020 (1,044) — — Three months ended: June 30, 2021 $ (34) $ — $ — June 30, 2020 (81) — — Notes: (a) Reported as interest expense (b) Reported as other income |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 12 – Revenue Recognition Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. Topic 606 is applicable to noninterest revenue streams such as wealth management, including trust and brokerage services, service charges on deposit accounts, interchange fee income – debit card income and gains/losses on OREO sales. Noninterest revenue streams in-scope of Topic 606 are discussed below. Wealth Management Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Corporation’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to customers’ accounts. Optional services such as real estate sales and tax return preparation services are also available to existing trust and asset management customers. The Corporation’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, and other deposit account related fees. The Corporation’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Corporation’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Interchange Fees – Debit and Credit Card Income Fees, exchange, and other service charges are primarily comprised of debit and credit card income, ATM fees, merchant services income, and other service charges. Debit and credit card income is primarily comprised of interchange fees earned whenever the Corporation’s debit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Corporation cardholder uses a non-Corporation ATM or a non-Corporation cardholder uses a Corporation ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Corporation’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the six and three month periods ended June 30, 2021 and June 30, 2020: Six Months Ended Three Months Ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Noninterest income In-scope of Topic 606: Service charges on deposit accounts $ 817 $ 992 $ 412 $ 377 Other service charges 432 322 221 32 Trust department 4,275 3,484 2,034 1,731 Debit card income 1,723 1,314 913 680 Brokerage commissions 625 479 357 202 Noninterest income (in-scope of Topic 606) 7,872 6,591 3,937 3,022 Noninterest income (out-of-scope of Topic 606) 1,191 842 384 403 Total Noninterest Income $ 9,063 $ 7,433 $ 4,321 $ 3,425 |
Regulatory Capital Requirements
Regulatory Capital Requirements | 6 Months Ended |
Jun. 30, 2021 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | Note 13 – Regulatory Capital Requirements The following table presents our capital ratios for the six months ended June 30, 2021. June 30, December 31, Required for Required Total Capital (to risk-weighted assets) Consolidated 15.80 % 16.08 % 8.00 % 10.00 % First United Bank & Trust 14.92 % 15.50 % 8.00 % 10.00 % Tier 1 Capital (to risk-weighted assets) Consolidated 14.55 % 14.83 % 6.00 % 8.00 % First United Bank & Trust 13.66 % 14.25 % 6.00 % 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated 12.37 % 12.61 % 4.50 % 6.50 % First United Bank & Trust 13.66 % 14.25 % 4.50 % 6.50 % Tier 1 Capital (to average assets) Consolidated 9.94 % 10.36 % 4.00 % 5.00 % First United Bank & Trust 9.20 % 9.81 % 4.00 % 5.00 % As of June 30, 2021, the Bank and the Corporation are considered “well capitalized” under the regulatory framework for prompt corrective action. The ratios at the Bank and Consolidated levels were negatively impacted primarily due to the increased funding from the Bank to the holding company related to the settlement expenses and the stock repurchase program. The decrease at the Corporation level is related to the stock repurchase of 400,000 shares of common stock and the reduction to capital. First United Corporation’s stock repurchase plan was initially adopted effective January 27, 2021, which authorized the repurchase of up to 400,000 shares of common stock of First United Corporation. The plan authorizes the repurchases to be conducted through open market or private transactions at such times and in such amounts per transaction as the Chairman and Chief Executive Officer of First United Corporation determines to be appropriate. On April 16, 2021 (the “Effective Date”), First United Corporation (the “Corporation”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Driver Opportunity Partners I LP (“Driver Partners”) under which, pursuant to the Corporation’s stock repurchase program authorized by the Corporation’s Board of Directors on January 27, 2021, the Corporation agreed to repurchase from Driver Partners 360,737 shares of the common stock, par value $0.01 per share, of the Corporation at a purchase price of $18.00 per share. |
Assets and Liabilities Subject
Assets and Liabilities Subject to Enforceable Master Netting Arrangements | 6 Months Ended |
Jun. 30, 2021 | |
Assets and Liabilities Subject to Enforceable Master Netting Arrangements [Abstract] | |
Assets and Liabilities Subject to Enforceable Master Netting Arrangements | Note 14 – Assets and Liabilities Subject to Enforceable Master Netting Arrangements Interest Rate Swap Agreements The Corporation has entered into interest rate swap agreements to modify the re-pricing characteristics of certain interest-bearing liabilities as a part of managing interest rate risk. The swap agreements have been designated as cash flow hedges, and accordingly, the fair value of the interest rate swap contracts is reported in Other Assets or Other Liabilities on the Consolidated Statement of Financial Condition. The swap agreements were entered into with a third-party financial institution. The Corporation is party to master netting arrangements with its financial institution counterparty; however, the Corporation does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, in the form of cash and investment securities, are pledged by the Corporation as the counterparty with net liability positions in accordance with contract thresholds. See Note 12 to the Consolidated Financial Statements for more information. Securities Sold Under Agreements to Repurchase (“Repurchase Agreements”) The Bank enters into agreements under which it sells interests in U.S. government agency securities to certain customers subject to an obligation to repurchase, and on the part of the customers to resell, such interests. Under these arrangements, the Bank may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Bank to repurchase the assets. As a result, these repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as a sale and subsequent repurchase of securities. The obligation to repurchase the securities is reflected as a liability in the Consolidated Statement of Financial Condition, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts. There is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities. In addition, as the Bank does not enter into reverse repurchase agreements, there is no such offsetting to be done with the repurchase agreements. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral would be used to settle the fair value of the repurchase agreement should the Bank be in default (i.e. fails to repurchase the U.S. securities on the maturity date of the agreement). The investment security collateral, maintained at 102% of the borrowing, is held by a third party financial institution in the counterparty’s custodial account. The following table presents the assets and liabilities subject to an enforceable master netting arrangement or repurchase agreements at June 30, 2021 and December 31, 2020. Net Amounts Gross Amounts Gross Gross of (Assets)/ Not Offset in the Amounts of Amounts Liabilities Statement of Condition Recognized Offset in the Presented in Cash (Assets)/ Statement of the Statement Financial Collateral Net (in thousands) Liabilities Condition of Condition Instruments Pledged Amount June 30, 2021 Interest Rate Swap Agreements $ 834 $ — $ 834 $ (834) $ 2,000 $ — Repurchase Agreements $ 51,454 $ — $ 51,454 $ (51,454) $ — $ — December 31, 2020 Interest Rate Swap Agreements $ 1,320 $ — $ 1,320 $ (1,320) $ — $ — Repurchase Agreements $ 49,160 $ — $ 49,160 $ (49,160) $ — $ — |
Adoption of New Accounting Stan
Adoption of New Accounting Standards and Effects of New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Adoption of New Accounting Standards and Effects of New Accounting Pronouncements [Abstract] | |
Adoption of New Accounting Standards and Effects of New Accounting Pronouncements | Note 15 – Adoption of New Accounting Standards and Effects of New Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Management has formed a focus group consisting of multiple members from areas, including credit, finance, loan servicing, reporting, and information systems. The Corporation is completing its data and model validation analyses, with parallel processing of our existing allowance for loan losses model with the CECL model to follow. The Corporation is currently evaluating the provisions of ASU No. 2016-13 to determine the potential impact the new standard will have on the financial condition or results of operations. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848).” |
Earnings Per Common Share (Poli
Earnings Per Common Share (Policy) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents, such as restricted stock units (“RSUs”). At June 30, 2021, there were RSUs relating to 7,073 time-vested shares of common stock outstanding. There were no anti-dilutive shares at June 30, 2021 or 2020. |
Investments (Policy)
Investments (Policy) | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Investments | Management systematically evaluates securities for impairment on a quarterly basis. Based upon application of accounting guidance for subsequent measurement in ASC Topic 320 (ASC Section 320-10-35), management assesses whether (a) the Corporation has the intent to sell a security being evaluated and (b) it is more likely than not that the Corporation will be required to sell the security prior to the anticipated recovery of any decline in fair value. If neither applies, then any decline in the fair value below the security’s cost that is considered an other-than-temporary decline is split into two components. The first component is the loss attributable to declining credit quality. Credit losses are recognized in earnings as realized losses in the period in which the impairment determination is made. The second component consists of all other losses, which are recognized in other comprehensive loss. In estimating other than temporary impairment (“OTTI”) losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) adverse conditions specifically related to the security, an industry, or a geographic area, (3) the historic and implied volatility of the fair value of the security, (4) changes in the rating of the security by a rating agency, (5) recoveries or additional declines in fair value subsequent to the balance sheet date, (6) failure of the issuer of the security to make scheduled interest or principal payments, and (7) the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future. Management also monitors cash flow projections for securities that are considered beneficial interests under the guidance of ASC Subtopic 325-40, Investments – Other – Beneficial Interests in Securitized Financial Assets |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Common Share [Abstract] | |
Basic and Diluted Earnings Per Share | Six months ended June 30, 2021 2020 Average Per Share Average Per Share (in thousands, except for per share amount) Income Shares Amount Income Shares Amount Basic Earnings Per Share: Net income $ 7,833 6,803 $ 1.15 $ 4,325 7,018 $ 0.62 Diluted Earnings Per Share: Net income $ 7,833 6,808 $ 1.15 $ 4,325 7,032 $ 0.62 Three months ended June 30, 2021 2020 Average Per Share Average Per Share (in thousands, except for per share amount) Income Shares Amount Income Shares Amount Basic Earnings Per Share: Net income $ 4,403 6,609 $ 0.66 $ 2,570 6,974 $ 0.37 Diluted Earnings Per Share: Net income $ 4,403 6,615 $ 0.66 $ 2,570 6,992 $ 0.37 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Unrealized Gain (Loss) on Investments | (in thousands) Amortized Gross Gross Fair OTTI June 30, 2021 Available for Sale: U.S. government agencies $ 59,703 $ 367 $ 1,949 $ 58,121 $ — Residential mortgage-backed agencies 32,027 — 545 31,482 — Commercial mortgage-backed agencies 54,361 306 477 54,190 — Collateralized mortgage obligations 73,559 144 1,547 72,156 — Obligations of states and political subdivisions 9,417 417 — 9,834 — Collateralized debt obligations 18,579 — 2,349 16,230 (1,415) Total available for sale $ 247,646 $ 1,234 $ 6,867 $ 242,013 $ (1,415) Held to Maturity: Residential mortgage-backed agencies $ 35,595 $ 879 $ 327 $ 36,147 $ — Commercial mortgage-backed agencies 9,747 397 — 10,144 — Collateralized mortgage obligations 118 1 — 119 — Obligations of states and political subdivisions 20,223 8,941 — 29,164 — Total held to maturity $ 65,683 $ 10,218 $ 327 $ 75,574 $ — December 31, 2020 Available for Sale: U.S. government agencies $ 75,856 $ 899 $ 322 $ 76,433 $ — Residential mortgage-backed agencies 22,999 — 100 22,899 — Commercial mortgage-backed agencies 32,549 529 36 33,042 — Collateralized mortgage obligations 70,372 266 1 70,637 — Obligations of states and political subdivisions 10,144 470 — 10,614 — Collateralized debt obligations 18,544 — 5,284 13,260 (3,839) Total available for sale $ 230,464 $ 2,164 $ 5,743 $ 226,885 $ (3,839) Held to Maturity: Residential mortgage-backed agencies $ 34,597 $ 1,173 $ 38 $ 35,732 $ — Commercial mortgage-backed agencies 11,716 587 — 12,303 — Collateralized mortgage obligations 1,348 58 — 1,406 — Obligations of states and political subdivisions 20,602 7,569 — 28,171 — Total held to maturity $ 68,263 $ 9,387 $ 38 $ 77,612 $ — |
