Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jun. 30, 2023 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 85,737,171 | ||
Entity Common Stock, Shares Outstanding | 6,643,161 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Entity Central Index Key | 0000763907 | ||
Amendment Flag | false | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for the 2024 Annual Meeting of Shareholders to be filed with the SEC pursuant to Regulation 14A are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Auditor Name | Crowe LLP | ||
Auditor Firm ID | 173 | ||
Auditor Location | Washington, D.C. | ||
Document Financial Statement Error Correction [Flag] | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 48,343 | $ 72,720 |
Interest bearing deposits in banks | 1,410 | 1,595 |
Cash and cash equivalents | 49,753 | 74,315 |
Investment securities - available for sale (at fair value) | 97,169 | 125,889 |
Investment securities - held to maturity, net of allowance for credit losses of $45 and $0, respectively (fair value of $184,415 at December 31, 2023 and $203,080 at December 31, 2022) | 214,297 | |
Investment securities - held to maturity, net of allowance for credit losses of $45 and $0, respectively (fair value of $184,415 at December 31, 2023 and $203,080 at December 31, 2022), pre ASU change | 235,659 | |
Restricted investment in bank stock, at cost | 5,250 | 1,027 |
Loans held for sale | 443 | 0 |
Loans | 1,406,667 | 1,279,494 |
Unearned fees | (340) | (174) |
Allowance for credit losses | (17,480) | (14,636) |
Net loans | 1,388,847 | 1,264,684 |
Premises and equipment, net | 31,459 | 34,948 |
Goodwill and other intangibles | 12,103 | 12,433 |
Bank owned life insurance | 47,607 | 46,346 |
Deferred tax assets | 11,133 | 10,605 |
Other real estate owned, net | 4,493 | 4,733 |
Right of use asset | 1,367 | 1,898 |
Pension asset | 11,208 | 8,001 |
Accrued interest receivable | 7,487 | 6,051 |
Other assets | 23,244 | 21,580 |
Total Assets | 1,905,860 | 1,848,169 |
Liabilities: | ||
Non-interest bearing deposits | 427,670 | 506,613 |
Interest bearing deposits | 1,123,307 | 1,064,120 |
Total deposits | 1,550,977 | 1,570,733 |
Short-term borrowings | 45,418 | 64,565 |
Long-term borrowings | 110,929 | 30,929 |
Operating lease liability | 1,556 | 2,373 |
SERP deferred compensation | 9,777 | 7,194 |
Allowance for credit losses on unfunded commitments | 873 | 133 |
Accrued interest payable | 612 | 151 |
Other Liabilities | 22,515 | 19,099 |
Dividends payable | 1,330 | 1,199 |
Total Liabilities | 1,743,987 | 1,696,376 |
Shareholders' Equity: | ||
Common Stock - par value $0.01 per share; Authorized 25,000,000 shares; issued and outstanding 6,639,888 shares at December 31, 2023 and 6,666,428 shares at December 31, 2022 | 66 | 67 |
Surplus | 23,734 | 24,409 |
Retained earnings | 173,900 | 166,343 |
Accumulated other comprehensive loss | (35,827) | (39,026) |
Total Shareholders' Equity | 161,873 | 151,793 |
Total Liabilities and Shareholders' Equity | $ 1,905,860 | $ 1,848,169 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Consolidated Statement of Financial Condition [Abstract] | ||
Held-to-maturity securities, fair value | $ 184,415,000 | $ 203,080,000 |
Held-to-maturity securities, allowance for credit losses | $ 45,000 | $ 0 |
Common stock, Par value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 6,639,888 | 6,666,428 |
Common Stock, Shares, Outstanding | 6,639,888 | 6,666,428 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest income | ||
Interest and fees on loans | $ 69,569 | $ 54,448 |
Interest on investment securities: Taxable | 7,173 | 6,252 |
Interest on investment securities: Exempt from federal income tax | 714 | 1,106 |
Total investment income | 7,887 | 7,358 |
Other | 3,700 | 616 |
Total interest income | 81,156 | 62,422 |
Interest expense | ||
Interest on deposits | 19,198 | 3,226 |
Interest on short-term borrowings | 147 | 112 |
Interest on long-term borrowings | 4,941 | 1,451 |
Total interest expense | 24,286 | 4,789 |
Net interest income | 56,870 | 57,633 |
Credit loss (credit)/expense | 1,700 | (643) |
Credit loss expense - debt securities held to maturity | 45 | |
Credit loss (credit)/expense- unfunded commitments | (125) | 16 |
Total credit loss expense/(credit) | 1,620 | (627) |
Net interest income after provision for credit losses | 55,250 | 58,260 |
Other operating income | ||
Net (losses)/gains on investments, available for sale | (4,214) | 3 |
Net gains on investments, held to maturity | 91 | |
Net gains on sales of residential mortgage loans | 381 | 45 |
Net (losses)/gains on disposal of fixed assets | (29) | 33 |
Net (losses)/gains | (3,862) | 172 |
Total other income | 18,331 | 17,878 |
Total other operating income | 14,469 | 18,050 |
Other operating expenses | ||
Salaries and employee benefits | 27,503 | 24,130 |
FDIC premiums | 992 | 636 |
Equipment expense | 4,356 | 4,163 |
Occupancy expense of premises | 3,445 | 2,906 |
Data processing expense | 3,980 | 3,444 |
Marketing expense | 762 | 543 |
Professional services | 2,160 | 1,538 |
Contract labor | 643 | 618 |
Telephone | 466 | 482 |
Total OREO (income)/expense, net | (89) | 590 |
Investor relations | 345 | 300 |
Contributions | 229 | 288 |
Other | 5,451 | 3,491 |
Total other operating expenses | 50,243 | 43,129 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 19,476 | 33,181 |
Provision for income tax expense | 4,416 | 8,133 |
Net Income | $ 15,060 | $ 25,048 |
Basic net income per share | $ 2.25 | $ 3.77 |
Diluted net income per share | $ 2.25 | $ 3.76 |
Weighted average number of basic shares outstanding | 6,686 | 6,650 |
Weighted average number of diluted shares outstanding | 6,701 | 6,661 |
Dividends declared per common share | $ 0.80 | $ 0.63 |
Service Charges on Deposit Accounts [Member] | ||
Other operating income | ||
Total other income | $ 2,198 | $ 1,981 |
Other Service Charges [Member] | ||
Other operating income | ||
Total other income | 929 | 925 |
Trust Department [Member] | ||
Other operating income | ||
Total other income | 8,282 | 8,244 |
Debit Card Income [Member] | ||
Other operating income | ||
Total other income | 4,101 | 3,958 |
Bank Owned Life Insurance [Member] | ||
Other operating income | ||
Total other income | 1,261 | 1,196 |
Brokerage Commissions [Member] | ||
Other operating income | ||
Total other income | 1,160 | 1,049 |
Other [Member] | ||
Other operating income | ||
Total other income | $ 400 | $ 525 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net Income (Loss) | $ 15,060 | $ 25,048 |
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||
Other Comprehensive Income (Loss), before Tax | 4,345 | (15,935) |
Income tax (credit)/expense related to other comprehensive income | (1,146) | 4,223 |
Other comprehensive income/(loss), net of tax | 3,199 | (11,712) |
Comprehensive Income | 18,259 | 13,336 |
Investment securities- with OTTI [Member] | ||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (845) | (835) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 202 | 202 |
Other Comprehensive Income (Loss), before Tax | (1,047) | (1,037) |
Income tax (credit)/expense related to other comprehensive income | 276 | 275 |
Other comprehensive income/(loss), net of tax | (771) | (762) |
Investment securities- all other [Member] | ||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||
Unrealized holdings losses on securities transferred to held to maturity | 8,328 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 83 | (22,792) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (4,214) | 3 |
Other Comprehensive Income (Loss), before Tax | 4,297 | (14,467) |
Income tax (credit)/expense related to other comprehensive income | (1,134) | 3,836 |
Other comprehensive income/(loss), net of tax | 3,163 | (10,631) |
Investment Securities HTM [Member] | ||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||
Unrealized holdings losses on securities transferred to held to maturity | (8,328) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (8,328) | |
Reclassification adjustment for gains/(losses) realized in income | 91 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (682) | (841) |
Other Comprehensive Income (Loss), before Tax | 682 | (7,578) |
Income tax (credit)/expense related to other comprehensive income | (180) | 2,009 |
Other comprehensive income/(loss), net of tax | 502 | (5,569) |
Investment Securities Transferred From AFS to HTM [Member] | ||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 8,328 | |
Cash Flow Hedge (OCI) [Member] | ||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (310) | 1,521 |
Other Comprehensive Income (Loss), before Tax | (310) | 1,521 |
Adjustment [Member] | ||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 2,180 | 931 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (998) | (1,117) |
Other Comprehensive Income (Loss), before Tax | 3,178 | 2,048 |
Accumulated SERP [Member] | ||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (2,448) | 3,307 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 7 | (271) |
Other Comprehensive Income (Loss), before Tax | $ (2,455) | $ 3,578 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
Balance at Dec. 31, 2021 | $ 66 | $ 23,661 | $ 145,487 | $ (27,314) | $ 141,900 | ||
Net income | 25,048 | 25,048 | |||||
Other comprehensive income (loss) | (11,712) | (11,712) | |||||
Common stock issued | 1 | 216 | 217 | ||||
Common stock dividend declared | (4,192) | (4,192) | |||||
Stock based compensation | 532 | 532 | |||||
Balance at Dec. 31, 2022 | 67 | 24,409 | $ (2,155) | 166,343 | (39,026) | $ (2,155) | 151,793 |
Net income | 15,060 | 15,060 | |||||
Other comprehensive income (loss) | 3,199 | 3,199 | |||||
Common stock issued | 293 | 293 | |||||
Common stock dividend declared | (5,348) | (5,348) | |||||
Stock based compensation | 527 | 527 | |||||
Stock repurchase | (1) | (1,495) | (1,496) | ||||
Balance at Dec. 31, 2023 | $ 66 | $ 23,734 | $ 173,900 | $ (35,827) | $ 161,873 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Consolidated Statement of Changes in Shareholders' Equity [Abstract] | ||
Common stock issued, shares | 55,558 | 45,473 |
Stock repurchase, shares | 82,098 | 0 |
Common stock dividend declared per share | $ 0.80 | $ 0.63 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net income | $ 15,060 | $ 25,048 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision/(credit) for credit losses | 1,620 | (627) |
Depreciation | 3,799 | 3,077 |
Stock based compensation | 527 | 532 |
Amortization of intangible assets | 330 | 219 |
Gains on sales of other real estate owned, net | (599) | |
Write-downs of other real estate owned | 23 | |
Originations of loans held for sale | (4,832) | (1,401) |
Proceeds from sales of loans held for sale | 4,770 | 1,513 |
Gains from sales of loans held for sale | (381) | (45) |
Losses/(gains) on disposal of fixed assets, net | 29 | (33) |
Net (accretion)/ amortization of investment securities discounts and premiums- AFS | (51) | 83 |
Net accretion of investment securities discounts and premiums- HTM | (805) | (850) |
Net losses on sales of investment securities - available-for-sale | 4,214 | (3) |
Net gain on calls of investment securities - available-for-sale | (3) | |
Net gains on investment securities - held to maturity | (91) | |
Amortization of deferred loan fees | (98) | (150) |
Deferred tax (benefit)/expense | (889) | 595 |
Earnings on Bank owned life insurance | (1,261) | (1,196) |
Amortization of operating lease right of use asset | 787 | 349 |
Amortization of operating lease liabilities | (1,073) | (388) |
(Increase)/decrease in accrued interest receivable and other assets | (4,932) | 648 |
Increase/(decrease) in accrued interest payable and other liabilities | 6,232 | (737) |
Net cash provided by operating activities | 22,470 | 26,543 |
Investing activities | ||
Proceeds from maturities/calls of investment securities available-for-sale | 7,497 | 14,248 |
Proceeds from maturities/calls of investment securities held-to-maturity | 26,110 | 16,263 |
Proceeds from sales of investment securities available-for-sale | 20,249 | 1,023 |
Purchases of investment securities available-for-sale | (17,652) | |
Purchases of investment securities held-to-maturity | (3,988) | (55,686) |
Proceeds from sales of other real estate owned | 1,041 | |
Proceeds from disposal of fixed assets | 14 | 281 |
Net (increase)/decrease in FHLB stock | (4,223) | 2 |
Net increase in loans | (128,056) | (126,707) |
Acquisition of mortgage company | (600) | |
Purchases of premises and equipment | (353) | (3,576) |
Net cash used in investing activities | (81,709) | (172,404) |
Financing activities | ||
Net (decrease)/increase in deposits | (19,756) | 101,359 |
Proceeds from issuance of common stock | 293 | 217 |
Cash dividends on common stock | (5,217) | (3,986) |
Net(decrease)/increase in short-term borrowings | (19,147) | 6,866 |
Stock repurchase | (1,496) | |
Proceeds from long-term borrowings | 80,000 | |
Net cash provided by financing activities | 34,677 | 104,456 |
Decrease in cash and cash equivalents | (24,562) | (41,405) |
Cash and cash equivalents at beginning of the year | 74,315 | 115,720 |
Cash and cash equivalents at end of period | 49,753 | 74,315 |
Supplemental information | ||
Interest paid | 23,825 | 4,775 |
Taxes paid | 6,126 | 7,508 |
Non-cash investing activities: | ||
Transfers from loans to other real estate owned | $ 225 | 256 |
Transfers from securities available for sale to held to maturity | $ 139,036 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Business First United Corporation is a Maryland corporation chartered in 1985 and a financial holding company registered with the Board of Governors of the Federal Reserve System (the “FRB”) under the Bank Holding Company Act of 1956, as amended, that elected financial holding company status in 2021. The Corporation’s primary business is serving as the parent company of First United Bank & Trust, a Maryland trust company (the “Bank”), First United Statutory Trust I (“Trust I”) and First United Statutory Trust II (“Trust II” and together with Trust I, the “Trusts”), both Connecticut statutory business trusts. The Trusts were formed for the purpose of selling trust preferred securities that qualified as Tier 1 capital. The Bank has two consumer finance company subsidiaries - OakFirst Loan Center, Inc., a West Virginia corporation, and OakFirst Loan Center, LLC, a Maryland limited liability company - and two subsidiaries that it uses to hold real estate acquired through foreclosure or by deed in lieu of foreclosure - First OREO Trust, a Maryland statutory trust, and FUBT OREO I, LLC, a Maryland limited liability company. In addition, the Bank owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, a Maryland limited partnership formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland (“Liberty Mews”), and a 99.9% non-voting membership interest in MCC FUBT Fund, LLC, an Ohio limited liability company formed for the purpose of acquiring, developing and operating low-income housing units in Allegany County, Maryland (the “MCC Fund”). First United Corporation and its subsidiaries operate principally in four counties in Western Maryland and four counties in West Virginia. As used in these Notes, the terms “the Corporation”, “we”, “us”, and “our” mean First United Corporation and, unless the context clearly suggests otherwise, its consolidated subsidiaries. Basis of Presentation The financial information is presented in accordance with generally accepted accounting principles and general practice for financial institutions in the United States of America (“GAAP”). All significant intercompany transactions and accounts have been eliminated. Certain reclassifications have been made to prior year amounts to conform with current year classifications. In the opinion of management, all adjustments (all of which are normal recurring in nature) that are necessary for a fair statement are reflected in the consolidated financial statements. In preparing financial statements, management is required to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of financial statements. In addition, these estimates and assumptions affect revenues and expenses in the financial statements and as such, actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements of the Corporation include the accounts of First United Corporation, the Bank, the OakFirst Loan Centers, First OREO Trust and FUBT OREO I, LLC. All significant inter-company accounts and transactions have been eliminated. Significant Concentrations of Credit Risk Most of the Corporation’s relationships are with customers located in Western Maryland and Northeastern West Virginia. At December 31, 2023, approximately 5%, or $77.1 million, of total loans were secured by real estate acquisition, construction and development projects, with $77.0 $0.1 million considered to be individually evaluated loans based on management’s concerns about the borrowers’ ability to comply with present repayment terms. The $0.1 million in individually evaluated loans were all classified as non-accrual as of December 31, 2023. Additionally, loans collateralized by commercial rental properties represented 21% of the total loan portfolio as of December 31, 2023. Note 4 discusses the types of securities in which the Corporation invests and Note 5 discusses the Corporation’s lending activities. Investments The investment portfolio is classified and accounted for based on the guidance of Accounting Standards Codification (“ASC”) Topic 320, Investments – Debt and Equity Securities The amortized cost of debt securities is adjusted for the amortization of premiums to the first call date, if applicable, or to maturity, and for the accretion of discounts to maturity, or, in the case of mortgage-backed securities, over the estimated life of the security. Such amortization and accretion is included in interest income from investments. Interest and dividends are included in interest income from investments. Gains and losses on the sale of securities are recorded using the specific identification method. The Corporation adopted Accounting Standards Codification (“ASC “) 326 using the prospective transition approach for debt securities for which other than temporary impairment (“OTTI”) had been recognized prior to January 1, 2023, such as available-for-sale (“AFS”) collateralized debt obligations. As a result, the amortized cost basis for such debt securities remained the same before and after the effective date of ASC 326. The effective interest rate on these debt securities was not changed. Amounts previously written off are recognized in other comprehensive income (“OCI”) as of January 1, 2023 relating to improvements in cash flows expected to be collected are accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after January 1, 2023 are recorded in earnings when received. The Corporation utilizes ASC 326 to evaluate its AFS and HTM debt security portfolio for expected credit losses. For AFS debt securities in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income, as a non-credit-related impairment. a security is placed on nonaccrual status. Accordingly, we do not recognize an allowance for credit loss against accrued interest receivable. Restricted Investment in Bank Stock The Corporation owns non-marketable equity securities in a combination of the Federal Home Loan Bank (“FHLB”) of Atlanta, Atlantic Community Bankers Bank and Community Banker’s Bank. These securities are carried at cost, classified as restricted securities, and periodically evaluated for impairment based on ultimate recovery of par value. The Corporation recognizes dividend income on a cash basis. For the years ended December 31, 2023 and December 31, 2022, dividends of $198,457 Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or full repayment by the borrower are reported at their unpaid principal balance outstanding, adjusted for any deferred fees or costs pertaining to origination. Loans that management has the intent to sell are reported at the lower of cost or fair value determined on an individual basis. There were $0.4 million in loans held for sale at December 31, 2023. No loans were held for sale at December 31, 2022. The segments of the Bank’s loan portfolio are disaggregated to a level that allows management to monitor risk and performance. The commercial real estate (“CRE”) loan segment is further disaggregated into two classes. Non-owner occupied CRE loans, which include loans secured by non-owner occupied nonfarm nonresidential properties, generally have a greater risk profile than all other CRE loans, which include loans secured by farmland, multifamily structures and owner-occupied commercial structures. The acquisition and development (“A&D”) loan segment is further disaggregated into two classes. One-to-four family residential construction loans are generally made to individuals for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. All other A&D loans are generally made to developers or investors for the purpose of acquiring, developing and constructing residential or commercial structures. These loans have a higher risk profile because the ultimate buyer, once development is completed, is generally not known at the time of the A&D loan. The commercial and industrial (“C&I”) loan segment consists of loans made for the purpose of financing the activities of commercial customers. The residential mortgage loan segment is further disaggregated into two classes: amortizing term loans, which are primarily first liens, and home equity lines of credit, which are generally second liens. The consumer loan segment consists primarily of installment loans (direct and indirect), student loans and overdraft lines of credit connected with customer deposit accounts. Management uses a 10-point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due are considered Substandard. Only the portion of a specific allocation of the allowance for credit losses is associated with a pending event that could trigger loss in the short term is classified in the Doubtful category. It is possible for a loan to be classified as Substandard in the internal risk rating system, but not be individually evaluated under GAAP, due to the broader reach of “well-defined weaknesses” in the application of the Substandard definition. Interest and Fees on Loans Interest on loans (other than those on non-accrual status) is recognized based upon the principal amount outstanding. Loan fees in excess of the costs incurred to originate the loan are recognized as income over the life of the loan utilizing either the interest method or the straight-line method, depending on the type of loan. Generally, fees on loans with a specified maturity date, such as residential mortgages, are recognized using the interest method. Loan fees for lines of credit are recognized using the straight-line method. A loan is considered to be past due when a payment has not been received for 30 days past its contractual due date. For all loan segments, the accrual of interest is discontinued when principal or interest is delinquent for 90 days or more unless the loan is well-secured and in the process of collection. Loans that are on a current payment status or past due less than 90 days may be classified as nonaccrual if repayment in full of principal and/or interest is unlikely. Interest payments received on non-accrual loans are applied as a reduction of the loan principal balance. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. Generally, consumer installment loans are not placed on non-accrual status, but are charged off after they are 120 days contractually past due. Loans other than consumer installment loans are charged-off based on an evaluation of the facts and circumstances of each individual loan. Allowance for Credit Losses An allowance for credit loss (“ACL”) is mainained to absorb losses from the Corporation’s financial assets in accordance with ASC 326: Financial Instruments- Credit Losses Allowance for Credit Losses Policy The ACL represents an amount that, in management’s judgment, is adequate to absorb expected losses on outstanding loans at the balance sheet date based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions and prepayment experience. The ACL is measured and recorded upon the initial recognition of a financial asset. The ACL is reduced by charge-offs, net of recoveries of previous losses, and is increased or decreased by a provision for credit losses, which is recorded as a current period operating expense. Determination of an appropriate ACL is inherently complex and requires the use of significant and highly subjective estimates. The reasonableness is reviewed quarterly by management. Management believes it uses relevant information available to make determinations about the ACL and that it has established the existing allowance in accordance with GAAP. However, the determination of the ACL requires significant judgment, and estimates of expected losses in the loan portfolio can vary significantly from the amounts actually observed. While management uses available information to recognize losses, future additions to the ACL may be necessary based on changes in the loans comprising the portfolio, changes in the current and forecasted economic conditions, changes to the interest rate environment which may directly impact prepayment and curtailment rate assumptions, and changes in the financial condition of borrowers. The adoption of CECL accounting did not result in a significant change to any other credit risk management and monitoring processes, including identification of past due or delinquent borrowers, nonaccrual practices, assessment of modified loans, or charge-off policy. Held-to-Maturity Securities Management measures expected credit losses on HTM debt securities on a collective basis by major security type. Management has elected not to measure an ACL for accrued interest on securities. The estimate of expected credit losses considers historical credit loss information tha tis adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: securities issued by U.S. government issues and agencies (including U.S. treasuries, agency bonds, and U.S. guaranteed residential mortgage-backed securities, commercial mortgage-backed securities, and collateralized mortgage obligations), rated municipal securities, and unrated municipal securities. Securities that are issued or explicitly or implicitely guaranteed by the U.S. government are hghly rated by major rating agencies and have a long history of no credit losses. Rated municipal securities are evaluated based on credit rating by major rating agencies and financial performance. Non-rated securities are evaluated internally based on financial performance and expected future cash flows. Available-for-Sale Securities For AFS debt securities in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery to its amortized cost basis. If either criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities AFS that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted rom credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected rom the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through the ACL is recognized in other comprehensive income. The Corporation adopted Accounting Standards Codification (“ASC “) 326 using the prospective transition approach for debt securities for which other than temporary impairment (“OTTI”) had been recognized prior to January 1, 2023, such as available-for-sale (“AFS”) collateralized debt obligations. As a result, the amortized cost basis for such debt securities remained the same before and after the effective date of ASC 326. The effective interest rate on these debt securities was not changed. Amounts previously written off are recognized in other comprehensive income (“OCI”) as of January 1, 2023 relating to improvements in cash flows expected to be collected are accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after January 1, 2023 are recorded in earnings when received. Loans An ACL is maintained as a valuation account that is deducted from the Corporation’s loan porfolio’s amortized cost basis to present the net amount expected to be collected on the loans. Loan are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis or the estimation of expected credit losses. Adjustments to historical loss information are made for differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental condition, such as changes in unemployment rates, property values, or other relevant factors. Management evaluates individual loans in all of the commercial segments for possible impairment if the loan is greater than $500,000 or is part of a relationship that is greater than $750,000 and (i) is either in non-accrual status or (ii) is risk-rated Substandard and is greater than 60 days past due. Loans are considered to be individually evaluated when, based on current information and events, they no longer share the same risk characteristics of other loans within our portfolio. Factors considered by management in evaluating loans include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Bank does not separately evaluate individual consumer and residential mortgage loans, unless such loans are part of larger relationship that is individually evaluated; otherwise loans in these segments are considered individually evaluated when they are classified as non-accrual. Once the determination has been made that a loan is individually evaluated, the determination of whether a specific allocation of the allowance is necessary is measured by comparing the recorded investment in the loan to the fair value of the loan using one of three methods: (i) the present value of expected future cash flows discounted at the loan’s effective interest rate; (ii) the loan’s observable market price; or (iii) the fair value of the collateral less selling costs. The method is selected on a loan-by-loan basis, with management utilizing the fair value of collateral or the discounted cash flow method for the analyses. If the fair value of the collateral less selling costs method is utilized for collateral securing loans in the commercial segments, then an updated external appraisal is ordered on the collateral supporting the loan if the loan balance is greater than $500,000 and the existing appraisal is greater than 18 months old. If the loan balance is less than $500,000, then the estimated fair value of the collateral is determined by adjusting the existing appraisal by the appropriate percentage from an internally prepared appraisal discount grid. This grid considers the age of a third-party appraisal and the geographic region where the collateral is located in order to discount an appraisal. The discount rates in the appraisal discount grid are updated at least annually to reflect the most current knowledge that management has available, including the results of current appraisals. If there is a delay in receiving an updated appraisal or if the appraisal is found to be deficient in our internal appraisal review process and re-ordered, the Bank continues to use a discount factor from the appraisal discount grid based on the collateral location and current appraisal age in order to determine the estimated fair value. If the general market conditions in that geographic market have changed considerably, the property has deteriorated or perhaps lost an income stream, or a recent appraisal for a similar property indicates a significant change, then management may adjust the fair value indicated by the existing appraisal until a new appraisal is obtained. A specific allocation of the ACL is recorded if there is any deficiency in collateral value determined by comparing the estimated fair value to the recorded investment of the loan. When updated appraisals are received and reviewed, adjustments are made to the specific allocation as needed. A loan that is considered a non-accrual or modified loan may be subject to the individually evaluated loan analysis if the commitment is $0.1 million or greater; otherwise, the modified loan remains in the appropriate segment in the ACL model and associated reserves are adjusted based on changes in the discounted cash flows resulting from the modification of the modified loan. For a discussion with respect to reserve calculations regarding individually evaluated loans, refer to the “Nonrecurring Loans” section in Note 5, Fair Value Measurements. There were no loan modifications to borrowers facing financial difficulties for the year ending December 31, 2023. The evaluation of the need and amount of a specific allocation of the ACL and whether a loan can be removed from impairment status is made on a quarterly basis. Loan Commitments and Allowance for Credit Loss on Unfunded Commitments methodologies as portfolio loans, taking into consideration the likelihood that funding will occur, and is included in the RUC on the Corporation’s Consolidated Balance Sheet. Loan Modifications Premises and Equipment Land is carried at cost. Premises and equipment are carried at cost, less accumulated depreciation. The provision for depreciation for financial reporting has been made by using the straight-line method based on the estimated useful lives of the assets, which range from 10 to 31.5 years for buildings and 3 to 20 years for furniture and equipment. Goodwill and Other Intangible Assets Goodwill represents the excess purchase price paid over the fair value of the net assets acquired in a business combination. Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Impairment testing requires that the fair value of each of the Corporation’s reporting units be compared to the carrying amount of the reporting unit’s net assets, including goodwill. If the fair values of the reporting units exceed their book values, no write-down of recorded goodwill is required. If the fair value of a reporting unit is less than book value, an expense may be required to write-down the related goodwill to the proper carrying value. Any impairment would be realized through a reduction of goodwill or the intangible and an offsetting charge to non-interest expense. Annually, the Corporation performs an impairment test of goodwill as of December 31 of each year. During the year, any triggering event that occurs may affect goodwill and could require an impairment assessment. Determining the fair value of a reporting unit requires the Corporation to use a degree of subjectivity. The Corporation's annual impairment test of goodwill and other intangible assets did not identify any impairment. Accounting guidance provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. Other intangible assets have finite lives and are reviewed for impairment annually. At December 31, 2023, other intangible assets included $0.6 million for the purchase of certain assets from a wealth company and $0.5 million for the purchase of certain assets of a mortgage company. These assets are amortized over their estimated useful lives either on a straight-line or sum-of-the-years basis over varying periods that initially did not exceed 5 years. Bank-Owned Life Insurance (“BOLI”) BOLI policies are recorded at their cash surrender values. Changes in the cash surrender values are recorded as other operating income. Other Real Estate Owned (“OREO”) Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less the cost to sell at the date of foreclosure, with any losses charged to the ACL, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Changes in the valuation allowance, sales gains and losses, and revenue and expenses from holding and operating properties are all included in net expenses from other real estate owned. Income Taxes First United Corporation and its subsidiaries file a consolidated federal income tax return. Income taxes are accounted for using the asset and liability method. Under the asset and liability method, the deferred tax liability or asset is determined based on the difference between the financial statement and tax bases of assets and liabilities (temporary differences) and is measured at the enacted tax rates that will be in effect when these differences reverse. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. Deferred tax expense is determined by the change in the net liability or asset for deferred taxes adjusted for changes in any deferred tax asset valuation allowance, or reserve. This reserve was based on the portion of the tax asset for which it is more likely than not that a tax benefit will not be realized by the Corporation. A tax provision is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examinations for tax positions not meeting the “more likely than not” test, no tax benefit is recorded. State corporate income tax returns are filed annually. Federal and state returns may be selected for examination by the Internal Revenue Service and the states where we file, subject to statutes of limitations. At any given point in time, the Corporation may have several years of filed tax returns that may be selected for examination or review by taxing authorities. Interest and penalties on income taxes are recognized as a component of income tax expense. Defined Benefit Plans The defined benefit pension plan and supplemental executive retirement plan are accounted for in accordance with ASC Topic 715, Compensation – Retirement Benefits Statement of Cash Flows Cash and cash equivalents are defined as cash and due from banks and interest-bearing deposits in banks in the Consolidated Statements of Cash Flows. Cash flows are reported for customer loan and deposit transactions and interest-bearing deposits in banks. Trust Assets and Income Assets held in an agency or fiduciary capacity are not the Bank’s assets and, accordingly, are not included in the Consolidated Statements of Financial Condition. Income from the Bank’s trust department represents fees charged to customers and recognized through revenue recognition. Refer to Note 21 for further discussion. Business Segments The Corporation operates in two segments, as defined by ASC Topic 280, Segment Reporting Stock Repurchases Under the Maryland General Corporation Law, shares of capital stock that are repurchased are cancelled and treated as authorized but unissued shares. When a share of capital stock is repurchased, the payment of the repurchase price reduces stated capital by the par value of that share (currently, $0.01 for common stock), and any excess over par value reduces capital surplus. In 2023, the Corporation repurchased 82,098 shares of common stock at a weighted average price of $16.79 per share. The Corporation did not repurchase shares of common stock during 2022. Recent Accounting Pronouncements Newly Adopted Pronouncements in 2023 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In addition, ASU 2016-13 amends the accounting for credit losses on certain debt securities. The Corporation did not record any allowance for credit losses (“ACL”) on its debt securities as a result of adopting this ASU. January 1, 2023 (in thousands) As Reported Under ASU 2016-13 Pre Impact of ASU 2016-13 Adoption Assets Allowance for credit losses on loans Commercial real estate $ 5,202 $ 6,345 $ (1,143) Acquisition and development 964 979 (15) Commercial and industrial 4,179 2,845 1,334 Residentail mortgage 5,272 3,160 2,112 Consumer 1,085 877 208 Unallocated - 430 (430) Allowance for Credit Losses on Loans $ 16,702 $ 14,636 $ 2,066 Assets: Investment securities- available for sale (at fair value) $ 125,889 $ 125,889 $ - Investment securities- held to maturity 245,659 245,659 - Total loans held for investments, net 1,262,792 1,264,858 (2,066) Net deferred tax asset 11,381 10,605 776 Liabilities: Life-of-loss reserve on unfunded loan commitments $ 998 $ 133 $ 865 Equity: Retained earnings $ 149,638 $ 151,793 $ (2,155) In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments to align with the methodology of CECL. Refer to Note 5, Loans and Related Allowance for Credit Losses, for fur |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 2. 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. There were no anti-dilutive shares at December 31, 2023 or 2022. The following table sets forth the calculation of basic and diluted earnings per common share for the years ended December 31, 2023 and 2022: 2023 2022 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 $ 15,060 6,686 $ 2.25 $ 25,048 6,650 $ 3.77 Diluted Earnings Per Share: Restricted stock units 15 11 Net income $ 15,060 6,701 $ 2.25 $ 25,048 6,661 $ 3.76 |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | 3. Regulatory Capital Requirements Banks and holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The net unrealized gain or loss on available for sale securities is included in computing regulatory capital. Management believes that, as of December 31, 2023, the Corporation and Bank met all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. As of December 31, 2023, the most recent regulatory notification categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. The following table presents First United Bank & Trust’s capital ratios for years ended December 31, 2023 and 2022: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Total Capital (to risk-weighted assets) 207,767 14.05% 118,292 8.00% 147,865 10.00% Tier 1 Capital (to risk-weighted assets) 189,370 12.81% 88,719 6.00% 118,292 8.00% Common Equity Tier 1 Capital (to risk-weighted assets) 189,370 12.81% 66,540 4.50% 96,112 6.50% Tier 1 Capital (to average assets) 189,370 9.92% 76,233 4.00% 95,291 5.00% Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2022 Total Capital (to risk-weighted assets) 196,442 14.37% 109,396 8.00% 136,745 10.00% Tier 1 Capital (to risk-weighted assets) 181,673 13.29% 82,047 6.00% 109,396 8.00% Common Equity Tier 1 Capital (to risk-weighted assets) 181,673 13.29% 61,535 4.50% 88,884 6.50% Tier 1 Capital (to average assets) 181,673 10.01% 72,354 4.00% 90,443 5.00% Federal and state banking regulations place certain restrictions on the amount of dividends paid and loans or advances made by the Bank to First United Corporation. The total amount of dividends that may be paid at any date is generally limited to the retained earnings of the Bank, and loans or advances are limited to 10% of the Bank’s capital stock and surplus on a secured basis. In addition, dividends paid by the Bank to First United Corporation would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. We adopted CECL effective January 1, 2023 and elected not to implement the regulatory agencies’ capital transition and opted to record the impact to our capital ratios immediately upon implementation. Effective with the implementation of CECL, a $2.2 million adjustment, net of tax, was made to retained earnings. The adjustment did not have a material impact to our capital ratios. |