Gross Unrealized Losses and Fair Values of Securities | Less than 12 months 12 months or more (in thousands) Fair Unrealized Number of Fair Unrealized Number of June 30, 2021 Available for Sale: U.S. government agencies $ 34,409 $ 1,949 6 $ — $ — — Residential mortgage-backed agencies 31,481 545 3 — — — Commercial mortgage-backed agencies 24,748 477 3 — — — Collateralized mortgage obligations 65,230 1,547 7 — — — Collateralized debt obligations — — — 16,230 2,349 9 Total available for sale $ 155,868 $ 4,518 19 $ 16,230 $ 2,349 9 Held to Maturity: Residential mortgage-backed agencies 8,268 327 3 — — — Total held to maturity $ 8,268 $ 327 3 $ — $ — — December 31, 2020 Available for Sale: U.S. government agencies $ 39,611 $ 322 7 $ — $ — — Residential mortgage-backed agencies 22,899 100 2 — — — Commercial mortgage-backed agencies 16,034 36 1 — — — Collateralized mortgage obligations 39,628 1 4 — — — Collateralized debt obligations — — — 13,260 5,284 9 Total available for sale $ 118,172 $ 459 14 $ 13,260 $ 5,284 9 Held to Maturity: Residential mortgage-backed agencies $ 2,973 $ 38 1 $ — $ — — Total held to maturity $ 2,973 $ 38 1 $ — $ — — |
Non-Cash OTTI Credit Losses Recognized in Earnings | Six Months Ended June 30, (in thousands) 2021 2020 Balance of credit-related OTTI at January 1 $ 2,244 $ 2,446 Reduction for increases in cash flows expected to be collected (101) (101) Balance of credit-related OTTI at June 30 $ 2,143 $ 2,345 Three Months Ended June 30, (in thousands) 2021 2020 Balance of credit-related OTTI at April 1 $ 2,194 $ 2,396 Reduction for increases in cash flows expected to be collected (51) (51) Balance of credit-related OTTI at June 30 $ 2,143 $ 2,345 |
Amortized Cost and Fair Values Classified by Contractual Maturity Date | June 30, 2021 (in thousands) Amortized Fair Contractual Maturity Available for Sale: Due after one year through five years $ 4,411 $ 4,489 Due after five years through ten years 10,063 10,238 Due after ten years 73,225 69,458 87,699 84,185 Residential mortgage-backed agencies 32,027 31,482 Commercial mortgage-backed agencies 54,361 54,190 Collateralized mortgage obligations 73,559 72,156 Total available for sale $ 247,646 $ 242,013 Held to Maturity: Due after ten years $ 20,223 $ 29,164 Residential mortgage-backed agencies 35,595 36,147 Commercial mortgage-backed agencies 9,747 10,144 Collateralized mortgage obligations 118 119 Total held to maturity $ 65,683 $ 75,574 |
Loans And Related Allowances Fo
Loans And Related Allowances For Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Loans And Related Allowances For Loan Losses [Abstract] | |
Loan Portfolio Segments | (in thousands) Commercial Acquisition Commercial Residential Consumer Total June 30, 2021 Individually evaluated for impairment $ 7,494 $ 858 $ — $ 2,918 $ — $ 11,270 Collectively evaluated for impairment 354,447 130,772 229,852 361,490 57,512 1,134,073 Total loans $ 361,941 $ 131,630 $ 229,852 $ 364,408 $ 57,512 $ 1,145,343 December 31, 2020 Individually evaluated for impairment $ 3,330 $ 842 $ — $ 3,185 $ 102 $ 7,459 Collectively evaluated for impairment 365,846 116,119 266,745 375,985 35,658 1,160,353 Total loans $ 369,176 $ 116,961 $ 266,745 $ 379,170 $ 35,760 $ 1,167,812 |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | (in thousands) Pass Special Substandard Total June 30, 2021 Commercial real estate Non owner-occupied $ 171,876 $ 10,255 $ 6,340 $ 188,471 All other CRE 164,282 2,531 6,657 173,470 Acquisition and development 1-4 family residential construction 20,179 — — 20,179 All other A&D 110,998 — 453 111,451 Commercial and industrial 212,138 6,132 11,582 229,852 Residential mortgage Residential mortgage - term 298,413 — 5,556 303,969 Residential mortgage - home equity 59,655 — 784 60,439 Consumer 57,420 — 92 57,512 Total $ 1,094,961 $ 18,918 $ 31,464 $ 1,145,343 December 31, 2020 Commercial real estate Non owner-occupied $ 178,670 $ 5,526 $ 6,322 $ 190,518 All other CRE 166,504 5,664 6,490 178,658 Acquisition and development 1-4 family residential construction 18,920 — — 18,920 All other A&D 97,648 17 376 98,041 Commercial and industrial 245,185 8,867 12,693 266,745 Residential mortgage Residential mortgage - term 309,177 283 6,117 315,577 Residential mortgage - home equity 62,804 — 789 63,593 Consumer 35,648 3 109 35,760 Total $ 1,114,556 $ 20,360 $ 32,896 $ 1,167,812 |
Loan Portfolio Summarized by the Past Due Status | (in thousands) Current 30-59 Days 60-89 Days 90 Days+ Total Past Non- Total Loans June 30, 2021 Commercial real estate Non owner-occupied $ 183,896 $ — $ — $ — $ — $ 4,575 $ 188,471 All other CRE 172,913 — — — — 557 173,470 Acquisition and development 1-4 family residential construction 20,179 — — — — — 20,179 All other A&D 111,045 — — 5 5 401 111,451 Commercial and industrial 229,754 98 — — 98 — 229,852 Residential mortgage Residential mortgage - term 301,002 588 874 224 1,686 1,281 303,969 Residential mortgage - home equity 59,889 79 — — 79 471 60,439 Consumer 57,280 124 64 44 232 57,512 Total $ 1,135,958 $ 889 $ 938 $ 273 $ 2,100 $ 7,285 $ 1,145,343 December 31, 2020 Commercial real estate Non owner-occupied $ 190,510 $ — $ — $ — $ — $ 8 $ 190,518 All other CRE 177,360 408 — — 408 890 178,658 Acquisition and development 1-4 family residential construction 18,920 — — — — — 18,920 All other A&D 97,660 5 — 10 15 366 98,041 Commercial and industrial 266,708 37 — — 37 — 266,745 Residential mortgage Residential mortgage - term 312,500 63 670 710 1,443 1,634 315,577 Residential mortgage - home equity 63,036 80 63 — 143 414 63,593 Consumer 35,473 230 26 4 260 27 35,760 Total $ 1,162,167 $ 823 $ 759 $ 724 $ 2,306 $ 3,339 $ 1,167,812 |
Primary Segments of the Allowance for Loan Loss | (in thousands) Commercial Acquisition Commercial Residential Consumer Unallocated Total June 30, 2021 Individually evaluated $ 230 $ — $ — $ 20 $ — $ — $ 250 Collectively evaluated $ 5,445 $ 2,500 $ 2,944 $ 4,839 $ 590 $ 500 $ 16,818 Total ALL $ 5,675 $ 2,500 $ 2,944 $ 4,859 $ 590 $ 500 $ 17,068 December 31, 2020 Individually evaluated $ 4 $ 13 $ — $ 40 $ — $ — $ 57 Collectively evaluated $ 5,539 $ 2,326 $ 2,584 $ 5,110 $ 370 $ 500 $ 16,429 Total ALL $ 5,543 $ 2,339 $ 2,584 $ 5,150 $ 370 $ 500 $ 16,486 |
Impaired Loans and Related Interest Income by Loan Portfolio Class | Impaired Loans with Impaired Total Impaired Loans (in thousands) Recorded Related Recorded Recorded Unpaid June 30, 2021 Commercial real estate Non owner-occupied $ 1,866 $ 230 $ 2,818 $ 4,684 $ 4,684 All other CRE — — 2,810 2,810 2,810 Acquisition and development 1-4 family residential construction — — 252 252 252 All other A&D — — 606 606 1,815 Commercial and industrial — — — — 2,214 Residential mortgage Residential mortgage – term 440 15 2,007 2,447 2,627 Residential mortgage – home equity 46 5 425 471 503 Consumer — — — — 25 Total impaired loans $ 2,352 $ 250 $ 8,918 $ 11,270 $ 14,930 December 31, 2020 Commercial real estate Non owner-occupied $ 111 $ 4 $ 8 $ 119 $ 119 All other CRE — — 3,211 3,211 3,211 Acquisition and development 1-4 family residential construction — — 266 266 266 All other A&D 276 13 300 576 1,724 Commercial and industrial — — — — 2,214 Residential mortgage Residential mortgage – term 936 34 1,910 2,846 3,031 Residential mortgage – home equity 76 6 339 415 447 Consumer — — 26 26 51 Total impaired loans $ 1,399 $ 57 $ 6,060 $ 7,459 $ 11,063 (1) Recorded investment consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and cost. |
Allowance for Loan Losses Summarized by Loan Portfolio Segments | (in thousands) Commercial Acquisition Commercial Residential Consumer Unallocated Total ALL balance at January 1, 2021 $ 5,543 $ 2,339 $ 2,584 $ 5,150 $ 370 $ 500 $ 16,486 Charge-offs — (81) — (82) (175) — (338) Recoveries — 110 38 29 78 — 255 Provision 132 132 322 (238) 317 — 665 ALL balance at June 30, 2021 $ 5,675 $ 2,500 $ 2,944 $ 4,859 $ 590 $ 500 $ 17,068 ALL balance at January 1, 2020 $ 2,882 $ 3,674 $ 1,341 $ 3,828 $ 312 $ 500 $ 12,537 Charge-offs — (31) (232) (98) (223) — (584) Recoveries 66 22 16 48 88 — 240 Provision 1,579 833 872 1,328 209 — 4,821 ALL balance at June 30, 2020 $ 4,527 $ 4,498 $ 1,997 $ 5,106 $ 386 $ 500 $ 17,014 (in thousands) Commercial Acquisition Commercial Residential Consumer Unallocated Total ALL balance at April 1, 2021 $ 5,404 $ 2,423 $ 2,831 $ 5,028 $ 368 $ 500 $ 16,554 Charge-offs — — — — (95) — (95) Recoveries — 9 2 12 31 — 54 Provision 271 68 111 (181) 286 — 555 ALL balance at June 30, 2021 $ 5,675 $ 2,500 $ 2,944 $ 4,859 $ 590 $ 500 $ 17,068 ALL balance at April 1, 2020 $ 3,816 $ 4,063 $ 1,682 $ 4,586 $ 365 $ 500 $ 15,012 Charge-offs — (16) (131) — (91) — (238) Recoveries — 8 1 22 42 — 73 Provision 711 443 445 498 70 — 2,167 ALL balance at June 30, 2020 $ 4,527 $ 4,498 $ 1,997 $ 5,106 $ 386 $ 500 $ 17,014 |
Average of Impaired Loans and Related Interest Income by Loan Portfolio Class | Six months ended Six months ended June 30, 2021 June 30, 2020 (in thousands) Average Interest income Interest income Average Interest income Interest income Commercial real estate Non owner-occupied $ 3,165 $ 6 $ — $ 138 $ 3 $ — All other CRE 3,058 69 — 3,182 73 — Acquisition and development 1-4 family residential construction 259 6 — 285 6 — All other A&D 599 6 — 8,436 6 1 Commercial and industrial — — — 16 — — Residential mortgage Residential mortgage – term 2,672 39 5 2,477 43 — Residential mortgage – home equity 454 — — 709 — 3 Consumer 17 — — 14 — — Total $ 10,224 $ 126 $ 5 $ 15,257 $ 131 $ 4 Three months ended Three months ended June 30, 2021 June 30, 2020 (in thousands) Average Interest income Interest income Average Interest income Interest income Commercial real estate Non owner-occupied $ 4,689 $ 3 $ — $ 132 $ 1 $ — All other CRE 2,982 34 — 3,258 36 — Acquisition and development 1-4 family residential construction 255 3 — 282 3 — All other A&D 611 3 — 8,515 3 — Commercial and industrial — — — 9 — — Residential mortgage Residential mortgage – term 2,585 19 — 2,450 21 — Residential mortgage – home equity 474 — — 634 — 3 Consumer 11 — — 19 — — Total $ 11,607 $ 62 $ — $ 15,299 $ 64 $ 3 |
Troubled Debt Restructuring | Temporary Rate Extension of Maturity Modification of Payment (in thousands) Number of Recorded Number of Recorded Number of Recorded Six months ended June 30, 2021 Commercial real estate Non owner-occupied — $ — 1 $ 109 — $ — All other CRE — — — — — — Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — — — — — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term — — — — — — Residential mortgage – home equity — — — — — — Consumer — — — — — — Total — $ — 1 $ 109 — $ — Temporary Rate Extension of Maturity Modification of Payment (in thousands) Number of Recorded Number of Recorded Number of Recorded Six months ended June 30, 2020 Commercial real estate Non owner-occupied — $ — — $ — — $ — All other CRE — — — — 1 2,226 Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — 1 217 — — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term 1 46 1 230 2 245 Residential mortgage – home equity — — — — — — Consumer — — — — — — Total 1 $ 46 2 $ 447 3 $ 2,471 Temporary Rate Extension of Maturity Modification of Payment (in thousands) Number of Recorded Number of Recorded Number of Recorded Three months ended June 30, 2021 Commercial real estate Non owner-occupied — $ — 1 $ 109 — $ — All other CRE — — — — — — Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — — — — — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term — — — — — — Residential mortgage – home equity — — — — — — Consumer — — — — — — Total — $ — 1 $ 109 — $ — Temporary Rate Extension of Maturity Modification of Payment (in thousands) Number of Recorded Number of Recorded Number of Recorded Three months ended June 30, 2020 Commercial real estate Non owner-occupied — $ — — $ — — $ — All other CRE — — — — 1 2,226 Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — 1 217 — — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term 1 46 1 230 2 245 Residential mortgage – home equity — — — — — — Consumer — — — — — — Total 1 $ 46 2 $ 447 3 $ 2,471 |