Investments Securities
Investments Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investments | 4. Investment Securities The following table shows a comparison of amortized cost and fair values of investment securities at December 31, 2023 and 2022: (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value December 31, 2023 Available for Sale: U.S. government agencies $ 7,000 $ — $ 966 $ — $ 6,034 Residential mortgage-backed agencies 24,781 — 4,218 — 20,563 Commercial mortgage-backed agencies 36,258 — 7,841 — 28,417 Collateralized mortgage obligations 19,725 — 3,369 — 16,356 Obligations of states and political subdivisions 10,486 15 189 — 10,312 Corporate Bonds 1,000 — 222 — 778 Collateralized debt obligations 18,671 — 3,962 — 14,709 Total available for sale $ 117,921 $ 15 $ 20,767 $ — $ 97,169 (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value Allowance for Credit Losses December 31, 2023 Held to Maturity: U.S. treasuries $ 37,462 $ — $ 243 $ 37,219 $ — U.S. government agencies 68,014 — 10,985 57,029 — Residential mortgage-backed agencies 29,588 42 2,913 26,717 — Commercial mortgage-backed agencies 21,413 — 5,361 16,052 — Collateralized mortgage obligations 53,261 — 9,973 43,288 — Obligations of states and political subdivisions 4,604 177 671 4,110 45 Total held to maturity $ 214,342 $ 219 $ 30,146 $ 184,415 $ 45 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2022 Available for Sale: U.S. government agencies $ 11,044 $ — $ 1,582 $ 9,462 Residential mortgage-backed agencies 45,052 — 7,651 37,401 Commercial mortgage-backed agencies 37,393 — 6,661 30,732 Collateralized mortgage obligations 25,828 — 4,784 21,044 Obligations of states and political subdivisions 10,848 4 360 10,492 Corporate Bonds 1,000 — 113 887 Collateralized debt obligations 18,664 — 2,793 15,871 Total available for sale $ 149,829 $ 4 $ 23,944 $ 125,889 (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value December 31, 2022 Held to Maturity: U.S. treasuries $ 37,204 $ — $ 1,593 $ 35,611 U.S. government agencies 67,734 — 13,261 54,473 Residential mortgage-backed agencies 28,624 1 3,503 25,122 Commercial mortgage-backed agencies 22,389 — 4,568 17,821 Collateralized mortgage obligations 57,085 — 10,001 47,084 Obligations of states and political subdivisions 22,623 946 600 22,969 Total held to maturity $ 235,659 $ 947 $ 33,526 $ 203,080 Proceeds from sales and calls of available-for-sale securities and the realized gains and losses for the years ended December 31, 2023 and 2022 are as follows: (in thousands) 2023 2022 Proceeds $ 20,249 $ 1,023 Gross realized gains — 3 Gross realized losses 4,214 — The following table shows the Corporation’s securities with gross unrealized and unrecognized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized position, at December 31, 2023 and 2022: Less than 12 months 12 months or more (in thousands) Fair Value Unrealized Losses Number of Investments Fair Value Unrealized Losses Number of Investments December 31, 2023 Available for Sale: U.S. government agencies $ — $ — — $ 6,034 $ 966 2 Residential mortgage-backed agencies — — — 20,563 4,218 3 Commercial mortgage-backed agencies — — — 28,417 7,841 8 Collateralized mortgage obligations — — — 16,356 3,369 9 Obligations of states and political subdivisions 1,445 20 2 6,668 169 3 Corporate Bonds — — — 778 222 1 Collateralized debt obligations — — — 14,709 3,962 9 Total available for sale $ 1,445 $ 20 2 $ 93,525 $ 20,747 35 Less than 12 months 12 months or more (in thousands) Fair Value Unrecognized Losses Number of Investments Fair Value Unrecognized Losses Number of Investments December 31, 2023 Held to Maturity: U.S. treasuries $ — $ — — $ 37,219 $ 243 4 U.S. government agencies — — — 57,029 10,985 9 Residential mortgage-backed agencies — — — 22,613 2,913 35 Commercial mortgage-backed agencies — — — 16,052 5,361 2 Collateralized mortgage obligations — — — 43,288 9,973 8 Obligations of states and political subdivisions — — — 2,205 671 1 Total held to maturity $ — $ — — $ 178,406 $ 30,146 59 Less than 12 months 12 months or more (in thousands) Fair Value Unrealized Losses Number of Investments Fair Value Unrealized Losses Number of Investments December 31, 2022 Available for Sale: U.S. government agencies $ 4,598 $ 402 1 $ 4,865 $ 1,180 2 Residential mortgage-backed agencies — — — 37,401 7,651 5 Commercial mortgage-backed agencies 4,044 455 3 26,688 6,206 6 Collateralized mortgage obligations 1,600 210 5 19,444 4,574 5 Obligations of states and political subdivisions 8,906 360 7 — — — Corporate Bonds 887 113 1 Collateralized debt obligations — — — 15,871 2,793 9 Total available for sale $ 20,035 $ 1,540 17 $ 104,269 $ 22,404 27 Less than 12 months 12 months or more (in thousands) Fair Value Unrecognized Losses Number of Investments Fair Value Unrecognized Losses Number of Investments December 31, 2022 Held to Maturity: U.S. treasuries $ — $ — — $ 35,611 $ 1,593 4 U.S. government agencies 38,883 9,617 7 15,591 3,644 2 Residential mortgage-backed agencies 16,893 1,425 29 8,138 2,078 7 Commercial mortgage-backed agencies 17,821 4,568 3 — — — Collateralized mortgage obligations 47,083 10,001 8 — — — Obligations of states and political subdivisions 2,269 600 1 — — — Total held to maturity $ 122,949 $ 26,211 48 $ 59,340 $ 7,315 13 As of December 31, 2023, the Corporation recorded ACL of approximately $45,000 related to one bond in the HTM security portfolio. There was no ACL related to its AFS or HTM security portfolio at December 31, 2022. The amortized cost and estimated fair value of securities by contractual maturity at December 31, 2023 are shown in the following table. Actual maturities will 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. (in thousands) Amortized Cost Fair Value Contractual Maturity Available for sale: Due in one year or less $ 2,670 $ 2,640 Due after one year through five years 5,250 4,952 Due after five years through ten years 2,410 2,168 Due after ten years 26,827 22,073 37,157 31,833 Residential mortgage-backed agencies 24,781 20,563 Commercial mortgage-backed agencies 36,258 28,417 Collateralized mortgage obligations 19,725 16,356 Total available for sale $ 117,921 $ 97,169 Held to Maturity: Due in one year or less $ 37,462 $ 37,219 Due after one year through five years 12,500 11,706 Due after five years through ten years 40,456 34,495 Due after ten years 19,662 14,938 110,080 98,358 Residential mortgage-backed agencies 29,588 26,717 Commercial mortgage-backed agencies 21,413 16,052 Collateralized mortgage obligations 53,261 43,288 Total held to maturity $ 214,342 $ 184,415 At December 31, 2023 and 2022, AFS investment securities with a fair value of $50.5 |
Loans and Related Allowance for
Loans and Related Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Loans and Related Allowance for Credit Losses [Abstract] | |
Loans and Related Allowance for Credit Losses | 5. Loans and Related Allowance for Credit Losses The following table summarizes the primary segments of the loan portfolio as of December 31, 2023 and December 31, 2022: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Total December 31, 2023 Individually evaluated for impairment $ 826 $ — $ — $ 2,137 $ — $ 2,963 Collectively evaluated for impairment 492,877 77,060 274,604 497,734 61,429 1,403,704 Total loans $ 493,703 $ 77,060 $ 274,604 $ 499,871 $ 61,429 $ 1,406,667 December 31, 2022 Individually evaluated for impairment $ 2,262 $ 356 $ — $ 3,880 $ — $ 6,498 Collectively evaluated for impairment 456,569 70,240 245,396 440,531 60,260 1,272,996 Total loans $ 458,831 $ 70,596 $ 245,396 $ 444,411 $ 60,260 $ 1,279,494 In the ordinary course of business, executive officers and directors of the Corporation, including their families and companies in which certain directors are principal owners, were loan customers of the Bank. Changes in the dollar amount of loans outstanding to officers, directors and their associates were as follows for the year ended December 31: (in thousands) 2023 Balance at January 1 $ 3,302 Loans or advances 481 Repayments (937) Balance at December 31 $ 2,846 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio at December 31, 2023 and December 31, 2022, summarized by the aging categories of performing loans and non-accrual loans. (in thousands) Current 30-59 Day Past Due 60-89 Days Past Due 90 Days+ Past Due Total Past Due and still accruing Non- Accrual Total Loans December 31, 2023 Commercial real estate Non owner-occupied $ 296,343 $ — $ — $ — $ — $ 227 $ 296,570 All other CRE 196,123 411 — — 411 599 197,133 Acquisition and development 1-4 family residential construction 18,224 — — — — — 18,224 All other A&D 58,723 — — — — 113 58,836 Commercial and industrial 274,465 120 19 — 139 — 274,604 Residential mortgage Residential mortgage - term 433,878 130 717 384 1,231 2,720 437,829 Residential mortgage – home equity 61,021 520 158 75 753 268 62,042 Consumer 60,576 463 277 84 824 29 61,429 Total $ 1,399,353 $ 1,644 $ 1,171 $ 543 $ 3,358 $ 3,956 $ 1,406,667 December 31, 2022 Commercial real estate Non owner-occupied $ 269,971 $ — $ — $ — $ — $ 87 $ 270,058 All other CRE 188,715 — — — — 58 188,773 Acquisition and development 1-4 family residential construction 19,637 — — — — — 19,637 All other A&D 50,813 — — — — 146 50,959 Commercial and industrial 245,342 54 — — 54 — 245,396 Residential mortgage Residential mortgage - term 380,502 31 722 239 992 2,893 384,387 Residential mortgage – home equity 59,223 399 48 43 490 311 60,024 Consumer 59,789 363 83 25 471 — 60,260 Total $ 1,273,992 $ 847 $ 853 $ 307 $ 2,007 $ 3,495 $ 1,279,494 Non-accrual loans that have been subject to partial charge-offs totaled $0.1 million at December 31, 2023 and 2022. Loans secured by 1-4 family residential real estate properties in the process of foreclosure totaled $1.8 million at December 31, 2023. There were no loans in the process of foreclosure at December 31, 2022. Effective January 1, 2023, the Corporation adopted the accounting guidance in ASU 2022-02, which eliminated the recognition and measurement of TDRs. Due to the removal of the TDR designation, the Corporation evaluates all loan restructurings according to the accounting guidance for loan modifications to determine if the restructuring results in a new loan or a continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and combinations of the above. Therefore, the disclosures related to loan restructurings are only for modifications that directly affect cash flows. A loan that is considered a non-accrual or modified loan may be subject to the individually evaluated loan analysis if the commitment is $0.1 million or greater; otherwise, the modified loan remains in the appropriate segment in the ACL model and associated reserves are adjusted based on changes in the discounted cash flows resulting from the modification of the modified loan. For a discussion with respect to reserve calculations regarding individually evaluated loans, refer to the “Nonrecurring Loans” section in Note 5, Fair Value Measurements. There were no loan modifications made to borrowers facing financial difficulties in the year ending December 31, 2023. The Corporation maintains an ACL at a level determined to be adequate to absorb expected credit losses associated with the Corporation’s financial instruments over the life of those instruments as of the balance sheet date. The Corporation develops and documents a systematic ACL methodology based on the following portfolio segments: (i) commercial real estate, (ii) acquisition and development, (iii) commercial and industrial, (iv) residential mortgage, and (v) consumer. The Corporation’s loan portfolio is segmented by homogeneous loan types that behave similarly to economic cycles. The segmentation in the CECL model is different from the segmentation in the Incurred Loss model. The following is a discussion of the key risks by portfolio segment that management assesses in preparing the ACL. Commercial Real Estate- loans are secured by commercial purpose real estate, including both owner occupied properties and properties obtained for investment purposes, such as hotels, strip malls and apartments. Operations of the individual projects as well as global cash flows of the debtors are the primary source of repayment of these loans. The condition of the local economy is an important indicator of risk, but there are more specific risks depending on the collateral type as well as the business. Acquisition and Development- loans include both commercial and consumer. Commercial loans are made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Consumer loans are made for the construction of residential homes for which a binding sales contract exists and generally are for a period of time sufficient to complete construction. Residential construction loans to individuals generally provide for the payment of interest only during the construction phase. Credit risk for residential real estate construction loans can arise from construction delays, cost overruns, failure of the contractor to complete the project to specifications and economic conditions that could impact demand for supply of the property being constructed. Commercial and Industrial- loans are made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the borrower is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the borrower. Collateral for these types of loans often do not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. These loans are also made to local municipalities for various purposes including refinancing existing obligations, infrastructure up-fit and expansion, or to purchase new equipment. The primary repayment source for local municipalities include the tax base of the municipality, specific revenue streams related to the infrastructure financed, and other business operations of the municipal authority. The health and stability of state and local economies directly impacts each municipality’s tax basis and are important indicators of risk for this segment. The ability of each municipality to increase taxes and fees to offset service requirements give this type of loan a very low risk profile in the continuum of the Corporation’s loan portfolio. Residential mortgage- loans are secured by first and second liens such as home equity lines of credit and 1-4 family residential mortgages. The primary source of repayment for these loans is the income of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy debt. Consumer- loans are made to individuals and may be either secured by assets other than 1-4 family residences or unsecured. This segment includes automobile loans and unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. December 31, 2023 (in thousands) Real Estate Non-Accrual Loans with No Allowance Commercial real estate $ 826 $ 826 Residential mortgage 2,137 2,137 Total Loans $ 2,963 $ 2,963 The following tables present the activity in the ACL and ALL for the years ended December 31, 2023 and 2022: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total Beginning balance at January 1, 2023 prior to adoption of ASC 326 $ 6,345 $ 979 $ 2,845 $ 3,160 $ 877 $ 430 $ 14,636 Impact of adopting ASC 326 (1,143) (15) 1,334 2,112 208 (430) 2,066 Loan charge-offs (87) — (423) (55) (874) — (1,439) Recoveries collected 7 11 186 73 240 — 517 Credit loss (credit)/expense (2) (35) (225) 1,484 478 — 1,700 ACL balance at December 31, 2023 $ 5,120 $ 940 $ 3,717 $ 6,774 $ 929 $ — $ 17,480 ALL balance at January 1, 2022 $ 6,032 $ 2,615 $ 2,460 $ 3,484 $ 934 $ 430 $ 15,955 Charge-offs — (20) (134) (46) (921) — (1,121) Recoveries 1 22 93 184 145 — 445 Loan loss expense/(credit) 312 (1,638) 426 (462) 719 — (643) ALL balance at December 31, 2022 $ 6,345 $ 979 $ 2,845 $ 3,160 $ 877 $ 430 $ 14,636 The Corporation’s methodology for estimating the ACL includes: Segmentation. Specific Analysis. Quantitative Analysis. Qualitative Analysis. The ACL 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 ACL that is representative of the risk found in the components of the portfolio at any given date. Credit Quality Indicators: The Corporation’s internally assigned grades are as follows: Pass Special Mention Substandard Doubtful Loss Total 2018 and Portfolio (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans December 31, 2023 Commercial real estate: Non-owner-occupied Pass $ 23,511 $ 65,878 $ 30,332 $ 54,270 $ 40,575 $ 65,134 $ 1,138 $ 280,838 Special Mention — — — — — 4,331 — 4,331 Substandard — — — — — 11,401 — 11,401 Total non-owner occupied 23,511 65,878 30,332 54,270 40,575 80,866 1,138 296,570 Current period gross charge-offs — — — — — 87 — 87 All other CRE Pass 30,130 27,379 27,042 20,691 22,879 60,054 4,495 192,670 Special Mention — — — 644 — — — 644 Substandard — — — — 1,847 1,372 600 3,819 Total all other CRE 30,130 27,379 27,042 21,335 24,726 61,426 5,095 197,133 Current period gross charge-offs — — — — — — — — Acquisition and development: 1-4 family residential construction Pass 13,745 3,446 — — — — 1,033 18,224 Special Mention — — — — — — — — Substandard — — — — — — — — Total acquisition and development 13,745 3,446 — — — — 1,033 18,224 Current period gross charge-offs — — — — — — — — All other A&D Pass 12,184 25,099 2,966 3,046 1,301 9,946 4,181 58,723 Special Mention — — — — — — — — Substandard — — — — — 113 — 113 Total all other A&D 12,184 25,099 2,966 3,046 1,301 10,059 4,181 58,836 Current period gross charge-offs — — — — — — — — Commercial and industrial: Pass 52,004 66,559 24,387 11,753 8,872 10,052 78,992 252,619 Special Mention 558 — — — — — — 558 Substandard — 9,352 1,854 6,806 98 837 2,480 21,427 Total commercial and industrial 52,562 75,911 26,241 18,559 8,970 10,889 81,472 274,604 Current period gross charge-offs 100 103 35 166 — 19 — 423 Residential mortgage: Residential mortgage - term Pass 51,625 94,723 88,835 38,228 25,375 130,402 1,577 430,765 Special Mention — — — — — — — — Substandard — 138 929 17 98 5,825 57 7,064 Total residential mortgage - term 51,625 94,861 89,764 38,245 25,473 136,227 1,634 437,829 Current period gross charge-offs — — — — — 13 — 13 Residential mortgage - home equity Pass 1,127 4,657 864 475 286 489 53,467 61,365 Special Mention — — — — — — — — Substandard — — — 38 — 16 623 677 Total residential mortgage - home equity 1,127 4,657 864 513 286 505 54,090 62,042 Current period gross charge-offs — — — — — 42 — 42 Consumer: Pass 18,299 10,616 6,361 2,206 510 20,365 2,873 61,230 Special Mention — — — — — — — — Substandard 14 35 113 23 6 2 6 199 Total consumer 18,313 10,651 6,474 2,229 516 20,367 2,879 61,429 Current period gross charge-offs 236 223 74 8 4 329 — 874 Total Portfolio Loans Pass 202,625 298,357 180,787 130,669 99,798 296,442 147,756 1,356,434 Special Mention 558 — — 644 — 4,331 — 5,533 Substandard 14 9,525 2,896 6,884 2,049 19,566 3,766 44,700 Total Portfolio Loans $ 203,197 $ 307,882 $ 183,683 $ 138,197 $ 101,847 $ 320,339 $ 151,522 $ 1,406,667 Current YTD Period: Current period gross charge-offs $ 336 $ 326 $ 109 $ 174 $ 4 $ 490 $ — $ 1,439 Total 2017 and Portfolio (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans December 31, 2022 Commercial real estate: Non-owner-occupied Pass $ 67,429 $ 31,710 $ 48,421 $ 41,221 $ 19,414 $ 42,069 $ 1,570 $ 251,834 Special Mention — — — — — 6,289 — 6,289 Substandard — — — — — 11,935 — 11,935 Total non-owner occupied 67,429 31,710 48,421 41,221 19,414 60,293 1,570 270,058 Current period gross charge-offs — — — — — — — — All other CRE Pass 24,655 26,947 22,906 27,213 8,873 67,691 4,790 183,075 Special Mention — 1,111 — — — — — 1,111 Substandard — — — 3,006 — 357 1,224 4,587 Total all other CRE 24,655 28,058 22,906 30,219 8,873 68,048 6,014 188,773 Current period gross charge-offs — — — — — — — — Acquisition and development: 1-4 family residential construction Pass 15,629 1,453 151 — — 210 2,194 19,637 Special Mention — — — — — — — — Substandard — — — — — — — — Total acquisition and development 15,629 1,453 151 — — 210 2,194 19,637 Current period gross charge-offs — — — — — 20 — 20 All other A&D Pass 18,733 4,979 9,755 1,408 558 12,961 2,419 50,813 Special Mention — — — — — — — — Substandard — — — — — 146 — 146 Total all other A&D 18,733 4,979 9,755 1,408 558 13,107 2,419 50,959 Current period gross charge-offs — — — — — — — — Commercial and industrial: Pass 83,608 30,451 15,982 12,707 5,013 9,528 63,668 220,957 Special Mention — 2,555 — — — 338 2,134 5,027 Substandard 8,923 — 7,167 173 634 311 2,204 19,412 Total commercial and industrial 92,531 33,006 23,149 12,880 5,647 10,177 68,006 245,396 Current period gross charge-offs — 97 34 3 — — — 134 Residential mortgage: Residential mortgage - term Pass 64,930 93,665 42,784 27,120 14,132 133,397 2,306 378,334 Special Mention — — — — — — — — Substandard — — 16 237 143 5,634 23 6,053 Total residential mortgage - term 64,930 93,665 42,800 27,357 14,275 139,031 2,329 384,387 Current period gross charge-offs — — — — — 28 — 28 Residential mortgage - home equity Pass 5,739 957 538 328 97 478 51,232 59,369 Special Mention — — — — — — — — Substandard — — 44 — 21 40 550 655 Total residential mortgage - home equity 5,739 957 582 328 118 518 51,782 60,024 Current period gross charge-offs — — — — 12 6 — 18 Consumer: Pass 16,748 10,495 3,845 1,596 687 24,096 2,654 60,121 Special Mention — — — — — — — — Substandard — 92 27 9 7 — 4 139 Total consumer 16,748 10,587 3,872 1,605 694 24,096 2,658 60,260 Current period gross charge-offs 36 494 18 37 11 40 — 636 Total Portfolio Loans Pass 297,471 200,657 144,382 111,593 48,774 290,430 130,833 1,224,140 Special Mention — 3,666 — — — 6,627 2,134 12,427 Substandard 8,923 92 7,254 3,425 805 18,423 4,005 42,927 Total Portfolio Loans $ 306,394 $ 204,415 $ 151,636 $ 115,018 $ 49,579 $ 315,480 $ 136,972 $ 1,279,494 Current YTD Period: Current period gross charge-offs $ 36 $ 591 $ 52 $ 40 $ 23 $ 94 $ — $ 836 The following tables present loan balances by year of origination segregated by performing and non-performing loans for the periods presented: Total 2018 and Portfolio (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans December 31, 2023 Commercial real estate: Non-owner-occupied Performing $ 23,511 $ 65,878 $ 30,332 $ 54,270 $ 40,575 $ 80,639 $ 1,138 $ 296,343 Nonperforming — — — — — 227 — 227 Total non-owner occupied 23,511 65,878 30,332 54,270 40,575 80,866 1,138 296,570 All other CRE Performing 30,130 27,379 27,042 21,335 24,726 60,827 5,095 196,534 Nonperforming — — — — — 599 — 599 Total all other CRE 30,130 27,379 27,042 21,335 24,726 61,426 5,095 197,133 Acquisition and development: 1-4 family residential construction Performing 13,745 3,446 — — — — 1,033 18,224 Nonperforming — — — — — — — — Total acquisition and development 13,745 3,446 — — — — 1,033 18,224 All other A&D Performing 12,184 25,099 2,966 3,046 1,301 9,946 4,181 58,723 Nonperforming — — — — — 113 — 113 Total all other A&D 12,184 25,099 2,966 3,046 1,301 10,059 4,181 58,836 Commercial and industrial: Performing 52,562 75,911 26,241 18,559 8,970 10,889 81,472 274,604 Nonperforming — — — — — — — — Total commercial and industrial 52,562 75,911 26,241 18,559 8,970 10,889 81,472 274,604 Residential mortgage: Residential mortgage - term Performing 51,625 94,722 89,629 38,245 25,375 133,526 1,603 434,725 Nonperforming — 139 135 — 98 2,701 31 3,104 Total residential mortgage - term 51,625 94,861 89,764 38,245 25,473 136,227 1,634 437,829 Residential mortgage - home equity Performing 1,127 4,657 864 475 286 488 53,802 61,699 Nonperforming — — — 38 — 17 288 343 Total residential mortgage - home equity 1,127 4,657 864 513 286 505 54,090 62,042 Consumer: Performing 18,304 10,616 6,405 2,229 516 20,367 2,879 61,316 Nonperforming 9 35 69 — — — — 113 Total consumer 18,313 10,651 6,474 2,229 516 20,367 2,879 61,429 Total Portfolio Loans Performing 203,188 307,708 183,479 138,159 101,749 316,682 151,203 1,402,168 Nonperforming 9 174 204 38 98 3,657 319 4,499 Total Portfolio Loans $ 203,197 $ 307,882 $ 183,683 $ 138,197 $ 101,847 $ 320,339 $ 151,522 $ 1,406,667 Total 2017 and Portfolio (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans December 31, 2022 Commercial real estate: Non-owner-occupied Performing $ 67,429 $ 31,710 $ 48,421 $ 41,221 $ 19,414 $ 60,206 $ 1,570 $ 269,971 Nonperforming — — — — — 87 — 87 Total non-owner occupied 67,429 31,710 48,421 41,221 19,414 60,293 1,570 270,058 All other CRE Performing 24,655 28,058 22,906 30,219 8,873 67,990 6,014 188,715 Nonperforming — — — — — 58 — 58 Total all other CRE 24,655 28,058 22,906 30,219 8,873 68,048 6,014 188,773 Acquisition and development: 1-4 family residential construction Performing 15,629 1,453 151 — — 210 2,194 19,637 Nonperforming — — — — — — — — Total acquisition and development 15,629 1,453 151 — — 210 2,194 19,637 All other A&D Performing 18,733 4,979 9,755 1,408 558 12,962 2,419 50,814 Nonperforming — — — — — 145 — 145 Total all other A&D 18,733 4,979 9,755 1,408 558 13,107 2,419 50,959 Commercial and industrial: Performing 92,531 33,006 23,149 12,880 5,647 10,177 68,006 245,396 Nonperforming — — — — — — — — Total commercial and industrial 92,531 33,006 23,149 12,880 5,647 10,177 68,006 245,396 Residential mortgage: Residential mortgage - term Performing 64,930 93,665 42,800 27,120 14,198 136,228 2,313 381,254 Nonperforming — — — 237 77 2,803 16 3,133 Total residential mortgage - term 64,930 93,665 42,800 27,357 14,275 139,031 2,329 384,387 Residential mortgage - home equity Performing 5,739 957 538 328 115 478 51,515 59,670 Nonperforming — — 44 — 3 40 267 354 Total residential mortgage - home equity 5,739 957 582 328 118 518 51,782 60,024 Consumer: Performing 16,748 10,581 3,872 1,605 694 24,077 2,658 60,235 Nonperforming — 6 — — — 19 — 25 Total consumer 16,748 10,587 3,872 1,605 694 24,096 2,658 60,260 Total Portfolio Loans Performing 306,394 204,409 151,592 114,781 49,499 312,328 136,689 1,275,692 Nonperforming — 6 44 237 80 3,152 283 3,802 Total Portfolio Loans $ 306,394 $ 204,415 $ 151,636 $ 115,018 $ 49,579 $ 315,480 $ 136,972 $ 1,279,494 |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2023 | |
Other Real Estate Owned, Net [Abstract] | |
Other Real Estate Owned, Net | 6. Other Real Estate Owned The following table presents the components of OREO, net of related valuation allowance, as of December 31, 2023 and 2022: (in thousands) 2023 2022 Acquisition and development $ 4,281 $ 4,670 Residential mortgage 212 63 Total OREO $ 4,493 $ 4,733 The following table presents the activity in the OREO valuation allowance for the years ended December 31, 2023 and 2022: (in thousands) 2023 2022 Balance January 1 $ 453 $ 453 Fair value write-downs, net 23 — Sales of OREO (163) — Balance December 31 $ 313 $ 453 The following table presents the components of OREO expenses, net, for the years ended December 31, 2023 and 2022: (in thousands) 2023 2022 Gains on real estate, net $ (599) $ — Fair value write-down 23 — Expenses, net 491 595 Rental and other income (4) (5) Total OREO (income)/expense, net $ (89) $ 590 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | 7. Premises and Equipment The following table presents the components of premises and equipment at December 31, 2023 and 2022: (in thousands) 2023 2022 Land $ 7,745 $ 7,753 Land improvements 1,384 1,548 Premises 34,922 35,972 Furniture and equipment 18,873 20,117 62,924 65,390 Less accumulated depreciation (31,465) (30,442) Total $ 31,459 $ 34,948 The Corporation recorded depreciation expense of $3.8 million and $3.1 million for the years ended December 31, 2023 and 2022, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 8. Leases Substantially all of the leases in which the Corporation is the lessee are comprised of real estate property for branches, ATM locations, and office equipment with terms extending through 2030. All of the Corporation’s leases are classified as operating leases. The present value of lease payments is reported as a lease liability and right of use asset on the Corporation’s Consolidated Statement of Financial Condition. The following table represents the Consolidated Statements of Financial Condition classification of the Corporation’s right-of-use assets and lease liabilities. The Corporation elected not to include short-term leases (i.e., leases with remaining terms of 12 months or less), or equipment leases that were deemed immaterial on the Consolidated Statement of Financial Condition. (in thousands) December 31, 2023 December 31, 2022 Lease Right-of Use Assets Operating lease right-of-use assets $ 1,367 $ 1,898 Lease Liabilities Operating lease liabilities $ 1,556 $ 2,373 In calculating the present value of the lease payments, the Corporation has utilized its incremental borrowing rate based on electing the original lease term to account for each lease component. The following table presents the weighted-average lease term and discount rate for operating leases at December 31, 2023: December 31, 2023 December 31, 2022 Weighted-average remaining lease term Operating leases 5.33 years 6.17 years Weighted-average discount rate Operating leases 5.16% 5.00% The Corporation elected, for all classes of underlying assets, to separate lease and non-lease components. Total operating lease expense was $0.6 million and $0.5 million for the years ended December 31, 2023 and December 31, 2022, respectively. Short-term lease expense was approximately $20 thousand for the year ended December 31, 2023 and 2022. In the fourth quarter of 2023, the Bank announced the closure of four of its branches with an effective closing date of February 29, 2024. In conjunction with the announced branch closures, the Bank recognized accelerated lease expense of approximately $0.1 million in 2023. Future minimum payments for operating leases with initial or remaining terms of one year or more at December 31, 2023 were as follows: (in thousands) Amount 2024 $ 368 2025 356 2026 283 2027 285 2028 240 Thereafter 270 Total future minimum lease payments 1,802 Amounts representing interest (246) Present value of net future minimum lease payments $ 1,556 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits | 9. Deposits The following table summarizes deposits as of December 31, 2023 and 2022: (in thousands) December 31, 2023 December 31, 2022 Balance Percent Balance Percent Non-Interest-bearing deposits: $ 427,670 28% $ 506,613 32% Interest-bearing deposits: Demand 350,860 22% 327,685 21% Money market 385,649 25% 365,192 23% Savings deposits 191,265 12% 250,720 16% Time deposits- retail 165,533 11% 120,523 8% Time deposits- brokered 30,000 2% — 0% Total Deposits $ 1,550,977 100% $ 1,570,733 100% Time deposits that meet or exceed the FDIC insurance limit of $250,000 at December 31, 2023 and 2022 were $48.8 million and $37.5 million, respectively. At December 31, 2023 and 2022, $0.4 million and $0.3 million, respectively, of deposit overdrafts were re-classified as loans. The following is a summary of the scheduled maturities of all time deposits maturing within years ended December 31: (in thousands) Time deposits- brokered Time deposits- retail 2024 $ 30,000 $ 146,683 2025 — 13,990 2026 — 4,154 2027 — 491 2028 — 170 Thereafter — 45 Total $ 30,000 $ 165,533 In the ordinary course of business, executive officers and directors of the Corporation, including their families and companies in which certain directors are principal owners, were deposit customers of the Bank. At December 31, 2023, executive officers and directors had approximately $17.2 million in deposits with the Bank compared to $14.0 million at December 31, 2022. |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2023 | |
Borrowed Funds [Abstract] | |