Other Real Estate Owned, Net (T
Other Real Estate Owned, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Real Estate Owned, Net [Abstract] | |
Components of OREO, Net of Related Valuation Allowance | (in thousands) June 30, December 31, Commercial real estate $ 900 $ 945 Acquisition and development 5,856 8,441 Residential mortgage — — Total OREO, net $ 6,756 $ 9,386 |
Schedule of Activity in OREO Valuation Allowance | Six Months Ended Three Months Ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Balance beginning of period $ 1,010 $ 1,790 $ 1,004 $ 1,780 Fair value adjustment (160) 39 (164) 13 Sales of OREO (307) (95) (297) (59) Balance at end of period $ 543 $ 1,734 $ 543 $ 1,734 |
Schedule of Components of OREO Expenses, Net | Six Months Ended Three Months Ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Gains on sale of real estate, net $ (596) $ (21) $ (105) $ (11) Fair value adjustment, net (160) 39 (164) 13 Expenses, net 195 65 72 31 Rental and other income (49) (86) (1) (36) Total OREO income, net $ (610) $ (3) $ (198) $ (3) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | (in thousands) Fair Value at Valuation Significant Significant Recurring: Investment Securities – available for sale $ 16,230 Discounted Cash Flow Discount Rate LIBOR+ 3.75% Non-recurring: Impaired Loans $ 2,099 Market Comparable Properties Marketability Discount 10.0% - 15.0% (1) (weighted avg 10.5%) Other Real Estate Owned $ 443 Market Comparable Properties Marketability Discount 15.0% (in thousands) Fair Value at Valuation Significant Significant Recurring: Investment Securities – available for sale $ 13,260 Discounted Cash Flow Discount Rate LIBOR+ 5.25% Non-recurring: Impaired Loans $ 1,465 Market Comparable Properties Marketability Discount 10.0% - 15.0% (1) (weighted avg Other Real Estate Owned $ 913 Market Comparable Properties Marketability Discount 15.0% NOTE: (1) Range would include discounts taken since appraisal and estimated values |
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | Fair Value Measurements Quoted Prices in Significant Assets/(liabilities) Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 06/30/21 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 58,121 $ 58,121 Residential mortgage-backed agencies $ 31,482 $ 31,482 Commercial mortgage-backed agencies $ 54,190 $ 54,190 Collateralized mortgage obligations $ 72,156 $ 72,156 Obligations of states and political subdivisions $ 9,834 $ 9,834 Collateralized debt obligations $ 16,230 $ 16,230 Financial derivatives $ (834) $ (834) Non-recurring: Impaired loans $ 2,099 $ 2,099 Other real estate owned $ 443 $ 443 Fair Value Measurements Quoted Prices in Significant Assets/(liabilities) Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 12/31/20 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 76,433 $ 76,433 Residential mortgage-backed agencies $ 22,899 $ 22,899 Commercial mortgage-backed agencies $ 33,042 $ 33,042 Collateralized mortgage obligations $ 70,637 $ 70,637 Obligations of states and political subdivisions $ 10,614 $ 10,614 Collateralized debt obligations $ 13,260 $ 13,260 Financial derivatives $ (1,320) $ (1,320) Non-recurring: Impaired loans $ 1,465 $ 1,465 Other real estate owned $ 913 $ 913 |
Reconciliation of Fair Valued Assets Measured on a Recurring Basis | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment Securities (in thousands) Available for Sale Beginning balance January 1, 2021 $ 13,260 Total losses realized/unrealized: Included in other comprehensive income 2,970 Ending balance June 30, 2021 $ 16,230 Fair Value Measurements (in thousands) Investment Securities Beginning balance April 1, 2021 $ 13,649 Total gains realized/unrealized: Included in other comprehensive income 2,581 Ending balance June 30, 2021 $ 16,230 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment Securities (in thousands) Available for Sale Beginning balance January 1, 2020 $ 14,354 Total losses realized/unrealized: Included in other comprehensive loss (2,402) Ending balance June 30, 2020 $ 11,952 Fair Value Measurements (in thousands) Investment Securities Beginning balance April 1, 2020 $ 12,380 Total losses realized/unrealized: Included in other comprehensive income (428) Ending balance June 30, 2020 $ 11,952 |
Fair Value by Balance Sheet Grouping | June 30, 2021 Fair Value Measurements Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 190,949 $ 190,949 $ 190,949 Interest bearing deposits in banks 3,473 3,473 3,473 Investment securities - AFS 242,013 242,013 $ 225,783 $ 16,230 Investment securities - HTM 65,683 75,574 46,410 29,164 Restricted bank stock 3,658 3,658 3,658 Loans, net 1,125,817 1,121,938 1,121,938 Accrued interest receivable 5,201 5,201 765 4,436 Financial Liabilities: Deposits - non-maturity 1,256,597 1,256,597 1,256,597 Deposits - time deposits 199,514 201,160 201,160 Financial derivatives 834 834 834 Short-term borrowed funds 49,406 49,406 49,406 Long-term borrowed funds 100,929 103,176 103,176 Accrued interest payable 329 329 329 Off balance sheet financial instruments — — — December 31, 2020 Fair Value Measurements Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 146,673 $ 146,673 $ 146,673 Interest bearing deposits in banks 2,759 2,759 2,759 Investment securities - AFS 226,885 226,885 $ 213,625 $ 13,260 Investment securities - HTM 68,263 77,612 49,442 28,170 Restricted bank stock 4,468 4,468 4,468 Loans, net 1,149,596 1,150,186 1,150,186 Accrued interest receivable 6,241 6,241 6,241 Financial Liabilities: Deposits - non-maturity 1,194,140 1,194,140 1,194,140 Deposits - time deposits 228,226 231,241 231,241 Financial derivative 1,320 1,320 1,320 Short-term borrowed funds 49,160 49,160 49,160 Long-term borrowed funds 100,929 104,825 104,825 Accrued interest payable 391 391 391 Off balance sheet financial instruments — — — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Investment Investment securities- securities- Investment with OTTI all other securities- Cash Flow Pension (in thousands) AFS AFS HTM Hedge Plan SERP Total Accumulated OCL, net: Balance - January 1, 2020 $ (2,542) $ (853) $ (899) $ (85) $ (20,417) $ (1,175) $ (25,971) Other comprehensive income/(loss) before reclassifications (587) 1,291 — (869) (3,262) (625) (4,052) Amounts reclassified from accumulated other comprehensive loss (148) (463) 584 — 1,049 138 1,160 Balance - December 31, 2020 $ (3,277) $ (25) $ (315) $ (954) $ (22,630) $ (1,662) $ (28,863) Other comprehensive income/(loss) before reclassifications 266 (5,202) — 405 (139) — (4,670) Amounts reclassified from accumulated other comprehensive loss (37) — 45 — 272 55 335 Balance - March 31, 2021 $ (3,048) $ (5,227) $ (270) $ (549) $ (22,497) $ (1,607) $ (33,198) Other comprehensive income/(loss) before reclassifications 1,581 2,034 — (34) 938 — 4,519 Amounts reclassified from accumulated other comprehensive loss (37) (113) 34 — 272 55 211 Balance - June 30, 2021 $ (1,504) $ (3,306) $ (236) $ (583) $ (21,287) $ (1,552) $ (28,468) |
Components of Comprehensive Income | Before Tax Components of Other Comprehensive Income Tax (Expense) (in thousands) Amount Benefit Net For the six months ended June 30, 2021 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ 2,523 $ (676) $ 1,847 Less: accretable yield recognized in income 101 (27) 74 Net unrealized gains on investments with OTTI 2,422 (649) 1,773 Available for sale securities – all other: Unrealized holding losses (4,327) 1,159 (3,168) Less: gains recognized in income 154 (41) 113 Net unrealized losses on all other AFS securities (4,481) 1,200 (3,281) Held to maturity securities: Less: gains recognized in income — — — Less: amortization recognized in income (108) 29 (79) Net unrealized gains on HTM securities 108 (29) 79 Cash flow hedges: Unrealized holding gains 507 (136) 371 Pension Plan: Unrealized net actuarial gain 1,090 (291) 799 Less: amortization of unrecognized loss (744) 200 (544) Net pension plan liability adjustment 1,834 (491) 1,343 SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (150) 40 (110) Net SERP liability adjustment 150 (40) 110 Other comprehensive income $ 540 $ (145) $ 395 Before Tax Components of Other Comprehensive Loss Tax (Expense) (in thousands) Amount Benefit Net For the six months ended June 30, 2020 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (1,956) $ 524 $ (1,432) Less: accretable yield recognized in income 101 (27) 74 Net unrealized losses on investments with OTTI (2,057) 551 (1,506) Available for sale securities – all other: Unrealized holding gains 2,767 (741) 2,026 Less: gains recognized in income 47 (13) 34 Net unrealized gains on all other AFS securities 2,720 (728) 1,992 Held to maturity securities: Unrealized holding gains — — — Less: gains recognized in income 60 (16) 44 Less: amortization recognized in income (735) 197 (538) Net unrealized gains on HTM securities 675 (181) 494 Cash flow hedges: Unrealized holding losses (1,425) 381 (1,044) Pension Plan: Unrealized net actuarial loss (2,786) 746 (2,040) Less: amortization of unrecognized loss (716) 192 (524) Net pension plan liability adjustment (2,070) 554 (1,516) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (94) 25 (69) Less: amortization of prior service costs 1 — 1 Net SERP liability adjustment 93 (25) 68 Other comprehensive loss $ (2,064) $ 552 $ (1,512) Components of Other Comprehensive Income Before Tax Net For the three months ended June 30, 2021 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ 2,160 $ (579) $ 1,581 Less: accretable yield recognized in income 51 (14) 37 Net unrealized gains on investments with OTTI 2,109 (565) 1,544 Available for sale securities – all other: Unrealized holding gains 2,778 (744) 2,034 Less: gains recognized in income 154 (41) 113 Net unrealized gains on all other AFS securities 2,624 (703) 1,921 Held to maturity securities: Unrealized holding gains — — — Less: amortization recognized in income (46) 12 (34) Net unrealized gains on HTM securities 46 (12) 34 Cash flow hedges: Unrealized holding gains (47) 13 (34) Pension Plan: Unrealized net actuarial gain 1,280 (342) 938 Less: amortization of unrecognized loss (372) 100 (272) Net pension plan liability adjustment 1,652 (442) 1,210 SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (73) 18 (55) Net SERP liability adjustment 73 (18) 55 Other comprehensive income $ 6,457 $ (1,727) $ 4,730 Components of Other Comprehensive Income Before Tax Net For the three months ended June 30, 2020 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (333) $ 89 $ (244) Less: accretable yield recognized in income 51 (14) 37 Net unrealized losses on investments with OTTI (384) 103 (281) Available for sale securities – all other: Unrealized holding gains 877 (235) 642 Less: gains recognized in income 47 (13) 34 Net unrealized gains on all other AFS securities 830 (222) 608 Held to maturity securities: Unrealized holding gains — — — Less: gains recognized in income 60 (16) 44 Less: amortization recognized in income (662) 177 (485) Net unrealized gains on HTM securities 602 (161) 441 Cash flow hedges: Unrealized holding losses (111) 30 (81) Pension Plan: Unrealized net actuarial gain 4,284 (1,147) 3,137 Less: amortization of unrecognized loss (358) 96 (262) Net pension plan liability adjustment 4,642 (1,243) 3,399 SERP: Less: amortization of unrecognized loss (47) 13 (34) Less: amortization of prior service costs — — — Net SERP liability adjustment 47 (13) 34 Other comprehensive income $ 5,626 $ (1,506) $ 4,120 |
Reclassification out of Accumulated Other Comprehensive Income | Amounts Reclassified from Six Months Ended Accumulated Other Comprehensive Loss June 30, Affected Line Item in the Statement (in thousands) 2021 2020 Where Net Income is Presented Net unrealized gains on available for sale investment securities with OTTI: Accretable yield $ 101 $ 101 Interest income on taxable investment securities Taxes (27) (27) Provision for income tax expense $ 74 $ 74 Net of tax Net unrealized gains on available for sale investment securities - all others: Gains on sales $ 154 $ 47 Net gains Taxes (41) (13) Provision for income tax expense $ 113 $ 34 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (108) $ (735) Interest income on taxable investment securities Gains on calls — 60 Net gains Taxes 29 181 Provision for income tax expense $ (79) $ (494) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (744) $ (716) Other Expense Taxes 200 192 Provision for income tax expense $ (544) $ (524) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (150) $ (94) Other Expense Amortization of prior service costs — 1 Salaries and employee benefits Taxes 40 25 Provision for income tax expense $ (110) $ (68) Net of tax Total reclassifications for the period $ (546) $ (978) Net of tax Amounts Reclassified from Three Months Ended Accumulated Other Comprehensive Loss June 30, Affected Line Item in the Statement (in thousands) 2021 2020 Where Net Income is Presented Net unrealized gains on available for sale investment securities with OTTI: Accretable Yield $ 51 $ 51 Interest income on taxable investment securities Taxes (14) (14) Provision for income tax expense $ 37 $ 37 Net of tax Net unrealized gains on available for sale investment securities - all others: Gains on sales $ 154 $ 47 Net gains Taxes (41) (13) Provision for income tax expense $ 113 $ 34 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (46) $ (662) Interest income on taxable investment securities Gains on calls — 60 Net gains Taxes 12 161 Provision for income tax expense $ (34) $ (441) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (372) $ (358) Other expense Amortization of prior service costs — — Salaries and employee benefits Taxes 100 96 Provision for income tax expense $ (272) $ (262) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (73) $ (47) Other expense Amortization of prior service costs — — Salaries and employee benefits Taxes 18 13 Provision for income tax expense $ (55) $ (34) Net of tax Total reclassifications for the period $ (211) $ (666) Net of tax |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Pension [Member] | |
Components of Net Periodic Pension Plan Cost | Six Months Ended Three Months Ended Pension Plan June 30, June 30, (in thousands) 2021 2020 2021 2020 Service cost $ 78 $ 112 $ 39 $ 56 Interest cost 711 813 355 406 Expected return on assets (1,785) (1,774) (892) (887) Amortization of net actuarial loss 744 716 372 358 Net pension credit included in employee benefits and other expense $ (252) $ (133) $ (126) $ (67) |
SERP [Member] | |
Components of Net Periodic Pension Plan Cost | Six Months Ended Three Months Ended Defined Benefit SERP June 30, June 30, (in thousands) 2021 2020 2021 2020 Service cost $ 69 $ 62 $ 34 $ 31 Interest cost 119 134 59 67 Amortization of recognized loss 151 94 76 47 Amortization of prior service cost (1) (1) — — Net Defined Benefit SERP expense included in employee benefits and other expense $ 338 $ 289 $ 169 $ 145 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Financial Instruments [Abstract] | |
Impact Of Derivative Financial Instruments | Derivative in Cash Flow Hedging Relationships Amount of gain or (loss) recognized in Amount of gain or income or derivative Amount of gain or (loss) reclassified from (ineffective portion (loss) recognized in accumulated OCI into and amount excluded OCI on derivative income (effective from effectiveness (in thousands) (effective portion) portion) (a) testing) (b) Interest rate contracts: Six months ended: June 30, 2021 $ 371 $ — $ — June 30, 2020 (1,044) — — Three months ended: June 30, 2021 $ (34) $ — $ — June 30, 2020 (81) — — Notes: (a) Reported as interest expense (b) Reported as other income |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition [Abstract] | |
Schedule of Noninterest Income Segregated by Revenue Streams In-Scope and Out-of-Scope of Topic 606 | Six Months Ended Three Months Ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Noninterest income In-scope of Topic 606: Service charges on deposit accounts $ 817 $ 992 $ 412 $ 377 Other service charges 432 322 221 32 Trust department 4,275 3,484 2,034 1,731 Debit card income 1,723 1,314 913 680 Brokerage commissions 625 479 357 202 Noninterest income (in-scope of Topic 606) 7,872 6,591 3,937 3,022 Noninterest income (out-of-scope of Topic 606) 1,191 842 384 403 Total Noninterest Income $ 9,063 $ 7,433 $ 4,321 $ 3,425 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | June 30, December 31, Required for Required Total Capital (to risk-weighted assets) Consolidated 15.80 % 16.08 % 8.00 % 10.00 % First United Bank & Trust 14.92 % 15.50 % 8.00 % 10.00 % Tier 1 Capital (to risk-weighted assets) Consolidated 14.55 % 14.83 % 6.00 % 8.00 % First United Bank & Trust 13.66 % 14.25 % 6.00 % 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated 12.37 % 12.61 % 4.50 % 6.50 % First United Bank & Trust 13.66 % 14.25 % 4.50 % 6.50 % Tier 1 Capital (to average assets) Consolidated 9.94 % 10.36 % 4.00 % 5.00 % First United Bank & Trust 9.20 % 9.81 % 4.00 % 5.00 % |
Assets and Liabilities Subjec_2
Assets and Liabilities Subject to Enforceable Master Netting Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Assets and Liabilities Subject to Enforceable Master Netting Arrangements [Abstract] | |
Schedule of Assets and Liabilities Subject to an Enforceable Master Netting Arrangement or Repurchase Agreements | Net Amounts Gross Amounts Gross Gross of (Assets)/ Not Offset in the Amounts of Amounts Liabilities Statement of Condition Recognized Offset in the Presented in Cash (Assets)/ Statement of the Statement Financial Collateral Net (in thousands) Liabilities Condition of Condition Instruments Pledged Amount June 30, 2021 Interest Rate Swap Agreements $ 834 $ — $ 834 $ (834) $ 2,000 $ — Repurchase Agreements $ 51,454 $ — $ 51,454 $ (51,454) $ — $ — December 31, 2020 Interest Rate Swap Agreements $ 1,320 $ — $ 1,320 $ (1,320) $ — $ — Repurchase Agreements $ 49,160 $ — $ 49,160 $ (49,160) $ — $ — |
COVID-19 (Narrative) (Details)
COVID-19 (Narrative) (Details) $ in Thousands | Jul. 16, 2021USD ($)loan | Jun. 30, 2021USD ($)loan | Dec. 31, 2020USD ($)loan |
Significant Event [Line Items] | |||
Aggregate principal balance of loans forgiven | $ 140,500 | ||
PPP remaining balance | 74,100 | ||
Loans Originated In 2020 [Member] | |||
Significant Event [Line Items] | |||
PPP loans originated | $ 148,500 | ||
Number of PPP loans processed | loan | 1,174 | ||
Loans Originated In 2021 [Member] | |||
Significant Event [Line Items] | |||
PPP loans originated | $ 66,100 | ||
Number of PPP loans processed | loan | 870 | ||
PPP average loan size originated | $ 80 | ||
COVID-19 Modifications [Member] | Commercial Loan [Member] | Subsequent Event [Member] | |||
Significant Event [Line Items] | |||
Number of loans in modification | loan | 6 | ||
Loans modification amount | $ 7,300 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Shares of common stock outstanding | 6,615,000 | 6,992,000 | 6,808,000 | 7,032,000 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive shares excluded from computation of earnings per share | 0 | 0 | 0 | 0 |
Time-vested Shares [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Shares of common stock outstanding | 7,073 |
Earnings Per Common Share (Basi
Earnings Per Common Share (Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Net Income | $ 4,403 | $ 3,430 | $ 2,570 | $ 1,755 | $ 7,833 | $ 4,325 |
Basic Earnings Per Share: Average Shares | 6,609 | 6,974 | 6,803 | 7,018 | ||
Diluted Earnings Per Share: Average Shares | 6,615 | 6,992 | 6,808 | 7,032 | ||
Basic Earnings Per Share Amount | $ 0.66 | $ 0.37 | $ 1.15 | $ 0.62 | ||
Diluted Earnings Per Share Anount | $ 0.66 | $ 0.37 | $ 1.15 | $ 0.62 |
Investments (Unrealized Gain (L
Investments (Unrealized Gain (Loss) on Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 247,646 | $ 230,464 |
Gross Unrealized Gains | 1,234 | 2,164 |
Gross Unrealized Losses | 6,867 | 5,743 |
Fair Value | 242,013 | 226,885 |
OTTI in AOCL | (1,415) | (3,839) |
Held-to-maturity Amortized cost | 65,683 | 68,263 |
Held-to-maturity Gross Unrealized Gains | 10,218 | 9,387 |
Held-to-maturity Gross Unrealized Losses | 327 | 38 |
Fair Value | 75,574 | 77,612 |
U.S. government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 59,703 | 75,856 |
Gross Unrealized Gains | 367 | 899 |
Gross Unrealized Losses | 1,949 | 322 |
Fair Value | 58,121 | 76,433 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 32,027 | 22,999 |
Gross Unrealized Losses | 545 | 100 |
Fair Value | 31,482 | 22,899 |
Held-to-maturity Amortized cost | 35,595 | 34,597 |
Held-to-maturity Gross Unrealized Gains | 879 | 1,173 |
Held-to-maturity Gross Unrealized Losses | 327 | 38 |
Fair Value | 36,147 | 35,732 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 54,361 | 32,549 |
Gross Unrealized Gains | 306 | 529 |
Gross Unrealized Losses | 477 | 36 |
Fair Value | 54,190 | 33,042 |
Held-to-maturity Amortized cost | 9,747 | 11,716 |
Held-to-maturity Gross Unrealized Gains | 397 | 587 |
Fair Value | 10,144 | 12,303 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 73,559 | 70,372 |
Gross Unrealized Gains | 144 | 266 |
Gross Unrealized Losses | 1,547 | 1 |
Fair Value | 72,156 | 70,637 |
Held-to-maturity Amortized cost | 118 | 1,348 |
Held-to-maturity Gross Unrealized Gains | 1 | 58 |
Fair Value | 119 | 1,406 |
Obligations of states and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 9,417 | 10,144 |
Gross Unrealized Gains | 417 | 470 |
Fair Value | 9,834 | 10,614 |
Held-to-maturity Amortized cost | 20,223 | 20,602 |
Held-to-maturity Gross Unrealized Gains | 8,941 | 7,569 |
Fair Value | 29,164 | 28,171 |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 18,579 | 18,544 |
Gross Unrealized Losses | 2,349 | 5,284 |
Fair Value | 16,230 | 13,260 |
OTTI in AOCL | $ (1,415) | $ (3,839) |
Investments (Gross Unrealized L
Investments (Gross Unrealized Losses and Fair Values of Securities) (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 155,868,000 | $ 118,172,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 4,518,000 | $ 459,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | 19 | 14 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 16,230,000 | $ 13,260,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 2,349,000 | $ 5,284,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | 9 | 9 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 8,268,000 | $ 2,973,000 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 327,000 | $ 38,000 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | 3 | 1 |
U.S. government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 34,409,000 | $ 39,611,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 1,949,000 | $ 322,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | 6 | 7 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 31,481,000 | $ 22,899,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 545,000 | $ 100,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | 3 | 2 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 8,268,000 | $ 2,973,000 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 327,000 | $ 38,000 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | 3 | 1 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 24,748,000 | $ 16,034,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 477,000 | $ 36,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | 3 | 1 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 65,230,000 | $ 39,628,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 1,547,000 | $ 1,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | 7 | 4 |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 16,230,000 | $ 13,260,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 2,349,000 | $ 5,284,000 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | 9 | 9 |
Investments (Non-Cash OTTI Cred
Investments (Non-Cash OTTI Credit Losses Recognized in Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments [Abstract] | ||||
Balance of credit-related OTTI, Beginning | $ 2,194 | $ 2,396 | $ 2,244 | $ 2,446 |
Reduction for increases in cash flows expected to be collected | (51) | (51) | (101) | (101) |
Balance of credit-related OTTI, Ending | $ 2,143 | $ 2,345 | $ 2,143 | $ 2,345 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Values Classified by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Amortized Cost: Due after one year through five years | $ 4,411 | |
Amortized Cost: Due after five years through ten years | 10,063 | |
Amortized Cost: Due after ten years | 73,225 | |
Available For Sale Debt Maturities Amortized Cost Sub Total | 87,699 | |
Fair Value: Due after one year through five years | 4,489 | |
Fair Value: Due after five years through ten years | 10,238 | |
Fair Value: Due after ten years | 69,458 | |
Available For Sale Debt Maturities Fair Value Sub Total | 84,185 | |
Available-for-sale Securities, Amortized Cost Basis | 247,646 | $ 230,464 |
Available-for-sale Securities | 242,013 | 226,885 |
Amortized Cost: Due after ten years, Held to maturity | 20,223 | |
Fair Value: Due after ten years, Held to maturity | 29,164 | |
Held-to-maturity Securities | 65,683 | 68,263 |
Held-to-maturity securities, fair value | 75,574 | 77,612 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 32,027 | 22,999 |
Available-for-sale Securities | 31,482 | 22,899 |
Held-to-maturity Securities | 35,595 | 34,597 |
Held-to-maturity securities, fair value | 36,147 | 35,732 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 54,361 | 32,549 |