Borrowed Funds | 10. Borrowed Funds The following is a summary of short-term borrowings at December 31, 2023 and 2022 with original maturities of less than one year: (in thousands) 2023 2022 Securities sold under agreements to repurchase: Outstanding at end of year $ 45,418 $ 64,565 Weighted average interest rate at year end 0.27% 0.12% Maximum amount outstanding as of any month end $ 59,777 $ 75,912 Average amount outstanding $ 50,498 $ 63,182 Approximate weighted average rate during the year 0.24% 0.12% Repurchase agreements were secured by $61.6 million in investment securities at December 31, 2023 and $74.6 million at December 31, 2022. The following is a summary of long-term borrowings at December 31, 2023 and 2022 with original maturities exceeding one year: (in thousands) 2023 2022 FHLB advances bearing fixed interest rates ranging from 4.53% to 4.69% at December 31, 2023 $ 80,000 $ — Junior subordinated debt $ 30,929 $ 30,929 Total long-term debt $ 110,929 $ 30,929 In March 2004, Trust I and Trust II issued preferred securities with an aggregate liquidation amount of $30.0 million to third-party investors and issued common equity with an aggregate liquidation amount of $0.9 million to First United Corporation. These Trusts used the proceeds of these offerings to purchase an equal amount of TPS Debentures, as follows: $20.6 million $10.3 million The TPS Debentures issued to each of the Trusts represent the sole assets of that Trust, and payments of the TPS Debentures by First United Corporation are the only sources of cash flow for the Trust. First United Corporation has the right, without triggering a default, to defer interest on all of the TPS Debentures for up to 20 quarterly periods, in which case distributions on the preferred securities will also be deferred. Should this occur, the Corporation may not pay dividends or distributions on, or repurchase, redeem or acquire any shares of its capital stock. The contractual maturities of the FHLB advances outstanding at December 31, 2023 are March 15, 2024 and September 13, 2024. The contractual maturities of the junior subordinated debt outstanding at December 31, 2023 is 2034. The Bank has a borrowing capacity agreement with the FHLB in an amount equal to 30% of the Bank’s assets. The available line of credit equaled $571.4 million at December 31, 2023 and $544.1 million at December 31, 2022. This line of credit, which can be used for both short and long-term funding, can only be utilized to the extent of available collateral. The line is secured by certain qualified mortgage, commercial and home equity loans as follows (in thousands): 1-4 family mortgage loans $ 144,572 Commercial loans 52,753 Multi-family loans 11,453 Home equity loans 19,160 Total available borrowing capacity 227,938 Less: borrowings and letters of credit outstanding (82,500) $ 145,438 The Bank also has various unsecured lines of credit totaling $140.0 million with various financial institutions and a $12.2 million secured line with the Federal Reserve to meet daily liquidity requirements.Additionally, the Bank had $69.5 million in available in a secured line of credit with the FRB through the BTFP. At December 31, 2023 and 2022, there were no borrowings under these credit facilities. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 11. Goodwill and Other Intangible Assets The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at December 31, 2023 and 2022 in the following table: December 31, 2023 December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Amortizing intangible assets: Intangible assets associated with purchase of wealth portfolio $ 1,048 $ 419 $ 629 3.00 years $ 1,048 $ 209 $ 839 4.00 years Intangible assets associated with acquisition of mortgage company 600 130 470 3.92 years 600 10 590 4.92 years Total Other intangibles $ 1,648 $ 549 $ 1,099 3.38 years $ 1,648 $ 219 $ 1,429 4.38 years Goodwill $ 11,004 $ 11,004 $ 11,004 $ 11,004 The following table presents the estimated future amortization expense for amortizing intangible assets within the years ending December 31: (in thousands) Amount 2024 $ 330 2025 330 2026 330 2027 109 Total amortizing intangible assets $ 1,099 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 12. Accumulated Other Comprehensive Loss (“AOCL”) The following table presents the changes in each component of accumulated other comprehensive loss for the years ended December 31, 2023 and 2022: (in thousands) Investment securities- with credit related impairment AFS Investment securities- all other AFS Investment securities- HTM Cash Flow Hedge Pension Plan SERP Total Accumulated OCL, net: Balance - January 1, 2022 $ (949) $ (5,749) $ (134) $ (319) $ (18,108) $ (2,055) $ (27,314) Other comprehensive income/(loss) before reclassifications (614) (10,629) (6,120) 1,116 684 2,430 (13,133) Amounts reclassified from accumulated (148) (2) 551 — 821 199 1,421 Balance - December 31, 2022 $ (1,711) $ (16,380) $ (5,703) $ 797 $ (16,603) $ 574 $ (39,026) Other comprehensive (loss)/income before reclassifications (622) 61 — (228) 1,605 (1,802) (986) Amounts reclassified from accumulated (149) 3,102 502 — 735 (5) 4,185 Balance - December 31, 2023 $ (2,482) $ (13,217) $ (5,201) $ 569 $ (14,263) $ (1,233) $ (35,827) The following tables present the components of other comprehensive (loss)/income for the years ended December 31, 2023 and 2022: Components of Other Comprehensive Income (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the year ended December 31, 2023 Available for sale (AFS) securities with credit-related impairment Unrealized holding losses $ (845) $ 223 $ (622) Less: accretable yield recognized in income 202 (53) 149 Net unrealized losses on investments with credit-related impairment (1,047) 276 (771) Available for sale securities – all other: Unrealized holding gains 83 (22) 61 Less: losses recognized in income (4,214) 1,112 (3,102) Net unrealized gains on all other AFS securities 4,297 (1,134) 3,163 Held to maturity securities: Unrealized holding losses on securities transferred to held to maturity — — — Less: amortization recognized in income (682) 180 (502) Net unrealized gains on HTM securities 682 (180) 502 Cash flow hedges: Unrealized holding losses (310) 82 (228) Net unrealized losses on cash flow hedges (310) 82 (228) Pension Plan: Unrealized net actuarial gain 2,180 (575) 1,605 Less: amortization of unrecognized loss (998) 263 (735) Net pension plan liability adjustment 3,178 (838) 2,340 SERP: Unrealized net actuarial loss (2,448) 646 (1,802) Less: amortization of unrecognized loss 7 (2) 5 Net SERP liability adjustment (2,455) 648 (1,807) Other comprehensive income $ 4,345 $ (1,146) $ 3,199 Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the year ended December 31, 2022 Available for sale (AFS) securities with credit related impairment: Unrealized holding losses $ (835) $ 221 $ (614) Less: accretable yield recognized in income 202 (54) 148 Net unrealized losses on investments with credit related impairment (1,037) 275 (762) Available for sale securities – all other: Unrealized holding losses (22,792) 6,043 (16,749) Unrealized holding losses on securities transferred from available for sale to held to maturity 8,328 (2,208) 6,120 Less: gains recognized in income 3 (1) 2 Net unrealized losses on all other AFS securities (14,467) 3,836 (10,631) Held to maturity securities: Unrealized holding losses on securities transferred to held to maturity (8,328) 2,208 (6,120) Less: gains recognized in income 91 (24) 67 Less: amortization recognized in income (841) 223 (618) Net unrealized losses on HTM securities (7,578) 2,009 (5,569) Cash flow hedges: Unrealized holding gains 1,521 (405) 1,116 Net unrealized gains on cash flow hedges 1,521 (405) 1,116 Pension Plan: Unrealized net actuarial gain 931 (247) 684 Less: amortization of unrecognized loss (1,117) 296 (821) Net pension plan liability adjustment 2,048 (543) 1,505 SERP: Unrealized net actuarial gain 3,307 (877) 2,430 Less: amortization of unrecognized loss (271) 72 (199) Net SERP liability adjustment 3,578 (949) 2,629 Other comprehensive loss $ (15,935) $ 4,223 $ (11,712) The following tables present the details of accumulated other comprehensive loss components for the years ended December 31, 2023 and 2022: Details of Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement (in thousands) 2023 Where Net Income is Presented Net unrealized losses on investment securities with credit related impairment: Accretable Yield $ 202 Interest income on taxable investment securities Taxes (53) Provision for income tax expense $ 149 Net of tax Net unrealized losses on available for sale investment securities - all other: Loss on sales $ (4,214) Net gains Taxes 1,112 Provision for income tax expense $ (3,102) Net of tax Net unrealized gains on held to maturity investment securities: Amortization $ (682) Interest income on taxable investment securities Taxes 180 Provision for income tax expense $ (502) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (998) Other expense Taxes 263 Provision for income tax expense $ (735) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ 7 Other expense Taxes (2) Provision for income tax expense $ 5 Net of tax Total reclassifications for the period $ (4,185) Net of tax Details of Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement (in thousands) 2022 Where Net Income is Presented Net unrealized losses on investment securities with credit related impairment: Accretable Yield $ 202 Interest income on taxable investment securities Taxes (54) Provision for income tax expense $ 148 Net of tax Net unrealized gains on available for sale investment securities - all other: Gains on sales $ 3 Net gains Taxes (1) Provision for income tax expense $ 2 Net of tax Net unrealized gains on held to maturity investment securities: Amortization $ (841) Interest income on taxable investment securities Gains recognized 91 Provision for income tax expense Taxes 199 Net of tax $ (551) Net pension plan liability adjustment: Other expense Amortization of unrecognized loss $ (1,117) Other expense Taxes 296 Net of tax $ (821) Net SERP liability adjustment: Other expense Amortization of unrecognized loss $ (271) Other expense Taxes 72 Net of tax $ (199) Net of tax Total reclassifications for the period $ (1,421) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 13. Income Taxes The provision for income taxes consists of the following for the years ended December 31, 2023 and 2022: (in thousands) 2023 2022 Current Tax expense: Federal $ 4,002 $ 5,504 State 1,303 2,034 $ 5,305 $ 7,538 Deferred tax (benefit)/expense: Federal $ (774) $ 339 State (115) 256 $ (889) $ 595 Income tax expense for the year $ 4,416 $ 8,133 The reconciliation between the statutory federal income tax rate and effective income tax rate for the years ended December 31, 2023 and 2022 is as follows: 2023 2022 Federal statutory rate 21.0% 21.0% Tax-exempt income on securities and loans (0.8) (0.8) Tax-exempt BOLI income (1.3) (0.8) State income tax, net of federal tax benefit 4.7 5.6 Tax credits (0.8) (0.4) Other (0.1) (0.1) 22.7% 24.5% Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Corporation’s temporary differences as of December 31, 2023 and 2022 are as follows: (in thousands) 2023 2022 Deferred tax assets: Allowance for credit losses $ 4,855 $ 3,880 Deferred fees 96 54 Deferred compensation 1,285 1,163 Federal and state tax loss carry forwards 2,776 2,873 Unrealized loss on investment securities 7,356 8,419 SERP 2,622 1,948 Lease liability 362 471 Low income housing 439 511 Other than temporary impairment on investment securities 464 520 Other real estate owned 83 120 Other 392 133 Total deferred tax assets 20,730 20,092 Valuation allowance (2,776) (2,873) Total deferred tax assets less valuation allowance 17,954 17,219 Deferred tax liabilities: Goodwill and other intangibles (2,762) (2,736) Lease right-of-use asset (282) (418) Pension (2,958) (2,121) Depreciation (403) (921) Derivative contract (200) (283) Other (216) (135) Total deferred tax liabilities (6,821) (6,614) Net deferred tax assets $ 11,133 $ 10,605 In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income of the appropriate character (for example, ordinary income or capital gain) within the carry-back or carry-forward period available under the tax law during the periods in which temporary differences are deductible. The Corporation has considered future market growth, forecasted earnings, future taxable income, and feasible and permissible tax planning strategies in determining whether it will be able to realize the deferred tax asset. If the Corporation were to determine that it will not be able to realize a portion of its net deferred tax asset in the future for which there is currently no valuation allowance, an adjustment to the net deferred tax asset would be charged to earnings in the period such determination was made. Conversely, if the Corporation were to make a determination that it is more likely than not that the deferred tax assets for which there is a valuation allowance will be realized, the related valuation allowance would be reduced and a benefit would be recorded. At December 31, 2023, the Corporation had Maryland net operating losses (“NOLs”) and other MD carryforwards of $39.1 million for which a deferred tax asset of $2.8 million has been recorded. There has been and continues to be a full valuation allowance on these NOLs based on management’s belief that it is more likely than not that these NOLs will not be realized prior to the expiration of their carry-forward periods because the Corporation will not generate sufficient taxable income in the future to fully utilize the NOLs. The valuation allowance was $2.8 The Corporation and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states jurisdictions. The 2018-2020 tax years remain open under the standard statute of limitations. Also, with few exceptions, the Corporation is no longer subject to state income tax examinations for tax years before 2020. Any interest and penalties on income tax assessments or income tax refunds are recognized in the Consolidated Statements of Income as a components of interest expense (income) and other operating expense. There were no amounts of accrued tax-related interest and penalties at December 31, 2023 and 2022. Furthermore, there were no net interest and penalties related to unrecognized tax benefits for the periods presented. |
Equity Compensation Plans
Equity Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Equity Compensation Plan [Abstract] | |
Equity Compensation Plan | 14. Equity Compensation Plans 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 First United 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 First United Corporation if and when the RSU vests. The RSUs granted to each of the foregoing officers consist of (i) a performance vesting award for a three year performance period and (ii) a time-vesting award that will vest ratably over a three year period. Target performance levels were set based on the annual budget which supports the Corporation’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, 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. For the performance period ending December 31, 2023, the RSUs performance goals are based on earnings per share for the year ending December 31, 2023 and growth in tangible book value per share during the performance period. For the performance period ending December 31, 2024, the RSUs performance goals are based on earnings per share for the year ending December 31, 2024 and growth in tangible book value per share during the performance period. For the performance period ending December 31, 2025, the RSUs performance goals are based on earnings per share for the year ended December 31, 2025 and growth in tangible book value per share during the 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 were granted relating to (i) 9,791 performance-vesting shares (target level) for the performance period ending December 31, 2021 (the “2019 LTIP year”) and (ii) 10,143 performance-vesting shares and 5,070 time-vesting shares (target level) for the performance period ending December 31, 2022 (the “2020 LTIP year”). Each RSU had a grant date fair market value of $12.54 per share of common stock underlying the RSU. The time-vesting RSUs will vest ratably over a three-year period that began on March 26, 2021. On March 9, 2022, 14,688 shares subject to RSUs granted for the 2019 LTIP year were issued at maximum performance level. On March 8, 2023, 15,216 shares subject to RSUs granted for the 2020 LTIP year were issued at maximum performance. On March 26, 2021, 1,690 of the 5,070 time-vesting shares were issued to participants. On March 28, 2022, 1,688 shares of the 3,380 remaining time-vesting shares were issued to participants. On March 26, 2023, 1,692 shares of the remaining time-vesting shares were issued to participants. Stock compensation expense was $15,896 for the year ended December 31, 2023, and $73,816 for the year ended December 31, 2022. All compensation expense related to the 2019 LTIP year was recognized as of March 31, 2022. All compensation expense related to the 2020 LTIP plans was recognized as of March 31, 2023. In May 2021, RSUs relating to 7,389 performance-vesting shares and 3,693 time-vesting shares (target level) for plan year 2021 were granted, which had a grant date fair market value of $17.93 per share of common stock underlying each RSU. The performance period for the performance-vesting RSUs is the three-year period ending December 31, 2023. The time-vesting RSUs will vest ratably over a three-year period beginning on May 5, 2022. On May 5, 2022, 1,230 shares of the 3,693 time-vesting RSUs were issued to participants. On May 5, 2023, 1,230 shares of the remaining 2,463 time-vesting shares were issued to the participants. Net stock compensation (credit)/expense was ($51,555) and $66,285 for the years ended December 2023 and 2022. Unrecognized compensation expense as of December 31, 2023 related to unvested units was $7,365. In March 2022, RSUs relating to 8,096 performance-vesting shares and 6,238 time-vesting shares (target level) for plan year 2022 were granted, which had a grant date fair market value of $21.88 per share of common stock underlying each RSU. The performance period for the performance-vesting RSUs is the three-year period ending December 31, 2024. The time-vesting RSUs will vest ratably over a three year period beginning on March 9, 2023. On March 9, 2023, 2,079 shares of the 6,238 time-vesting RSUs were issued to participants. Stock compensation expense was $104,580 and $78,436 for the years ended December 31, 2023 and 2022, respectively. Unrecognized compensation expense as of December 31, 2023 related to unvested units was $130,726. In March 2023, RSUs relating to 10,214 performance-vesting shares and 7,920 time-vesting shares (target level) for plan year 2023 were granted, which had a grant date fair market value of $18.25 per share of common stock underlying each RSU. The performance period for the performance-vesting RSUs is the three year period ending December 31, 2025. The time-vesting RSUs will vest ratably over a three-year period beginning on March 15, 2024. Stock compensation expense was $82,755 for the year ended Decmber 31, 2023. Unrecognized compensation expense as of December 31, 2023 related to unvested units was $248,264. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 15. Employee Benefit Plans First United Corporation sponsors a noncontributory defined benefit Pension Plan (the “Pension Plan”) covering the employees who were hired prior to the freeze and others who were grandfathered into the Pension 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 Pension 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 (i) their ages, at their closest birthday, plus (ii) 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 will be managed through discretionary contributions to the First United Corporation 401(k) Profit Sharing Plan (the “401(k) Plan”). During 2001, the Bank established an unfunded Defined Benefit Supplemental Executive Retirement Plan (“Defined Benefit SERP”). 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. The benefit obligation activity for both the Pension Plan and 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. 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: (i) Normal Retirement (as defined in the Contribution Agreement); (ii) 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); (iii) Separation from Service due to a Disability (as defined in the Contribution Agreement); (iv) with respect to a particular award of Employer Contribution Credits, the participant’s completion of two consecutive Years of Service (as defined in the Contribution Agreement) immediately following the Plan Year for which such award was made; or (v) death. Notwithstanding the foregoing, however, a participant will 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 (a) refraining from engaging in Competitive Employment (as defined in the Contribution Agreement) for three years following his or her Separation from Service, (b) refraining from injurious disclosure of confidential information concerning the Corporation, and (c) 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 (b) will apply in the event of a Separation from Service following a Change of Control and subsequent Triggering Event. In January 2021, the Board of Directors approved discretionary contributions to three participants totaling $101,257. The Corporation recorded $50,628 of related compensation expense for 2022 related to these contributions. In January 2022, the Board of Directors approved discretionary contributions to three participants totaling $103,689. The Corporation recorded $51,844 of related compensation expense for both 2023 and 2022 related to these contributions. In January 2023, the Board of Directors approved discretionary contributions to three participants totaling $108,184. The Corporation recorded $54,092 of related compensation expense for 2023. Each discretionary contribution has a two year vesting period. The following tables summarize benefit obligation and funded status, plan asset activity, components of net pension cost, and weighted average assumptions for the Pension Plan and the Defined Benefit SERP: Pension Defined Benefit SERP (in thousands) 2023 2022 2023 2022 Change in Benefit Obligation Obligation at the beginning of the year $ 40,184 $ 54,931 $ 7,194 $ 10,395 Service cost 25 57 102 165 Interest cost 2,050 1,535 367 286 Change in discount rate and mortality assumptions 314 (11,930) — — Actuarial losses/(gains) 144 (736) 2,450 (3,316) Benefits paid (2,103) (3,673) (336) (336) Obligation at the end of the year 40,614 40,184 9,777 7,194 Change in Plan Assets Fair value at the beginning of the year 48,185 59,696 — — Actual return on plan assets 5,740 (7,838) — — Employer contribution — — 336 336 Benefits paid (2,103) (3,673) (336) (336) Fair value at the end of the year 51,822 48,185 — — Funded/(Unfunded) Status $ 11,208 $ 8,001 $ (9,777) $ (7,194) Pension Defined Benefit SERP (in thousands) 2023 2022 2023 2022 Components of Net Pension Cost Service cost $ 25 $ 57 $ 102 $ 165 Interest cost 2,050 1,535 367 286 Expected return on assets (3,062) (3,810) — — Amortization of recognized loss 998 1,117 (7) 271 Net pension (income)/expense in employee benefits $ 11 $ (1,101) $ 462 $ 722 Weighted Average Assumptions used to determine benefit obligations: Discount rate for benefit obligations 5.02% 5.24% 4.99% 5.23% Discount rate for net pension cost 5.24% 2.85% — — Expected long-term return on assets 6.50% 6.50% — — Rate of compensation increase 3.00% 3.00% 3.00% 3.00% The accumulated benefit obligation for the Pension Plan was $38.3 million and $37.8 million at December 31, 2023 and 2022, respectively. The accumulated benefit obligation for the Defined Benefit SERP was $8.3 million and $6.9 million at December 31, 2023 and 2022, respectively. The investment assets of a defined benefit plan are managed with the goal of providing for retiree distributions while also supporting long-term plan obligations with a moderate level of portfolio risk. To address the variability over time of both risk and return, the plan investment strategy entails a dynamic approach to asset allocation, providing for normalized targets for major asset classes, with the ability to tactically adjust within the following specified ranges around those targets. Asset Class Normalized Target Range Cash 2% 0% - 20% Fixed Income 43% 30% - 50% Equities 55% 45% - 65% Decisions regarding tactical adjustments within the above noted ranges for asset classes are based on a top down review of factors expected to have material impact on the risk and reward dynamics of the portfolio as a whole. Such factors include, but are not limited to, the following: ● Anticipated domestic and international economic growth as a whole; ● The position of the economy within its longer term economic cycle; and ● The expected impact of economic vitality, cycle positioning, financial market risks, industry/demographic trends and political forces on the various market sectors and investment styles. With respect to individual company securities, additional company specific matters are considered, which could include management track record and guidance, future earnings expectations, current relative price expectations and the impact of identified risks on expected performance, among others. A core equity position of large cap stocks will be maintained, with more aggressive or volatile sectors meaningfully represented in the asset mix in pursuit of higher returns. Strategic and specific investment decisions are guided by an in-house investment committee as well as a number of outside institutional resources that provide economic, industry and company data and analytics. It is management’s intent to give the Pension Plan’s investment managers flexibility with respect to investment decisions and their timing within the overall guidelines. However, certain investments require specific review and approval by management. Management is also informed of anticipated changes in nonproprietary investment managers, significant modifications of any previously approved investment, or the anticipated use of derivatives to execute investment strategies. Portfolio risk is managed in large part by a focus on diversification across multiple levels as well as an emphasis on financial strength. For example, current investment policies restrict initial investments in debt securities to be rated investment grade at the time of purchase. Also, with the exception of the highest rated securities (e.g., U.S. Treasury or government-backed agency securities), no more than 10% of the portfolio may be invested in a single entity’s securities. As a result of the previously noted approaches to controlling portfolio risk, any concentrations of risk would be associated with general systemic risks faced by industry sectors or the portfolio as a whole. Assets in the Pension Plan are valued by the Corporation’s accounting system provider who utilizes a third-party pricing service. Valuation data is based on actual market data for stocks and mutual funds (Level 1) and matrix pricing for bonds (Level 2). Cash and cash equivalents are also considered Level 1 within the fair value hierarchy. At December 31, 2023 and 2022, the value of Pension Plan investments was as follows: December 31, 2023 Fair Value Hierarchy (in thousands) Assets at Fair Value % of Portfolio Level 1 Level 2 Cash and cash equivalents $ 1,217 2.3% $ 1,217 $ — Fixed income securities: U.S. Government and Agencies 5,554 10.7% — 5,554 Taxable municipal bonds and notes 2,503 4.8% — 2,503 Corporate bonds and notes 10,258 19.8% — 10,258 Preferred stock 276 0.5% — 276 Fixed income mutual funds 3,302 6.4% 3,302 — Total fixed income 21,893 42.2% 3,302 18,591 Equities: Large Cap 19,780 38.2% 19,780 — Mid Cap 1,500 2.9% 1,500 — Small Cap 4,564 8.8% 4,564 — International 2,868 5.6% 2,868 — Total equities 28,712 55.5% 28,712 — Total market value $ 51,822 100.0% $ 33,231 $ 18,591 Note: The Large cap equities includes 194,124 shares of First United Corporation common stock at December 31, 2023 and 2022 December 31, 2022 Fair Value Hierarchy (in thousands) Assets at Fair Value % of Portfolio Level 1 Level 2 Cash and cash equivalents $ 985 2.0% $ 985 $ — Fixed income securities: U.S. Government and Agencies 2,770 5.8% — 2,770 Taxable municipal bonds and notes 4,166 8.6% — 4,166 Corporate bonds and notes 10,575 21.9% — 10,575 Preferred stock 474 1.0% — 474 Fixed income mutual funds 5,454 11.4% 5,454 — Total fixed income 23,439 48.7% 5,454 17,985 Equities: Large Cap 15,743 32.7% 15,743 — Mid Cap 1,225 2.5% 1,225 — Small Cap 3,815 7.9% 3,815 — International 2,978 6.2% 2,978 — Total equities 23,761 49.3% 23,761 — Total market value $ 48,185 100.0% $ 30,200 $ 17,985 As of December 31, 2023, the 25-year average return on pension portfolio assets was 6.59%, exceeding the expected long-term return of 6.50% utilized for 2023. Considering that future equity returns are partially a function of current starting valuations and the general level of interest rates, return expectations by market analysts have risen due to the large equity pullback and interest rates rising to multiyear highs. With equity valuations near historical averages and the monetary policy normalization process likely being near conclusion, it is considered appropriate to maintain the expected long-term rate of return of 6.50% for 2024. Estimated cash flows related to expected future benefit payments from the Pension Plan and Defined Benefit SERP are as follows: (in thousands) Pension Plan Defined Benefit SERP 2024 $ 2,217 $ 336 2025 2,267 336 2026 2,353 602 2027 2,401 655 2028 2,524 643 2029-2033 13,450 3,628 First United Corporation made no contributions to the Pension Plan in 2023 or 2022. First United Corporation will continue to evaluate future annual contributions to the Pension Plan based upon its funded status and an evaluation of the future benefits to be provided thereunder. The Bank expects to fund the annual projected benefit payments for the Defined Benefit SERP from operations. The estimated costs that will be amortized from accumulated other comprehensive loss into net periodic pension cost during the next fiscal year are as follows: (in thousands) Pension Defined Benefit SERP Net actuarial loss $ 811 $ 157 $ 811 $ 157 |
401(k) Profit Sharing Plan
401(k) Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Plans [Abstract] | |
401(k) Profit Sharing Plan | 16. 401(k) Profit Sharing Plan In furtherance of First United Corporation’s belief that every employee should have the ability to accrue retirement benefits, it adopted the 401(k) Profit Sharing Plan, which is available to all employees, including executive officers. Employees are automatically entered in the plan on the first of the month following completion of 30 days of service to First United Corporation and/or its subsidiaries. Employees have the opportunity to opt out of participation or change their deferral amounts under the plan at any time. In addition to contributions by participants, the plan contemplates employer matching and the potential of discretionary contributions to the accounts of participants. First United Corporation believes that matching contributions encourage employees to participate and thereby plan for their post-retirement financial future. Beginning with the 2008 plan year, First United Corporation enhanced the match formula to 100% on the first 1% of salary reduction and 50% on the next 5% of salary reduction. This match is accrued for all participants, including executive officers, immediately upon entering the plan on the first day of the month following the completion of 30 days of employment. Additionally, First United Corporation accrued a non-elective employer contribution during 2023 for all employees other than employees who participate in the Defined Benefit SERP and Defined Contribution SERP and those employees meeting the age plus service requirement in the Pension Plan equal to 4.0% of each employee’s salary, and 0.5% of each employee’s salary hired before January 1, 2010, which will be paid in the first quarter of 2024. The employee must be a plan participant and be actively employed on the last day of the plan year to share in the discretionary profit sharing contribution, except in the case of death, disability, or retirement of the participant. Expense charged to operations for the 401(k) Plan was $1.4 million in 2023 and $1.3 million in 2022. |
Federal Reserve Requirements
Federal Reserve Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Federal Reserve Requirements [Abstract] | |
Federal Reserve Requirements | 17. Federal Reserve Requirements The Bank is required to maintain cash reserves with the Federal Reserve Bank of Richmond based on specified deposit liabilities. Effective March 26, 2020, the FRB reduced reserve requirement ratios to 0%. This action eliminated reserve requirements for all depository institutions. |
Contractual Obligations, Commit
Contractual Obligations, Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Contractual Obligations, Commitments and Contingent Liabilities [Abstract] | |