Available-for-sale Securities | 54,190 | 33,042 |
Held-to-maturity Securities | 9,747 | 11,716 |
Held-to-maturity securities, fair value | 10,144 | 12,303 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 73,559 | 70,372 |
Available-for-sale Securities | 72,156 | 70,637 |
Held-to-maturity Securities | 118 | 1,348 |
Held-to-maturity securities, fair value | $ 119 | $ 1,406 |
Loans And Related Allowances _2
Loans And Related Allowances For Loan Losses (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2021USD ($)contractloan | Jun. 30, 2020USD ($)contract | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||||||
Allowance for loan losses | $ 17,068,000 | $ 17,014,000 | $ 17,068,000 | $ 17,014,000 | $ 16,486,000 | $ 16,554,000 | $ 15,012,000 | $ 12,537,000 |
Nonaccrual loans | 7,285,000 | 7,285,000 | 3,339,000 | |||||
Financing receivable, modifications, subsequent default, recorded investment | 0 | $ 0 | ||||||
Partial Charge Off [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Nonaccrual loans | $ 500,000 | $ 500,000 | 200,000 | |||||
New TDRs [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | 0 | 0 | ||||
Existing TDRs [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Financing receivable, modifications, number of contracts | contract | 1 | 6 | 1 | 6 | ||||
Troubled Debt Restructuring [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Financing receivable, modifications, number of contracts | loan | 14 | |||||||
Financing receivable, modifications, recorded investment | $ 3,800,000 | $ 3,800,000 | 4,000,000 | |||||
Additional funds | 0 | 0 | ||||||
Financing receivable, modifications, subsequent default, recorded investment | $ 0 | |||||||
Commercial real estate- non owner-occupied [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Nonaccrual loans | 4,575,000 | 4,575,000 | 8,000 | |||||
Commercial real estate- all other CRE [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Nonaccrual loans | 557,000 | 557,000 | 890,000 | |||||
Acquisition and development- 1-4 family residential construction [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Loans in process of foreclosure | 600,000 | $ 600,000 | $ 400,000 | |||||
Percentage of loan portfolio accruing loans including PPP loans past due 30 days or more | 0.19% | 0.17% | ||||||
Percentage of loan portfolio accruing loans excluding PPP loans past due 30 days or more | 0.20% | 0.20% | ||||||
Acquisition and development- All other A&D [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Nonaccrual loans | 401,000 | $ 401,000 | $ 366,000 | |||||
Commercial and industrial [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
PPP loans | 114,000,000 | |||||||
Allowance for loan losses | 2,944,000 | 1,997,000 | 2,944,000 | $ 1,997,000 | 2,584,000 | 2,831,000 | 1,682,000 | 1,341,000 |
Commercial and industrial [Member] | CARES Act [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
PPP loans | 74,100,000 | $ 74,100,000 | $ 114,000,000 | |||||
PPP loans SBA guarantee percent | 100.00% | 100.00% | ||||||
Allowance for loan losses | 0 | $ 0 | $ 0 | |||||
Residential mortgage- term [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Nonaccrual loans | 1,281,000 | 1,281,000 | 1,634,000 | |||||
Residential mortgage- home equity [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Nonaccrual loans | 471,000 | 471,000 | 414,000 | |||||
Consumer [Member] | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Allowance for loan losses | $ 590,000 | $ 386,000 | $ 590,000 | $ 386,000 | 370,000 | $ 368,000 | $ 365,000 | $ 312,000 |
Nonaccrual loans | $ 27,000 |
Loans And Related Allowances _3
Loans And Related Allowances For Loan Losses (Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 11,270 | $ 7,459 |
Collectively evaluated for impairment | 1,134,073 | 1,160,353 |
Total Loans | 1,145,343 | 1,167,812 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 7,494 | 3,330 |
Collectively evaluated for impairment | 354,447 | 365,846 |
Total Loans | 361,941 | 369,176 |
Acquisition and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 858 | 842 |
Collectively evaluated for impairment | 130,772 | 116,119 |
Total Loans | 131,630 | 116,961 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | 229,852 | 266,745 |
Total Loans | 229,852 | 266,745 |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 2,918 | 3,185 |
Collectively evaluated for impairment | 361,490 | 375,985 |
Total Loans | 364,408 | 379,170 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 102 | |
Collectively evaluated for impairment | 57,512 | 35,658 |
Total Loans | $ 57,512 | $ 35,760 |
Loans And Related Allowances _4
Loans And Related Allowances For Loan Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,145,343 | $ 1,167,812 |
Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 188,471 | 190,518 |
Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 173,470 | 178,658 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 20,179 | 18,920 |
Acquisition and development- All other A&D [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 111,451 | 98,041 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 229,852 | 266,745 |
Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 303,969 | 315,577 |
Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 60,439 | 63,593 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 57,512 | 35,760 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,094,961 | 1,114,556 |
Pass [Member] | Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 171,876 | 178,670 |
Pass [Member] | Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 164,282 | 166,504 |
Pass [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 20,179 | 18,920 |
Pass [Member] | Acquisition and development- All other A&D [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 110,998 | 97,648 |
Pass [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 212,138 | 245,185 |
Pass [Member] | Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 298,413 | 309,177 |
Pass [Member] | Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 59,655 | 62,804 |
Pass [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 57,420 | 35,648 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 18,918 | 20,360 |
Special Mention [Member] | Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 10,255 | 5,526 |
Special Mention [Member] | Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,531 | 5,664 |
Special Mention [Member] | Acquisition and development- All other A&D [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17 | |
Special Mention [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,132 | 8,867 |
Special Mention [Member] | Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 283 | |
Special Mention [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3 | |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 31,464 | 32,896 |
Substandard [Member] | Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,340 | 6,322 |
Substandard [Member] | Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,657 | 6,490 |
Substandard [Member] | Acquisition and development- All other A&D [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 453 | 376 |
Substandard [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 11,582 | 12,693 |
Substandard [Member] | Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,556 | 6,117 |
Substandard [Member] | Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 784 | 789 |
Substandard [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 92 | $ 109 |
Loans And Related Allowances _5
Loans And Related Allowances For Loan Losses (Loan Portfolio Summarized by the Past Due Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 1,135,958 | $ 1,162,167 |
Total Past Due and Accruing | 2,100 | 2,306 |
Non-Accrual | 7,285 | 3,339 |
Loans | 1,145,343 | 1,167,812 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 889 | 823 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 938 | 759 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 273 | 724 |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 183,896 | 190,510 |
Non-Accrual | 4,575 | 8 |
Loans | 188,471 | 190,518 |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 172,913 | 177,360 |
Total Past Due and Accruing | 408 | |
Non-Accrual | 557 | 890 |
Loans | 173,470 | 178,658 |
Commercial real estate- all other CRE [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 408 | |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 20,179 | 18,920 |
Loans | 20,179 | 18,920 |
Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 111,045 | 97,660 |
Total Past Due and Accruing | 5 | 15 |
Non-Accrual | 401 | 366 |
Loans | 111,451 | 98,041 |
Acquisition and development- All other A&D [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 5 | |
Acquisition and development- All other A&D [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 5 | 10 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 229,754 | 266,708 |
Total Past Due and Accruing | 98 | 37 |
Loans | 229,852 | 266,745 |
Commercial and industrial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 98 | 37 |
Residential mortgage- term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 301,002 | 312,500 |
Total Past Due and Accruing | 1,686 | 1,443 |
Non-Accrual | 1,281 | 1,634 |
Loans | 303,969 | 315,577 |
Residential mortgage- term [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 588 | 63 |
Residential mortgage- term [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 874 | 670 |
Residential mortgage- term [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 224 | 710 |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 59,889 | 63,036 |
Total Past Due and Accruing | 79 | 143 |
Non-Accrual | 471 | 414 |
Loans | 60,439 | 63,593 |
Residential mortgage- home equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 79 | 80 |
Residential mortgage- home equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 63 | |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 57,280 | 35,473 |
Total Past Due and Accruing | 232 | 260 |
Non-Accrual | 27 | |
Loans | 57,512 | 35,760 |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 124 | 230 |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 64 | 26 |
Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 44 | $ 4 |
Loans And Related Allowances _6
Loans And Related Allowances For Loan Losses (Primary Segments of the Allowance for Loan Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | $ 250 | $ 57 | ||||
Collectively evaluated for impairment | 16,818 | 16,429 | ||||
Total Allowance For Loan Losses | 17,068 | $ 16,554 | 16,486 | $ 17,014 | $ 15,012 | $ 12,537 |
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 230 | 4 | ||||
Collectively evaluated for impairment | 5,445 | 5,539 | ||||
Total Allowance For Loan Losses | 5,675 | 5,404 | 5,543 | 4,527 | 3,816 | 2,882 |
Acquisition and Development [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 13 | |||||
Collectively evaluated for impairment | 2,500 | 2,326 | ||||
Total Allowance For Loan Losses | 2,500 | 2,423 | 2,339 | 4,498 | 4,063 | 3,674 |
Commercial and industrial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Collectively evaluated for impairment | 2,944 | 2,584 | ||||
Total Allowance For Loan Losses | 2,944 | 2,831 | 2,584 | 1,997 | 1,682 | 1,341 |
Residential Mortgage [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 20 | 40 | ||||
Collectively evaluated for impairment | 4,839 | 5,110 | ||||
Total Allowance For Loan Losses | 4,859 | 5,028 | 5,150 | 5,106 | 4,586 | 3,828 |
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Collectively evaluated for impairment | 590 | 370 | ||||
Total Allowance For Loan Losses | 590 | 368 | 370 | 386 | 365 | 312 |
Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Collectively evaluated for impairment | 500 | 500 | ||||
Total Allowance For Loan Losses | $ 500 | $ 500 | $ 500 | $ 500 | $ 500 | $ 500 |
Loans And Related Allowances _7
Loans And Related Allowances For Loan Losses (Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | $ 2,352 | $ 1,399 |
Impaired Loans with Specific Allowance: Related Allowance | 250 | 57 |
Impaired Loans with No Specific Allowance: Recorded Investment | 8,918 | 6,060 |
Total Impaired Loans: Recorded Investment | 11,270 | 7,459 |
Unpaid Principal Balance | 14,930 | 11,063 |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 1,866 | 111 |
Impaired Loans with Specific Allowance: Related Allowance | 230 | 4 |
Impaired Loans with No Specific Allowance: Recorded Investment | 2,818 | 8 |
Total Impaired Loans: Recorded Investment | 4,684 | 119 |
Unpaid Principal Balance | 4,684 | 119 |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance: Recorded Investment | 2,810 | 3,211 |
Total Impaired Loans: Recorded Investment | 2,810 | 3,211 |
Unpaid Principal Balance | 2,810 | 3,211 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance: Recorded Investment | 252 | 266 |