Contractual Obligations, Commitments and Contingent Liabilities | 18. Contractual Obligations, Commitments and Contingent Liabilities Contractual Obligations The Corporation enters into contractual obligations in the normal course of business. Among these obligations are FHLB advances and junior subordinated debentures, operating lease agreements for banking and subsidiaries’ offices, and for data processing and telecommunications equipment. At December 31, 2023, no large capital obligations are anticipated. Commitments Loan commitments are made to accommodate the financial needs of our customers. Loan commitments have credit risk essentially the same as that involved in extending loans to customers and are subject to normal credit policies. Commitments to extend credit generally have fixed expiration dates, may require payment of a fee, and contain cancellation clauses in the event of an adverse change in the customer’s credit quality. Commitments to extend credit in the form of consumer, commercial and business as of December 31, 2023 and December 31, 2022 are as follows: (in thousands) 2023 2022 Residential mortgage - home equity $ 72,080 $ 70,845 Residential mortgage - construction 17,684 25,499 Commercial 160,196 153,235 Consumer - personal credit lines 4,186 4,323 Standby letters of credit 11,037 14,325 Total $ 265,183 $ 268,227 We do not issue any guarantees that would require liability recognition or disclosure other than the standby letters of credit issued by the Bank. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party to support contractual obligations and to ensure job performance. Generally, the Bank’s letters of credit are issued with expiration dates within one year. Historically, most letters of credit expire unfunded, and therefore, cash requirements are substantially less than the total commitment. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank generally holds collateral and/or personal guarantees supporting letters of credit. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 19. Fair Value of Financial Instruments The Corporation complies with the guidance of ASC Topic 820, Fair Value Measurements and Disclosures Financial Instruments – Overall 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: 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. Transfers in and out of Level 1, 2 or 3 are recorded at fair value at the beginning of the reporting period. Investments – Investments – Debt and Equity Securities The fair value of investments available-for-sale is determined using a market approach. At December 31, 2023 and 2022, the U.S. Government agencies and treasuries, residential and commercial mortgage-backed securities, and municipal bonds segments are classified as Level 2 within the valuation hierarchy. Their fair values were determined based upon market-corroborated inputs and valuation matrices, which were obtained through third party data service providers or securities brokers through which we have historically transacted both purchases and sales of investment securities. Derivative financial instruments (cash flow hedge) Individually evaluated loans Receivables Equity investments- Other real estate owned For assets and liabilities measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2023 and 2022 are as follows: Fair Value Measurements at December 31, 2023 Using (in Thousands) Assets & Liabilities Measured at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 12/31/23 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 6,034 $ 6,034 Residential mortgage-backed agencies $ 20,563 $ 20,563 Commercial mortgage-backed agencies $ 28,417 $ 28,417 Collateralized mortgage obligations $ 16,356 $ 16,356 Obligations of states and political subdivisions $ 10,312 $ 10,312 Corporate bonds $ 778 $ 778 Collateralized debt obligations $ 14,709 $ 14,709 Financial derivative $ 756 $ 756 Non-recurring: Individually evaluated loans $ — $ — Equity investments $ 3,087 $ 3,087 Other real estate owned $ 4,443 $ 4,443 Fair Value Measurements at December 31, 2022 Using (in Thousands) Assets & Liabilities Measured at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 12/31/22 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. treasuries $ 9,462 $ 9,462 U.S. government agencies $ 37,401 $ 37,401 Residential mortgage-backed agencies $ 30,732 $ 30,732 Commercial mortgage-backed agencies $ 21,044 $ 21,044 Collateralized mortgage obligations $ 10,492 $ 10,492 Obligations of states and political subdivisions $ 887 $ 887 Collateralized debt obligations $ 15,871 $ 15,871 Financial derivative $ 1,068 $ 1,068 Non-recurring: Individually evaluated loans $ 211 $ 211 Equity investment $ 1,796 $ 1,796 Other real estate owned $ — $ — There were no transfers of assets between any of the levels of the fair value hierarchy for the years ended December 31, 2023 or December 31, 2022. For Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2023 and 2022, the significant unobservable inputs used in the fair value measurements were as follows: (in thousands) Fair Value at December 31, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale - CDO $ 14,709 Discounted Cash Flow Discount Rate Range of low to mid 500 and low to mid 600 Non-recurring: Equity Investments $ 3,087 Market Method Revenue Multiples 2.8x Other Real Estate Owned $ 4,443 Market Comparable Properties Marketability Discount 5.0% to 15.0% (in thousands) Fair Value at December 31, 2022 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale - CDO $ 15,871 Discounted Cash Flow Discount Rate Range of low to mid 300 and low to high 400 Non-recurring: Individually Evaluated Loans $ 211 Market Comparable Properties Marketability Discount 10.0% to 15.0% Equity Investment $ 1,796 Market Method Revenue Multiples 2.8x Other Real Estate Owned $ — Market Comparable Properties Marketability Discount (1) Range would include discounts taken since appraisal and estimated values The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured using Level 3 significant unobservable inputs for the years ended December 31, 2023 and 2022: Fair Value Measurement Using Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance January 1, 2023 $ 15,871 Total gains/(losses) realized/unrealized: Included in other comprehensive income (1,162) Ending balance December 31, 2023 $ 14,709 Fair Value Measurement Using Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance January 1, 2022 $ 17,192 Total gains/(losses) realized/unrealized: Included in other comprehensive income (1,321) Ending balance December 31, 2022 $ 15,871 Gains and losses (realized and unrealized) included in earnings for the periods above are reported in the Consolidated Statement of Income in other operating income. The fair values disclosed 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 table presents fair value information about financial instruments, whether or not recognized in the 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 statement of financial condition are as follows: December 31, 2023 Fair Value Measurements Carrying Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 48,343 $ 48,343 $ 48,343 Interest bearing deposits in banks 1,410 1,410 1,410 Investment securities - AFS 97,169 97,169 $ 82,460 $ 14,709 Investment securities - HTM 214,297 184,415 182,510 1,905 Restricted bank stock 5,250 N/A Loans, net 1,388,847 1,319,456 1,319,456 Financial derivative 778 778 778 Accrued interest receivable 7,487 7,487 828 6,659 Financial Liabilities: Deposits – non-maturity 1,355,444 1,355,444 1,355,444 Deposits – time deposits 195,533 193,337 193,337 Short-term borrowed funds 45,418 45,418 45,418 Long-term borrowed funds 110,929 110,809 110,809 Accrued interest payable 612 612 612 December 31, 2022 Fair Value Measurements Carrying Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 72,720 $ 72,720 $ 72,720 Interest bearing deposits in banks 1,595 1,595 1,595 Investment securities - AFS 125,889 125,889 $ 110,018 $ 15,871 Investment securities - HTM 235,659 203,080 182,380 20,700 Restricted bank stock 1,027 N/A Loans, net 1,264,684 1,177,702 1,177,702 Financial derivative 1,068 1,068 1,068 Accrued interest receivable 6,051 6,051 933 5,118 Financial Liabilities: Deposits – non-maturity 1,450,210 1,450,210 1,450,210 Deposits – time deposits 120,523 120,083 120,083 Financial derivative — — — Short-term borrowed funds 64,565 64,565 64,565 Long-term borrowed funds 30,929 30,909 30,909 Accrued interest payable 151 151 151 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 20. Derivative Financial Instruments As a part of managing interest rate risk, the Corporation entered into interest rate swap agreements to modify the re-pricing characteristics of certain interest-bearing liabilities. The Corporation has designated its 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. As of December 31, 2023, $15.0 million notional amount remains. The interest rate swap creates an effective fixed interest rate of 4.6450% on the $15.0 million notional amount of the Corporation’s junior subordination debt until the interest rate swap’s maturity in March 2026. The fair value of the interest rate swap contracts was $0.8 million and $1.1 million at December 31, 2023 and December 31, 2022, respectively. For the year ended December 31, 2023, the Corporation recorded a decrease in the value of the derivatives of $0.3 million and the related deferred tax of $0.1 million 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 year ended December 31, 2023. 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 at December 31, 2023. The table below discloses the impact of derivative financial instruments on the Corporation’s Consolidated Financial Statements for the years ended December 31, 2023 and December 31, 2022. Derivative in Cash Flow Hedging Relationships (in thousands) Amount of (loss)/gain recognized in OCI on derivative (effective portion) Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) (1) Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) (2) Interest rate contracts: December 31, 2023 $ (228) $ — $ — December 31, 2022 $ 1,116 $ — $ — Notes : (1) Reported as interest expense (2) Reported as other income |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 21. Revenue Recognition ASC Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. ASC 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 ASC Topic 606 are discussed below. Wealth Management – Trust and Brokerage 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. Other Service Charges Fees, exchange, and other service charges are primarily comprised of ATM fees, loan servicing fees and other service charges. ATM fees are primarily generated when a Bank cardholder uses a non-Bank ATM or a non-Bank cardholder uses a Bank ATM. Loan servicing fees are comprised of fees earned on servicing of loan portfolios sold to the secondary market. 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. Interchange Fees – Debit and Credit Card Income 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. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. 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 ASC Topic 606, for the years ended December 31, 2023 and 2022. Year Ended December 31, (in thousands) 2023 2022 Noninterest income In-scope of Topic 606: Service charges on deposit accounts $ 2,198 $ 1,981 Other service charges 929 925 Trust department 8,282 8,244 Debit card income 4,101 3,958 Brokerage commissions 1,160 1,049 Noninterest income (in-scope of Topic 606) 16,670 16,157 Noninterest income (out-of-scope of Topic 606) 1,661 1,721 Total Noninterest Income $ 18,331 $ 17,878 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | 22. Segment Reporting Currently, the Corporation conducts business in two operating segments: (i) Community Banking and (ii) Trust and Investment Services. The accounting policies of the segments are the same as those described in the summary of significant accounting policies provided earlier in this report. Business activity for the operating segments are as follows: Community Banking Trust and Investment Services Information for the operating segments for the years ended December 31, 2023 and 2022 are presented in the following tables: December 31, 2023 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 81,156 $ — $ 81,156 Interest expense 24,286 — 24,286 Credit loss expense 1,620 — 1,620 Non-interest income 5,027 9,442 14,469 Non-interest expense 45,098 5,145 50,243 Income before income taxes and intercompany fees 15,179 4,297 19,476 Intercompany management fee income (expense) 12 (12) — Income before income taxes 15,191 4,285 19,476 Income tax expense 3,514 902 4,416 Net income $ 11,677 $ 3,383 $ 15,060 December 31, 2022 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 62,422 $ — $ 62,422 Interest expense 4,789 — 4,789 Loan loss credit (627) — (627) Non-interest income 8,757 9,293 18,050 Non-interest expense 38,435 4,694 43,129 Income before income taxes and intercompany fees 28,582 4,599 33,181 Intercompany management fee income (expense) 12 (12) — Income before income taxes 28,594 4,587 33,181 Income tax expense 7,168 965 8,133 Net income $ 21,426 $ 3,622 $ 25,048 Total non-fiduciary assets of the trust and investment services segment were $0.7 million (including $0.6 million in intangible assets) at December 31, 2023 and $0.9 million (including $0.8 million in intangible assets) at December 31, 2022. All other assets (including goodwill of $11.0 million as of December 31 2023 and 2022 and other intangible assets of $0.5 million and $0.6 million as of December 31, 2023 and 2022, respectively) were held by the community banking segment. |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Parent Company Only Financial Information | |
Parent Company Only Financial Information | 23. Parent Company Only Financial Information Condensed Statements of Financial Condition December 31, (in thousands) 2023 2022 Assets Cash $ 9,739 $ 11,296 Investment securities- Available for Sale (at fair value) 13,591 14,603 Investment in bank subsidiary 164,878 153,245 Investment in non-bank subsidiaries 929 929 Other assets 9,794 8,273 Total Assets $ 198,931 $ 188,346 Liabilities and Shareholders' Equity Accrued interest and other liabilities $ 4,799 $ 4,425 Dividends payable 1,330 1,199 Junior subordinated debt 30,929 30,929 Shareholders' equity 161,873 151,793 Total Liabilities and Shareholders' Equity $ 198,931 $ 188,346 Condensed Statements of Income Year Ended December 31, (in thousands) 2023 2022 Income: Dividend income from bank subsidiary $ 6,130 $ 14,995 Interest income on investments 1,715 780 Other income 75 63 Total other income 1,790 843 Total Income 7,920 15,838 Expenses: Interest expense 1,950 1,451 Other expenses 715 249 Total Expenses 2,665 1,700 Income before income taxes and equity in undistributed net income of subsidiaries 5,255 14,138 Applicable income tax benefit 213 194 Net income before equity in undistributed net income of subsidiaries 5,468 14,332 Equity in undistributed net income of subsidiaries: Bank 9,592 10,716 Net Income $ 15,060 $ 25,048 Condensed Statements of Comprehensive Income Year Ended December 31, Components of Comprehensive Income (in thousands) 2023 2022 Net Income $ 15,060 $ 25,048 Unrealized losses on AFS Securities, net of tax (771) (954) Unrealized (losses)/gains on cash flow hedges, net of tax (228) 1,116 Other comprehensive (loss)/income, net of tax (999) 162 Comprehensive income $ 14,061 $ 25,210 Condensed Statements of Cash Flows Year Ended December 31, (in thousands) 2023 2022 Operating Activities Net Income $ 15,060 $ 25,048 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (9,592) (10,716) Increase in other assets (1,280) (448) Increase in accrued interest payable and other liabilities 273 655 Stock compensation 527 532 Net cash provided by operating activities 4,988 15,071 Financing Activities Proceeds from issuance of common stock 293 217 Repurchase of common stock (1,495) — Cash dividends on common stock (5,343) (4,192) Net cash used in financing activities (6,545) (3,975) Increase in cash and cash equivalents (1,557) 11,096 Cash and cash equivalents at beginning of year 11,296 200 Cash and cash equivalents at end of year $ 9,739 $ 11,296 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Business | Business First United Corporation is a Maryland corporation chartered in 1985 and a financial holding company registered with the Board of Governors of the Federal Reserve System (the “FRB”) under the Bank Holding Company Act of 1956, as amended, that elected financial holding company status in 2021. The Corporation’s primary business is serving as the parent company of First United Bank & Trust, a Maryland trust company (the “Bank”), First United Statutory Trust I (“Trust I”) and First United Statutory Trust II (“Trust II” and together with Trust I, the “Trusts”), both Connecticut statutory business trusts. The Trusts were formed for the purpose of selling trust preferred securities that qualified as Tier 1 capital. The Bank has two consumer finance company subsidiaries - OakFirst Loan Center, Inc., a West Virginia corporation, and OakFirst Loan Center, LLC, a Maryland limited liability company - and two subsidiaries that it uses to hold real estate acquired through foreclosure or by deed in lieu of foreclosure - First OREO Trust, a Maryland statutory trust, and FUBT OREO I, LLC, a Maryland limited liability company. In addition, the Bank owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, a Maryland limited partnership formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland (“Liberty Mews”), and a 99.9% non-voting membership interest in MCC FUBT Fund, LLC, an Ohio limited liability company formed for the purpose of acquiring, developing and operating low-income housing units in Allegany County, Maryland (the “MCC Fund”). First United Corporation and its subsidiaries operate principally in four counties in Western Maryland and four counties in West Virginia. As used in these Notes, the terms “the Corporation”, “we”, “us”, and “our” mean First United Corporation and, unless the context clearly suggests otherwise, its consolidated subsidiaries. |
Basis of Presentation | Basis of Presentation The financial information is presented in accordance with generally accepted accounting principles and general practice for financial institutions in the United States of America (“GAAP”). All significant intercompany transactions and accounts have been eliminated. Certain reclassifications have been made to prior year amounts to conform with current year classifications. In the opinion of management, all adjustments (all of which are normal recurring in nature) that are necessary for a fair statement are reflected in the consolidated financial statements. In preparing financial statements, management is required to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of financial statements. In addition, these estimates and assumptions affect revenues and expenses in the financial statements and as such, actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Corporation include the accounts of First United Corporation, the Bank, the OakFirst Loan Centers, First OREO Trust and FUBT OREO I, LLC. All significant inter-company accounts and transactions have been eliminated. |
Significant Concentrations of Credit Risk | Significant Concentrations of Credit Risk Most of the Corporation’s relationships are with customers located in Western Maryland and Northeastern West Virginia. At December 31, 2023, approximately 5%, or $77.1 million, of total loans were secured by real estate acquisition, construction and development projects, with $77.0 $0.1 million considered to be individually evaluated loans based on management’s concerns about the borrowers’ ability to comply with present repayment terms. The $0.1 million in individually evaluated loans were all classified as non-accrual as of December 31, 2023. Additionally, loans collateralized by commercial rental properties represented 21% of the total loan portfolio as of December 31, 2023. Note 4 discusses the types of securities in which the Corporation invests and Note 5 discusses the Corporation’s lending activities. |
Investments | Investments The investment portfolio is classified and accounted for based on the guidance of Accounting Standards Codification (“ASC”) Topic 320, Investments – Debt and Equity Securities The amortized cost of debt securities is adjusted for the amortization of premiums to the first call date, if applicable, or to maturity, and for the accretion of discounts to maturity, or, in the case of mortgage-backed securities, over the estimated life of the security. Such amortization and accretion is included in interest income from investments. Interest and dividends are included in interest income from investments. Gains and losses on the sale of securities are recorded using the specific identification method. The Corporation adopted Accounting Standards Codification (“ASC “) 326 using the prospective transition approach for debt securities for which other than temporary impairment (“OTTI”) had been recognized prior to January 1, 2023, such as available-for-sale (“AFS”) collateralized debt obligations. As a result, the amortized cost basis for such debt securities remained the same before and after the effective date of ASC 326. The effective interest rate on these debt securities was not changed. Amounts previously written off are recognized in other comprehensive income (“OCI”) as of January 1, 2023 relating to improvements in cash flows expected to be collected are accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after January 1, 2023 are recorded in earnings when received. The Corporation utilizes ASC 326 to evaluate its AFS and HTM debt security portfolio for expected credit losses. For AFS debt securities in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income, as a non-credit-related impairment. a security is placed on nonaccrual status. Accordingly, we do not recognize an allowance for credit loss against accrued interest receivable. |
Restricted Investment in Bank Stock | Restricted Investment in Bank Stock The Corporation owns non-marketable equity securities in a combination of the Federal Home Loan Bank (“FHLB”) of Atlanta, Atlantic Community Bankers Bank and Community Banker’s Bank. These securities are carried at cost, classified as restricted securities, and periodically evaluated for impairment based on ultimate recovery of par value. The Corporation recognizes dividend income on a cash basis. For the years ended December 31, 2023 and December 31, 2022, dividends of $198,457 |
Loans and Interest and Fees on Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or full repayment by the borrower are reported at their unpaid principal balance outstanding, adjusted for any deferred fees or costs pertaining to origination. Loans that management has the intent to sell are reported at the lower of cost or fair value determined on an individual basis. There were $0.4 million in loans held for sale at December 31, 2023. No loans were held for sale at December 31, 2022. The segments of the Bank’s loan portfolio are disaggregated to a level that allows management to monitor risk and performance. The commercial real estate (“CRE”) loan segment is further disaggregated into two classes. Non-owner occupied CRE loans, which include loans secured by non-owner occupied nonfarm nonresidential properties, generally have a greater risk profile than all other CRE loans, which include loans secured by farmland, multifamily structures and owner-occupied commercial structures. The acquisition and development (“A&D”) loan segment is further disaggregated into two classes. One-to-four family residential construction loans are generally made to individuals for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. All other A&D loans are generally made to developers or investors for the purpose of acquiring, developing and constructing residential or commercial structures. These loans have a higher risk profile because the ultimate buyer, once development is completed, is generally not known at the time of the A&D loan. The commercial and industrial (“C&I”) loan segment consists of loans made for the purpose of financing the activities of commercial customers. The residential mortgage loan segment is further disaggregated into two classes: amortizing term loans, which are primarily first liens, and home equity lines of credit, which are generally second liens. The consumer loan segment consists primarily of installment loans (direct and indirect), student loans and overdraft lines of credit connected with customer deposit accounts. Management uses a 10-point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due are considered Substandard. Only the portion of a specific allocation of the allowance for credit losses is associated with a pending event that could trigger loss in the short term is classified in the Doubtful category. It is possible for a loan to be classified as Substandard in the internal risk rating system, but not be individually evaluated under GAAP, due to the broader reach of “well-defined weaknesses” in the application of the Substandard definition. Interest and Fees on Loans Interest on loans (other than those on non-accrual status) is recognized based upon the principal amount outstanding. Loan fees in excess of the costs incurred to originate the loan are recognized as income over the life of the loan utilizing either the interest method or the straight-line method, depending on the type of loan. Generally, fees on loans with a specified maturity date, such as residential mortgages, are recognized using the interest method. Loan fees for lines of credit are recognized using the straight-line method. A loan is considered to be past due when a payment has not been received for 30 days past its contractual due date. For all loan segments, the accrual of interest is discontinued when principal or interest is delinquent for 90 days or more unless the loan is well-secured and in the process of collection. Loans that are on a current payment status or past due less than 90 days may be classified as nonaccrual if repayment in full of principal and/or interest is unlikely. Interest payments received on non-accrual loans are applied as a reduction of the loan principal balance. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. Generally, consumer installment loans are not placed on non-accrual status, but are charged off after they are 120 days contractually past due. Loans other than consumer installment loans are charged-off based on an evaluation of the facts and circumstances of each individual loan. |
Allowance for Credit Losses | Allowance for Credit Losses An allowance for credit loss (“ACL”) is mainained to absorb losses from the Corporation’s financial assets in accordance with ASC 326: Financial Instruments- Credit Losses Allowance for Credit Losses Policy The ACL represents an amount that, in management’s judgment, is adequate to absorb expected losses on outstanding loans at the balance sheet date based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions and prepayment experience. The ACL is measured and recorded upon the initial recognition of a financial asset. The ACL is reduced by charge-offs, net of recoveries of previous losses, and is increased or decreased by a provision for credit losses, which is recorded as a current period operating expense. Determination of an appropriate ACL is inherently complex and requires the use of significant and highly subjective estimates. The reasonableness is reviewed quarterly by management. Management believes it uses relevant information available to make determinations about the ACL and that it has established the existing allowance in accordance with GAAP. However, the determination of the ACL requires significant judgment, and estimates of expected losses in the loan portfolio can vary significantly from the amounts actually observed. While management uses available information to recognize losses, future additions to the ACL may be necessary based on changes in the loans comprising the portfolio, changes in the current and forecasted economic conditions, changes to the interest rate environment which may directly impact prepayment and curtailment rate assumptions, and changes in the financial condition of borrowers. The adoption of CECL accounting did not result in a significant change to any other credit risk management and monitoring processes, including identification of past due or delinquent borrowers, nonaccrual practices, assessment of modified loans, or charge-off policy. Held-to-Maturity Securities Management measures expected credit losses on HTM debt securities on a collective basis by major security type. Management has elected not to measure an ACL for accrued interest on securities. The estimate of expected credit losses considers historical credit loss information tha tis adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: securities issued by U.S. government issues and agencies (including U.S. treasuries, agency bonds, and U.S. guaranteed residential mortgage-backed securities, commercial mortgage-backed securities, and collateralized mortgage obligations), rated municipal securities, and unrated municipal securities. Securities that are issued or explicitly or implicitely guaranteed by the U.S. government are hghly rated by major rating agencies and have a long history of no credit losses. Rated municipal securities are evaluated based on credit rating by major rating agencies and financial performance. Non-rated securities are evaluated internally based on financial performance and expected future cash flows. Available-for-Sale Securities For AFS debt securities in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery to its amortized cost basis. If either criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities AFS that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted rom credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected rom the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through the ACL is recognized in other comprehensive income. The Corporation adopted Accounting Standards Codification (“ASC “) 326 using the prospective transition approach for debt securities for which other than temporary impairment (“OTTI”) had been recognized prior to January 1, 2023, such as available-for-sale (“AFS”) collateralized debt obligations. As a result, the amortized cost basis for such debt securities remained the same before and after the effective date of ASC 326. The effective interest rate on these debt securities was not changed. Amounts previously written off are recognized in other comprehensive income (“OCI”) as of January 1, 2023 relating to improvements in cash flows expected to be collected are accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after January 1, 2023 are recorded in earnings when received. Loans An ACL is maintained as a valuation account that is deducted from the Corporation’s loan porfolio’s amortized cost basis to present the net amount expected to be collected on the loans. Loan are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis or the estimation of expected credit losses. Adjustments to historical loss information are made for differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental condition, such as changes in unemployment rates, property values, or other relevant factors. Management evaluates individual loans in all of the commercial segments for possible impairment if the loan is greater than $500,000 or is part of a relationship that is greater than $750,000 and (i) is either in non-accrual status or (ii) is risk-rated Substandard and is greater than 60 days past due. Loans are considered to be individually evaluated when, based on current information and events, they no longer share the same risk characteristics of other loans within our portfolio. Factors considered by management in evaluating loans include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Bank does not separately evaluate individual consumer and residential mortgage loans, unless such loans are part of larger relationship that is individually evaluated; otherwise loans in these segments are considered individually evaluated when they are classified as non-accrual. Once the determination has been made that a loan is individually evaluated, the determination of whether a specific allocation of the allowance is necessary is measured by comparing the recorded investment in the loan to the fair value of the loan using one of three methods: (i) the present value of expected future cash flows discounted at the loan’s effective interest rate; (ii) the loan’s observable market price; or (iii) the fair value of the collateral less selling costs. The method is selected on a loan-by-loan basis, with management utilizing the fair value of collateral or the discounted cash flow method for the analyses. If the fair value of the collateral less selling costs method is utilized for collateral securing loans in the commercial segments, then an updated external appraisal is ordered on the collateral supporting the loan if the loan balance is greater than $500,000 and the existing appraisal is greater than 18 months old. If the loan balance is less than $500,000, then the estimated fair value of the collateral is determined by adjusting the existing appraisal by the appropriate percentage from an internally prepared appraisal discount grid. This grid considers the age of a third-party appraisal and the geographic region where the collateral is located in order to discount an appraisal. The discount rates in the appraisal discount grid are updated at least annually to reflect the most current knowledge that management has available, including the results of current appraisals. If there is a delay in receiving an updated appraisal or if the appraisal is found to be deficient in our internal appraisal review process and re-ordered, the Bank continues to use a discount factor from the appraisal discount grid based on the collateral location and current appraisal age in order to determine the estimated fair value. If the general market conditions in that geographic market have changed considerably, the property has deteriorated or perhaps lost an income stream, or a recent appraisal for a similar property indicates a significant change, then management may adjust the fair value indicated by the existing appraisal until a new appraisal is obtained. A specific allocation of the ACL is recorded if there is any deficiency in collateral value determined by comparing the estimated fair value to the recorded investment of the loan. When updated appraisals are received and reviewed, adjustments are made to the specific allocation as needed. A loan that is considered a non-accrual or modified loan may be subject to the individually evaluated loan analysis if the commitment is $0.1 million or greater; otherwise, the modified loan remains in the appropriate segment in the ACL model and associated reserves are adjusted based on changes in the discounted cash flows resulting from the modification of the modified loan. For a discussion with respect to reserve calculations regarding individually evaluated loans, refer to the “Nonrecurring Loans” section in Note 5, Fair Value Measurements. There were no loan modifications to borrowers facing financial difficulties for the year ending December 31, 2023. The evaluation of the need and amount of a specific allocation of the ACL and whether a loan can be removed from impairment status is made on a quarterly basis. Loan Commitments and Allowance for Credit Loss on Unfunded Commitments methodologies as portfolio loans, taking into consideration the likelihood that funding will occur, and is included in the RUC on the Corporation’s Consolidated Balance Sheet. Loan Modifications |
Premises and Equipment | Premises and Equipment Land is carried at cost. Premises and equipment are carried at cost, less accumulated depreciation. The provision for depreciation for financial reporting has been made by using the straight-line method based on the estimated useful lives of the assets, which range from 10 to 31.5 years for buildings and 3 to 20 years for furniture and equipment. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess purchase price paid over the fair value of the net assets acquired in a business combination. Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Impairment testing requires that the fair value of each of the Corporation’s reporting units be compared to the carrying amount of the reporting unit’s net assets, including goodwill. If the fair values of the reporting units exceed their book values, no write-down of recorded goodwill is required. If the fair value of a reporting unit is less than book value, an expense may be required to write-down the related goodwill to the proper carrying value. Any impairment would be realized through a reduction of goodwill or the intangible and an offsetting charge to non-interest expense. Annually, the Corporation performs an impairment test of goodwill as of December 31 of each year. During the year, any triggering event that occurs may affect goodwill and could require an impairment assessment. Determining the fair value of a reporting unit requires the Corporation to use a degree of subjectivity. The Corporation's annual impairment test of goodwill and other intangible assets did not identify any impairment. Accounting guidance provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. Other intangible assets have finite lives and are reviewed for impairment annually. At December 31, 2023, other intangible assets included $0.6 million for the purchase of certain assets from a wealth company and $0.5 million for the purchase of certain assets of a mortgage company. These assets are amortized over their estimated useful lives either on a straight-line or sum-of-the-years basis over varying periods that initially did not exceed 5 years. |
Bank-Owned Life Insurance ("BOLI") | Bank-Owned Life Insurance (“BOLI”) BOLI policies are recorded at their cash surrender values. Changes in the cash surrender values are recorded as other operating income. |
Other Real Estate Owned ("OREO") | Other Real Estate Owned (“OREO”) Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less the cost to sell at the date of foreclosure, with any losses charged to the ACL, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Changes in the valuation allowance, sales gains and losses, and revenue and expenses from holding and operating properties are all included in net expenses from other real estate owned. |
Income Taxes | Income Taxes First United Corporation and its subsidiaries file a consolidated federal income tax return. Income taxes are accounted for using the asset and liability method. Under the asset and liability method, the deferred tax liability or asset is determined based on the difference between the financial statement and tax bases of assets and liabilities (temporary differences) and is measured at the enacted tax rates that will be in effect when these differences reverse. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. Deferred tax expense is determined by the change in the net liability or asset for deferred taxes adjusted for changes in any deferred tax asset valuation allowance, or reserve. This reserve was based on the portion of the tax asset for which it is more likely than not that a tax benefit will not be realized by the Corporation. A tax provision is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examinations for tax positions not meeting the “more likely than not” test, no tax benefit is recorded. State corporate income tax returns are filed annually. Federal and state returns may be selected for examination by the Internal Revenue Service and the states where we file, subject to statutes of limitations. At any given point in time, the Corporation may have several years of filed tax returns that may be selected for examination or review by taxing authorities. Interest and penalties on income taxes are recognized as a component of income tax expense. |
Defined Benefit Plans | Defined Benefit Plans The defined benefit pension plan and supplemental executive retirement plan are accounted for in accordance with ASC Topic 715, Compensation – Retirement Benefits |
Statement of Cash Flows | Statement of Cash Flows Cash and cash equivalents are defined as cash and due from banks and interest-bearing deposits in banks in the Consolidated Statements of Cash Flows. Cash flows are reported for customer loan and deposit transactions and interest-bearing deposits in banks. |
Trust Assets and Income | Trust Assets and Income Assets held in an agency or fiduciary capacity are not the Bank’s assets and, accordingly, are not included in the Consolidated Statements of Financial Condition. Income from the Bank’s trust department represents fees charged to customers and recognized through revenue recognition. Refer to Note 21 for further discussion. |
Business Segments | Business Segments The Corporation operates in two segments, as defined by ASC Topic 280, Segment Reporting |
Stock Repurchases | Stock Repurchases Under the Maryland General Corporation Law, shares of capital stock that are repurchased are cancelled and treated as authorized but unissued shares. When a share of capital stock is repurchased, the payment of the repurchase price reduces stated capital by the par value of that share (currently, $0.01 for common stock), and any excess over par value reduces capital surplus. In 2023, the Corporation repurchased 82,098 shares of common stock at a weighted average price of $16.79 per share. The Corporation did not repurchase shares of common stock during 2022. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Newly Adopted Pronouncements in 2023 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In addition, ASU 2016-13 amends the accounting for credit losses on certain debt securities. The Corporation did not record any allowance for credit losses (“ACL”) on its debt securities as a result of adopting this ASU. January 1, 2023 (in thousands) As Reported Under ASU 2016-13 Pre Impact of ASU 2016-13 Adoption Assets Allowance for credit losses on loans Commercial real estate $ 5,202 $ 6,345 $ (1,143) Acquisition and development 964 979 (15) Commercial and industrial 4,179 2,845 1,334 Residentail mortgage 5,272 3,160 2,112 Consumer 1,085 877 208 Unallocated - 430 (430) Allowance for Credit Losses on Loans $ 16,702 $ 14,636 $ 2,066 Assets: Investment securities- available for sale (at fair value) $ 125,889 $ 125,889 $ - Investment securities- held to maturity 245,659 245,659 - Total loans held for investments, net 1,262,792 1,264,858 (2,066) Net deferred tax asset 11,381 10,605 776 Liabilities: Life-of-loss reserve on unfunded loan commitments $ 998 $ 133 $ 865 Equity: Retained earnings $ 149,638 $ 151,793 $ (2,155) In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments to align with the methodology of CECL. Refer to Note 5, Loans and Related Allowance for Credit Losses, for further discussion of these portfolio segments. The adoption of ASU 2016-13 resulted in a Day 1 adjustment of $2.9 million to our ACL, including an increase of $2.0 million to the ACL for loans and $0.9 million to the ACL for unfunded commitments. The Corporation did not record any ACL on its available-for-sale or held-to-maturity investments upon adoption of ASC 326. The Corporation recorded a net decrease to retained earnings of $2.2 million as of January 1, 2023 for the cumulative effect of adopting ASU 2016-13. Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Recently issued but not yet effective Accounting Pronouncements In March 2020, FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of Reference Rate Reform on Financial Reporting.” for relief from these modification accounting requirements in GAAP. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in ASU 2020-04 are effective for all entities between March 12, 2020 and December 31, 2022. In December 2022, FASB issued ASU No. 2022-06: “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” The Corporation has identified all known LIBOR exposures, created a plan to address the exposures, and continues to communicate with all stakeholders to transition to alternative reference rates. As of December 31, 2023, the Corporation has no financial instruments tied to LIBOR and does not anticipate that the transition related to ASU 2020-04 will have a significant impact on our financial statements. In November 2023, FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280); Improvement to Reportable Segment Disclosures.” In December 2023, FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of impact of adopting Topic 326 | January 1, 2023 (in thousands) As Reported Under ASU 2016-13 Pre Impact of ASU 2016-13 Adoption Assets Allowance for credit losses on loans Commercial real estate $ 5,202 $ 6,345 $ (1,143) Acquisition and development 964 979 (15) Commercial and industrial 4,179 2,845 1,334 Residentail mortgage 5,272 3,160 2,112 Consumer 1,085 877 208 Unallocated - 430 (430) Allowance for Credit Losses on Loans $ 16,702 $ 14,636 $ 2,066 Assets: Investment securities- available for sale (at fair value) $ 125,889 $ 125,889 $ - Investment securities- held to maturity 245,659 245,659 - Total loans held for investments, net 1,262,792 1,264,858 (2,066) Net deferred tax asset 11,381 10,605 776 Liabilities: Life-of-loss reserve on unfunded loan commitments $ 998 $ 133 $ 865 Equity: Retained earnings $ 149,638 $ 151,793 $ (2,155) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Common Share [Abstract] | |
Basic and Diluted Earnings Per Share | 2023 2022 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 $ 15,060 6,686 $ 2.25 $ 25,048 6,650 $ 3.77 Diluted Earnings Per Share: Restricted stock units 15 11 Net income $ 15,060 6,701 $ 2.25 $ 25,048 6,661 $ 3.76 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Total Capital (to risk-weighted assets) 207,767 14.05% 118,292 8.00% 147,865 10.00% Tier 1 Capital (to risk-weighted assets) 189,370 12.81% 88,719 6.00% 118,292 8.00% Common Equity Tier 1 Capital (to risk-weighted assets) 189,370 12.81% 66,540 4.50% 96,112 6.50% Tier 1 Capital (to average assets) 189,370 9.92% 76,233 4.00% 95,291 5.00% Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2022 Total Capital (to risk-weighted assets) 196,442 14.37% 109,396 8.00% 136,745 10.00% Tier 1 Capital (to risk-weighted assets) 181,673 13.29% 82,047 6.00% 109,396 8.00% Common Equity Tier 1 Capital (to risk-weighted assets) 181,673 13.29% 61,535 4.50% 88,884 6.50% Tier 1 Capital (to average assets) 181,673 10.01% 72,354 4.00% 90,443 5.00% |
Investments Securities (Tables)
Investments Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Unrealized Gain (Loss) on Investments | (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value December 31, 2023 Available for Sale: U.S. government agencies $ 7,000 $ — $ 966 $ — $ 6,034 Residential mortgage-backed agencies 24,781 — 4,218 — 20,563 Commercial mortgage-backed agencies 36,258 — 7,841 — 28,417 Collateralized mortgage obligations 19,725 — 3,369 — 16,356 Obligations of states and political subdivisions 10,486 15 189 — 10,312 Corporate Bonds 1,000 — 222 — 778 Collateralized debt obligations 18,671 — 3,962 — 14,709 Total available for sale $ 117,921 $ 15 $ 20,767 $ — $ 97,169 (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value Allowance for Credit Losses December 31, 2023 Held to Maturity: U.S. treasuries $ 37,462 $ — $ 243 $ 37,219 $ — U.S. government agencies 68,014 — 10,985 57,029 — Residential mortgage-backed agencies 29,588 42 2,913 26,717 — Commercial mortgage-backed agencies 21,413 — 5,361 16,052 — Collateralized mortgage obligations 53,261 — 9,973 43,288 — Obligations of states and political subdivisions 4,604 177 671 4,110 45 Total held to maturity $ 214,342 $ 219 $ 30,146 $ 184,415 $ 45 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2022 Available for Sale: U.S. government agencies $ 11,044 $ — $ 1,582 $ 9,462 Residential mortgage-backed agencies 45,052 — 7,651 37,401 Commercial mortgage-backed agencies 37,393 — 6,661 30,732 Collateralized mortgage obligations 25,828 — 4,784 21,044 Obligations of states and political subdivisions 10,848 4 360 10,492 Corporate Bonds 1,000 — 113 887 Collateralized debt obligations 18,664 — 2,793 15,871 Total available for sale $ 149,829 $ 4 $ 23,944 $ 125,889 (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value December 31, 2022 Held to Maturity: U.S. treasuries $ 37,204 $ — $ 1,593 $ 35,611 U.S. government agencies 67,734 — 13,261 54,473 Residential mortgage-backed agencies 28,624 1 3,503 25,122 Commercial mortgage-backed agencies 22,389 — 4,568 17,821 Collateralized mortgage obligations 57,085 — 10,001 47,084 Obligations of states and political subdivisions 22,623 946 600 22,969 Total held to maturity $ 235,659 $ 947 $ 33,526 $ 203,080 |
Proceeds from Sales and Realized Gains and Losses | (in thousands) 2023 2022 Proceeds $ 20,249 $ 1,023 Gross realized gains — 3 Gross realized losses 4,214 — |
Gross Unrealized Losses and Fair Values of Securities | Less than 12 months 12 months or more (in thousands) Fair Value Unrealized Losses Number of Investments Fair Value Unrealized Losses Number of Investments December 31, 2023 Available for Sale: U.S. government agencies $ — $ — — $ 6,034 $ 966 2 Residential mortgage-backed agencies — — — 20,563 4,218 3 Commercial mortgage-backed agencies — — — 28,417 7,841 8 Collateralized mortgage obligations — — — 16,356 3,369 9 Obligations of states and political subdivisions 1,445 20 2 6,668 169 3 Corporate Bonds — — — 778 222 1 Collateralized debt obligations — — — 14,709 3,962 9 Total available for sale $ 1,445 $ 20 2 $ 93,525 $ 20,747 35 Less than 12 months 12 months or more (in thousands) Fair Value Unrecognized Losses Number of Investments Fair Value Unrecognized Losses Number of Investments December 31, 2023 Held to Maturity: U.S. treasuries $ — $ — — $ 37,219 $ 243 4 U.S. government agencies — — — 57,029 10,985 9 Residential mortgage-backed agencies — — — 22,613 2,913 35 Commercial mortgage-backed agencies — — — 16,052 5,361 2 Collateralized mortgage obligations — — — 43,288 9,973 8 Obligations of states and political subdivisions — — — 2,205 671 1 Total held to maturity $ — $ — — $ 178,406 $ 30,146 59 Less than 12 months 12 months or more (in thousands) Fair Value Unrealized Losses Number of Investments Fair Value Unrealized Losses Number of Investments December 31, 2022 Available for Sale: U.S. government agencies $ 4,598 $ 402 1 $ 4,865 $ 1,180 2 Residential mortgage-backed agencies — — — 37,401 7,651 5 Commercial mortgage-backed agencies 4,044 455 3 26,688 6,206 6 Collateralized mortgage obligations 1,600 210 5 19,444 4,574 5 Obligations of states and political subdivisions 8,906 360 7 — — — Corporate Bonds 887 113 1 Collateralized debt obligations — — — 15,871 2,793 9 Total available for sale $ 20,035 $ 1,540 17 $ 104,269 $ 22,404 27 Less than 12 months 12 months or more (in thousands) Fair Value Unrecognized Losses Number of Investments Fair Value Unrecognized Losses Number of Investments December 31, 2022 Held to Maturity: U.S. treasuries $ — $ — — $ 35,611 $ 1,593 4 U.S. government agencies 38,883 9,617 7 15,591 3,644 2 Residential mortgage-backed agencies 16,893 1,425 29 8,138 2,078 7 Commercial mortgage-backed agencies 17,821 4,568 3 — — — Collateralized mortgage obligations 47,083 10,001 8 — — — Obligations of states and political subdivisions 2,269 600 1 — — — Total held to maturity $ 122,949 $ 26,211 48 $ 59,340 $ 7,315 13 |
Amortized Cost and Fair Values Classified by Contractual Maturity Date | (in thousands) Amortized Cost Fair Value Contractual Maturity Available for sale: Due in one year or less $ 2,670 $ 2,640 Due after one year through five years 5,250 4,952 Due after five years through ten years 2,410 2,168 Due after ten years 26,827 22,073 37,157 31,833 Residential mortgage-backed agencies 24,781 20,563 Commercial mortgage-backed agencies 36,258 28,417 Collateralized mortgage obligations 19,725 16,356 Total available for sale $ 117,921 $ 97,169 Held to Maturity: Due in one year or less $ 37,462 $ 37,219 Due after one year through five years 12,500 11,706 Due after five years through ten years 40,456 34,495 Due after ten years 19,662 14,938 110,080 98,358 Residential mortgage-backed agencies 29,588 26,717 Commercial mortgage-backed agencies 21,413 16,052 Collateralized mortgage obligations 53,261 43,288 Total held to maturity $ 214,342 $ 184,415 |
Loans and Related Allowance f_2
Loans and Related Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loans And Related Allowances For Loan Losses [Abstract] | |
Loan Portfolio Segments | (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Total December 31, 2023 Individually evaluated for impairment $ 826 $ — $ — $ 2,137 $ — $ 2,963 Collectively evaluated for impairment 492,877 77,060 274,604 497,734 61,429 1,403,704 Total loans $ 493,703 $ 77,060 $ 274,604 $ 499,871 $ 61,429 $ 1,406,667 December 31, 2022 Individually evaluated for impairment $ 2,262 $ 356 $ — $ 3,880 $ — $ 6,498 Collectively evaluated for impairment 456,569 70,240 245,396 440,531 60,260 1,272,996 Total loans $ 458,831 $ 70,596 $ 245,396 $ 444,411 $ 60,260 $ 1,279,494 |
Changes in Dollar Amount of Loans Outstanding to Officers, Directors and their Associates | (in thousands) 2023 Balance at January 1 $ 3,302 Loans or advances 481 Repayments (937) Balance at December 31 $ 2,846 |
Loan Portfolio Summarized by the Past Due Status | (in thousands) Current 30-59 Day Past Due 60-89 Days Past Due 90 Days+ Past Due Total Past Due and still accruing Non- Accrual Total Loans December 31, 2023 Commercial real estate Non owner-occupied $ 296,343 $ — $ — $ — $ — $ 227 $ 296,570 All other CRE 196,123 411 — — 411 599 197,133 Acquisition and development 1-4 family residential construction 18,224 — — — — — 18,224 All other A&D 58,723 — — — — 113 58,836 Commercial and industrial 274,465 120 19 — 139 — 274,604 Residential mortgage Residential mortgage - term 433,878 130 717 384 1,231 2,720 437,829 Residential mortgage – home equity 61,021 520 158 75 753 268 62,042 Consumer 60,576 463 277 84 824 29 61,429 Total $ 1,399,353 $ 1,644 $ 1,171 $ 543 $ 3,358 $ 3,956 $ 1,406,667 December 31, 2022 Commercial real estate Non owner-occupied $ 269,971 $ — $ — $ — $ — $ 87 $ 270,058 All other CRE 188,715 — — — — 58 188,773 Acquisition and development 1-4 family residential construction 19,637 — — — — — 19,637 All other A&D 50,813 — — — — 146 50,959 Commercial and industrial 245,342 54 — — 54 — 245,396 Residential mortgage Residential mortgage - term 380,502 31 722 239 992 2,893 384,387 Residential mortgage – home equity 59,223 399 48 43 490 311 60,024 Consumer 59,789 363 83 25 471 — 60,260 Total $ 1,273,992 $ 847 $ 853 $ 307 $ 2,007 $ 3,495 $ 1,279,494 |
Schedule of amortized cost basis of collateral-dependent individually evaluated loans | December 31, 2023 (in thousands) Real Estate Non-Accrual Loans with No Allowance Commercial real estate $ 826 $ 826 Residential mortgage 2,137 2,137 Total Loans $ 2,963 $ 2,963 |
Allowance for Loan Losses Summarized by Loan Portfolio Segments | (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total Beginning balance at January 1, 2023 prior to adoption of ASC 326 $ 6,345 $ 979 $ 2,845 $ 3,160 $ 877 $ 430 $ 14,636 Impact of adopting ASC 326 (1,143) (15) 1,334 2,112 208 (430) 2,066 Loan charge-offs (87) — (423) (55) (874) — (1,439) Recoveries collected 7 11 186 73 240 — 517 Credit loss (credit)/expense (2) (35) (225) 1,484 478 — 1,700 ACL balance at December 31, 2023 $ 5,120 $ 940 $ 3,717 $ 6,774 $ 929 $ — $ 17,480 ALL balance at January 1, 2022 $ 6,032 $ 2,615 $ 2,460 $ 3,484 $ 934 $ 430 $ 15,955 Charge-offs — (20) (134) (46) (921) — (1,121) Recoveries 1 22 93 184 145 — 445 Loan loss expense/(credit) 312 (1,638) 426 (462) 719 — (643) ALL balance at December 31, 2022 $ 6,345 $ 979 $ 2,845 $ 3,160 $ 877 $ 430 $ 14,636 |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | Total 2018 and Portfolio (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans December 31, 2023 Commercial real estate: Non-owner-occupied Pass $ 23,511 $ 65,878 $ 30,332 $ 54,270 $ 40,575 $ 65,134 $ 1,138 $ 280,838 Special Mention — — — — — 4,331 — 4,331 Substandard — — — — — 11,401 — 11,401 Total non-owner occupied 23,511 65,878 30,332 54,270 40,575 80,866 1,138 296,570 Current period gross charge-offs — — — — — 87 — 87 All other CRE Pass 30,130 27,379 27,042 20,691 22,879 60,054 4,495 192,670 Special Mention — — — 644 — — — 644 Substandard — — — — 1,847 1,372 600 3,819 Total all other CRE 30,130 27,379 27,042 21,335 24,726 61,426 5,095 197,133 Current period gross charge-offs — — — — — — — — Acquisition and development: 1-4 family residential construction Pass 13,745 3,446 — — — — 1,033 18,224 Special Mention — — — — — — — — Substandard — — — — — — — — Total acquisition and development 13,745 3,446 — — — — 1,033 18,224 Current period gross charge-offs — — — — — — — — All other A&D Pass 12,184 25,099 2,966 3,046 1,301 9,946 4,181 58,723 Special Mention — — — — — — — — Substandard — — — — — 113 — 113 Total all other A&D 12,184 25,099 2,966 3,046 1,301 10,059 4,181 58,836 Current period gross charge-offs — — — — — — — — Commercial and industrial: Pass 52,004 66,559 24,387 11,753 8,872 10,052 78,992 252,619 Special Mention 558 — — — — — — 558 Substandard — 9,352 1,854 6,806 98 837 2,480 21,427 Total commercial and industrial 52,562 75,911 26,241 18,559 8,970 10,889 81,472 274,604 Current period gross charge-offs 100 103 35 166 — 19 — 423 Residential mortgage: Residential mortgage - term Pass 51,625 94,723 88,835 38,228 25,375 130,402 1,577 430,765 Special Mention — — — — — — — — Substandard — 138 929 17 98 5,825 57 7,064 Total residential mortgage - term 51,625 94,861 89,764 38,245 25,473 136,227 1,634 437,829 Current period gross charge-offs — — — — — 13 — 13 Residential mortgage - home equity Pass 1,127 4,657 864 475 286 489 53,467 61,365 Special Mention — — — — — — — — Substandard — — — 38 — 16 623 677 Total residential mortgage - home equity 1,127 4,657 864 513 286 505 54,090 62,042 Current period gross charge-offs — — — — — 42 — 42 Consumer: Pass 18,299 10,616 6,361 2,206 510 20,365 2,873 61,230 Special Mention — — — — — — — — Substandard 14 35 113 23 6 2 6 199 Total consumer 18,313 10,651 6,474 2,229 516 20,367 2,879 61,429 Current period gross charge-offs 236 223 74 8 4 329 — 874 Total Portfolio Loans Pass 202,625 298,357 180,787 130,669 99,798 296,442 147,756 1,356,434 Special Mention 558 — — 644 — 4,331 — 5,533 Substandard 14 9,525 2,896 6,884 2,049 19,566 3,766 44,700 Total Portfolio Loans $ 203,197 $ 307,882 $ 183,683 $ 138,197 $ 101,847 $ 320,339 $ 151,522 $ 1,406,667 Current YTD Period: Current period gross charge-offs $ 336 $ 326 $ 109 $ 174 $ 4 $ 490 $ — $ 1,439 Total 2017 and Portfolio (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans December 31, 2022 Commercial real estate: Non-owner-occupied Pass $ 67,429 $ 31,710 $ 48,421 $ 41,221 $ 19,414 $ 42,069 $ 1,570 $ 251,834 Special Mention — — — — — 6,289 — 6,289 Substandard — — — — — 11,935 — 11,935 Total non-owner occupied 67,429 31,710 48,421 41,221 19,414 60,293 1,570 270,058 Current period gross charge-offs — — — — — — — — All other CRE Pass 24,655 26,947 22,906 27,213 8,873 67,691 4,790 183,075 Special Mention — 1,111 — — — — — 1,111 Substandard — — — 3,006 — 357 1,224 4,587 Total all other CRE 24,655 28,058 22,906 30,219 8,873 68,048 6,014 188,773 Current period gross charge-offs — — — — — — — — Acquisition and development: 1-4 family residential construction Pass 15,629 1,453 151 — — 210 2,194 19,637 Special Mention — — — — — — — — Substandard — — — — — — — — Total acquisition and development 15,629 1,453 151 — — 210 2,194 19,637 Current period gross charge-offs — — — — — 20 — 20 All other A&D Pass 18,733 4,979 9,755 1,408 558 12,961 2,419 50,813 Special Mention — — — — — — — — Substandard — — — — — 146 — 146 Total all other A&D 18,733 4,979 9,755 1,408 558 13,107 2,419 50,959 Current period gross charge-offs — — — — — — — — Commercial and industrial: Pass 83,608 30,451 15,982 12,707 5,013 9,528 63,668 220,957 Special Mention — 2,555 — — — 338 2,134 5,027 Substandard 8,923 — 7,167 173 634 311 2,204 19,412 Total commercial and industrial 92,531 33,006 23,149 12,880 5,647 10,177 68,006 245,396 Current period gross charge-offs — 97 34 3 — — — 134 Residential mortgage: Residential mortgage - term Pass 64,930 93,665 42,784 27,120 14,132 133,397 2,306 378,334 Special Mention — — — — — — — — Substandard — — 16 237 143 5,634 23 6,053 Total residential mortgage - term 64,930 93,665 42,800 27,357 14,275 139,031 2,329 384,387 Current period gross charge-offs — — — — — 28 — 28 Residential mortgage - home equity Pass 5,739 957 538 328 97 478 51,232 59,369 Special Mention — — — — — — — — Substandard — — 44 — 21 40 550 655 Total residential mortgage - home equity 5,739 957 582 328 118 518 51,782 60,024 Current period gross charge-offs — — — — 12 6 — 18 Consumer: Pass 16,748 10,495 3,845 1,596 687 24,096 2,654 60,121 Special Mention — — — — — — — — Substandard — 92 27 9 7 — 4 139 Total consumer 16,748 10,587 3,872 1,605 694 24,096 2,658 60,260 Current period gross charge-offs 36 494 18 37 11 40 — 636 Total Portfolio Loans Pass 297,471 200,657 144,382 111,593 48,774 290,430 130,833 1,224,140 Special Mention — 3,666 — — — 6,627 2,134 12,427 Substandard 8,923 92 7,254 3,425 805 18,423 4,005 42,927 Total Portfolio Loans $ 306,394 $ 204,415 $ 151,636 $ 115,018 $ 49,579 $ 315,480 $ 136,972 $ 1,279,494 Current YTD Period: Current period gross charge-offs $ 36 $ 591 $ 52 $ 40 $ 23 $ 94 $ — $ 836 The following tables present loan balances by year of origination segregated by performing and non-performing loans for the periods presented: Total 2018 and Portfolio (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans December 31, 2023 Commercial real estate: Non-owner-occupied Performing $ 23,511 $ 65,878 $ 30,332 $ 54,270 $ 40,575 $ 80,639 $ 1,138 $ 296,343 Nonperforming — — — — — 227 — 227 Total non-owner occupied 23,511 65,878 30,332 54,270 40,575 80,866 1,138 296,570 All other CRE Performing 30,130 27,379 27,042 21,335 24,726 60,827 5,095 196,534 Nonperforming — — — — — 599 — 599 Total all other CRE 30,130 27,379 27,042 21,335 24,726 61,426 5,095 197,133 Acquisition and development: 1-4 family residential construction Performing 13,745 3,446 — — — — 1,033 18,224 Nonperforming — — — — — — — — Total acquisition and development 13,745 3,446 — — — — 1,033 18,224 All other A&D Performing 12,184 25,099 2,966 3,046 1,301 9,946 4,181 58,723 Nonperforming — — — — — 113 — 113 Total all other A&D 12,184 25,099 2,966 3,046 1,301 10,059 4,181 58,836 Commercial and industrial: Performing 52,562 75,911 26,241 18,559 8,970 10,889 81,472 274,604 Nonperforming — — — — — — — — Total commercial and industrial 52,562 75,911 26,241 18,559 8,970 10,889 81,472 274,604 Residential mortgage: Residential mortgage - term Performing 51,625 94,722 89,629 38,245 25,375 133,526 1,603 434,725 Nonperforming — 139 135 — 98 2,701 31 3,104 Total residential mortgage - term 51,625 94,861 89,764 38,245 25,473 136,227 1,634 437,829 Residential mortgage - home equity Performing 1,127 4,657 864 475 286 488 53,802 61,699 Nonperforming — — — 38 — 17 288 343 Total residential mortgage - home equity 1,127 4,657 864 513 286 505 54,090 62,042 Consumer: Performing 18,304 10,616 6,405 2,229 516 20,367 2,879 61,316 Nonperforming 9 35 69 — — — — 113 Total consumer 18,313 10,651 6,474 2,229 516 20,367 2,879 61,429 Total Portfolio Loans Performing 203,188 307,708 183,479 138,159 101,749 316,682 151,203 1,402,168 Nonperforming 9 174 204 38 98 3,657 319 4,499 Total Portfolio Loans $ 203,197 $ 307,882 $ 183,683 $ 138,197 $ 101,847 $ 320,339 $ 151,522 $ 1,406,667 Total 2017 and Portfolio (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans December 31, 2022 Commercial real estate: Non-owner-occupied Performing $ 67,429 $ 31,710 $ 48,421 $ 41,221 $ 19,414 $ 60,206 $ 1,570 $ 269,971 Nonperforming — — — — — 87 — 87 Total non-owner occupied 67,429 31,710 48,421 41,221 19,414 60,293 1,570 270,058 All other CRE Performing 24,655 28,058 22,906 30,219 8,873 67,990 6,014 188,715 Nonperforming — — — — — 58 — 58 Total all other CRE 24,655 28,058 22,906 30,219 8,873 68,048 6,014 188,773 Acquisition and development: 1-4 family residential construction Performing 15,629 1,453 151 — — 210 2,194 19,637 Nonperforming — — — — — — — — Total acquisition and development 15,629 1,453 151 — — 210 2,194 19,637 All other A&D Performing 18,733 4,979 9,755 1,408 558 12,962 2,419 50,814 Nonperforming — — — — — 145 — 145 Total all other A&D 18,733 4,979 9,755 1,408 558 13,107 2,419 50,959 Commercial and industrial: Performing 92,531 33,006 23,149 12,880 5,647 10,177 68,006 245,396 Nonperforming — — — — — — — — Total commercial and industrial 92,531 33,006 23,149 12,880 5,647 10,177 68,006 245,396 Residential mortgage: Residential mortgage - term Performing 64,930 93,665 42,800 27,120 14,198 136,228 2,313 381,254 Nonperforming — — — 237 77 2,803 16 3,133 Total residential mortgage - term 64,930 93,665 42,800 27,357 14,275 139,031 2,329 384,387 Residential mortgage - home equity Performing 5,739 957 538 328 115 478 51,515 59,670 Nonperforming — — 44 — 3 40 267 354 Total residential mortgage - home equity 5,739 957 582 328 118 518 51,782 60,024 Consumer: Performing 16,748 10,581 3,872 1,605 694 24,077 2,658 60,235 Nonperforming — 6 — — — 19 — 25 Total consumer 16,748 10,587 3,872 1,605 694 24,096 2,658 60,260 Total Portfolio Loans Performing 306,394 204,409 151,592 114,781 49,499 312,328 136,689 1,275,692 Nonperforming — 6 44 237 80 3,152 283 3,802 Total Portfolio Loans $ 306,394 $ 204,415 $ 151,636 $ 115,018 $ 49,579 $ 315,480 $ 136,972 $ 1,279,494 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Real Estate Owned, Net [Abstract] | |
Components of OREO, Net of Related Valuation Allowance | (in thousands) 2023 2022 Acquisition and development $ 4,281 $ 4,670 Residential mortgage 212 63 Total OREO $ 4,493 $ 4,733 |
Schedule of Activity in OREO Valuation Allowance | (in thousands) 2023 2022 Balance January 1 $ 453 $ 453 Fair value write-downs, net 23 — Sales of OREO (163) — Balance December 31 $ 313 $ 453 |
Schedule of Components of OREO Expenses, Net | (in thousands) 2023 2022 Gains on real estate, net $ (599) $ — Fair value write-down 23 — Expenses, net 491 595 Rental and other income (4) (5) Total OREO (income)/expense, net $ (89) $ 590 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Premises and Equipment [Abstract] | |
Components of Premises and Equipment | (in thousands) 2023 2022 Land $ 7,745 $ 7,753 Land improvements 1,384 1,548 Premises 34,922 35,972 Furniture and equipment 18,873 20,117 62,924 65,390 Less accumulated depreciation (31,465) (30,442) Total $ 31,459 $ 34,948 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Classification of ROU Assets and Lease Liabilities | (in thousands) December 31, 2023 December 31, 2022 Lease Right-of Use Assets Operating lease right-of-use assets $ 1,367 $ 1,898 Lease Liabilities Operating lease liabilities $ 1,556 $ 2,373 |
Weighted-Average Lease Term and Discount Rate for Operating Leases | December 31, 2023 December 31, 2022 Weighted-average remaining lease term Operating leases 5.33 years 6.17 years Weighted-average discount rate Operating leases 5.16% 5.00% |
Future Minimum Payments for Operating Leases | (in thousands) Amount 2024 $ 368 2025 356 2026 283 2027 285 2028 240 Thereafter 270 Total future minimum lease payments 1,802 Amounts representing interest (246) Present value of net future minimum lease payments $ 1,556 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Summary of Scheduled Maturities of All Time Deposits | The following is a summary of the scheduled maturities of all time deposits maturing within years ended December 31: (in thousands) Time deposits- brokered Time deposits- retail 2024 $ 30,000 $ 146,683 2025 — 13,990 2026 — 4,154 2027 — 491 2028 — 170 Thereafter — 45 Total $ 30,000 $ 165,533 |
Summary of deposit liabilities | The following table summarizes deposits as of December 31, 2023 and 2022: (in thousands) December 31, 2023 December 31, 2022 Balance Percent Balance Percent Non-Interest-bearing deposits: $ 427,670 28% $ 506,613 32% Interest-bearing deposits: Demand 350,860 22% 327,685 21% Money market 385,649 25% 365,192 23% Savings deposits 191,265 12% 250,720 16% Time deposits- retail 165,533 11% 120,523 8% Time deposits- brokered 30,000 2% — 0% Total Deposits $ 1,550,977 100% $ 1,570,733 100% |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowed Funds [Abstract] | |
Summary of Short-term Borrowings | The following is a summary of short-term borrowings at December 31, 2023 and 2022 with original maturities of less than one year: (in thousands) 2023 2022 Securities sold under agreements to repurchase: Outstanding at end of year $ 45,418 $ 64,565 Weighted average interest rate at year end 0.27% 0.12% Maximum amount outstanding as of any month end $ 59,777 $ 75,912 Average amount outstanding $ 50,498 $ 63,182 Approximate weighted average rate during the year 0.24% 0.12% |
Summary of Long-term Borrowings | (in thousands) 2023 2022 FHLB advances bearing fixed interest rates ranging from 4.53% to 4.69% at December 31, 2023 $ 80,000 $ — Junior subordinated debt $ 30,929 $ 30,929 Total long-term debt $ 110,929 $ 30,929 |
Schedule of Pledged Collateral on Line of Credit | 1-4 family mortgage loans $ 144,572 Commercial loans 52,753 Multi-family loans 11,453 Home equity loans 19,160 Total available borrowing capacity 227,938 Less: borrowings and letters of credit outstanding (82,500) $ 145,438 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of Intangible assets and Goodwill | December 31, 2023 December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Amortizing intangible assets: Intangible assets associated with purchase of wealth portfolio $ 1,048 $ 419 $ 629 3.00 years $ 1,048 $ 209 $ 839 4.00 years Intangible assets associated with acquisition of mortgage company 600 130 470 3.92 years 600 10 590 4.92 years Total Other intangibles $ 1,648 $ 549 $ 1,099 3.38 years $ 1,648 $ 219 $ 1,429 4.38 years Goodwill $ 11,004 $ 11,004 $ 11,004 $ 11,004 |
Schedule of future amortization expense of intangible assets | (in thousands) Amount 2024 $ 330 2025 330 2026 330 2027 109 Total amortizing intangible assets $ 1,099 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | (in thousands) Investment securities- with credit related impairment AFS Investment securities- all other AFS Investment securities- HTM Cash Flow Hedge Pension Plan SERP Total Accumulated OCL, net: Balance - January 1, 2022 $ (949) $ (5,749) $ (134) $ (319) $ (18,108) $ (2,055) $ (27,314) Other comprehensive income/(loss) before reclassifications (614) (10,629) (6,120) 1,116 684 2,430 (13,133) Amounts reclassified from accumulated (148) (2) 551 — 821 199 1,421 Balance - December 31, 2022 $ (1,711) $ (16,380) $ (5,703) $ 797 $ (16,603) $ 574 $ (39,026) Other comprehensive (loss)/income before reclassifications (622) 61 — (228) 1,605 (1,802) (986) Amounts reclassified from accumulated (149) 3,102 502 — 735 (5) 4,185 Balance - December 31, 2023 $ (2,482) $ (13,217) $ (5,201) $ 569 $ (14,263) $ (1,233) $ (35,827) |
Components of Comprehensive Income | Components of Other Comprehensive Income (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the year ended December 31, 2023 Available for sale (AFS) securities with credit-related impairment Unrealized holding losses $ (845) $ 223 $ (622) Less: accretable yield recognized in income 202 (53) 149 Net unrealized losses on investments with credit-related impairment (1,047) 276 (771) Available for sale securities – all other: Unrealized holding gains 83 (22) 61 Less: losses recognized in income (4,214) 1,112 (3,102) Net unrealized gains on all other AFS securities 4,297 (1,134) 3,163 Held to maturity securities: Unrealized holding losses on securities transferred to held to maturity — — — Less: amortization recognized in income (682) 180 (502) Net unrealized gains on HTM securities 682 (180) 502 Cash flow hedges: Unrealized holding losses (310) 82 (228) Net unrealized losses on cash flow hedges (310) 82 (228) Pension Plan: Unrealized net actuarial gain 2,180 (575) 1,605 Less: amortization of unrecognized loss (998) 263 (735) Net pension plan liability adjustment 3,178 (838) 2,340 SERP: Unrealized net actuarial loss (2,448) 646 (1,802) Less: amortization of unrecognized loss 7 (2) 5 Net SERP liability adjustment (2,455) 648 (1,807) Other comprehensive income $ 4,345 $ (1,146) $ 3,199 Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the year ended December 31, 2022 Available for sale (AFS) securities with credit related impairment: Unrealized holding losses $ (835) $ 221 $ (614) Less: accretable yield recognized in income 202 (54) 148 Net unrealized losses on investments with credit related impairment (1,037) 275 (762) Available for sale securities – all other: Unrealized holding losses (22,792) 6,043 (16,749) Unrealized holding losses on securities transferred from available for sale to held to maturity 8,328 (2,208) 6,120 Less: gains recognized in income 3 (1) 2 Net unrealized losses on all other AFS securities (14,467) 3,836 (10,631) Held to maturity securities: Unrealized holding losses on securities transferred to held to maturity (8,328) 2,208 (6,120) Less: gains recognized in income 91 (24) 67 Less: amortization recognized in income (841) 223 (618) Net unrealized losses on HTM securities (7,578) 2,009 (5,569) Cash flow hedges: Unrealized holding gains 1,521 (405) 1,116 Net unrealized gains on cash flow hedges 1,521 (405) 1,116 Pension Plan: Unrealized net actuarial gain 931 (247) 684 Less: amortization of unrecognized loss (1,117) 296 (821) Net pension plan liability adjustment 2,048 (543) 1,505 SERP: Unrealized net actuarial gain 3,307 (877) 2,430 Less: amortization of unrecognized loss (271) 72 (199) Net SERP liability adjustment 3,578 (949) 2,629 Other comprehensive loss $ (15,935) $ 4,223 $ (11,712) |
Reclassification out of Accumulated Other Comprehensive Income | Details of Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement (in thousands) 2023 Where Net Income is Presented Net unrealized losses on investment securities with credit related impairment: Accretable Yield $ 202 Interest income on taxable investment securities Taxes (53) Provision for income tax expense $ 149 Net of tax Net unrealized losses on available for sale investment securities - all other: Loss on sales $ (4,214) Net gains Taxes 1,112 Provision for income tax expense $ (3,102) Net of tax Net unrealized gains on held to maturity investment securities: Amortization $ (682) Interest income on taxable investment securities Taxes 180 Provision for income tax expense $ (502) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (998) Other expense Taxes 263 Provision for income tax expense $ (735) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ 7 Other expense Taxes (2) Provision for income tax expense $ 5 Net of tax Total reclassifications for the period $ (4,185) Net of tax Details of Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement (in thousands) 2022 Where Net Income is Presented Net unrealized losses on investment securities with credit related impairment: Accretable Yield $ 202 Interest income on taxable investment securities Taxes (54) Provision for income tax expense $ 148 Net of tax Net unrealized gains on available for sale investment securities - all other: Gains on sales $ 3 Net gains Taxes (1) Provision for income tax expense $ 2 Net of tax Net unrealized gains on held to maturity investment securities: Amortization $ (841) Interest income on taxable investment securities Gains recognized 91 Provision for income tax expense Taxes 199 Net of tax $ (551) Net pension plan liability adjustment: Other expense Amortization of unrecognized loss $ (1,117) Other expense Taxes 296 Net of tax $ (821) Net SERP liability adjustment: Other expense Amortization of unrecognized loss $ (271) Other expense Taxes 72 Net of tax $ (199) Net of tax Total reclassifications for the period $ (1,421) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense | (in thousands) 2023 2022 Current Tax expense: Federal $ 4,002 $ 5,504 State 1,303 2,034 $ 5,305 $ 7,538 Deferred tax (benefit)/expense: Federal $ (774) $ 339 State (115) 256 $ (889) $ 595 Income tax expense for the year $ 4,416 $ 8,133 |
Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate | 2023 2022 Federal statutory rate 21.0% 21.0% Tax-exempt income on securities and loans (0.8) (0.8) Tax-exempt BOLI income (1.3) (0.8) State income tax, net of federal tax benefit 4.7 5.6 Tax credits (0.8) (0.4) Other (0.1) (0.1) 22.7% 24.5% |
Components of Deferred Tax Assets and Liabilities | (in thousands) 2023 2022 Deferred tax assets: Allowance for credit losses $ 4,855 $ 3,880 Deferred fees 96 54 Deferred compensation 1,285 1,163 Federal and state tax loss carry forwards 2,776 2,873 Unrealized loss on investment securities 7,356 8,419 SERP 2,622 1,948 Lease liability 362 471 Low income housing 439 511 Other than temporary impairment on investment securities 464 520 Other real estate owned 83 120 Other 392 133 Total deferred tax assets 20,730 20,092 Valuation allowance (2,776) (2,873) Total deferred tax assets less valuation allowance 17,954 17,219 Deferred tax liabilities: Goodwill and other intangibles (2,762) (2,736) Lease right-of-use asset (282) (418) Pension (2,958) (2,121) Depreciation (403) (921) Derivative contract (200) (283) Other (216) (135) Total deferred tax liabilities (6,821) (6,614) Net deferred tax assets $ 11,133 $ 10,605 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Plans [Abstract] | |
Schedule of Net Funded Status | Pension Defined Benefit SERP (in thousands) 2023 2022 2023 2022 Change in Benefit Obligation Obligation at the beginning of the year $ 40,184 $ 54,931 $ 7,194 $ 10,395 Service cost 25 57 102 165 Interest cost 2,050 1,535 367 286 Change in discount rate and mortality assumptions 314 (11,930) — — Actuarial losses/(gains) 144 (736) 2,450 (3,316) Benefits paid (2,103) (3,673) (336) (336) Obligation at the end of the year 40,614 40,184 9,777 7,194 Change in Plan Assets Fair value at the beginning of the year 48,185 59,696 — — Actual return on plan assets 5,740 (7,838) — — Employer contribution — — 336 336 Benefits paid (2,103) (3,673) (336) (336) Fair value at the end of the year 51,822 48,185 — — Funded/(Unfunded) Status $ 11,208 $ 8,001 $ (9,777) $ (7,194) |
Components of Net Periodic Pension Plan Cost | Pension Defined Benefit SERP (in thousands) 2023 2022 2023 2022 Components of Net Pension Cost Service cost $ 25 $ 57 $ 102 $ 165 Interest cost 2,050 1,535 367 286 Expected return on assets (3,062) (3,810) — — Amortization of recognized loss 998 1,117 (7) 271 Net pension (income)/expense in employee benefits $ 11 $ (1,101) $ 462 $ 722 Weighted Average Assumptions used to determine benefit obligations: Discount rate for benefit obligations 5.02% 5.24% 4.99% 5.23% Discount rate for net pension cost 5.24% 2.85% — — Expected long-term return on assets 6.50% 6.50% — — Rate of compensation increase 3.00% 3.00% 3.00% 3.00% |
Schedule of Target Asset Allocations | Asset Class Normalized Target Range Cash 2% 0% - 20% Fixed Income 43% 30% - 50% Equities 55% 45% - 65% |