Total Impaired Loans: Recorded Investment | 252 | 266 |
Unpaid Principal Balance | 252 | 266 |
Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 276 | |
Impaired Loans with Specific Allowance: Related Allowance | 13 | |
Impaired Loans with No Specific Allowance: Recorded Investment | 606 | 300 |
Total Impaired Loans: Recorded Investment | 606 | 576 |
Unpaid Principal Balance | 1,815 | 1,724 |
Commercial and industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,214 | 2,214 |
Residential mortgage- term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 440 | 936 |
Impaired Loans with Specific Allowance: Related Allowance | 15 | 34 |
Impaired Loans with No Specific Allowance: Recorded Investment | 2,007 | 1,910 |
Total Impaired Loans: Recorded Investment | 2,447 | 2,846 |
Unpaid Principal Balance | 2,627 | 3,031 |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 46 | 76 |
Impaired Loans with Specific Allowance: Related Allowance | 5 | 6 |
Impaired Loans with No Specific Allowance: Recorded Investment | 425 | 339 |
Total Impaired Loans: Recorded Investment | 471 | 415 |
Unpaid Principal Balance | 503 | 447 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance: Recorded Investment | 26 | |
Total Impaired Loans: Recorded Investment | 26 | |
Unpaid Principal Balance | $ 25 | $ 51 |
Loans And Related Allowances _8
Loans And Related Allowances For Loan Losses (Allowance for Loan Losses Summarized by Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
ALL Beginning Balance | $ 16,554 | $ 15,012 | $ 16,486 | $ 12,537 |
Charge-offs | (95) | (238) | (338) | (584) |
Recoveries | 54 | 73 | 255 | 240 |
Provision | 555 | 2,167 | 665 | 4,821 |
ALL Ending Balance | 17,068 | 17,014 | 17,068 | 17,014 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
ALL Beginning Balance | 5,404 | 3,816 | 5,543 | 2,882 |
Recoveries | 66 | |||
Provision | 271 | 711 | 132 | 1,579 |
ALL Ending Balance | 5,675 | 4,527 | 5,675 | 4,527 |
Acquisition and Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
ALL Beginning Balance | 2,423 | 4,063 | 2,339 | 3,674 |
Charge-offs | (16) | (81) | (31) | |
Recoveries | 9 | 8 | 110 | 22 |
Provision | 68 | 443 | 132 | 833 |
ALL Ending Balance | 2,500 | 4,498 | 2,500 | 4,498 |
Commercial and industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
ALL Beginning Balance | 2,831 | 1,682 | 2,584 | 1,341 |
Charge-offs | (131) | (232) | ||
Recoveries | 2 | 1 | 38 | 16 |
Provision | 111 | 445 | 322 | 872 |
ALL Ending Balance | 2,944 | 1,997 | 2,944 | 1,997 |
Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
ALL Beginning Balance | 5,028 | 4,586 | 5,150 | 3,828 |
Charge-offs | (82) | (98) | ||
Recoveries | 12 | 22 | 29 | 48 |
Provision | (181) | 498 | (238) | 1,328 |
ALL Ending Balance | 4,859 | 5,106 | 4,859 | 5,106 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
ALL Beginning Balance | 368 | 365 | 370 | 312 |
Charge-offs | (95) | (91) | (175) | (223) |
Recoveries | 31 | 42 | 78 | 88 |
Provision | 286 | 70 | 317 | 209 |
ALL Ending Balance | 590 | 386 | 590 | 386 |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
ALL Beginning Balance | 500 | 500 | 500 | 500 |
ALL Ending Balance | $ 500 | $ 500 | $ 500 | $ 500 |
Loans And Related Allowances _9
Loans And Related Allowances For Loan Losses (Average of Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | $ 11,607 | $ 15,299 | $ 10,224 | $ 15,257 |
Interest income recognized on an accrual basis | 62 | 64 | 126 | 131 |
Interest income recognized on a cash basis | 3 | 5 | 4 | |
Commercial real estate- non owner-occupied [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 4,689 | 132 | 3,165 | 138 |
Interest income recognized on an accrual basis | 3 | 1 | 6 | 3 |
Commercial real estate- all other CRE [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 2,982 | 3,258 | 3,058 | 3,182 |
Interest income recognized on an accrual basis | 34 | 36 | 69 | 73 |
Acquisition and development- 1-4 family residential construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 255 | 282 | 259 | 285 |
Interest income recognized on an accrual basis | 3 | 3 | 6 | 6 |
Acquisition and development- All other A&D [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 611 | 8,515 | 599 | 8,436 |
Interest income recognized on an accrual basis | 3 | 3 | 6 | 6 |
Interest income recognized on a cash basis | 1 | |||
Commercial and industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 9 | 16 | ||
Residential mortgage- term [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 2,585 | 2,450 | 2,672 | 2,477 |
Interest income recognized on an accrual basis | 19 | 21 | 39 | 43 |
Interest income recognized on a cash basis | 5 | |||
Residential mortgage- home equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 474 | 634 | 454 | 709 |
Interest income recognized on a cash basis | 3 | 3 | ||
Consumer [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | $ 11 | $ 19 | $ 17 | $ 14 |
Loans And Related Allowances_10
Loans And Related Allowances For Loan Losses (TDRs) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2021USD ($)loancontract | Jun. 30, 2020USD ($)contract | |
Troubled Debt Restructuring [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | loan | 14 | |||
Temporary Rate Modification [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | contract | 1 | 1 | ||
Recorded Investment | $ | $ 46 | $ 46 | ||
Extension Of Maturity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | contract | 1 | 2 | 1 | 2 |
Recorded Investment | $ | $ 109 | $ 447 | $ 109 | $ 447 |
Modification Of Payment And Other Terms [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | contract | 3 | 3 | ||
Recorded Investment | $ | $ 2,471 | $ 2,471 | ||
Commercial real estate- non owner-occupied [Member] | Extension Of Maturity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | contract | 1 | 1 | ||
Recorded Investment | $ | $ 109 | $ 109 | ||
Commercial real estate- all other CRE [Member] | Modification Of Payment And Other Terms [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | contract | 1 | 1 | ||
Recorded Investment | $ | $ 2,226 | $ 2,226 | ||
Acquisition and development- All other A&D [Member] | Extension Of Maturity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | contract | 1 | 1 | ||
Recorded Investment | $ | $ 217 | $ 217 | ||
Residential mortgage- term [Member] | Temporary Rate Modification [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | contract | 1 | 1 | ||
Recorded Investment | $ | $ 46 | $ 46 | ||
Residential mortgage- term [Member] | Extension Of Maturity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | contract | 1 | 1 | ||
Recorded Investment | $ | $ 230 | $ 230 | ||
Residential mortgage- term [Member] | Modification Of Payment And Other Terms [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | contract | 2 | 2 | ||
Recorded Investment | $ | $ 245 | $ 245 |
Other Real Estate Owned, Net (C
Other Real Estate Owned, Net (Components of OREO, Net of Related Valuation Allowance) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Total OREO, net | $ 6,756 | $ 9,386 |
Commercial Real Estate [Member] | ||
Total OREO, net | 900 | 945 |
Acquisition and Development [Member] | ||
Total OREO, net | 5,856 | 8,441 |
Residential Mortgage [Member] | ||
Total OREO, net | $ 6,756 | $ 9,386 |
Other Real Estate Owned, Net (S
Other Real Estate Owned, Net (Schedule of Activity in OREO Valuation Allowance) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Real Estate Owned, Net [Abstract] | ||||
Balance beginning of period | $ 1,004 | $ 1,780 | $ 1,010 | $ 1,790 |
Fair value write-down | (164) | 13 | (160) | 39 |
Sales of OREO | (297) | (59) | (307) | (95) |
Balance at end of period | $ 543 | $ 1,734 | $ 543 | $ 1,734 |
Other Real Estate Owned, Net _2
Other Real Estate Owned, Net (Schedule of Components of OREO Expenses, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Real Estate Owned, Net [Abstract] | ||||
Gains on sale of real estate, net | $ (105) | $ (11) | $ (596) | $ (21) |
Fair value write-down | (164) | 13 | (160) | 39 |
Expenses, net | 72 | 31 | 195 | 65 |
Rental and other income | (1) | (36) | (49) | (86) |
Total OREO expenses, net | $ (198) | $ (3) | $ (610) | $ (3) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)security | Jun. 30, 2020USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Gains or losses included in earnings attributable to the change in realized/unrealized gains or losses related to the assets | $ 0 | $ 0 | $ 0 | $ 0 |
Fair value, assets, level 1 to level 2 transfers, amount | 0 | 0 | 0 | 0 |
Fair value, assets, level 2 to level 1 transfer, amount | 0 | $ 0 | $ 0 | $ 0 |
Collateralized debt obligations [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Acquired trust preferred securities, number of securities | security | 9 | |||
Collateralized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Trust preferred securities, amortized cost | 18,600,000 | $ 18,600,000 | ||
Trust preferred securities, fair value | $ 16,200,000 | $ 16,200,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Measurements, Recurring [Member] | Investment Securities - Available for Sale [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities | $ 16,230 | $ 13,260 |
Fair value input, unobservable input value, description | LIBOR+ 3.75% | LIBOR+ 5.25% |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities | $ 2,099 | $ 1,465 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities | $ 443 | $ 913 |
Fair value measurements discount rate | 15.00% | 15.00% |
Minimum [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 10.00% | 10.00% |
Maximum [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 15.00% | 15.00% |
Weighted Average [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 10.50% | 12.50% |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 242,013 | $ 226,885 |
Impaired Loans | 11,270 | 7,459 |
Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Derivative | (834) | (1,320) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Derivative | (834) | (1,320) |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Derivative | (834) | (1,320) |
U.S. government agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 58,121 | 76,433 |
U.S. government agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 58,121 | 76,433 |
U.S. government agencies [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 58,121 | 76,433 |
Residential mortgage-backed agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 31,482 | 22,899 |
Residential mortgage-backed agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 31,482 | 22,899 |
Residential mortgage-backed agencies [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 31,482 | 22,899 |
Commercial mortgage-backed agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 54,190 | 33,042 |
Commercial mortgage-backed agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 54,190 | 33,042 |
Commercial mortgage-backed agencies [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 54,190 | 33,042 |
Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 72,156 | 70,637 |
Collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 72,156 | 70,637 |
Collateralized mortgage obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 72,156 | 70,637 |
Obligations of states and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 9,834 | 10,614 |
Obligations of states and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 9,834 | 10,614 |
Obligations of states and political subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 9,834 | 10,614 |
Collateralized debt obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 16,230 | 13,260 |
Collateralized debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 16,230 | 13,260 |
Collateralized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 16,230 | 13,260 |
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 2,099 | 1,465 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 2,099 | 1,465 |
Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 443 | 913 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 443 | $ 913 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Reconciliation Of Fair Valued Assets Measured On A Recurring Basis) (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Recurring [Member] - Collateralized debt obligations [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 13,649 | $ 12,380 | $ 13,260 | $ 14,354 |
Total losses realized/unrealized: Included in other comprehensive income loss | 2,581 | (428) | 2,970 | (2,402) |
Ending balance | $ 16,230 | $ 11,952 | $ 16,230 | $ 11,952 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Fair Value By Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks, Carrying Amount | $ 190,949 | $ 146,673 |
Interest bearing deposits in banks, Carrying Amount | 3,473 | 2,759 |
Investment securities - AFS, Carrying Amount | 242,013 | 226,885 |
Restricted Bank stock, Carrying Amount | 3,658 | 4,468 |
Loans, net, Carrying Amount | 1,125,817 | 1,149,596 |
Short-term borrowed funds, carrying amount | 49,406 | 49,160 |
Long-term borrowed funds, carrying amount | 100,929 | 100,929 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 190,949 | 146,673 |
Interest bearing deposits in banks | 3,473 | 2,759 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - AFS | 225,783 | 213,625 |
Investment securities - HTM | 46,410 | 49,442 |
Restricted Bank Stock | 3,658 | 4,468 |
Accrued interest receivable | 765 | 6,241 |
Deposits - non-maturity | 1,256,597 | 1,194,140 |
Deposits - time deposits | 201,160 | 231,241 |
Financial derivative | 834 | 1,320 |
Short-term borrowed funds | 49,406 | 49,160 |
Long-term borrowed funds | 103,176 | 104,825 |
Accrued interest payable | 329 | 391 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - AFS | 16,230 | 13,260 |
Investment securities - HTM | 29,164 | 28,170 |
Loans, net | 1,121,938 | 1,150,186 |
Accrued interest receivable | 4,436 | |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 190,949 | 146,673 |
Interest bearing deposits in banks | 3,473 | 2,759 |
Investment securities - AFS | 242,013 | 226,885 |
Investment securities - HTM | 65,683 | 68,263 |
Restricted Bank Stock | 3,658 | 4,468 |
Loans, net | 1,125,817 | 1,149,596 |
Accrued interest receivable | 5,201 | 6,241 |
Deposits - non-maturity | 1,256,597 | 1,194,140 |
Deposits - time deposits | 199,514 | 228,226 |
Financial derivative | 834 | 1,320 |
Short-term borrowed funds | 49,406 | 49,160 |
Long-term borrowed funds | 100,929 | 100,929 |
Accrued interest payable | 329 | 391 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 190,949 | 146,673 |
Interest bearing deposits in banks | 3,473 | 2,759 |
Investment securities - AFS | 242,013 | 226,885 |
Investment securities - HTM | 75,574 | 77,612 |
Restricted Bank Stock | 3,658 | 4,468 |
Loans, net | 1,121,938 | 1,150,186 |
Accrued interest receivable | 5,201 | 6,241 |
Deposits - non-maturity | 1,256,597 | 1,194,140 |
Deposits - time deposits | 201,160 | 231,241 |
Financial derivative | 834 | 1,320 |
Short-term borrowed funds | 49,406 | 49,160 |
Long-term borrowed funds | 103,176 | 104,825 |
Accrued interest payable | $ 329 | $ 391 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Balance, Beginning | $ (28,863) | ||
Balance, Ending | $ (28,468) | $ (28,863) | |
Investment securities- with OTTI [Member] | |||
Balance, Beginning | (3,048) | (3,277) | (2,542) |
Other comprehensive income/(loss) before reclassifications | 1,581 | 266 | (587) |
Amounts reclassified from accumulated other comprehensive loss | (37) | (37) | (148) |
Balance, Ending | (1,504) | (3,048) | (3,277) |
Investment Securities -All Other AFS [Member] | |||
Balance, Beginning | (5,227) | (25) | (853) |
Other comprehensive income/(loss) before reclassifications | 2,034 | (5,202) | 1,291 |
Amounts reclassified from accumulated other comprehensive loss | (113) | (463) | |
Balance, Ending | (3,306) | (5,227) | (25) |
Investment Securities HTM [Member] | |||
Balance, Beginning | (270) | (315) | (899) |
Amounts reclassified from accumulated other comprehensive loss | 34 | 45 | 584 |
Balance, Ending | (236) | (270) | (315) |
Cash Flow Hedge (OCI) [Member] | |||
Balance, Beginning | (549) | (954) | (85) |
Other comprehensive income/(loss) before reclassifications | (34) | 405 | (869) |
Balance, Ending | (583) | (549) | (954) |
Pension Plan [Member] | |||
Balance, Beginning | (22,497) | (22,630) | (20,417) |
Other comprehensive income/(loss) before reclassifications | 938 | (139) | (3,262) |
Amounts reclassified from accumulated other comprehensive loss | 272 | 272 | 1,049 |
Balance, Ending | (21,287) | (22,497) | (22,630) |
SERP [Member] | |||
Balance, Beginning | (1,607) | (1,662) | (1,175) |
Other comprehensive income/(loss) before reclassifications | (625) | ||
Amounts reclassified from accumulated other comprehensive loss | 55 | 55 | 138 |
Balance, Ending | (1,552) | (1,607) | (1,662) |
Accumulated Other Comprehensive Loss [Member] | |||
Balance, Beginning | (33,198) | (28,863) | (25,971) |
Other comprehensive income/(loss) before reclassifications | 4,519 | (4,670) | (4,052) |
Amounts reclassified from accumulated other comprehensive loss | 211 | 335 | 1,160 |
Balance, Ending | $ (28,468) | $ (33,198) | $ (28,863) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Components of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Net of tax | $ 1,921 | $ 608 | $ (3,281) | $ 1,992 |
Held to maturity securities: Net unrealized gains on all HTM securities, Before tax | 602 | |||
Held to maturity securities: Net unrealized gains on all HTM securities, Tax | (161) | |||
Held to maturity securities: Net unrealized gains on all HTM securities, After tax | 441 | |||
Cash flow hedges: Unrealized holding (losses) gains, Net of Tax | (34) | (81) | 371 | (1,044) |
Unrealized net actuarial loss, Net of Tax | 1,210 | 3,399 | 1,343 | (1,516) |
Other Comprehensive Income, Before Tax Amount | 6,457 | 5,626 | 540 | (2,064) |
Other Comprehensive Income, Tax (Expense) Benefit | (1,727) | (1,506) | (145) | 552 |
Other Comprehensive (loss) Income, Net | 4,730 | 4,120 | 395 | (1,512) |
Amortization of Recognized Income [Member] | ||||
Less: amortization recognized in income, Before Tax | (662) | |||
Less: amortization recognized in income, Tax Effect | 177 | |||
Less: amortization recognized in income, Net of Tax | (485) | |||
Cash flow hedges: Unrealized holding (losses) gains, Before Tax | 60 | |||
Cash flow hedges: Unrealized holding (losses) gains, Tax Effect | (16) | |||
Cash flow hedges: Unrealized holding (losses) gains, Net of Tax | 44 | |||
Investment securities- with OTTI [Member] | ||||
Available for sale (AFS) securities with OTTI: Unrealized holding (losses) gains, Before Tax Amount | 2,160 | (333) | 2,523 | (1,956) |
Available for sale (AFS) securities with OTTI: Unrealized holding (losses) gains, tax effect | (579) | 89 | (676) | 524 |
Available for sale (AFS) securities with OTTI: Unrealized holding (losses) gains, Net of Tax | 1,581 | (244) | 1,847 | (1,432) |
Available for sale (AFS) securities with OTTI: Less: accretable yield recognized in income, Before Tax Amount | 51 | 51 | 101 | 101 |
Available for sale (AFS) securities with OTTI: Less: accretable yield recognized in income, Tax Effect | (14) | (14) | (27) | (27) |
Available for sale (AFS) securities with OTTI: Less: accretable yield recognized in income, Net of Tax | 37 | 37 | 74 | 74 |
Available for sale (AFS) securities with OTTI: Net unrealized losses on investments with OTTI, Before Tax Amount | 2,109 | (384) | 2,422 | (2,057) |
Available for sale (AFS) securities with OTTI: Net unrealized losses on investments with OTTI, Tax Effect | (565) | 103 | (649) | 551 |
Available for sale (AFS) securities with OTTI: Net unrealized losses on investments with OTTI, Net of Tax | 1,544 | (281) | 1,773 | (1,506) |
Investment securities- all other [Member] | ||||
Securities: Unrealized holding gains (losses), Before Tax | 2,767 | |||
Securities: Unrealized holding gains (losses), Tax Effect | (741) | |||
Securities: Unrealized holding gains (losses), Net of Tax | 2,026 | |||
Less: amortization recognized in income, Before Tax | 47 | |||
Less: amortization recognized in income, Tax Effect | (13) | |||
Less: amortization recognized in income, Net of Tax | 34 | |||
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Before Tax | 2,720 | |||
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Tax Effect | (728) | |||
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Net of tax | 1,992 | |||
Investment Securities -All Other AFS [Member] | ||||
Securities: Unrealized holding gains (losses), Before Tax | 2,778 | 877 | (4,327) | |
Securities: Unrealized holding gains (losses), Tax Effect | (744) | (235) | 1,159 | |
Securities: Unrealized holding gains (losses), Net of Tax | 2,034 | 642 | (3,168) | |
Less: amortization recognized in income, Before Tax | 154 | 47 | 154 | |
Less: amortization recognized in income, Tax Effect | (41) | (13) | (41) | |
Less: amortization recognized in income, Net of Tax | 113 | 34 | 113 | |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Before Tax | 2,624 | 830 | (4,481) | |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Tax Effect | (703) | (222) | 1,200 | |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Net of tax | 1,921 | 608 | (3,281) | |
Investment Securities HTM [Member] | ||||
Less: amortization recognized in income, Before Tax | (108) | 60 | ||
Less: amortization recognized in income, Tax Effect | 29 | (16) | ||
Less: amortization recognized in income, Net of Tax | (79) | 44 | ||
Held to maturity securities: Net unrealized gains on all HTM securities, Before tax | 46 | 108 | ||
Held to maturity securities: Net unrealized gains on all HTM securities, Tax | (12) | (29) | ||
Held to maturity securities: Net unrealized gains on all HTM securities, After tax | 34 | 79 | ||
Investment Securities HTM [Member] | Amortization of Recognized Income [Member] | ||||
Less: amortization recognized in income, Before Tax | (46) | (735) | ||
Less: amortization recognized in income, Tax Effect | 12 | 197 | ||
Less: amortization recognized in income, Net of Tax | (34) | (538) | ||
Held to maturity securities: Net unrealized gains on all HTM securities, Before tax | (675) | |||
Held to maturity securities: Net unrealized gains on all HTM securities, Tax | (181) | |||
Held to maturity securities: Net unrealized gains on all HTM securities, After tax | (494) | |||
Cash Flow Hedge (OCI) [Member] | ||||
Cash flow hedges: Unrealized holding (losses) gains, Before Tax | (47) | (111) | 507 | (1,425) |
Cash flow hedges: Unrealized holding (losses) gains, Tax Effect | 13 | 30 | (136) | 381 |
Cash flow hedges: Unrealized holding (losses) gains, Net of Tax | (34) | (81) | 371 | (1,044) |
Pension Plan [Member] | ||||
Unrealized net actuarial loss, Before Tax | 1,280 | 4,284 | 1,090 | (2,786) |
Unrealized net actuarial loss, Tax Effect | (342) | (1,147) | (291) | 746 |
Unrealized net actuarial loss, Net of Tax | 938 | 3,137 | 799 | (2,040) |
Less: amortization of unrecognized loss, Before Tax | (716) | |||
Less: amortization of unrecognized loss, Tax Effect | 192 | |||
Less: amortization of unrecognized loss, Net of Tax | (524) | |||
Net plan liability adjustment, Before Tax | 1,652 | 4,642 | 1,834 | (2,070) |
Net plan liability adjustment, Tax Effect | (442) | (1,243) | (491) | 554 |
Net plan liability adjustment, Net of Tax | 1,210 | 3,399 | 1,343 | (1,516) |
Pension Plan [Member] | Amortization of Unrecognized Loss [Member] | ||||
Less: amortization of unrecognized loss, Before Tax | (372) | (358) | ||
Less: amortization of unrecognized loss, Tax Effect | 100 | 96 | ||
Less: amortization of unrecognized loss, Net of Tax | (272) | (262) | ||
Pension Plan [Member] | Amortization of Recognized Income [Member] | ||||
Less: amortization of unrecognized loss, Before Tax | (744) | |||
Less: amortization of unrecognized loss, Tax Effect | 200 | |||
Less: amortization of unrecognized loss, Net of Tax | (544) | |||
SERP [Member] | ||||
Net plan liability adjustment, Before Tax | 73 | 47 | 150 | 93 |
Net plan liability adjustment, Tax Effect | (18) | (13) | (40) | (25) |
Net plan liability adjustment, Net of Tax | 55 | 34 | 110 | 68 |
SERP [Member] | Amortization of Unrecognized Loss [Member] | ||||
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Before Tax | (73) | |||
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Tax Effect | 18 | |||
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Net of tax | $ (55) | |||
Less: amortization of unrecognized loss, Before Tax | (47) | (150) | (94) | |
Less: amortization of unrecognized loss, Tax Effect | 13 | 40 | 25 | |
Less: amortization of unrecognized loss, Net of Tax | $ (34) | $ (110) | (69) | |
SERP [Member] | Amortization of Prior Service Costs [Member] | ||||
Less: amortization of prior service costs, Before Tax | 1 | |||
Less: amortization of prior service costs, Net of Tax | $ 1 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest income on taxable investment securities | $ 994 | $ 1,344 | $ 1,984 | $ 2,652 | ||
Provision for income tax expense | (1,536) | (711) | (2,635) | (1,233) | ||
Net income | 4,403 | $ 3,430 | 2,570 | $ 1,755 | 7,833 | 4,325 |
Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net income | (211) | (666) | (546) | (978) | ||
Investment securities- with OTTI [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest income on taxable investment securities | 51 | 51 | 101 | 101 | ||
Provision for income tax expense | (14) | (14) | (27) | (27) | ||
Net income | 37 | 37 | 74 | 74 | ||
Investment securities- all other [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net gains | 154 | 47 | 154 | 47 | ||