Actual Plan Asset Allocations | December 31, 2023 Fair Value Hierarchy (in thousands) Assets at Fair Value % of Portfolio Level 1 Level 2 Cash and cash equivalents $ 1,217 2.3% $ 1,217 $ — Fixed income securities: U.S. Government and Agencies 5,554 10.7% — 5,554 Taxable municipal bonds and notes 2,503 4.8% — 2,503 Corporate bonds and notes 10,258 19.8% — 10,258 Preferred stock 276 0.5% — 276 Fixed income mutual funds 3,302 6.4% 3,302 — Total fixed income 21,893 42.2% 3,302 18,591 Equities: Large Cap 19,780 38.2% 19,780 — Mid Cap 1,500 2.9% 1,500 — Small Cap 4,564 8.8% 4,564 — International 2,868 5.6% 2,868 — Total equities 28,712 55.5% 28,712 — Total market value $ 51,822 100.0% $ 33,231 $ 18,591 Note: The Large cap equities includes 194,124 shares of First United Corporation common stock at December 31, 2023 and 2022 December 31, 2022 Fair Value Hierarchy (in thousands) Assets at Fair Value % of Portfolio Level 1 Level 2 Cash and cash equivalents $ 985 2.0% $ 985 $ — Fixed income securities: U.S. Government and Agencies 2,770 5.8% — 2,770 Taxable municipal bonds and notes 4,166 8.6% — 4,166 Corporate bonds and notes 10,575 21.9% — 10,575 Preferred stock 474 1.0% — 474 Fixed income mutual funds 5,454 11.4% 5,454 — Total fixed income 23,439 48.7% 5,454 17,985 Equities: Large Cap 15,743 32.7% 15,743 — Mid Cap 1,225 2.5% 1,225 — Small Cap 3,815 7.9% 3,815 — International 2,978 6.2% 2,978 — Total equities 23,761 49.3% 23,761 — Total market value $ 48,185 100.0% $ 30,200 $ 17,985 |
Expected Future Benefit Payments | (in thousands) Pension Plan Defined Benefit SERP 2024 $ 2,217 $ 336 2025 2,267 336 2026 2,353 602 2027 2,401 655 2028 2,524 643 2029-2033 13,450 3,628 |
Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss | (in thousands) Pension Defined Benefit SERP Net actuarial loss $ 811 $ 157 $ 811 $ 157 |
Contractual Obligations, Comm_2
Contractual Obligations, Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Contractual Obligations, Commitments and Contingent Liabilities [Abstract] | |
Schedule of Commitments | (in thousands) 2023 2022 Residential mortgage - home equity $ 72,080 $ 70,845 Residential mortgage - construction 17,684 25,499 Commercial 160,196 153,235 Consumer - personal credit lines 4,186 4,323 Standby letters of credit 11,037 14,325 Total $ 265,183 $ 268,227 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value of Financial Instruments [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | Fair Value Measurements at December 31, 2023 Using (in Thousands) Assets & Liabilities Measured at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 12/31/23 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 6,034 $ 6,034 Residential mortgage-backed agencies $ 20,563 $ 20,563 Commercial mortgage-backed agencies $ 28,417 $ 28,417 Collateralized mortgage obligations $ 16,356 $ 16,356 Obligations of states and political subdivisions $ 10,312 $ 10,312 Corporate bonds $ 778 $ 778 Collateralized debt obligations $ 14,709 $ 14,709 Financial derivative $ 756 $ 756 Non-recurring: Individually evaluated loans $ — $ — Equity investments $ 3,087 $ 3,087 Other real estate owned $ 4,443 $ 4,443 Fair Value Measurements at December 31, 2022 Using (in Thousands) Assets & Liabilities Measured at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 12/31/22 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. treasuries $ 9,462 $ 9,462 U.S. government agencies $ 37,401 $ 37,401 Residential mortgage-backed agencies $ 30,732 $ 30,732 Commercial mortgage-backed agencies $ 21,044 $ 21,044 Collateralized mortgage obligations $ 10,492 $ 10,492 Obligations of states and political subdivisions $ 887 $ 887 Collateralized debt obligations $ 15,871 $ 15,871 Financial derivative $ 1,068 $ 1,068 Non-recurring: Individually evaluated loans $ 211 $ 211 Equity investment $ 1,796 $ 1,796 Other real estate owned $ — $ — |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | (in thousands) Fair Value at December 31, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale - CDO $ 14,709 Discounted Cash Flow Discount Rate Range of low to mid 500 and low to mid 600 Non-recurring: Equity Investments $ 3,087 Market Method Revenue Multiples 2.8x Other Real Estate Owned $ 4,443 Market Comparable Properties Marketability Discount 5.0% to 15.0% (in thousands) Fair Value at December 31, 2022 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale - CDO $ 15,871 Discounted Cash Flow Discount Rate Range of low to mid 300 and low to high 400 Non-recurring: Individually Evaluated Loans $ 211 Market Comparable Properties Marketability Discount 10.0% to 15.0% Equity Investment $ 1,796 Market Method Revenue Multiples 2.8x Other Real Estate Owned $ — Market Comparable Properties Marketability Discount (1) Range would include discounts taken since appraisal and estimated values |
Reconciliation of Fair Valued Assets Measured on a Recurring Basis | The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured using Level 3 significant unobservable inputs for the years ended December 31, 2023 and 2022: Fair Value Measurement Using Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance January 1, 2023 $ 15,871 Total gains/(losses) realized/unrealized: Included in other comprehensive income (1,162) Ending balance December 31, 2023 $ 14,709 Fair Value Measurement Using Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance January 1, 2022 $ 17,192 Total gains/(losses) realized/unrealized: Included in other comprehensive income (1,321) Ending balance December 31, 2022 $ 15,871 |
Fair Value by Balance Sheet Grouping | December 31, 2023 Fair Value Measurements Carrying Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 48,343 $ 48,343 $ 48,343 Interest bearing deposits in banks 1,410 1,410 1,410 Investment securities - AFS 97,169 97,169 $ 82,460 $ 14,709 Investment securities - HTM 214,297 184,415 182,510 1,905 Restricted bank stock 5,250 N/A Loans, net 1,388,847 1,319,456 1,319,456 Financial derivative 778 778 778 Accrued interest receivable 7,487 7,487 828 6,659 Financial Liabilities: Deposits – non-maturity 1,355,444 1,355,444 1,355,444 Deposits – time deposits 195,533 193,337 193,337 Short-term borrowed funds 45,418 45,418 45,418 Long-term borrowed funds 110,929 110,809 110,809 Accrued interest payable 612 612 612 December 31, 2022 Fair Value Measurements Carrying Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 72,720 $ 72,720 $ 72,720 Interest bearing deposits in banks 1,595 1,595 1,595 Investment securities - AFS 125,889 125,889 $ 110,018 $ 15,871 Investment securities - HTM 235,659 203,080 182,380 20,700 Restricted bank stock 1,027 N/A Loans, net 1,264,684 1,177,702 1,177,702 Financial derivative 1,068 1,068 1,068 Accrued interest receivable 6,051 6,051 933 5,118 Financial Liabilities: Deposits – non-maturity 1,450,210 1,450,210 1,450,210 Deposits – time deposits 120,523 120,083 120,083 Financial derivative — — — Short-term borrowed funds 64,565 64,565 64,565 Long-term borrowed funds 30,929 30,909 30,909 Accrued interest payable 151 151 151 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Financial Instruments [Abstract] | |
Impact Of Derivative Financial Instruments | (in thousands) Amount of (loss)/gain recognized in OCI on derivative (effective portion) Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) (1) Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) (2) Interest rate contracts: December 31, 2023 $ (228) $ — $ — December 31, 2022 $ 1,116 $ — $ — Notes : (1) Reported as interest expense (2) Reported as other income |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue Recognition [Abstract] | |
Schedule of Noninterest Income Segregated by Revenue Streams In-Scope and Out-of-Scope of Topic 606 | Year Ended December 31, (in thousands) 2023 2022 Noninterest income In-scope of Topic 606: Service charges on deposit accounts $ 2,198 $ 1,981 Other service charges 929 925 Trust department 8,282 8,244 Debit card income 4,101 3,958 Brokerage commissions 1,160 1,049 Noninterest income (in-scope of Topic 606) 16,670 16,157 Noninterest income (out-of-scope of Topic 606) 1,661 1,721 Total Noninterest Income $ 18,331 $ 17,878 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segments | Information for the operating segments for the years ended December 31, 2023 and 2022 are presented in the following tables: December 31, 2023 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 81,156 $ — $ 81,156 Interest expense 24,286 — 24,286 Credit loss expense 1,620 — 1,620 Non-interest income 5,027 9,442 14,469 Non-interest expense 45,098 5,145 50,243 Income before income taxes and intercompany fees 15,179 4,297 19,476 Intercompany management fee income (expense) 12 (12) — Income before income taxes 15,191 4,285 19,476 Income tax expense 3,514 902 4,416 Net income $ 11,677 $ 3,383 $ 15,060 December 31, 2022 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 62,422 $ — $ 62,422 Interest expense 4,789 — 4,789 Loan loss credit (627) — (627) Non-interest income 8,757 9,293 18,050 Non-interest expense 38,435 4,694 43,129 Income before income taxes and intercompany fees 28,582 4,599 33,181 Intercompany management fee income (expense) 12 (12) — Income before income taxes 28,594 4,587 33,181 Income tax expense 7,168 965 8,133 Net income $ 21,426 $ 3,622 $ 25,048 |
Parent Company Only Financial_2
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Parent Company Only Financial Information | |
Condensed Statement of Financial Condition | December 31, (in thousands) 2023 2022 Assets Cash $ 9,739 $ 11,296 Investment securities- Available for Sale (at fair value) 13,591 14,603 Investment in bank subsidiary 164,878 153,245 Investment in non-bank subsidiaries 929 929 Other assets 9,794 8,273 Total Assets $ 198,931 $ 188,346 Liabilities and Shareholders' Equity Accrued interest and other liabilities $ 4,799 $ 4,425 Dividends payable 1,330 1,199 Junior subordinated debt 30,929 30,929 Shareholders' equity 161,873 151,793 Total Liabilities and Shareholders' Equity $ 198,931 $ 188,346 |
Condensed Statement of Income | Year Ended December 31, (in thousands) 2023 2022 Income: Dividend income from bank subsidiary $ 6,130 $ 14,995 Interest income on investments 1,715 780 Other income 75 63 Total other income 1,790 843 Total Income 7,920 15,838 Expenses: Interest expense 1,950 1,451 Other expenses 715 249 Total Expenses 2,665 1,700 Income before income taxes and equity in undistributed net income of subsidiaries 5,255 14,138 Applicable income tax benefit 213 194 Net income before equity in undistributed net income of subsidiaries 5,468 14,332 Equity in undistributed net income of subsidiaries: Bank 9,592 10,716 Net Income $ 15,060 $ 25,048 |
Condensed Statement of Comprehensive Income | Year Ended December 31, Components of Comprehensive Income (in thousands) 2023 2022 Net Income $ 15,060 $ 25,048 Unrealized losses on AFS Securities, net of tax (771) (954) Unrealized (losses)/gains on cash flow hedges, net of tax (228) 1,116 Other comprehensive (loss)/income, net of tax (999) 162 Comprehensive income $ 14,061 $ 25,210 |
Condensed Cash Flow Statement | Year Ended December 31, (in thousands) 2023 2022 Operating Activities Net Income $ 15,060 $ 25,048 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (9,592) (10,716) Increase in other assets (1,280) (448) Increase in accrued interest payable and other liabilities 273 655 Stock compensation 527 532 Net cash provided by operating activities 4,988 15,071 Financing Activities Proceeds from issuance of common stock 293 217 Repurchase of common stock (1,495) — Cash dividends on common stock (5,343) (4,192) Net cash used in financing activities (6,545) (3,975) Increase in cash and cash equivalents (1,557) 11,096 Cash and cash equivalents at beginning of year 11,296 200 Cash and cash equivalents at end of year $ 9,739 $ 11,296 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) segment country $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | $ 1,406,667,000 | $ 1,279,494,000 |
Loans held for sale | 443,000 | 0 |
Dividend income, operating | $ 198,457 | $ 36,558 |
Weighted average useful life | 3 years 4 months 17 days | 4 years 4 months 17 days |
Common stock, par or stated value per share | $ / shares | $ 0.01 | $ 0.01 |
Number of operating segments | segment | 2 | |
Stock repurchased during period, shares | shares | 82,098 | 0 |
Shares Repurchased Weighted Average Price Per Share | $ / shares | $ 16.79 | |
Threshold commitment amount | $ 100,000 | |
Wealth Book Business [Member] | ||
Other intangible assets | $ 600,000 | |
Weighted average useful life | 3 years | 4 years |
Mortgage Company [Member] | ||
Other intangible assets | $ 500,000 | |
Weighted average useful life | 3 years 11 months 1 day | 4 years 11 months 1 day |
Other Intangible Assets [Member] | ||
Weighted average useful life | 5 years | |
Liberty Mews Limited Partnership [Member] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 99.90% | |
MCC FUBT Fund LLC [Member] | ||
Percentage of non voting membership interest | 99.90% | |
Furniture and Equipment [Member] | ||
Property, plant and equipment, useful life | 20 years | |
Maximum [Member] | Building [Member] | ||
Property, plant and equipment, useful life | 31 years 6 months | |
Minimum [Member] | Building [Member] | ||
Property, plant and equipment, useful life | 10 years | |
Minimum [Member] | Furniture and Equipment [Member] | ||
Property, plant and equipment, useful life | 3 years | |
Western Maryland And Northeastern West Virginia [Member] | Loans Receivable [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | $ 77,100,000 | |
Western Maryland And Northeastern West Virginia [Member] | Loans Receivable [Member] | Impaired [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | 100,000 | |
Western Maryland And Northeastern West Virginia [Member] | Loans Receivable [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | $ 77,000,000 | |
Western Maryland And Northeastern West Virginia [Member] | Loans Receivable [Member] | Geographic Concentration Risk [Member] | ||
Concentration risk, percentage | 5% | |
Western Maryland And Northeastern West Virginia [Member] | Commercial Rental Properties [Member] | Geographic Concentration Risk [Member] | ||
Concentration risk, percentage | 21% | |
MARYLAND [Member] | ||
Number of countries in which entity operates | country | 4 | |
WEST VIRGINIA [Member] | ||
Number of countries in which entity operates | country | 4 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Impact of adopting Topic 326) (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for loan losses | $ 16,702 | $ 17,480 | $ 14,636 |
Investment securities - available for sale (at fair value) | 125,889 | 97,169 | 125,889 |
Investment securities- held to maturity | 245,659 | 214,342 | |
Total loans held for investments, net | 1,262,792 | ||
Deferred tax assets | 11,381 | 11,133 | 10,605 |
Life-of-loss reserve on unfunded loan commitments | 998 | ||
Retained earnings | 149,638 | 173,900 | $ 166,343 |
Accounting Standards Update 2016-13 [Member] | |||
Retained earnings | (2,200) | ||
Adjustments to ACL loans | 2,900 | ||
Commercial Real Estate [Member] | |||
Allowance for loan losses | 5,202 | 5,120 | |
Acquisition and Development [Member] | |||
Allowance for loan losses | 964 | 940 | |
Commercial and industrial [Member] | |||
Allowance for loan losses | 4,179 | 3,717 | |
Residential Mortgage [Member] | |||
Allowance for loan losses | 5,272 | 6,774 | |
Consumer [Member] | |||
Allowance for loan losses | 1,085 | $ 929 | |
Unfunded Loan Commitment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Adjustments to ACL loans | 900 | ||
Loans Receivable [Member] | Accounting Standards Update 2016-13 [Member] | |||
Adjustments to ACL loans | 2,000 | ||
Previously Reported [Member] | |||
Allowance for loan losses | 14,636 | ||
Investment securities - available for sale (at fair value) | 125,889 | ||
Investment securities- held to maturity | 245,659 | ||
Total loans held for investments, net | 1,264,858 | ||
Deferred tax assets | 10,605 | ||
Life-of-loss reserve on unfunded loan commitments | 133 | ||
Retained earnings | 151,793 | ||
Previously Reported [Member] | Commercial Real Estate [Member] | |||
Allowance for loan losses | 6,345 | ||
Previously Reported [Member] | Acquisition and Development [Member] | |||
Allowance for loan losses | 979 | ||
Previously Reported [Member] | Commercial and industrial [Member] | |||
Allowance for loan losses | 2,845 | ||
Previously Reported [Member] | Residential Mortgage [Member] | |||
Allowance for loan losses | 3,160 | ||
Previously Reported [Member] | Consumer [Member] | |||
Allowance for loan losses | 877 | ||
Previously Reported [Member] | Unallocated [Member] | |||
Allowance for loan losses | 430 | ||
Revision of Prior Period, Adjustment [Member] | |||
Allowance for loan losses | 2,066 | ||
Total loans held for investments, net | (2,066) | ||
Deferred tax assets | 776 | ||
Life-of-loss reserve on unfunded loan commitments | 865 | ||
Retained earnings | (2,155) | ||
Revision of Prior Period, Adjustment [Member] | Commercial Real Estate [Member] | |||
Allowance for loan losses | (1,143) | ||
Revision of Prior Period, Adjustment [Member] | Acquisition and Development [Member] | |||
Allowance for loan losses | (15) | ||
Revision of Prior Period, Adjustment [Member] | Commercial and industrial [Member] | |||
Allowance for loan losses | 1,334 | ||
Revision of Prior Period, Adjustment [Member] | Residential Mortgage [Member] | |||
Allowance for loan losses | 2,112 | ||
Revision of Prior Period, Adjustment [Member] | Consumer [Member] | |||
Allowance for loan losses | 208 | ||
Revision of Prior Period, Adjustment [Member] | Unallocated [Member] | |||
Allowance for loan losses | $ (430) |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Common Share [Abstract] | ||
Antidilutive shares excluded from computation of earnings per share | 0 | 0 |
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Common Share [Abstract] | ||
Net Income (Loss) | $ 15,060 | $ 25,048 |
Basic Earnings Per Share: Average Shares | 6,686 | 6,650 |
Diluted Earnings Per Share: Average Shares, adjustment | 15 | 11 |
Diluted Earnings Per Share: Average Shares | 6,701 | 6,661 |
Basic Earnings Per Share Amount | $ 2.25 | $ 3.77 |
Diluted Earnings Per Share Amount | $ 2.25 | $ 3.76 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | |
Percentage of Capital Stock and Surplus on Secured Basis | 10% | ||
Retained earnings | $ 173,900 | $ 149,638 | $ 166,343 |
Accounting Standards Update 2016-13 [Member] | |||
Retained earnings | $ (2,200) |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements (Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations) (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Jan. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Retained earnings | $ 173,900 | $ 149,638 | $ 166,343 |
First United Bank & Trust [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Capital | $ 207,767 | $ 196,442 | |
Capital to Risk Weighted Assets | 0.1405 | 0.1437 | |
Capital Required for Capital Adequacy | $ 118,292 | $ 109,396 | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0800 | 0.0800 | |
Capital Required to be Well Capitalized | $ 147,865 | $ 136,745 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | 0.1000 | |
Tier 1 Risk Based Capital | $ 189,370 | $ 181,673 | |
Tier 1 Risk Based Capital to Risk Weighted Assets | 0.1281 | 0.1329 | |
Tier 1 Risk Based Capital Required for Capital Adequacy | $ 88,719 | $ 82,047 | |
Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0600 | 0.0600 | |
Tier 1 Risk Based Capital Required to be Well Capitalized | $ 118,292 | $ 109,396 | |
Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.0800 | 0.0800 | |
Common equity, Amount | $ 189,370 | $ 181,673 | |
Common equity, Ratio | 0.1281 | 0.1329 | |
Common equity, Required For Capital Adequacy Purposes, Amount | $ 66,540 | $ 61,535 | |
Common equity, Required For Capital Adequacy Purposes, Ratio | 0.0450 | 0.0450 | |
Common equity, Required To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 96,112 | $ 88,884 | |
Common equity, Required To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0650 | 0.0650 | |
Tier 1 Leverage Capital | $ 189,370 | $ 181,673 | |
Tier 1 Leverage Capital to Average Assets | 0.0992 | 0.1001 | |
Tier 1 Leverage Capital Required for Capital Adequacy | $ 76,233 | $ 72,354 | |
Tier 1 Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 | |
Tier 1 Leverage Capital Required to be Well Capitalized | $ 95,291 | $ 90,443 | |
Tier 1 Leverage Capital Required to be Well Capitalized to Average Assets | 0.0500 | 0.0500 |
Investments Securities (Narrati
Investments Securities (Narrative) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Available-for-sale securities pledged as collateral | $ 50,500,000 | $ 49,700,000 |
Held-to-maturity securities, allowance for credit losses | 45,000 | 0 |
Available-for-sale securities, allowance for credit losses | 0 | |
Held to maturity securities pledged as collateral | $ 141,800,000 | $ 165,900,000 |
Investment Securities (Unrealiz
Investment Securities (Unrealized Gain (Loss) on Investments) (Details) - USD ($) | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 117,921,000 | $ 149,829,000 | |
Gross Unrealized Gains | 15,000 | 4,000 | |
Gross Unrealized Losses | 20,767,000 | 23,944,000 | |
Allowance for Credit Losses | 0 | ||
Fair Value | 97,169,000 | $ 125,889,000 | 125,889,000 |
Held-to-maturity securities, allowance for credit losses | 45,000 | 0 | |
Held-to-maturity Amortized cost | 214,342,000 | $ 245,659,000 | |
Held-to-maturity Securities | 235,659,000 | ||
Held-to-maturity Gross Unrealized Gains | 219,000 | 947,000 | |
Held-to-maturity Gross Unrealized Losses | 30,146,000 | 33,526,000 | |
Fair Value | 184,415,000 | 203,080,000 | |
US Treasury Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Held-to-maturity Amortized cost | 37,462,000 | ||
Held-to-maturity Securities | 37,204,000 | ||
Held-to-maturity Gross Unrealized Losses | 243,000 | 1,593,000 | |
Fair Value | 37,219,000 | 35,611,000 | |
U.S. government agencies [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 7,000,000 | 11,044,000 | |
Gross Unrealized Losses | 966,000 | 1,582,000 | |
Allowance for Credit Losses | 0 | ||
Fair Value | 6,034,000 | 9,462,000 | |
Held-to-maturity Amortized cost | 68,014,000 | ||
Held-to-maturity Securities | 67,734,000 | ||
Held-to-maturity Gross Unrealized Losses | 10,985,000 | 13,261,000 | |
Fair Value | 57,029,000 | 54,473,000 | |
Residential mortgage-backed agencies [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 24,781,000 | 45,052,000 | |
Gross Unrealized Losses | 4,218,000 | 7,651,000 | |
Allowance for Credit Losses | 0 | ||
Fair Value | 20,563,000 | 37,401,000 | |
Held-to-maturity Amortized cost | 29,588,000 | ||
Held-to-maturity Securities | 28,624,000 | ||
Held-to-maturity Gross Unrealized Gains | 42,000 | 1,000 | |
Held-to-maturity Gross Unrealized Losses | 2,913,000 | 3,503,000 | |
Fair Value | 26,717,000 | 25,122,000 | |
Commercial mortgage-backed agencies [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 36,258,000 | 37,393,000 | |
Gross Unrealized Losses | 7,841,000 | 6,661,000 | |
Allowance for Credit Losses | 0 | ||
Fair Value | 28,417,000 | 30,732,000 | |
Held-to-maturity Amortized cost | 21,413,000 | ||
Held-to-maturity Securities | 22,389,000 | ||
Held-to-maturity Gross Unrealized Losses | 5,361,000 | 4,568,000 | |
Fair Value | 16,052,000 | 17,821,000 | |
Collateralized mortgage obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 19,725,000 | 25,828,000 | |
Gross Unrealized Losses | 3,369,000 | 4,784,000 | |
Allowance for Credit Losses | 0 | ||
Fair Value | 16,356,000 | 21,044,000 | |
Held-to-maturity Amortized cost | 53,261,000 | ||
Held-to-maturity Gross Unrealized Losses | 9,973,000 | ||
Fair Value | 43,288,000 | ||
Obligations of states and political subdivisions [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 10,486,000 | 10,848,000 | |
Gross Unrealized Gains | 15,000 | 4,000 | |
Gross Unrealized Losses | 189,000 | 360,000 | |
Allowance for Credit Losses | 0 | ||
Fair Value | 10,312,000 | 10,492,000 | |
Held-to-maturity securities, allowance for credit losses | 45,000 | ||
Held-to-maturity Amortized cost | 4,604,000 | ||
Held-to-maturity Securities | 22,623,000 | ||
Held-to-maturity Gross Unrealized Gains | 177,000 | 946,000 | |
Held-to-maturity Gross Unrealized Losses | 671,000 | 600,000 | |
Fair Value | 4,110,000 | 22,969,000 | |
Corporate Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 1,000,000 | 1,000,000 | |
Gross Unrealized Losses | 222,000 | 113,000 | |
Allowance for Credit Losses | 0 | ||
Fair Value | 778,000 | 887,000 | |
Collateralized debt obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 18,671,000 | 18,664,000 | |
Gross Unrealized Losses | 3,962,000 | 2,793,000 | |
Allowance for Credit Losses | 0 | ||
Fair Value | $ 14,709,000 | 15,871,000 | |
Held-to-maturity Securities | 57,085,000 | ||
Held-to-maturity Gross Unrealized Losses | 10,001,000 | ||
Fair Value | $ 47,084,000 |
Investment Securities (Proceeds
Investment Securities (Proceeds from Sales and Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments [Abstract] | ||
Proceeds | $ 20,249 | $ 1,023 |
Realized gains | $ 3 | |
Realized losses | $ 4,214 |
Investment Securities (Gross Un
Investment Securities (Gross Unrealized Losses and Fair Values of Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,445 | $ 20,035 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 20 | $ 1,540 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | 2 | 17 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 93,525 | $ 104,269 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 20,747 | $ 22,404 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | 35 | 27 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 122,949 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 26,211 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 59,340 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 7,315 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | 48 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | $ 178,406 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 30,146 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | 59 | 13 |
US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 35,611 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 1,593 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | $ 37,219 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 243 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | 4 | 4 |
U.S. government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 4,598 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 402 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | 1 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 6,034 | $ 4,865 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 966 | $ 1,180 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | 2 | 2 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 38,883 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 9,617 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 15,591 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 3,644 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | 7 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | $ 57,029 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 10,985 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | 9 | 2 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 20,563 | $ 37,401 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 4,218 | $ 7,651 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | 3 | 5 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 16,893 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 1,425 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 8,138 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 2,078 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | 29 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | $ 22,613 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 2,913 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | 35 | 7 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 4,044 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 455 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | 3 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 28,417 | $ 26,688 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 7,841 | $ 6,206 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | 8 | 6 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 17,821 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 4,568 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | 3 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | $ 16,052 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 5,361 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | 2 | |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,600 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 210 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | 5 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 16,356 | $ 19,444 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 3,369 | $ 4,574 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | 9 | 5 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 47,083 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 10,001 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | 8 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | $ 43,288 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 9,973 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | 8 | |
Obligations of states and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,445 | $ 8,906 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 20 | $ 360 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | 2 | 7 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 6,668 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 169 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | 3 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 2,269 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 600 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | 1 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | $ 2,205 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 671 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | 1 | |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 887 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 113 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | 1 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 778 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 222 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | 1 | |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 14,709 | $ 15,871 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 3,962 | $ 2,793 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | 9 | 9 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Values Classified by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | |||
Amortized Cost: Due after one year or less | $ 2,670 | ||
Amortized Cost: Due after one year through five years | 5,250 | ||
Amortized Cost: Due after five years through ten years | 2,410 | ||
Amortized Cost: Due after ten years | 26,827 | ||
Available For Sale Debt Maturities Amortized Cost Sub Total | 37,157 | ||
Fair Value: Due after one year or less | 2,640 | ||
Fair Value: Due after one year through five years | 4,952 | ||
Fair Value: Due after five years through ten years | 2,168 | ||
Fair Value: Due after ten years | 22,073 | ||
Available for sale debt maturities fair value sub total | 31,833 | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 117,921 | $ 149,829 | |
Investment securities - available for sale (at fair value) | 97,169 | $ 125,889 | 125,889 |
Amortized Cost: Due one year or less, Held to maturity | 37,462 | ||
Amortized Cost: Due after one year through five years, Held to maturity | 12,500 | ||
Amortized Cost: Due after five years through ten years, Held to maturity | 40,456 | ||
Amortized Cost: Due after ten years, Held to maturity | 19,662 | ||
Amortized Cost: Total, Held to maturity | 110,080 | ||
Fair Value: Due one year or less, Held to maturity | 37,219 | ||
Fair Value: Due after one year through five years, Held to maturity | 11,706 | ||
Fair Value: Due after five years through ten years, Held to maturity | 34,495 | ||
Fair Value: Due after ten years, Held to maturity | 14,938 | ||
Fair Value: Total, Held to maturity | 98,358 | ||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 214,342 | $ 245,659 | |
Held-to-maturity Securities | 235,659 | ||
Held-to-maturity securities, fair value | 184,415 | 203,080 | |
Residential mortgage-backed agencies [Member] | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 24,781 | 45,052 | |
Investment securities - available for sale (at fair value) | 20,563 | 37,401 | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 29,588 | ||
Held-to-maturity Securities | 28,624 | ||
Held-to-maturity securities, fair value | 26,717 | 25,122 | |
Commercial mortgage-backed agencies [Member] | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 36,258 | 37,393 | |
Investment securities - available for sale (at fair value) | 28,417 | 30,732 | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 21,413 | ||
Held-to-maturity Securities | 22,389 | ||
Held-to-maturity securities, fair value | 16,052 | 17,821 | |
Collateralized mortgage obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 19,725 | 25,828 | |
Investment securities - available for sale (at fair value) | 16,356 | $ 21,044 | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 53,261 | ||
Held-to-maturity securities, fair value | $ 43,288 |
Loans and Related Allowance f_3
Loans and Related Allowance for Credit Losses (Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 2,963 | |
Individually evaluated for impairment | $ 6,498 | |
Collectively evaluated for impairment | 1,403,704 | |
Collectively evaluated for impairment | 1,272,996 | |
Total Loans | 1,406,667 | 1,279,494 |
Total Loans | 1,279,494 | |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 826 | |
Individually evaluated for impairment | 2,262 | |
Collectively evaluated for impairment | 492,877 | |
Collectively evaluated for impairment | 456,569 | |
Total Loans | 493,703 | |
Total Loans | 458,831 | |
Acquisition and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 356 | |
Collectively evaluated for impairment | 77,060 | |
Collectively evaluated for impairment | 70,240 | |
Total Loans | 77,060 | |
Total Loans | 70,596 | |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | 274,604 | |
Collectively evaluated for impairment | 245,396 | |
Total Loans | 274,604 | 245,396 |
Total Loans | 245,396 | |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 2,137 | |
Individually evaluated for impairment | 3,880 | |
Collectively evaluated for impairment | 497,734 | |
Collectively evaluated for impairment | 440,531 | |
Total Loans | 499,871 | |
Total Loans | 444,411 | |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | 61,429 | |
Collectively evaluated for impairment | 60,260 | |
Total Loans | $ 61,429 | 60,260 |
Total Loans | $ 60,260 |
Loans and Related Allowance f_4
Loans and Related Allowance for Credit Losses (Changes in Dollar Amount of Loans Outstanding to Officers, Directors and their Associates) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Loans and Related Allowance for Credit Losses [Abstract] | |
Beginning Balance | $ 3,302 |
Loans or advances | 481 |
Repayments | (937) |
Ending Balance | $ 2,846 |
Loans and Related Allowance f_5
Loans and Related Allowance for Credit Losses (Loan Portfolio Summarized by the Past Due Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | $ 3,358 | |
Total Past Due and Accruing | $ 2,007 | |
Non-Accrual | 3,956 | |
Non-Accrual | 3,495 | |
Loans | 1,406,667 | 1,279,494 |
Loans | 1,279,494 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,644 | |
Loans | 847 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,171 | |
Loans | 853 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 543 | |
Loans | 307 | |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,399,353 | |
Loans | 1,273,992 | |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 227 | |
Non-Accrual | 87 | |
Loans | 296,570 | |
Loans | 270,058 | |
Commercial real estate- non owner-occupied [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 296,343 | |
Loans | 269,971 | |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 411 | |
Non-Accrual | 599 | |
Non-Accrual | 58 | |
Loans | 197,133 | |
Loans | 188,773 | |
Commercial real estate- all other CRE [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 411 | |
Commercial real estate- all other CRE [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 196,123 | |
Loans | 188,715 | |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 18,224 | |
Loans | 19,637 | |
Acquisition and development- 1-4 family residential construction [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 18,224 | |
Loans | 19,637 | |
Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 113 | 9,755 |
Non-Accrual | 146 | |
Loans | 58,836 | |
Loans | 50,959 | |
Acquisition and development- All other A&D [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 58,723 | |
Loans | 50,813 | |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 139 | |
Total Past Due and Accruing | 54 | |
Loans | 274,604 | |
Loans | 245,396 | |
Commercial and industrial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 120 | |