Provision for income tax expense | (41) | (13) | (41) | (13) | ||
Net income | 113 | 34 | 113 | 34 | ||
Investment Securities HTM [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest income on taxable investment securities | (46) | (662) | (108) | (735) | ||
Net gains | 60 | 60 | ||||
Provision for income tax expense | 12 | 161 | 29 | 181 | ||
Net income | (34) | (441) | (79) | (494) | ||
Pension Plan [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Provision for income tax expense | 100 | 96 | 200 | 192 | ||
Net income | (272) | (262) | (544) | (524) | ||
Pension Plan [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Other expense | (372) | (358) | (744) | (716) | ||
SERP [Member] | Amortization of Prior Service Costs [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Salaries and employee benefits | 1 | |||||
SERP [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Provision for income tax expense | 18 | 13 | 40 | 25 | ||
Net income | (55) | (34) | (110) | (68) | ||
SERP [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Other expense | $ (73) | $ (47) | $ (150) | $ (94) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2021USD ($)employee | Jan. 31, 2020USD ($)employee | Jan. 31, 2019USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Discretionary contribution as percentage of employee's base pay | 15.00% | ||||||
Defined contribution plan consecutive years of service to be completed by participant | 2 years | ||||||
Period to refrain from engaging in competitive employment following separation from service | 3 years | ||||||
Pension [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Period of employment used to determine benefits | 5 years | ||||||
Plan modification description | Effective April 30, 2010, the Pension Plan was amended, resulting in a “soft freeze”, the effect of which prohibits new entrants into the plan and ceases crediting of additional years of service after that date. Effective January 1, 2013, the Pension Plan was amended to unfreeze it for those employees for whom the sum of their (a) ages, at their closest birthday plus (b) years of service for vesting purposes equals 80 or greater. The “soft freeze” continues to apply to all other plan participants. Pension benefits for these participants are managed through discretionary contributions to the First United Corporation 401(k) Profit Sharing Plan (the “401(k) Plan”). | ||||||
Employer discretionary contribution | $ 0 | $ 1,000,000 | |||||
SERP [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer discretionary contribution | $ 101,257 | $ 126,058 | $ 123,179 | $ 12,657 | |||
Defined contribution plan, number of employees | employee | 3 | 4 | |||||
Vesting period of employer discretionary contribution | 2 years | 2 years | |||||
Defined benefit plan participants compensation expense | $ 25,314 | ||||||
SERP [Member] | Four Participants [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan participants compensation expense | $ 15,757 | $ 15,757 | $ 31,514 | $ 31,514 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Pension Plan Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Pension [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 39 | $ 56 | $ 78 | $ 112 |
Interest Cost | 355 | 406 | 711 | 813 |
Expected return on assets | (892) | (887) | (1,785) | (1,774) |
Amortization of net actuarial loss/recognized loss | 372 | 358 | 744 | 716 |
Net pension credit included in employee benefits and other expense | (126) | (67) | (252) | (133) |
SERP [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 34 | 31 | 69 | 62 |
Interest Cost | 59 | 67 | 119 | 134 |
Amortization of net actuarial loss/recognized loss | 76 | 47 | 151 | 94 |
Amortization of prior service cost | (1) | (1) | ||
Net pension credit included in employee benefits and other expense | $ 169 | $ 145 | $ 338 | $ 289 |
Equity Compensation Plan Info_2
Equity Compensation Plan Information (Narrative) (Details) - USD ($) | Mar. 26, 2021 | Mar. 26, 2020 | May 31, 2021 | Jul. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
2018 Equity Plan [Member] | Maximum [Member] | |||||||||
Maximum issuance of common stock options | 325,000 | 325,000 | |||||||
2018 Equity Plan [Member] | Director [Member] | |||||||||
Shares issued to non employee directors | 1,000 | ||||||||
Amount payable to non-employee directors | $ 10,000 | $ 10,000 | $ 10,000 | ||||||
Fully-vested shares of common stock issued | 12,726 | 916 | 13,160 | ||||||
Fully vested shares of common stock issued, per share value | $ 18.50 | $ 11.22 | $ 14.52 | $ 14.52 | $ 14.52 | ||||
Stock compensation expense | $ 62,644 | $ 39,698 | $ 132,860 | $ 106,681 | |||||
Long-Term Incentive Plan [Member] | |||||||||
Stock compensation expense | 26,127 | $ 31,242 | $ 52,254 | $ 62,484 | |||||
Restricted Stock Units (RSUs) [Member] | Officers [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||
Share-based compensation performance based award, percent | 50.00% | ||||||||
Restricted Stock Units (RSUs) [Member] | Officers [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||
Share-based compensation performance based award, percent | 150.00% | ||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | |||||||||
Shares of common stock grant date fair market value | $ 17.93 | $ 12.54 | |||||||
Stock compensation expense | $ 11,048 | ||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||
Share-based compensation award vesting period | 3 years | ||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||
Share-based compensation award vesting period | 3 years | ||||||||
Performance Vested Shares [Member] | |||||||||
Share-based compensation award vesting period | 3 years | ||||||||
Performance Vested Shares [Member] | Long-Term Incentive Plan [Member] | |||||||||
Share-based compensation shares of common stock granted | 7,389 | 19,934 | |||||||
Time-vested Shares [Member] | Long-Term Incentive Plan [Member] | |||||||||
Share-based compensation shares of common stock granted | 3,693 | 5,070 | |||||||
Shares-based compensation shares of common stock issued | 1,690 | ||||||||
Unvested Restricted Stock Units [Member] | Long-Term Incentive Plan [Member] | Year 2020 [Member] | |||||||||
Unrecognized compensation expense related to unvested units | 136,300 | $ 136,300 | |||||||
Unvested Restricted Stock Units [Member] | Long-Term Incentive Plan [Member] | Year 2021 [Member] | |||||||||
Unrecognized compensation expense related to unvested units | $ 187,806 | $ 187,806 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2016USD ($)contract | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |||
Deferred tax asset on gain on derivative | $ 114,000 | ||
Decrease in fair value of derivatives | 485,000 | ||
Cash flow hedge ineffectiveness | 0 | ||
Interest Rate Swap Agreements [Member] | |||
Derivative [Line Items] | |||
Interest rate swap notional amount | $ 30,000,000 | 20,000,000 | |
Number of interest rate swap contracts | contract | 4 | ||
Fair value of interest rate swap contracts | $ (834,000) | $ (1,300,000) | |
Swap Contract 3 Year 5 Million [Member] | |||
Derivative [Line Items] | |||
Interest rate swap notional amount | $ 5,000,000 | ||
Derivative, maturity date | Sep. 17, 2019 | ||
Derivative, term of contract | 3 years | ||
Swap Contract 5 Year $5 Million [Member] | |||
Derivative [Line Items] | |||
Interest rate swap notional amount | $ 5,000,000 | ||
Derivative, maturity date | Mar. 17, 2021 | ||
Derivative, term of contract | 5 years | ||
Swap Contract- 7 year $5 Million [Member] | |||
Derivative [Line Items] | |||
Interest rate swap notional amount | $ 5,000,000 | ||
Derivative, maturity date | Mar. 17, 2023 | ||
Derivative, term of contract | 7 years | ||
Swap Contract 10 Year $15 Million [Member] | |||
Derivative [Line Items] | |||
Interest rate swap notional amount | $ 15,000,000 | ||
Derivative, maturity date | Mar. 17, 2026 | ||
Derivative, term of contract | 10 years |
Derivative Financial Instrume_4
Derivative Financial Instruments (Impact Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative (effective portion) | $ (34) | $ (81) | $ 371 | $ (1,044) |
Revenue Recognition (Schedule o
Revenue Recognition (Schedule of Noninterest Income Segregated by Revenue Streams In-Scope and Out-of-Scope of Topic 606) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Noninterest income (in-scope of Topic 660) | $ 3,937 | $ 3,022 | $ 7,872 | $ 6,591 |
Noninterest income (out-of-scope of Topic 660) | 384 | 403 | 1,191 | 842 |
Total Noninterest Income | 4,321 | 3,425 | 9,063 | 7,433 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income (in-scope of Topic 660) | 412 | 377 | 817 | 992 |
Total Noninterest Income | 412 | 377 | 817 | 992 |
Other Service Charges [Member] | ||||
Noninterest income (in-scope of Topic 660) | 221 | 32 | 432 | 322 |
Total Noninterest Income | 221 | 32 | 432 | 322 |
Trust Department [Member] | ||||
Noninterest income (in-scope of Topic 660) | 2,034 | 1,731 | 4,275 | 3,484 |
Total Noninterest Income | 2,034 | 1,731 | 4,275 | 3,484 |
Debit Card Income [Member] | ||||
Noninterest income (in-scope of Topic 660) | 913 | 680 | 1,723 | 1,314 |
Total Noninterest Income | 913 | 680 | 1,723 | 1,314 |
Brokerage Commissions [Member] | ||||
Noninterest income (in-scope of Topic 660) | 357 | 202 | 625 | 479 |
Total Noninterest Income | $ 357 | $ 202 | $ 625 | $ 479 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Narrative) (Details) - $ / shares | Apr. 16, 2021 | Jun. 30, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Jan. 27, 2021 | Dec. 31, 2020 |
Regulatory Capital Requirements [Abstract] | ||||||
Stock repurchase, shares | 360,737 | 400,000 | 145,291 | 400,000 | ||
Stock repurchase program number of shares authorized to be repurchased | 400,000 | |||||
Common stock, Par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Stock repurchase program per share amount | $ 18 |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements (Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations) (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital to Risk Weighted Assets | 15.80 | 16.08 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10 | |
Tier 1 Risk Based Capital to Risk Weighted Assets | 14.55 | 14.83 |
Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6 | |
Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8 | |
Common equity, Ratio | 12.37 | 12.61 |
Common equity, Required For Capital Adequacy Purposes, Ratio | 4.50 | |
Common equity, Required To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50 | |
Tier 1 Leverage Capital to Average Assets | 9.94 | 10.36 |
Tier 1 Leverage Capital Required for Capital Adequacy to Average Assets | 4 | |
Tier 1 Leverage Capital Required to be Well Capitalized to Average Assets | 5 | |
First United Bank & Trust [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital to Risk Weighted Assets | 14.92 | 15.50 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10 | |
Tier 1 Risk Based Capital to Risk Weighted Assets | 13.66 | 14.25 |
Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6 | |
Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8 | |
Common equity, Ratio | 13.66 | 14.25 |
Common equity, Required For Capital Adequacy Purposes, Ratio | 4.50 | |
Common equity, Required To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50 | |
Tier 1 Leverage Capital to Average Assets | 9.20 | 9.81 |
Tier 1 Leverage Capital Required for Capital Adequacy to Average Assets | 4 | |
Tier 1 Leverage Capital Required to be Well Capitalized to Average Assets | 5 |
Assets and Liabilities Subjec_3
Assets and Liabilities Subject to Enforceable Master Netting Arrangements (Schedule of Assets and Liabilities Subject to an Enforceable Master Netting Arrangement or Repurchase Agreements) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investment security collateral as a percentage of borrowing | 102.00% | |
Repurchase Agreements [Member] | ||
Gross Amounts of Recognized (Assets)/Liabilities | $ 51,454 | $ 49,160 |
Gross Amounts Offset in the Statement of Condition | ||
Net Amounts of (Assets)/Liabilities Presented in the Statement of Condition | 51,454 | 49,160 |
Gross Amounts Not Offset in the Statment of Condition: Financial Instruments | (51,454) | (49,160) |
Gross Amounts Not Offset in the Statment of Condition: Cash Collateral Pledged | ||
Net amount | ||
Interest Rate Swap Agreements [Member] | ||
Gross Amounts of Recognized (Assets)/Liabilities | 834 | 1,320 |
Gross Amounts Offset in the Statement of Condition | ||
Net Amounts of (Assets)/Liabilities Presented in the Statement of Condition | 834 | 1,320 |
Gross Amounts Not Offset in the Statment of Condition: Financial Instruments | (834) | (1,320) |
Gross Amounts Not Offset in the Statment of Condition: Cash Collateral Pledged | 2,000 | |
Net amount |