Loans | 54 | |
Commercial and industrial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 19 | |
Commercial and industrial [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 274,465 | |
Loans | 245,342 | |
Residential mortgage- term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 1,231 | |
Total Past Due and Accruing | 992 | |
Non-Accrual | 2,720 | |
Non-Accrual | 2,893 | |
Loans | 437,829 | |
Loans | 384,387 | |
Residential mortgage- term [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 130 | |
Loans | 31 | |
Residential mortgage- term [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 717 | |
Loans | 722 | |
Residential mortgage- term [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 384 | |
Loans | 239 | |
Residential mortgage- term [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 433,878 | |
Loans | 380,502 | |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 753 | |
Total Past Due and Accruing | 490 | |
Non-Accrual | 268 | |
Non-Accrual | 311 | |
Loans | 62,042 | |
Loans | 60,024 | |
Residential mortgage- home equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 520 | |
Loans | 399 | |
Residential mortgage- home equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 158 | |
Loans | 48 | |
Residential mortgage- home equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 75 | |
Loans | 43 | |
Residential mortgage- home equity [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 61,021 | |
Loans | 59,223 | |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 824 | |
Total Past Due and Accruing | 471 | |
Non-Accrual | 29 | |
Loans | 61,429 | |
Loans | 60,260 | |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 463 | |
Loans | 363 | |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 277 | |
Loans | 83 | |
Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 84 | |
Loans | 25 | |
Consumer [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | $ 60,576 | |
Loans | $ 59,789 |
Loans and Related Allowance f_6
Loans and Related Allowance for Credit Losses (Collateral-dependent individually evaluated loans) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Amortized cost basis of collateral-dependent individually evaluated loans | $ 2,963 |
Non-Accrual loans with no allowance | 2,963 |
Commercial Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Amortized cost basis of collateral-dependent individually evaluated loans | 826 |
Non-Accrual loans with no allowance | 826 |
Residential Mortgage [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Amortized cost basis of collateral-dependent individually evaluated loans | 2,137 |
Non-Accrual loans with no allowance | $ 2,137 |
Loans and Related Allowance f_7
Loans and Related Allowance for Credit Losses (Allowance for Loan Losses Summarized by Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | $ 14,636 | $ 15,955 |
ALL Beginning Balance | 14,636 | |
Loan Charge-offs | (1,439) | (836) |
Recoveries collected | 517 | |
Credit loss (credit)/expense | 1,700 | (643) |
Charge-offs | (1,121) | |
Recoveries | 445 | |
Loan loss expense/(credit) | (643) | |
ALL Ending Balance | 17,480 | 14,636 |
ALL Ending Balance | 14,636 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | 2,066 | |
ALL Ending Balance | 2,066 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | 6,345 | 6,032 |
Loan Charge-offs | (87) | |
Recoveries collected | 7 | |
Credit loss (credit)/expense | (2) | |
Recoveries | 1 | |
Loan loss expense/(credit) | 312 | |
ALL Ending Balance | 5,120 | |
ALL Ending Balance | 6,345 | |
Commercial Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | (1,143) | |
ALL Ending Balance | (1,143) | |
Acquisition and Development [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | 979 | 2,615 |
Recoveries collected | 11 | |
Credit loss (credit)/expense | (35) | |
Charge-offs | (20) | |
Recoveries | 22 | |
Loan loss expense/(credit) | (1,638) | |
ALL Ending Balance | 940 | |
ALL Ending Balance | 979 | |
Acquisition and Development [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | (15) | |
ALL Ending Balance | (15) | |
Commercial and industrial [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | 2,845 | 2,460 |
Loan Charge-offs | (423) | (134) |
Recoveries collected | 186 | |
Credit loss (credit)/expense | (225) | |
Charge-offs | (134) | |
Recoveries | 93 | |
Loan loss expense/(credit) | 426 | |
ALL Ending Balance | 3,717 | |
ALL Ending Balance | 2,845 | |
Commercial and industrial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | 1,334 | |
ALL Ending Balance | 1,334 | |
Residential Mortgage [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | 3,160 | 3,484 |
Loan Charge-offs | (55) | |
Recoveries collected | 73 | |
Credit loss (credit)/expense | 1,484 | |
Charge-offs | (46) | |
Recoveries | 184 | |
Loan loss expense/(credit) | (462) | |
ALL Ending Balance | 6,774 | |
ALL Ending Balance | 3,160 | |
Residential Mortgage [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | 2,112 | |
ALL Ending Balance | 2,112 | |
Consumer [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | 877 | 934 |
Loan Charge-offs | (874) | (636) |
Recoveries collected | 240 | |
Credit loss (credit)/expense | 478 | |
Charge-offs | (921) | |
Recoveries | 145 | |
Loan loss expense/(credit) | 719 | |
ALL Ending Balance | 929 | |
ALL Ending Balance | 877 | |
Consumer [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | 208 | |
ALL Ending Balance | 208 | |
Unallocated [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | 430 | 430 |
ALL Ending Balance | 430 | |
Unallocated [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALL Beginning Balance | $ (430) | |
ALL Ending Balance | $ (430) |
Loans and Related Allowance f_8
Loans and Related Allowance for Credit Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | $ 203,197 | $ 306,394 |
2022/2021 | 307,882 | 204,415 |
2021/2020 | 183,683 | 151,636 |
2020/2019 | 138,197 | 115,018 |
2019/2018 | 101,847 | 49,579 |
2018/2017 and Prior | 320,339 | 315,480 |
Revolving | 151,522 | 136,972 |
Total Loans | 1,406,667 | 1,279,494 |
2023/2022 | 336 | 36 |
2022/2021 | 326 | 591 |
2021/2020 | 109 | 52 |
2020/2019 | 174 | 40 |
2019/2018 | 4 | 23 |
2018/2017 and Prior | 490 | 94 |
Total Portfolio Loans | 1,439 | 836 |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 23,511 | 67,429 |
2022/2021 | 65,878 | 31,710 |
2021/2020 | 30,332 | 48,421 |
2020/2019 | 54,270 | 41,221 |
2019/2018 | 40,575 | 19,414 |
2018/2017 and Prior | 80,866 | 60,293 |
Revolving | 1,138 | 1,570 |
Total Loans | 296,570 | 270,058 |
2018/2017 and Prior | 87 | |
Total Portfolio Loans | 87 | |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 30,130 | 24,655 |
2022/2021 | 27,379 | 28,058 |
2021/2020 | 27,042 | 22,906 |
2020/2019 | 21,335 | 30,219 |
2019/2018 | 24,726 | 8,873 |
2018/2017 and Prior | 61,426 | 68,048 |
Revolving | 5,095 | 6,014 |
Total Loans | 197,133 | 188,773 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 13,745 | 15,629 |
2022/2021 | 3,446 | 1,453 |
2021/2020 | 151 | |
2018/2017 and Prior | 210 | |
Revolving | 1,033 | 2,194 |
Total Loans | 18,224 | 19,637 |
2018/2017 and Prior | 20 | |
Total Portfolio Loans | 20 | |
Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 12,184 | 18,733 |
2022/2021 | 25,099 | 4,979 |
2021/2020 | 2,966 | 9,755 |
2020/2019 | 3,046 | 1,408 |
2019/2018 | 1,301 | 558 |
2018/2017 and Prior | 10,059 | 13,107 |
Revolving | 4,181 | 2,419 |
Total Loans | 58,836 | 50,959 |
Commercial and industrial [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 52,562 | 92,531 |
2022/2021 | 75,911 | 33,006 |
2021/2020 | 26,241 | 23,149 |
2020/2019 | 18,559 | 12,880 |
2019/2018 | 8,970 | 5,647 |
2018/2017 and Prior | 10,889 | 10,177 |
Revolving | 81,472 | 68,006 |
Total Loans | 274,604 | 245,396 |
2023/2022 | 100 | |
2022/2021 | 103 | 97 |
2021/2020 | 35 | 34 |
2020/2019 | 166 | 3 |
2018/2017 and Prior | 19 | |
Total Portfolio Loans | 423 | 134 |
Residential mortgage- term [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 51,625 | 64,930 |
2022/2021 | 94,861 | 93,665 |
2021/2020 | 89,764 | 42,800 |
2020/2019 | 38,245 | 27,357 |
2019/2018 | 25,473 | 14,275 |
2018/2017 and Prior | 136,227 | 139,031 |
Revolving | 1,634 | 2,329 |
Total Loans | 437,829 | 384,387 |
2018/2017 and Prior | 13 | 28 |
Total Portfolio Loans | 13 | 28 |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 1,127 | 5,739 |
2022/2021 | 4,657 | 957 |
2021/2020 | 864 | 582 |
2020/2019 | 513 | 328 |
2019/2018 | 286 | 118 |
2018/2017 and Prior | 505 | 518 |
Revolving | 54,090 | 51,782 |
Total Loans | 62,042 | 60,024 |
2019/2018 | 12 | |
2018/2017 and Prior | 42 | 6 |
Total Portfolio Loans | 42 | 18 |
Consumer [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 18,313 | 16,748 |
2022/2021 | 10,651 | 10,587 |
2021/2020 | 6,474 | 3,872 |
2020/2019 | 2,229 | 1,605 |
2019/2018 | 516 | 694 |
2018/2017 and Prior | 20,367 | 24,096 |
Revolving | 2,879 | 2,658 |
Total Loans | 61,429 | 60,260 |
2023/2022 | 236 | 36 |
2022/2021 | 223 | 494 |
2021/2020 | 74 | 18 |
2020/2019 | 8 | 37 |
2019/2018 | 4 | 11 |
2018/2017 and Prior | 329 | 40 |
Total Portfolio Loans | 874 | 636 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 203,188 | 306,394 |
2022/2021 | 307,708 | 204,409 |
2021/2020 | 183,479 | 151,592 |
2020/2019 | 138,159 | 114,781 |
2019/2018 | 101,749 | 49,499 |
2018/2017 and Prior | 316,682 | 312,328 |
Revolving | 151,203 | 136,689 |
Total Loans | 1,402,168 | 1,275,692 |
Performing Financing Receivable [Member] | Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 23,511 | 67,429 |
2022/2021 | 65,878 | 31,710 |
2021/2020 | 30,332 | 48,421 |
2020/2019 | 54,270 | 41,221 |
2019/2018 | 40,575 | 19,414 |
2018/2017 and Prior | 80,639 | 60,206 |
Revolving | 1,138 | 1,570 |
Total Loans | 296,343 | 269,971 |
Performing Financing Receivable [Member] | Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 30,130 | 24,655 |
2022/2021 | 27,379 | 28,058 |
2021/2020 | 27,042 | 22,906 |
2020/2019 | 21,335 | 30,219 |
2019/2018 | 24,726 | 8,873 |
2018/2017 and Prior | 60,827 | 67,990 |
Revolving | 5,095 | 6,014 |
Total Loans | 196,534 | 188,715 |
Performing Financing Receivable [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 13,745 | 15,629 |
2022/2021 | 3,446 | 1,453 |
2021/2020 | 151 | |
2018/2017 and Prior | 210 | |
Revolving | 1,033 | 2,194 |
Total Loans | 18,224 | 19,637 |
Performing Financing Receivable [Member] | Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 12,184 | 18,733 |
2022/2021 | 25,099 | 4,979 |
2021/2020 | 2,966 | 9,755 |
2020/2019 | 3,046 | 1,408 |
2019/2018 | 1,301 | 558 |
2018/2017 and Prior | 9,946 | 12,962 |
Revolving | 4,181 | 2,419 |
Total Loans | 58,723 | 50,814 |
Performing Financing Receivable [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 52,562 | 92,531 |
2022/2021 | 75,911 | 33,006 |
2021/2020 | 26,241 | 23,149 |
2020/2019 | 18,559 | 12,880 |
2019/2018 | 8,970 | 5,647 |
2018/2017 and Prior | 10,889 | 10,177 |
Revolving | 81,472 | 68,006 |
Total Loans | 274,604 | 245,396 |
Performing Financing Receivable [Member] | Residential mortgage- term [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 51,625 | 64,930 |
2022/2021 | 94,722 | 93,665 |
2021/2020 | 89,629 | 42,800 |
2020/2019 | 38,245 | 27,120 |
2019/2018 | 25,375 | 14,198 |
2018/2017 and Prior | 133,526 | 136,228 |
Revolving | 1,603 | 2,313 |
Total Loans | 434,725 | 381,254 |
Performing Financing Receivable [Member] | Residential mortgage- home equity [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 1,127 | 5,739 |
2022/2021 | 4,657 | 957 |
2021/2020 | 864 | 538 |
2020/2019 | 475 | 328 |
2019/2018 | 286 | 115 |
2018/2017 and Prior | 488 | 478 |
Revolving | 53,802 | 51,515 |
Total Loans | 61,699 | 59,670 |
Performing Financing Receivable [Member] | Consumer [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 18,304 | 16,748 |
2022/2021 | 10,616 | 10,581 |
2021/2020 | 6,405 | 3,872 |
2020/2019 | 2,229 | 1,605 |
2019/2018 | 516 | 694 |
2018/2017 and Prior | 20,367 | 24,077 |
Revolving | 2,879 | 2,658 |
Total Loans | 61,316 | 60,235 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 9 | |
2022/2021 | 174 | 6 |
2021/2020 | 204 | 44 |
2020/2019 | 38 | 237 |
2019/2018 | 98 | 80 |
2018/2017 and Prior | 3,657 | 3,152 |
Revolving | 319 | 283 |
Total Loans | 4,499 | 3,802 |
Nonperforming Financing Receivable [Member] | Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2018/2017 and Prior | 227 | 87 |
Total Loans | 227 | 87 |
Nonperforming Financing Receivable [Member] | Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2018/2017 and Prior | 599 | 58 |
Total Loans | 599 | 58 |
Nonperforming Financing Receivable [Member] | Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2018/2017 and Prior | 113 | 145 |
Total Loans | 113 | 145 |
Nonperforming Financing Receivable [Member] | Residential mortgage- term [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2022/2021 | 139 | |
2021/2020 | 135 | |
2020/2019 | 237 | |
2019/2018 | 98 | 77 |
2018/2017 and Prior | 2,701 | 2,803 |
Revolving | 31 | 16 |
Total Loans | 3,104 | 3,133 |
Nonperforming Financing Receivable [Member] | Residential mortgage- home equity [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2021/2020 | 44 | |
2020/2019 | 38 | |
2019/2018 | 3 | |
2018/2017 and Prior | 17 | 40 |
Revolving | 288 | 267 |
Total Loans | 343 | 354 |
Nonperforming Financing Receivable [Member] | Consumer [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 9 | |
2022/2021 | 35 | 6 |
2021/2020 | 69 | |
2018/2017 and Prior | 19 | |
Total Loans | 113 | 25 |
Pass [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 202,625 | 297,471 |
2022/2021 | 298,357 | 200,657 |
2021/2020 | 180,787 | 144,382 |
2020/2019 | 130,669 | 111,593 |
2019/2018 | 99,798 | 48,774 |
2018/2017 and Prior | 296,442 | 290,430 |
Revolving | 147,756 | 130,833 |
Total Loans | 1,356,434 | 1,224,140 |
Pass [Member] | Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 23,511 | 67,429 |
2022/2021 | 65,878 | 31,710 |
2021/2020 | 30,332 | 48,421 |
2020/2019 | 54,270 | 41,221 |
2019/2018 | 40,575 | 19,414 |
2018/2017 and Prior | 65,134 | 42,069 |
Revolving | 1,138 | 1,570 |
Total Loans | 280,838 | 251,834 |
Pass [Member] | Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 30,130 | 24,655 |
2022/2021 | 27,379 | 26,947 |
2021/2020 | 27,042 | 22,906 |
2020/2019 | 20,691 | 27,213 |
2019/2018 | 22,879 | 8,873 |
2018/2017 and Prior | 60,054 | 67,691 |
Revolving | 4,495 | 4,790 |
Total Loans | 192,670 | 183,075 |
Pass [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 13,745 | 15,629 |
2022/2021 | 3,446 | 1,453 |
2021/2020 | 151 | |
2018/2017 and Prior | 210 | |
Revolving | 1,033 | 2,194 |
Total Loans | 18,224 | 19,637 |
Pass [Member] | Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 12,184 | 18,733 |
2022/2021 | 25,099 | 4,979 |
2021/2020 | 2,966 | 9,755 |
2020/2019 | 3,046 | 1,408 |
2019/2018 | 1,301 | 558 |
2018/2017 and Prior | 9,946 | 12,961 |
Revolving | 4,181 | 2,419 |
Total Loans | 58,723 | 50,813 |
Pass [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 52,004 | 83,608 |
2022/2021 | 66,559 | 30,451 |
2021/2020 | 24,387 | 15,982 |
2020/2019 | 11,753 | 12,707 |
2019/2018 | 8,872 | 5,013 |
2018/2017 and Prior | 10,052 | 9,528 |
Revolving | 78,992 | 63,668 |
Total Loans | 252,619 | 220,957 |
Pass [Member] | Residential mortgage- term [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 51,625 | 64,930 |
2022/2021 | 94,723 | 93,665 |
2021/2020 | 88,835 | 42,784 |
2020/2019 | 38,228 | 27,120 |
2019/2018 | 25,375 | 14,132 |
2018/2017 and Prior | 130,402 | 133,397 |
Revolving | 1,577 | 2,306 |
Total Loans | 430,765 | 378,334 |
Pass [Member] | Residential mortgage- home equity [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 1,127 | 5,739 |
2022/2021 | 4,657 | 957 |
2021/2020 | 864 | 538 |
2020/2019 | 475 | 328 |
2019/2018 | 286 | 97 |
2018/2017 and Prior | 489 | 478 |
Revolving | 53,467 | 51,232 |
Total Loans | 61,365 | 59,369 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 18,299 | 16,748 |
2022/2021 | 10,616 | 10,495 |
2021/2020 | 6,361 | 3,845 |
2020/2019 | 2,206 | 1,596 |
2019/2018 | 510 | 687 |
2018/2017 and Prior | 20,365 | 24,096 |
Revolving | 2,873 | 2,654 |
Total Loans | 61,230 | 60,121 |
Special Mention [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 558 | |
2022/2021 | 3,666 | |
2020/2019 | 644 | |
2018/2017 and Prior | 4,331 | 6,627 |
Revolving | 2,134 | |
Total Loans | 5,533 | 12,427 |
Special Mention [Member] | Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2018/2017 and Prior | 4,331 | 6,289 |
Total Loans | 4,331 | 6,289 |
Special Mention [Member] | Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2022/2021 | 1,111 | |
2020/2019 | 644 | |
Total Loans | 644 | 1,111 |
Special Mention [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 558 | |
2022/2021 | 2,555 | |
2018/2017 and Prior | 338 | |
Revolving | 2,134 | |
Total Loans | 558 | 5,027 |
Substandard [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 14 | 8,923 |
2022/2021 | 9,525 | 92 |
2021/2020 | 2,896 | 7,254 |
2020/2019 | 6,884 | 3,425 |
2019/2018 | 2,049 | 805 |
2018/2017 and Prior | 19,566 | 18,423 |
Revolving | 3,766 | 4,005 |
Total Loans | 44,700 | 42,927 |
Substandard [Member] | Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2018/2017 and Prior | 11,401 | 11,935 |
Total Loans | 11,401 | 11,935 |
Substandard [Member] | Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2020/2019 | 3,006 | |
2019/2018 | 1,847 | |
2018/2017 and Prior | 1,372 | 357 |
Revolving | 600 | 1,224 |
Total Loans | 3,819 | 4,587 |
Substandard [Member] | Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2018/2017 and Prior | 113 | 146 |
Total Loans | 113 | 146 |
Substandard [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 8,923 | |
2022/2021 | 9,352 | |
2021/2020 | 1,854 | 7,167 |
2020/2019 | 6,806 | 173 |
2019/2018 | 98 | 634 |
2018/2017 and Prior | 837 | 311 |
Revolving | 2,480 | 2,204 |
Total Loans | 21,427 | 19,412 |
Substandard [Member] | Residential mortgage- term [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2022/2021 | 138 | |
2021/2020 | 929 | 16 |
2020/2019 | 17 | 237 |
2019/2018 | 98 | 143 |
2018/2017 and Prior | 5,825 | 5,634 |
Revolving | 57 | 23 |
Total Loans | 7,064 | 6,053 |
Substandard [Member] | Residential mortgage- home equity [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2021/2020 | 44 | |
2020/2019 | 38 | |
2019/2018 | 21 | |
2018/2017 and Prior | 16 | 40 |
Revolving | 623 | 550 |
Total Loans | 677 | 655 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023/2022 | 14 | |
2022/2021 | 35 | 92 |
2021/2020 | 113 | 27 |
2020/2019 | 23 | 9 |
2019/2018 | 6 | 7 |
2018/2017 and Prior | 2 | |
Revolving | 6 | 4 |
Total Loans | $ 199 | $ 139 |
Loans And Related Allowances Fo
Loans And Related Allowances For Credit Losses (Narrative) (Details) $ in Thousands | Dec. 31, 2023 USD ($) loan | Jan. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Financing Receivable, Modifications [Line Items] | |||
Allowance for loan losses | $ 17,480 | $ 16,702 | $ 14,636 |
Nonaccrual loans | 3,495 | ||
Non-Accrual | 3,956 | ||
Financing receivable excluding accrued interest subject to foreclosure | 0 | ||
Threshold commitment amount | $ 100 | ||
Number of loan modifications made to borrowers facing financial difficulties | loan | 0 | ||
Partial Charge Off [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Non-Accrual | $ 100 | 100 | |
Commercial real estate- non owner-occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccrual loans | 87 | ||
Non-Accrual | 227 | ||
Commercial real estate- all other CRE [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccrual loans | 58 | ||
Non-Accrual | 599 | ||
Acquisition and development- 1-4 family residential construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing receivable excluding accrued interest subject to foreclosure | 1,800 | ||
Acquisition and development- All other A&D [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccrual loans | 146 | ||
Non-Accrual | 113 | 9,755 | |
Commercial and industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Allowance for loan losses | 3,717 | 4,179 | |
Residential mortgage- term [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccrual loans | 2,893 | ||
Non-Accrual | 2,720 | ||
Residential mortgage- home equity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccrual loans | $ 311 | ||
Non-Accrual | 268 | ||
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Allowance for loan losses | 929 | $ 1,085 | |
Non-Accrual | $ 29 |
Other Real Estate Owned (Compon
Other Real Estate Owned (Components of OREO, Net of Related Valuation Allowance) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total OREO, net | $ 4,493 | $ 4,733 |
Acquisition and Development [Member] | ||
Total OREO, net | 4,281 | 4,670 |
Residential Mortgage [Member] | ||
Total OREO, net | $ 212 | $ 63 |
Other Real Estate Owned (Schedu
Other Real Estate Owned (Schedule of Activity in OREO Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Real Estate Owned, Net [Abstract] | ||
Balance beginning of period | $ 453 | $ 453 |
Fair value write-down | 23 | |
Sales of OREO | (163) | |
Balance at end of period | $ 313 | $ 453 |
Other Real Estate Owned (Sche_2
Other Real Estate Owned (Schedule of Components of OREO Expenses, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Real Estate Owned, Net [Abstract] | ||
Gains on sale of real estate, net | $ (599) | |
Fair value write-down | 23 | |
Expenses, net | 491 | 595 |
Rental and other income | (4) | (5) |
Total OREO (income)/expense, net | $ (89) | $ 590 |
Leases - (Narrative) (Details)
Leases - (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Total operating lease expense | $ 600 | $ 500 |
Accelerated operating lease expense | 100 | |
Short-term lease expense | $ 20 | $ 20 |
Leases - (Classification of ROU
Leases - (Classification of ROU Assets and Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 1,367 | $ 1,898 |
Operating lease liabilities | $ 1,556 | $ 2,373 |
Leases - (Weighted-Average Leas
Leases - (Weighted-Average Lease Term and Discount Rate for Operating Leases) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term - Operating leases | 5 years 3 months 29 days | 6 years 2 months 1 day |
Weighted-average discount rate - Operating leases | 5.16% | 5% |
Leases - (Future Minimum Paymen
Leases - (Future Minimum Payments for Operating Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Future minimum payments | ||
2024 | $ 368 | |
2025 | 356 | |
2026 | 283 | |
2027 | 285 | |
2028 | 240 | |
Thereafter | 270 | |
Total future minimum lease payments | 1,802 | |
Amount representing interest | (246) | |
Present value of net future minimum lease payments | $ 1,556 | $ 2,373 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Premises and Equipment [Abstract] | ||
Depreciation expense | $ 3,799 | $ 3,077 |
Premises and Equipment (Compone
Premises and Equipment (Components of Premises and Equipment) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 62,924 | $ 65,390 |
Less accumulated depreciation | (31,465) | (30,442) |
Property, Plant and Equipment, Net, Total | 31,459 | 34,948 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 7,745 | 7,753 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 1,384 | 1,548 |
Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 34,922 | 35,972 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 18,873 | $ 20,117 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Time Deposits, $250,000 or More | $ 48.8 | $ 37.5 |
Deposit Liabilities Reclassified as Loans Receivable | 0.4 | 0.3 |
Related Party Deposit Liabilities | $ 17.2 | $ 14 |
Deposit (Schedule of deposit li
Deposit (Schedule of deposit liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-interest bearing deposits | $ 427,670 | $ 506,613 |
Non-Interest bearing deposits, percentage | 28% | 32% |
Interest bearing deposits | $ 1,123,307 | $ 1,064,120 |
Total deposits | $ 1,550,977 | $ 1,570,733 |
Non-Interest and Interest bearing deposits, percentage | 100% | 100% |
Demand Deposit Liability [Member] | ||
Interest bearing deposits | $ 350,860 | $ 327,685 |
Interest bearing deposits, percentage | 22% | 21% |
Money Market Liability [Member] | ||
Interest bearing deposits | $ 385,649 | $ 365,192 |
Interest bearing deposits, percentage | 25% | 23% |
Savings Deposit Liability [Member] | ||
Interest bearing deposits | $ 191,265 | $ 250,720 |
Interest bearing deposits, percentage | 12% | 16% |
Time Deposit Retail Liability [Member] | ||
Interest bearing deposits | $ 165,533 | $ 120,523 |
Interest bearing deposits, percentage | 11% | 8% |
Time Deposit Brokered Liability [Member] | ||
Interest bearing deposits | $ 30,000 | |
Interest bearing deposits, percentage | 2% | 0% |
Deposits (Summary of Scheduled
Deposits (Summary of Scheduled Maturities of All Time Deposits) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Time Deposit Retail Liability [Member] | |
2024 | $ 146,683 |
2025 | 13,990 |
2026 | 4,154 |
2027 | 491 |
2028 | 170 |
Thereafter | 45 |
Total | 165,533 |
Time Deposit Brokered Liability [Member] | |
2024 | 30,000 |
Total | $ 30,000 |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Repurchase agreements secured by available for sale securities | $ 50,500,000 | $ 49,700,000 |
Loans | $ 1,406,667,000 | 1,279,494,000 |
Borrowing capacity to assets, percentage | 30% | |
FHLB, available funds | $ 571,400,000 | 544,100,000 |
FHLB available credit | 145,438,000 | |
Aggregated liquidation amount | $ 66,000 | 67,000 |
Maximum Allowable Period Of Interest Deferment | 20 | |
Short-term borrowings | $ 45,418,000 | 64,565,000 |
FHLB advances | 80,000,000 | |
Bank Term Funding Program [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, available funding | 69,500,000 | |
Securities Sold under Agreements to Repurchase [Member] | ||
Debt Instrument [Line Items] | ||
Repurchase agreements secured by available for sale securities | 61,600,000 | 74,600,000 |
Various Financial Institutions [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, available funding | 140,000,000 | |
Outstanding borrowings | 0 | $ 0 |
Federal Reserve Bank [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, available funding | 12,200,000 | |
First United Statutory Trust I And II [Member] | ||
Debt Instrument [Line Items] | ||
Aggregated liquidation amount | $ 900,000 | |
Debenture issue date | March 2004 | |
Trust preferred securities | $ 30,000,000 | |
First United Statutory Trust I [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | three-month Secured Overnight Financing Rate (“SOFR”) plus 275 basis points | |
Reporting date interest rate | 8.39% | |
Debenture issued to unconsolidated subsidiary | $ 20,600,000 | |
Earliest availability for redemption | 5 years | |
Maturity date | 2034 | |
First United Statutory Trust II [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | three-month SOFR plus 275 basis points | |
Reporting date interest rate | 8.39% | |
Debenture issued to unconsolidated subsidiary | $ 10,300,000 | |
Earliest availability for redemption | 5 years | |
Maturity date | 2034 |
Borrowed Funds (Schedule of bor
Borrowed Funds (Schedule of borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
FHLB advances | $ 80,000 | |
Junior subordinated debt, bearing variable interest rates | $ 30,929 | $ 30,929 |
Maximum [Member] | ||
FHLB advances, rates | 4.69% | |
Minimum [Member] | ||
FHLB advances, rates | 4.53% | |
Securities Sold under Agreements to Repurchase [Member] | ||
Outstanding at end of year | $ 45,418 | $ 64,565 |
Weighted average interest rate at end of period | 0.27% | 0.12% |
Maximum amount outstanding as of any month end | $ 59,777 | $ 75,912 |
Average amount outstanding | $ 50,498 | $ 63,182 |
Approximate weighted average rate during the year | 0.24% | 0.12% |
Borrowed Funds (Summary of Long
Borrowed Funds (Summary of Long-term Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Junior subordinated debt, bearing variable interest rates | $ 30,929 | $ 30,929 |
Total long-term debt | $ 110,929 | $ 30,929 |
Borrowed Funds (Schedule of Ple
Borrowed Funds (Schedule of Pledged Collateral on Line of Credit) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank, Advances, General Debt Obligations, Aggregate Amount of Available | $ 227,938 | |
Advance from Federal Home Loan Bank | (82,500) | |
FHLB available credit | 145,438 | |
Financing receivables, pledge as collateral | 1,406,667 | $ 1,279,494 |
1-4 family mortgage loans [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 144,572 | |
Commercial Real Estate [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 52,753 | |
Multi-family Loans [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 11,453 | |
Residential mortgage- home equity [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 19,160 | |
Financing receivables, pledge as collateral | $ 62,042 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Gross Carrying Amount (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,648 | $ 1,648 |
Accumulated Amortization | 549 | 219 |
Net Carrying Amount | 1,099 | 1,429 |
Goodwill | $ 11,004 | $ 11,004 |
Weighted average useful life | 3 years 4 months 17 days | 4 years 4 months 17 days |
Wealth Book Business [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,048 | $ 1,048 |
Accumulated Amortization | 419 | 209 |
Net Carrying Amount | $ 629 | $ 839 |
Weighted average useful life | 3 years | 4 years |
Mortgage Company [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 600 | $ 600 |
Accumulated Amortization | 130 | 10 |
Net Carrying Amount | $ 470 | $ 590 |
Weighted average useful life | 3 years 11 months 1 day | 4 years 11 months 1 day |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Estimated amortization expense | ||
2024 | $ 330 | |
2025 | 330 | |
2026 | 330 | |
2027 | 109 | |
Net Carrying Amount | $ 1,099 | $ 1,429 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 151,793 | $ 141,900 |
Balance | 161,873 | 151,793 |
Investment securities- with OTTI [Member] | ||
Balance | (1,711) | (949) |
Other comprehensive income/(loss) before reclassifications | (622) | (614) |
Amounts reclassified from accumulated other comprehensive loss | (149) | (148) |
Balance | (2,482) | (1,711) |
Investment securities- all other [Member] | ||
Other comprehensive income/(loss) before reclassifications | 61 | (16,749) |
Investment securities- all other - excluding transfers [Member] | ||
Balance | (16,380) | (5,749) |
Other comprehensive income/(loss) before reclassifications | 61 | (10,629) |
Amounts reclassified from accumulated other comprehensive loss | 3,102 | (2) |
Balance | (13,217) | (16,380) |
Investment Securities HTM [Member] | ||
Balance | (5,703) | (134) |
Other comprehensive income/(loss) before reclassifications | (6,120) | |
Amounts reclassified from accumulated other comprehensive loss | 502 | 551 |
Balance | (5,201) | (5,703) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | 797 | (319) |
Other comprehensive income/(loss) before reclassifications | (228) | 1,116 |
Balance | 569 | 797 |
Adjustment [Member] | Pension [Member] | ||
Balance | (16,603) | (18,108) |
Other comprehensive income/(loss) before reclassifications | 1,605 | 684 |
Amounts reclassified from accumulated other comprehensive loss | 735 | 821 |
Balance | (14,263) | (16,603) |
Adjustment [Member] | SERP [Member] | ||
Balance | 574 | (2,055) |
Other comprehensive income/(loss) before reclassifications | (1,802) | 2,430 |
Amounts reclassified from accumulated other comprehensive loss | (5) | 199 |
Balance | (1,233) | 574 |
Accumulated Other Comprehensive Loss [Member] | ||
Balance | (39,026) | (27,314) |
Other comprehensive income/(loss) before reclassifications | (986) | (13,133) |
Amounts reclassified from accumulated other comprehensive loss | 4,185 | 1,421 |
Balance | $ (35,827) | $ (39,026) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Components of Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net unrealized gains (losses), before tax | $ 4,345 | $ (15,935) |
Income tax (credit)/expense related to other comprehensive income | (1,146) | 4,223 |
Other comprehensive income/(loss), net of tax | 3,199 | (11,712) |
Accumulated Other Comprehensive Loss [Member] | ||
Unrealized net gains (losses), net of tax | (986) | (13,133) |
Recognized gains (losses), net of tax | (4,185) | (1,421) |
Other comprehensive income/(loss), net of tax | 3,199 | (11,712) |
Investment securities- with OTTI [Member] | ||
Unrealized holding (losses)/gains on investments | (845) | (835) |
Recognized gains (losses), before tax | 202 | 202 |
Net unrealized gains (losses), before tax | (1,047) | (1,037) |
Unrealized tax (expense) benefit | 223 | 221 |
Income tax (credit)/expense related to other comprehensive income | 276 | 275 |
Unrealized net gains (losses), net of tax | (622) | (614) |
Recognized gains (losses), net of tax | 149 | 148 |
Other comprehensive income/(loss), net of tax | (771) | (762) |
Investment securities- with OTTI [Member] | Accretable Yield in Income [Member] | ||
Recognized gains (losses), before tax | 202 | 202 |
Recognized tax (expense) benefit | (53) | (54) |
Recognized gains (losses), net of tax | 149 | 148 |
Investment securities- all other [Member] | ||
Unrealized holding (losses)/gains on investments | 83 | (22,792) |
Recognized gains (losses), before tax | (4,214) | 3 |
Net unrealized gains (losses), before tax | 4,297 | (14,467) |
Unrealized tax (expense) benefit | (22) | 6,043 |
Income tax (credit)/expense related to other comprehensive income | (1,134) | 3,836 |
Unrealized net gains (losses), net of tax | 61 | (16,749) |
Other comprehensive income/(loss), net of tax | 3,163 | (10,631) |
Investment securities- all other [Member] | Recognition of Gains (Losses) In Income [Member] | ||
Recognized gains (losses), before tax | (4,214) | 3 |
Recognized tax (expense) benefit | 1,112 | (1) |
Recognized gains (losses), net of tax | (3,102) | 2 |
Investment Securities HTM [Member] | ||
Unrealized holding (losses)/gains on investments | (8,328) | |
Recognized gains (losses), before tax | (682) | (841) |
Net unrealized gains (losses), before tax | 682 | (7,578) |
Unrealized tax (expense) benefit | 2,208 | |
Income tax (credit)/expense related to other comprehensive income | (180) | 2,009 |
Unrealized net gains (losses), net of tax | (6,120) | |
Recognized gains (losses), net of tax | (502) | (551) |
Other comprehensive income/(loss), net of tax | 502 | (5,569) |
Investment Securities HTM [Member] | Recognition of Gains (Losses) In Income [Member] | ||
Recognized gains (losses), before tax | 91 | |
Recognized tax (expense) benefit | (24) | |
Recognized gains (losses), net of tax | 67 | |
Investment Securities HTM [Member] | Amortization of Recognized Income [Member] | ||
Recognized gains (losses), before tax | (682) | (841) |
Recognized tax (expense) benefit | 180 | 223 |
Recognized gains (losses), net of tax | (502) | (618) |
Investment Securities Transferred From AFS to HTM | ||
Unrealized holding (losses)/gains on investments | 8,328 | |
Recognized tax (expense) benefit | (2,208) | |
Recognized gains (losses), net of tax | 6,120 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Unrealized holding (losses)/gains on investments | (310) | 1,521 |
Net unrealized gains (losses), before tax | (310) | 1,521 |
Unrealized tax (expense) benefit | 82 | (405) |
Income tax (credit)/expense related to other comprehensive income | 82 | (405) |
Unrealized net gains (losses), net of tax | (228) | 1,116 |
Other comprehensive income/(loss), net of tax | (228) | 1,116 |
Adjustment [Member] | ||
Unrealized holding (losses)/gains on investments | 2,180 | 931 |
Recognized gains (losses), before tax | (998) | (1,117) |
Net unrealized gains (losses), before tax | 3,178 | 2,048 |
Adjustment [Member] | Pension [Member] | ||
Unrealized holding (losses)/gains on investments | 2,180 | 931 |
Net unrealized gains (losses), before tax | 3,178 | 2,048 |
Unrealized tax (expense) benefit | (575) | (247) |
Income tax (credit)/expense related to other comprehensive income | (838) | (543) |
Unrealized net gains (losses), net of tax | 1,605 | 684 |
Recognized gains (losses), net of tax | (735) | (821) |
Other comprehensive income/(loss), net of tax | 2,340 | 1,505 |
Adjustment [Member] | SERP [Member] | ||
Unrealized holding (losses)/gains on investments | (2,448) | 3,307 |
Recognized gains (losses), before tax | 3,578 | |
Net unrealized gains (losses), before tax | (2,455) | |
Unrealized tax (expense) benefit | 646 | (877) |
Recognized tax (expense) benefit | (949) | |
Income tax (credit)/expense related to other comprehensive income | 648 | |
Unrealized net gains (losses), net of tax | (1,802) | 2,430 |
Recognized gains (losses), net of tax | 5 | (199) |
Other comprehensive income/(loss), net of tax | (1,807) | 2,629 |
Adjustment [Member] | Amortization of Unrecognized Loss [Member] | Pension [Member] | ||
Recognized gains (losses), before tax | (998) | (1,117) |
Recognized tax (expense) benefit | 263 | 296 |
Recognized gains (losses), net of tax | (735) | (821) |
Adjustment [Member] | Amortization of Unrecognized Loss [Member] | SERP [Member] | ||
Recognized gains (losses), before tax | 7 | (271) |
Recognized tax (expense) benefit | (2) | 72 |
Recognized gains (losses), net of tax | $ 5 | $ (199) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest income on taxable investment securities | $ 7,173 | $ 6,252 |
Provision for income tax expense | (4,416) | (8,133) |
Net income | 15,060 | 25,048 |
Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | (4,185) | (1,421) |
OTTI | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Provision for income tax expense | (53) | (54) |
Net income | 149 | 148 |
OTTI | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Accretable Yield in Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest income on taxable investment securities | 202 | 202 |
Investment securities- all other [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Provision for income tax expense | 1,112 | (1) |
Net income | (3,102) | 2 |
Investment securities- all other [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Recognition of Gains (Losses) In Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net gains | (4,214) | 3 |
Investment Securities HTM [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Provision for income tax expense | 180 | 199 |
Net income | (502) | (551) |
Investment Securities HTM [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Recognition of Gains (Losses) In Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Provision for income tax expense | 91 | |
Investment Securities HTM [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest income on taxable investment securities | (682) | (841) |
Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Pension [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Provision for income tax expense | 263 | 296 |
Net income | (735) | (821) |
Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | SERP [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Provision for income tax expense | (2) | 72 |
Net income | 5 | (199) |
Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | Pension [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other expense | (998) | (1,117) |
Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | SERP [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other expense | $ 7 | $ (271) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Income tax examination, penalties and interest accrued | $ 0 | $ 0 |
MARYLAND [Member] | ||
Operating loss carryforwards | 39,100,000 | |
Deferred tax assets, operating loss carryforwards, state and local | 2,800,000 | |
Operating loss carryforward, valuation allowance | $ 2,800,000 | $ 2,900,000 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Current Tax Expense: Federal | $ 4,002 | $ 5,504 |
Current Tax Expense: State | 1,303 | 2,034 |
Current Income Tax Expense | 5,305 | 7,538 |
Deferred Tax Expense: Federal | (774) | 339 |
Deferred Tax Expense: State | (115) | 256 |
Deferred Income Tax Expense | (889) | 595 |
Income Tax Expense (Benefit), Total | $ 4,416 | $ 8,133 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Federal statutory rate | 21% | 21% |
Tax-exempt income on securities and loans | (0.80%) | (0.80%) |
Tax-exempt BOLI income | (1.30%) | (0.80%) |
State income tax, net of federal tax benefit | 4.70% | 5.60% |
Tax credits | (0.80%) | (0.40%) |
Other | (0.10%) | (0.10%) |
Effective Income Tax Rate Reconciliation, Percent, Total | 22.70% | 24.50% |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Taxes [Abstract] | ||
Deferred tax assets, allowance for loan losses | $ 4,855 | $ 3,880 |
Deferred tax assets, deferred fees | 96 | 54 |
Deferred tax assets, deferred compensation | 1,285 | 1,163 |
Deferred tax assets, federal and state tax loss carry forwards | 2,776 | 2,873 |
Deferred tax assets, unrealized loss on investment securities | 7,356 | 8,419 |
Deferred tax assets, SERP | 2,622 | 1,948 |
Deferred tax assets, lease liability | 362 | 471 |
Deferred tax assets, low income housing tax credit | 439 | 511 |
Deferred tax assets, other than temporary impairment on investment securities | 464 | 520 |
Deferred tax assets, other real estate owned | 83 | 120 |
Deferred tax assets, other | 392 | 133 |
Total deferred tax assets | 20,730 | 20,092 |
Deferred tax assets, valuation allowance | (2,776) | (2,873) |
Total deferred tax assets less valuation allowance | 17,954 | 17,219 |
Deferred tax liabilities, goodwill | (2,762) | (2,736) |
Deferred tax liabilities, lease right-of-use asset | (282) | (418) |
Pension | (2,958) | (2,121) |
Deferred tax liabilities, depreciation | (403) | (921) |
Derivative contract | (200) | (283) |
Deferred tax liabilities, other | (216) | (135) |
Total deferred tax liabilities | (6,821) | (6,614) |
Net deferred tax assets | $ 11,133 | $ 10,605 |
Equity Compensation Plans (Deta
Equity Compensation Plans (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||||||||
May 05, 2023 | Mar. 26, 2023 | Mar. 09, 2023 | Mar. 08, 2023 | May 05, 2022 | Mar. 28, 2022 | Mar. 09, 2022 | Mar. 26, 2021 | Mar. 26, 2020 | Oct. 31, 2023 | May 31, 2023 | Mar. 31, 2023 | Jan. 31, 2023 | May 31, 2022 | Mar. 31, 2022 | May 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Director [Member] | |||||||||||||||||||
Amount payable to non-employee directors | $ 15,000,000 | ||||||||||||||||||
Fully-vested shares of common stock issued | 1,000 | ||||||||||||||||||
Employees [Member] | |||||||||||||||||||
Stock compensation expense | $ 33,279 | $ 79,464 | |||||||||||||||||
2018 Equity Plan | Maximum [Member] | |||||||||||||||||||
Maximum issuance of common stock options | 325,000 | ||||||||||||||||||
2018 Equity Plan | Director [Member] | |||||||||||||||||||
Fully-vested shares of common stock issued | 852 | 16,931 | 333 | 14,940 | |||||||||||||||
Fully vested shares of common stock issued, per share value | $ 16.26 | $ 13.23 | $ 19.36 | $ 18.92 | |||||||||||||||
Stock compensation expense | $ 255,937,000 | $ 266,920,000 | |||||||||||||||||
2019 Long-Term Incentive Plan | |||||||||||||||||||
Shares-based compensation shares of common stock issued | 14,688 | ||||||||||||||||||
2020 Performance Plan | |||||||||||||||||||
Shares-based compensation shares of common stock issued | 15,216 | ||||||||||||||||||
Restricted Stock Units (RSUs) | Officers [Member] | Share-based Payment Arrangement, Tranche One | |||||||||||||||||||
Share-based compensation performance based award, percent | 50% | ||||||||||||||||||
Restricted Stock Units (RSUs) | Officers [Member] | Share-based Payment Arrangement, Tranche Two | |||||||||||||||||||
Share-based compensation performance based award, percent | 150% | ||||||||||||||||||
Restricted Stock Units (RSUs) | Long-Term Incentive Plan [Member] | |||||||||||||||||||
Shares of common stock grant date fair market value | $ 18.25 | $ 21.88 | $ 17.93 | $ 12.54 | |||||||||||||||
Restricted Stock Units (RSUs) | Long-Term Incentive Plan [Member] | Year 2021 [Member] | |||||||||||||||||||
Unrecognized compensation expense related to unvested units | $ 7,365,000 | ||||||||||||||||||
Restricted Stock Units (RSUs) | Long-Term Incentive Plan [Member] | Year 2022 [Member] | |||||||||||||||||||
Stock compensation expense | 104,580,000 | $ 78,436,000 | |||||||||||||||||
Unrecognized compensation expense related to unvested units | 130,726,000 | ||||||||||||||||||
Restricted Stock Units (RSUs) | Long-Term Incentive Plan [Member] | Year 2023 [Member] | |||||||||||||||||||
Stock compensation expense | 82,755,000 | ||||||||||||||||||
Unrecognized compensation expense related to unvested units | $ 248,264,000 | ||||||||||||||||||
Restricted Stock Units (RSUs) | Long-Term Incentive Plan [Member] | Share-based Payment Arrangement, Tranche One | |||||||||||||||||||
Share-based compensation award vesting period | 3 years | ||||||||||||||||||
Restricted Stock Units (RSUs) | Long-Term Incentive Plan [Member] | Share-based Payment Arrangement, Tranche Two | |||||||||||||||||||
Share-based compensation award vesting period | 3 years | ||||||||||||||||||
Performance Vested Shares | Long-Term Incentive Plan [Member] | |||||||||||||||||||
Share-based compensation shares of common stock granted | 10,214 | 8,096 | 7,389 | 10,143 | 9,791 | ||||||||||||||
Time-vested Shares | Long-Term Incentive Plan [Member] | |||||||||||||||||||
Share-based compensation shares of common stock granted | 2,463 | 6,238 | 3,693 | 3,380 | 5,070 | 7,920 | 6,238 | 3,693 | 5,070 | ||||||||||
Stock compensation expense | $ 15,896,000 | $ 73,816,000 | |||||||||||||||||
Shares-based compensation shares of common stock issued | 1,230 | 1,692 | 2,079 | 1,230 | 1,688 | 1,690 | |||||||||||||
Time-vested Shares | Long-Term Incentive Plan [Member] | Year 2021 [Member] | |||||||||||||||||||
Stock compensation expense | $ (51,555,000) | $ 66,285,000 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2022 USD ($) employee | Jan. 31, 2023 USD ($) | Jan. 31, 2021 USD ($) employee | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2024 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discretionary contribution as percentage of employee's base pay | 15% | |||||
Defined benefit plan participants compensation expense | $ 1,400,000 | $ 1,300,000 | ||||
Scenario, Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected long-term return on pension portfolio assets | 6.50% | |||||
Pension [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
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 Pension 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 (i) their ages, at their closest birthday, plus (ii) 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 will be managed through discretionary contributions to the First United Corporation 401(k) Profit Sharing Plan (the “401(k) Plan”). | |||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 38,300,000 | 37,800,000 | ||||
Period for average return on pension portfolio assets | 25 years | |||||
Average return on pension portfolio assets | 6.59% | |||||
Expected long-term return on pension portfolio assets | 6.50% | |||||
Defined benefit plan, contribution by employer | $ 0 | 0 | ||||
SERP [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Vesting period of employer discretionary contribution | 2 years | 2 years | ||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 8,300,000 | 6,900,000 | ||||
Defined benefit plan, contribution by employer | 336,000 | 336,000 | ||||
SERP [Member] | Three Participants [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer discretionary contribution | $ 108,184 | $ 101,257 | ||||
Defined contribution plan, number of employees | employee | 3 | |||||
Defined benefit plan participants compensation expense | 54,092 | 50,628 | ||||
SERP [Member] | 2nd Three Participants [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer discretionary contribution | $ 103,689 | |||||
Defined contribution plan, number of employees | employee | 3 | |||||
Defined benefit plan participants compensation expense | $ 51,844 | $ 51,844 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Net Funded Status) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $ 7,194,000 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 9,777,000 | $ 7,194,000 |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 48,185,000 | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 51,822,000 | 48,185,000 |
Pension [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 40,184,000 | 54,931,000 |
Service Cost | 25,000 | 57,000 |
Interest Cost | 2,050,000 | 1,535,000 |
Change in discount rate and mortality assumptions | 314,000 | (11,930,000) |
Actuarial loss | 144,000 | (736,000) |
Defined Benefit Plan, Benefits Paid | (2,103,000) | (3,673,000) |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 40,614,000 | 40,184,000 |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 48,185,000 | 59,696,000 |
Defined Benefit Plan, Actual Return on Plan Assets | 5,740,000 | (7,838,000) |
Defined Benefit Plan, Contributions by Employer | 0 | 0 |
Defined Benefit Plan, Benefits Paid | (2,103,000) | (3,673,000) |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 51,822,000 | 48,185,000 |
Defined Benefit Plan, (Unfunded)/Funded Status | 11,208,000 | 8,001,000 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 7,194,000 | 10,395,000 |
Service Cost | 102,000 | 165,000 |
Interest Cost | 367,000 | 286,000 |
Change in discount rate and mortality assumptions | ||
Actuarial loss | 2,450,000 | (3,316,000) |
Defined Benefit Plan, Benefits Paid | (336,000) | (336,000) |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 9,777,000 | 7,194,000 |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | ||
Defined Benefit Plan, Actual Return on Plan Assets | ||
Defined Benefit Plan, Contributions by Employer | 336,000 | 336,000 |
Defined Benefit Plan, Benefits Paid | (336,000) | (336,000) |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | ||
Defined Benefit Plan, (Unfunded)/Funded Status | $ (9,777,000) | $ (7,194,000) |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Pension Plan Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | $ 25 | $ 57 |
Interest Cost | 2,050 | 1,535 |
Expected return on assets | (3,062) | (3,810) |
Amortization of net actuarial loss/recognized loss | 998 | 1,117 |
Net pension credit included in employee benefits and other expense | $ 11 | $ (1,101) |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.02% | 5.24% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.24% | 2.85% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.50% | 6.50% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3% | 3% |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | $ 102 | $ 165 |
Interest Cost | 367 | 286 |
Amortization of net actuarial loss/recognized loss | (7) | 271 |
Net pension credit included in employee benefits and other expense | $ 462 | $ 722 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.99% | 5.23% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3% | 3% |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule of Target Asset Allocations) (Details) | Dec. 31, 2023 |
Cash and Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 2% |
Cash and Cash Equivalents [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 0% |
Cash and Cash Equivalents [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 20% |
Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 43% |
Fixed Income Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 30% |
Fixed Income Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 50% |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 55% |
Equity Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 45% |
Equity Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 65% |
Employee Benefit Plans (Actual
Employee Benefit Plans (Actual Plan Asset Allocations) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 51,822 | $ 48,185 |
Defined Benefit Plan, Actual Plan Asset Allocations | 100% | 100% |
Common stock shares included in large cap equities | 194,124 | 194,124 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 33,231 | $ 30,200 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 18,591 | 17,985 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,217 | $ 985 |
Defined Benefit Plan, Actual Plan Asset Allocations | 2.30% | 2% |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,217 | $ 985 |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 21,893 | $ 23,439 |
Defined Benefit Plan, Actual Plan Asset Allocations | 42.20% | 48.70% |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 3,302 | $ 5,454 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 18,591 | 17,985 |
U.S. Government and Agencies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 5,554 | $ 2,770 |
Defined Benefit Plan, Actual Plan Asset Allocations | 10.70% | 5.80% |
U.S. Government and Agencies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 5,554 | $ 2,770 |
Taxable Municipal Bonds and Notes [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,503 | $ 4,166 |
Defined Benefit Plan, Actual Plan Asset Allocations | 4.80% | 8.60% |
Taxable Municipal Bonds and Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,503 | $ 4,166 |
Corporate Bonds and Notes [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 10,258 | $ 10,575 |
Defined Benefit Plan, Actual Plan Asset Allocations | 19.80% | 21.90% |
Corporate Bonds and Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 10,258 | $ 10,575 |
Preferred Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 276 | $ 474 |
Defined Benefit Plan, Actual Plan Asset Allocations | 0.50% | 1% |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 276 | $ 474 |
Fixed Income Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 3,302 | $ 5,454 |
Defined Benefit Plan, Actual Plan Asset Allocations | 6.40% | 11.40% |
Fixed Income Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 3,302 | $ 5,454 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 28,712 | $ 23,761 |
Defined Benefit Plan, Actual Plan Asset Allocations | 55.50% | 49.30% |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 28,712 | $ 23,761 |
Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 19,780 | $ 15,743 |
Defined Benefit Plan, Actual Plan Asset Allocations | 38.20% | 32.70% |
Large Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 19,780 | $ 15,743 |
Mid Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,500 | $ 1,225 |
Defined Benefit Plan, Actual Plan Asset Allocations | 2.90% | 2.50% |
Mid Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,500 | $ 1,225 |
Small Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4,564 | $ 3,815 |
Defined Benefit Plan, Actual Plan Asset Allocations | 8.80% | 7.90% |
Small Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4,564 | $ 3,815 |
International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,868 | $ 2,978 |
Defined Benefit Plan, Actual Plan Asset Allocations | 5.60% | 6.20% |
International [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,868 | $ 2,978 |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 2,217 |
2025 | 2,267 |
2026 | 2,353 |
2027 | 2,401 |
2028 | 2,524 |
2029-2033 | 13,450 |
SERP [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 336 |
2025 | 336 |
2026 | 602 |
2027 | 655 |
2028 | 643 |
2029-2033 | $ 3,628 |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, Net actuarial loss | $ 811 |
Defined benefit plan, Total | 811 |
SERP [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, Net actuarial loss | 157 |
Defined benefit plan, Total | $ 157 |
401(k) Profit Sharing Plan (Nar
401(k) Profit Sharing Plan (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, First One Percent of Contributions | 100% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, Next Five Percent of Contributions | 50% | |
Defined Contribution Plan, Cost Recognized | $ 1.4 | $ 1.3 |
Other Than SERP Hired Prior to 2010 [Member] | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 0.50% | |
Other Than SERP Hired Since Jan 1 2010 [Member] | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4% |
Federal Reserve Requirements (N
Federal Reserve Requirements (Narrative) (Details) | Mar. 26, 2020 |
Federal Reserve Requirements [Abstract] | |
Reserve requirement ratios | 0% |
Contractual Obligations, Comm_3
Contractual Obligations, Commitments and Contingent Liabilities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Standby Letters of Credit [Member] | |
Supply Commitment [Line Items] | |
Letters of credit expiration period | 1 year |
Contractual Obligations, Comm_4
Contractual Obligations, Commitments and Contingent Liabilities (Schedule of Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Commitments [Line Items] | ||
Other Commitment | $ 265,183 | $ 268,227 |
Residential mortgage- home equity [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment | 72,080 | 70,845 |
Residential Mortgage - Construction [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment | 17,684 | 25,499 |
Commercial Loan [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment | 160,196 | 153,235 |
Consumer Loan - Personal Credit Lines [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment | 4,186 | 4,323 |
Standby Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment | $ 11,037 | $ 14,325 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2023 | Jan. 01, 2023 | |
Fair Value of Financial Instruments [Abstract] | |||
Credit loss expense - loans | $ (643) | ||
Nonaccrual loans | 3,495 | ||
Allowance for credit losses | (14,636) | $ (17,480) | $ (16,702) |
Loans | $ 1,279,494 | $ 1,406,667 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ 97,169 | $ 125,889 | $ 125,889 |
Reported Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Derivative, asset | 778 | 1,068 | |
Individually evaluated loans | 1,388,847 | 1,264,684 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Derivative, asset | 778 | 1,068 | |
Individually evaluated loans | 1,319,456 | 1,177,702 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial derivative | 1,068 | ||
Financial Derivative, asset | 756 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Individually evaluated loans | 211 | ||
Equity Investment | 3,087 | 1,796 | |
Other real estate owned | 4,443 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Derivative, asset | 778 | 1,068 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial derivative | 1,068 | ||
Financial Derivative, asset | 756 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Individually evaluated loans | 1,319,456 | 1,177,702 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Individually evaluated loans | 211 | ||
Equity Investment | 3,087 | 1,796 | |
Other real estate owned | 4,443 | ||
US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities - available for sale (at fair value) | 9,462 | ||
US Treasury Securities [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] | |||
Investment securities - available for sale (at fair value) | 9,462 | ||
U.S. government agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 6,034 | 9,462 | |
U.S. government agencies [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 6,034 | ||
Investment securities - available for sale (at fair value) | 37,401 | ||
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] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 6,034 | ||
Investment securities - available for sale (at fair value) | 37,401 | ||
Residential mortgage-backed agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 20,563 | 37,401 | |
Residential mortgage-backed agencies [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 20,563 | ||
Investment securities - available for sale (at fair value) | 30,732 | ||
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] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 20,563 | ||
Investment securities - available for sale (at fair value) | 30,732 | ||
Commercial mortgage-backed agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 28,417 | 30,732 | |
Commercial mortgage-backed agencies [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 28,417 | ||
Investment securities - available for sale (at fair value) | 21,044 | ||
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] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 28,417 | ||
Investment securities - available for sale (at fair value) | 21,044 | ||
Collateralized mortgage obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 16,356 | 21,044 | |
Collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 16,356 | ||
Investment securities - available for sale (at fair value) | 10,492 | ||
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] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 16,356 | ||
Investment securities - available for sale (at fair value) | 10,492 | ||
Obligations of states and political subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 10,312 | 10,492 | |
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] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 10,312 | ||
Investment securities - available for sale (at fair value) | 887 | ||
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] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 10,312 | ||
Investment securities - available for sale (at fair value) | 887 | ||
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 778 | 887 | |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 778 | ||
Corporate Debt Securities [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] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 778 | ||
Collateralized debt obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 14,709 | 15,871 | |
Collateralized debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 14,709 | ||
Investment securities - available for sale (at fair value) | 15,871 | ||
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] | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ 14,709 | ||
Investment securities - available for sale (at fair value) | $ 15,871 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 | $ 14,709 | $ 15,871 |
Fair Value, Measurements, Nonrecurring [Member] | Individually evaluated [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities | 211 | |
Fair Value, Measurements, Nonrecurring [Member] | Equity Method Investment [Member] | Measurement Input, Revenue Multiple [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities | $ 3,087 | $ 1,796 |
Fair value measurements discount rate | 2.80% | 2.80% |
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 | $ 4,443 | |
Minimum [Member] | 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 measurements discount rate | 500% | 300% |
Minimum [Member] | Fair Value, Measurements, Nonrecurring [Member] | Individually evaluated [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 10% | |
Minimum [Member] | 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 measurements discount rate | 5% | |
Maximum [Member] | 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 measurements discount rate | 600% | 400% |
Maximum [Member] | Fair Value, Measurements, Nonrecurring [Member] | Individually evaluated [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 15% | |
Maximum [Member] | 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 measurements discount rate | 15% | |
Weighted Average [Member] | Fair Value, Measurements, Recurring [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 measurements discount rate | 5.90% |
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] - Collateralized debt obligations [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 15,871,000 | $ 17,192,000 |
Total losses realized/unrealized: Included in other comprehensive income loss | (1,162,000) | (1,321,000) |
Ending balance | $ 14,709,000 | $ 15,871,000 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Fair Value By Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | $ 443 | $ 0 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 48,343 | 72,720 |
Interest bearing deposits in banks | 1,410 | 1,595 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - AFS | 82,460 | 110,018 |
Investment securities - HTM | 182,510 | 182,380 |
Financial derivatives | 778 | 1,068 |
Accrued interest receivable | 828 | 933 |
Deposits - non-maturity | 1,355,444 | 1,450,210 |
Deposits - time deposits | 193,337 | 120,083 |
Short-term borrowed funds | 45,418 | 64,565 |
Long-term borrowed funds | 110,809 | 30,909 |
Accrued interest payable | 612 | 151 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - AFS | 14,709 | 15,871 |
Investment securities - HTM | 1,905 | 20,700 |
Loans, net | 1,319,456 | 1,177,702 |
Accrued interest receivable | 6,659 | 5,118 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 48,343 | 72,720 |
Interest bearing deposits in banks | 1,410 | 1,595 |
Investment securities - AFS | 97,169 | 125,889 |
Investment securities - HTM | 214,297 | 235,659 |
Restricted bank Stock | 5,250 | 1,027 |
Loans, net | 1,388,847 | 1,264,684 |
Financial derivatives | 778 | 1,068 |
Accrued interest receivable | 7,487 | 6,051 |
Deposits - non-maturity | 1,355,444 | 1,450,210 |
Deposits - time deposits | 195,533 | 120,523 |
Short-term borrowed funds | 45,418 | 64,565 |
Long-term borrowed funds | 110,929 | 30,929 |
Accrued interest payable | 612 | 151 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 48,343 | 72,720 |
Interest bearing deposits in banks | 1,410 | 1,595 |
Investment securities - AFS | 97,169 | 125,889 |
Investment securities - HTM | 184,415 | 203,080 |
Loans, net | 1,319,456 | 1,177,702 |
Financial derivatives | 778 | 1,068 |
Accrued interest receivable | 7,487 | 6,051 |
Deposits - non-maturity | 1,355,444 | 1,450,210 |
Deposits - time deposits | 193,337 | 120,083 |
Short-term borrowed funds | 45,418 | 64,565 |
Long-term borrowed funds | 110,809 | 30,909 |
Accrued interest payable | $ 612 | $ 151 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2016 USD ($) contract | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |||
Cash flow hedge ineffectiveness | $ 100 | ||
Cash flow hedge ineffectiveness | 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 at December 31, 2023. | ||
Decrease in value on derivatives | $ 300 | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Derivative [Line Items] | |||
Unrealized holding (losses)/gains on investments | (310) | $ 1,521 | |
Unrealized tax (expense) benefit | (82) | 405 | |
Interest Rate Swap Agreements [Member] | |||
Derivative [Line Items] | |||
Interest rate swap notional amount | $ 30,000 | 15,000 | |
Number of interest rate swap contracts | contract | 4 | ||
Interest rate swap fair value | $ 800 | $ 1,100 | |
Derivative, fixed interest rate | 4.645% |
Derivative Financial Instrume_4
Derivative Financial Instruments (Impact Of Derivative Financial Instruments) (Details) - Interest Rate Contract [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in OCI on derivative (effective portion) net of tax | $ (228) | $ 1,116 | |
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | [1] | ||
Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | [2] | ||
[1] Reported as interest expense Reported as other income |
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Noninterest income (in-scope of Topic 660) | $ 16,670 | $ 16,157 |
Noninterest income (out-of-scope of Topic 660) | 1,661 | 1,721 |
Total Noninterest Income | 18,331 | 17,878 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest income (in-scope of Topic 660) | 2,198 | 1,981 |
Total Noninterest Income | 2,198 | 1,981 |
Other Service Charges [Member] | ||
Noninterest income (in-scope of Topic 660) | 929 | 925 |
Total Noninterest Income | 929 | 925 |
Trust Department [Member] | ||
Noninterest income (in-scope of Topic 660) | 8,282 | 8,244 |
Total Noninterest Income | 8,282 | 8,244 |
Debit Card Income [Member] | ||
Noninterest income (in-scope of Topic 660) | 4,101 | 3,958 |
Total Noninterest Income | 4,101 | 3,958 |
Brokerage Commissions [Member] | ||
Noninterest income (in-scope of Topic 660) | 1,160 | 1,049 |
Total Noninterest Income | $ 1,160 | $ 1,049 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of operating segments | segment | 2 | |
Amortization of intangible assets | $ 330,000 | $ 219,000 |
Goodwill | 11,004,000 | 11,004,000 |
Community Banking Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Intangible assets | 500,000 | 600,000 |
Trust and Investment Services Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Amortization of intangible assets | 208,000 | 208,000 |
Operating Segments [Member] | Trust and Investment Services Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Nonfiduciary Assets | 700,000 | 900,000 |
Intangible assets | $ 600,000 | $ 800,000 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Interest income | $ 81,156 | $ 62,422 |
Interest expense | 24,286 | 4,789 |
Credit loss exposure | 1,620 | (627) |
Non interest income | 18,331 | 17,878 |
Non interest expense | 50,243 | 43,129 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 19,476 | 33,181 |
Income tax expense | 4,416 | 8,133 |
Net Income (Loss) | 15,060 | 25,048 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Interest income | 81,156 | 62,422 |
Interest expense | 24,286 | 4,789 |
Credit loss exposure | 1,620 | (627) |
Non interest income | 14,469 | 18,050 |
Non interest expense | 50,243 | 43,129 |
Income before income taxes and intercompany fees | 19,476 | 33,181 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 19,476 | 33,181 |
Income tax expense | 4,416 | 8,133 |
Net Income (Loss) | 15,060 | 25,048 |
Operating Segments [Member] | Community Banking Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Interest income | 81,156 | 62,422 |
Interest expense | 24,286 | 4,789 |
Credit loss exposure | 1,620 | (627) |
Non interest income | 5,027 | 8,757 |
Non interest expense | 45,098 | 38,435 |
Income before income taxes and intercompany fees | 15,179 | 28,582 |
Intercompany management fee income (expense) | 12 | 12 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 15,191 | 28,594 |
Income tax expense | 3,514 | 7,168 |
Net Income (Loss) | 11,677 | 21,426 |
Operating Segments [Member] | Trust and Investment Services Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Non interest income | 9,442 | 9,293 |
Non interest expense | 5,145 | 4,694 |
Income before income taxes and intercompany fees | 4,297 | 4,599 |
Intercompany management fee income (expense) | (12) | (12) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 4,285 | 4,587 |
Income tax expense | 902 | 965 |
Net Income (Loss) | $ 3,383 | $ 3,622 |
Parent Company Only Financial_3
Parent Company Only Financial Information (Condensed Statement of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash | $ 49,753 | $ 74,315 | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 97,169 | $ 125,889 | 125,889 | |
Other assets | 23,244 | 21,580 | ||
Total Assets | 1,905,860 | 1,848,169 | ||
Dividends Payable | 1,330 | 1,199 | ||
Shareholders' equity | 161,873 | 151,793 | $ 141,900 | |
Total Liabilities and Shareholders' Equity | 1,905,860 | 1,848,169 | ||
Parent Company [Member] | ||||
Cash | 9,739 | 11,296 | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 13,591 | 14,603 | ||
Investment in bank subsidiary | 164,878 | 153,245 | ||
Investment in non-bank subsidiaries | 929 | 929 | ||
Other assets | 9,794 | 8,273 | ||
Total Assets | 198,931 | 188,346 | ||
Accrued interest and other liabilities | 4,799 | 4,425 | ||
Dividends Payable | 1,330 | 1,199 | ||
Junior subordinated debt | 30,929 | 30,929 | ||
Shareholders' equity | 161,873 | 151,793 | ||
Total Liabilities and Shareholders' Equity | $ 198,931 | $ 188,346 |
Parent Company Only Financial_4
Parent Company Only Financial Information (Condensed Statement of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest expense | $ 24,286 | $ 4,789 |
Other expenses | 5,451 | 3,491 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 19,476 | 33,181 |
Applicable income tax benefit/(expense) | (4,416) | (8,133) |
Net Income | 15,060 | 25,048 |
Parent Company [Member] | ||
Dividend income from bank subsidiary | 6,130 | 14,995 |
Interest income on investments | 1,715 | 780 |
Other income | 75 | 63 |
Total other income | 1,790 | 843 |
Total Income | 7,920 | 15,838 |
Interest expense | 1,950 | 1,451 |
Other expenses | 715 | 249 |
Total Expenses | 2,665 | 1,700 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 5,255 | 14,138 |
Applicable income tax benefit/(expense) | 213 | 194 |
Net income before equity in undistributed net income of subsidiaries | 5,468 | 14,332 |
Equity in undistributed net income of subsidiaries | 9,592 | 10,716 |
Net Income | 15,060 | 25,048 |
Parent Company [Member] | First United Bank & Trust [Member] | ||
Equity in undistributed net income of subsidiaries | $ 9,592 | $ 10,716 |
Parent Company Only Financial_5
Parent Company Only Financial Information (Condensed Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income | $ 15,060 | $ 25,048 |
Net unrealized gains (losses), net of tax | 3,199 | (11,712) |
Comprehensive Income | 18,259 | 13,336 |
Parent Company [Member] | ||
Net income | 15,060 | 25,048 |
Unrealized losses on AFS Securities, net of tax | (771) | (954) |
Unrealized losses on cash flow hedges, net of tax | (228) | 1,116 |
Net unrealized gains (losses), net of tax | (999) | 162 |
Comprehensive Income | $ 14,061 | $ 25,210 |
Parent Company Only Financial_6
Parent Company Only Financial Information (Condensed Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income | $ 15,060 | $ 25,048 |
Increase in accrued interest payable and other liabilities | 6,232 | (737) |
Stock based compensation | 527 | 532 |
Net cash provided by operating activities | 22,470 | 26,543 |
Proceeds from issuance of common stock | 293 | 217 |
Repurchase of common stock | (1,496) | |
Cash dividends on common stock | (5,217) | (3,986) |
Net cash provided by financing activities | 34,677 | 104,456 |
Decrease in cash and cash equivalents | (24,562) | (41,405) |
Cash and cash equivalents at beginning of the year | 74,315 | 115,720 |
Cash and cash equivalents at end of period | 49,753 | 74,315 |
Parent Company [Member] | ||
Net income | 15,060 | 25,048 |
Equity in undistributed net income of subsidiaries | (9,592) | (10,716) |
Increase in other assets | (1,280) | (448) |
Increase in accrued interest payable and other liabilities | 273 | 655 |
Stock based compensation | 527 | 532 |
Net cash provided by operating activities | 4,988 | 15,071 |
Proceeds from issuance of common stock | 293 | 217 |
Repurchase of common stock | (1,495) | |
Cash dividends on common stock | (5,343) | (4,192) |
Net cash provided by financing activities | (6,545) | (3,975) |
Decrease in cash and cash equivalents | (1,557) | 11,096 |
Cash and cash equivalents at beginning of the year | 11,296 | 200 |
Cash and cash equivalents at end of period | $ 9,739 | $ 11,296 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 15,060 | $ 25,048 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |