Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 02, 2022 | Jun. 30, 2021 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-35021 | ||
Entity Registrant Name | EVANS BANCORP, INC. | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 16-1332767 | ||
Entity Address, Address Line One | 6460 Main Street | ||
Entity Address, City or Town | Williamsville | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 14221 | ||
City Area Code | 716 | ||
Local Phone Number | 926-2000 | ||
Title of 12(b) Security | Common Stock, $0.50 par value | ||
Trading Symbol | EVBN | ||
Security Exchange Name | NYSEAMER | ||
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 | $ 193 | ||
Entity Common Stock, Shares Outstanding | 5,491,710 | ||
Documents Incorporated by Reference | Portions of the registrant's Proxy Statement relating to the registrant's 2022 Annual Meeting of Shareholders, to be held on May 3, 2022, which will be subsequently filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates, are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. | ||
Entity Central Index Key | 0000842518 | ||
Auditor Name | Crowe LLP | ||
Auditor Location | Livingston, New Jersey | ||
Auditor Firm ID | 173 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 9,856 | $ 13,702 |
Interest-bearing deposits at banks | 234,929 | 83,902 |
Securities: | ||
Available for sale, at fair value (amortized cost: $310,228 at December 31, 2021; $159,157 at December 31, 2020) | 305,959 | 162,396 |
Held to maturity, at amortized cost (fair value: $3,179 at December 31, 2021; $4,271 at December 31, 2020) | 3,165 | 4,204 |
Federal Home Loan Bank common stock, at cost | 3,045 | 3,470 |
Federal Reserve Bank common stock, at cost | 3,039 | 2,323 |
Loans, net of allowance for loan losses of $18,438 at December 31, 2021 and $20,415 at December 31, 2020 | 1,553,467 | 1,673,379 |
Properties and equipment, net of accumulated depreciation of $10,283 at December 31, 2021 and $19,963 at December 31, 2020 | 17,789 | 19,305 |
Goodwill | 12,702 | 12,713 |
Intangible assets | 1,627 | 2,238 |
Bank-owned life insurance | 34,295 | 33,989 |
Operating lease right-of-use asset | 4,826 | 5,282 |
Other assets | 25,941 | 27,212 |
TOTAL ASSETS | 2,210,640 | 2,044,115 |
Deposits: | ||
Demand | 492,864 | 436,157 |
NOW | 259,908 | 230,751 |
Savings | 1,019,925 | 825,947 |
Time | 164,340 | 278,554 |
Total deposits | 1,937,037 | 1,771,409 |
Securities sold under agreement to repurchase | 4,112 | 4,093 |
Other borrowings | 32,879 | 44,698 |
Operating lease liability | 5,210 | 5,694 |
Other liabilities | 16,536 | 18,444 |
Subordinated debt | 30,974 | 30,872 |
Total liabilities | 2,026,748 | 1,875,210 |
CONTINGENT LIABILITIES AND COMMITMENTS | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.50 par value, 10,000,000 shares authorized; 5,482,756 and 5,411,384 shares issued at December 31, 2021 and December 31, 2020, respectively, and 5,482,756 and 5,411,384 outstanding at December 31, 2021 and December 31, 2020, respectively | 2,744 | 2,708 |
Capital surplus | 78,795 | 76,394 |
Retained earnings | 108,024 | 90,522 |
Accumulated other comprehensive loss, net of tax | (5,671) | (719) |
Total stockholders' equity | 183,892 | 168,905 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,210,640 | $ 2,044,115 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities: | ||
Available for sale, amortized cost | $ 310,228 | $ 159,157 |
Held to maturity, fair value | 3,179 | 4,271 |
Loans, allowance for loan losses | 18,438 | 20,415 |
Properties and equipment, accumulated depreciation | $ 10,283 | $ 19,963 |
STOCKHOLDERS' EQUITY: | ||
Common stock, par value | $ 0.50 | $ 0.50 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,482,756 | 5,411,384 |
Common stock, shares outstanding | 5,482,756 | 5,411,384 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INTEREST INCOME | |||
Loans | $ 72,955 | $ 64,753 | $ 60,193 |
Interest bearing deposits at banks | 187 | 247 | 697 |
Securities: | |||
Taxable | 4,224 | 3,587 | 3,537 |
Non-taxable | 214 | 246 | 313 |
Total interest income | 77,580 | 68,833 | 64,740 |
INTEREST EXPENSE | |||
Deposits | 2,864 | 7,721 | 11,939 |
Other borrowings | 315 | 311 | 181 |
Subordinated debt | 1,616 | 1,019 | 565 |
Total interest expense | 4,795 | 9,051 | 12,685 |
NET INTEREST INCOME | 72,785 | 59,782 | 52,055 |
(CREDIT) PROVISION FOR LOAN LOSSES | (1,513) | 5,351 | 75 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 74,298 | 54,431 | 51,980 |
NON-INTEREST INCOME | |||
Deposit service charges | 2,531 | 2,242 | 2,569 |
Insurance service and fees | 10,457 | 10,610 | 10,688 |
Gain on loans sold | 11 | 383 | 154 |
Bank-owned life insurance | 853 | 680 | 656 |
Loss on tax credit investments | (30) | (2,475) | (158) |
Refundable state historic tax credit | 21 | 1,857 | 115 |
Gain on sale of securities | 667 | ||
Interchange fee income | 2,116 | 1,755 | 1,722 |
Other | 2,888 | 2,518 | 2,336 |
Total non-interest income | 18,847 | 18,237 | 18,082 |
NON-INTEREST EXPENSE | |||
Salaries and employee benefits | 38,612 | 32,990 | 29,628 |
Occupancy | 4,698 | 4,296 | 3,429 |
Advertising and public relations | 1,427 | 1,128 | 1,033 |
Professional services | 3,587 | 3,544 | 3,510 |
Technology and communications | 5,376 | 5,234 | 4,124 |
Amortization of intangibles | 537 | 533 | 448 |
Merger-related expenses | 5,958 | 232 | |
FDIC insurance | 1,133 | 1,090 | 431 |
Other | 5,849 | 5,087 | 4,985 |
Total non-interest expense | 61,219 | 59,860 | 47,820 |
INCOME BEFORE INCOME TAXES | 31,926 | 12,808 | 22,242 |
INCOME TAX PROVISION | 7,883 | 1,562 | 5,228 |
NET INCOME | $ 24,043 | $ 11,246 | $ 17,014 |
Net income per common share-basic | $ 4.41 | $ 2.15 | $ 3.47 |
Net income per common share-diluted | $ 4.37 | $ 2.13 | $ 3.42 |
Weighted average number of common shares outstanding | 5,447,057 | 5,232,881 | 4,897,803 |
Weighted average number of diluted shares outstanding | 5,501,511 | 5,268,560 | 4,968,172 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
NET INCOME | $ 24,043 | $ 11,246 | $ 17,014 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Unrealized (loss) gain on available-for-sale securities | (5,557) | 2,369 | 2,870 |
Reclassification of gain on sale of securities | (494) | ||
Total | (5,557) | 1,875 | 2,870 |
Defined benefit pension plans: | |||
Amortization of prior service cost | 23 | 23 | 23 |
Amortization of actuarial loss | 280 | 330 | 246 |
Actuarial losses | 302 | (364) | (369) |
Total | 605 | (11) | (100) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (4,952) | 1,864 | 2,770 |
COMPREHENSIVE INCOME | $ 19,091 | $ 13,110 | $ 19,784 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders’ Equity - USD ($) $ in Thousands | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2018 | $ 2,429 | $ 61,225 | $ 73,345 | $ (5,353) | $ 131,646 |
Net Income | 17,014 | 17,014 | |||
Other comprehensive income (loss) | 2,770 | 2,770 | |||
Cash dividends | (5,092) | (5,092) | |||
Stock compensation expense | 937 | 937 | |||
Reissued restricted shares | |||||
Issued restricted shares, net of forfeitures | 12 | (12) | |||
Issued shares under Dividend Reinvestment Plan | 4 | 272 | 276 | ||
Issued shares in Employee Stock Purchase Plan | 6 | 381 | 387 | ||
Issued shares in stock option exercises | 16 | 499 | 515 | ||
Reissued shares in stock option exercises | |||||
Balance at Dec. 31, 2019 | 2,467 | 63,302 | 85,267 | (2,583) | 148,453 |
Net Income | 11,246 | 11,246 | |||
Other comprehensive income (loss) | 1,864 | 1,864 | |||
Cash dividends | (5,991) | (5,991) | |||
Stock compensation expense | 883 | 883 | |||
Reissued restricted shares | |||||
Issued restricted shares, net of forfeitures | 12 | (12) | |||
Issued shares under Dividend Reinvestment Plan | 3 | 148 | 151 | ||
Issued shares in Employee Stock Purchase Plan | 9 | 407 | 416 | ||
Issued shares in stock option exercises | 5 | 145 | 150 | ||
Issued shares in stock consideration | 212 | 11,521 | 11,733 | ||
Reissued shares in stock option exercises | |||||
Balance at Dec. 31, 2020 | 2,708 | 76,394 | 90,522 | (719) | 168,905 |
Net Income | 24,043 | 24,043 | |||
Other comprehensive income (loss) | (4,952) | (4,952) | |||
Cash dividends | (6,541) | (6,541) | |||
Stock compensation expense | 947 | 947 | |||
Issued restricted shares, net of forfeitures | 9 | (9) | |||
Issued shares under Dividend Reinvestment Plan | 4 | 290 | 294 | ||
Issued shares in Employee Stock Purchase Plan | 6 | 393 | 399 | ||
Issued shares in stock option exercises | 10 | 187 | 197 | ||
Issued shares for earnout | 7 | 593 | 600 | ||
Balance at Dec. 31, 2021 | $ 2,744 | $ 78,795 | $ 108,024 | $ (5,671) | $ 183,892 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Stockholders’ Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Changes In Stockholders’ Equity [Abstract] | |||
Cash dividends per common share | $ 1.20 | $ 1.16 | $ 1.04 |
Reissued restricted shares | 310 | 500 | |
Issued restricted shares, net of forfeitures | 18,181 | 23,338 | 20,632 |
Issued shares under Dividend Reinvestment Plan | 8,293 | 6,813 | 7,549 |
Issued shares in Employee Stock Purchase Plan | 12,166 | 19,434 | 11,712 |
Issued shares in stock option exercises | 19,715 | 9,230 | 32,516 |
Issued shares in stock consideration | 422,475 | ||
Reissued shares in stock option exercises | 501 | 3,506 | |
Issued shares for earnout | 13,017 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES: | |||
Interest received | $ 71,457 | $ 63,677 | $ 65,036 |
Fees received | 19,197 | 17,240 | 17,872 |
Interest paid | (5,997) | (10,830) | (12,771) |
Cash paid to employees and vendors | (58,267) | (59,312) | (45,732) |
Income tax paid | (5,790) | (2,953) | (3,102) |
Proceeds from sale of loans held for resale | 949 | 15,408 | 13,008 |
Originations of loans held for resale | (1,037) | (15,443) | (13,238) |
Net cash provided by operating activities | 20,512 | 7,787 | 21,073 |
INVESTING ACTIVITIES: | |||
Available for sales securities: Purchases | (189,838) | (91,504) | (48,916) |
Available for sales securities: Proceeds from sales | 25,553 | 15,224 | |
Available for sales securities: Proceeds from maturities, calls, and payments | 37,928 | 55,892 | 41,332 |
Held to maturity securities: Purchases | (3,845) | (5,361) | (1,592) |
Held to maturity securities: Proceeds from maturities, calls, and payments | 4,884 | 3,543 | 891 |
Cash paid for bank owned life insurance | (360) | ||
Additions to properties and equipment | (1,033) | (5,822) | (4,640) |
Proceeds from sales of assets | 581 | 1,500 | 185 |
Purchase of tax credit investment | (1,913) | (3,116) | |
Sale of other real estate | 129 | 982 | |
Net cash used in acquisitions | (900) | (6,490) | |
Net decrease (increase) in loans | 131,387 | (191,684) | (68,890) |
Net cash used in investing activities | (22,620) | (213,391) | (69,882) |
FINANCING ACTIVITIES: | |||
Repayments of short-term borrowings, net | (675) | (16,329) | (717) |
(Repayments of) proceeds from long-term borrowings | (10,454) | 20,693 | |
Debt issuance cost of long term borrowings | (509) | ||
Net increase in deposits | 166,069 | 265,770 | 52,382 |
Dividends paid | (6,541) | (5,991) | (5,092) |
Issuance of common stock | 890 | 717 | 1,178 |
Net cash provided by financing activities | 149,289 | 264,351 | 47,751 |
Net increase (decrease) in cash and cash equivalents | 147,181 | 58,747 | (1,058) |
CASH AND CASH EQUIVALENTS: | |||
Beginning of year | 97,604 | 38,857 | 39,915 |
End of year | 244,785 | 97,604 | 38,857 |
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | |||
Net income | 24,043 | 11,246 | 17,014 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 1,260 | 1,205 | 2,049 |
Deferred tax expense (benefit) | 1,520 | (1,852) | (571) |
(Credit) Provision for loan losses | (1,513) | 5,351 | 75 |
Loss on tax credit investment | 30 | 2,475 | 158 |
Changes in refundable state historic tax credits | (21) | (1,857) | (115) |
Net loss (gain) on sales of assets | 135 | (702) | (3) |
Gain on sales of securities | (667) | (42) | |
Gain on loans sold | (11) | (383) | (154) |
Stock compensation expense | 947 | 883 | 937 |
Proceeds from sale of loans held for resale | 949 | 15,408 | 13,008 |
Originations of loans held for resale | (1,037) | (15,443) | (13,238) |
Changes in assets and liabilities affecting cash flow: | |||
Other assets | (8,679) | (5,745) | (4,948) |
Other liabilities | 2,889 | (2,132) | 6,903 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 20,512 | 7,787 | $ 21,073 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Fair value of assets acquired in acquisition (non-cash) | 311,847 | ||
Fair value of liabilities assumed in acquisition | $ 296,076 |
Organization And Summary Of Sig
Organization And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Organization And Summary Of Significant Accounting Policies [Abstract] | |
Organization And Summary Of Significant Accounting Policies | 1.ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and General Evans Bancorp, Inc. (the “Company”) was organized as a New York business corporation and incorporated under the laws of the State of New York on October 28, 1988 for the purpose of becoming a bank holding company. Through August 2004, the Company was registered with the Federal Reserve Board (“FRB”) as a bank holding company under the Bank Holding Company Act of 1956, as amended. In August 2004, the Company filed for, and was approved as, a Financial Holding Company under the Bank Holding Company Act. The Company currently conducts its business through its two subsidiaries: Evans Bank, N.A. (the “Bank”), a nationally chartered bank, and its subsidiary, Evans National Holding Corp. (“ENHC”); and Evans National Financial Services, LLC (“ENFS”) and its subsidiary, The Evans Agency LLC (“TEA”). Unless the context otherwise requires, the term “Company” refers collectively to Evans Bancorp, Inc. and its subsidiaries. The Company conducts its business through its subsidiaries. It does not engage in any other substantial business. Regulatory Requirements The Company is subject to the rules, regulations, and reporting requirements of various regulatory bodies, including the FRB, the Federal Deposit Insurance Corporation (“FDIC”), the Office of the Comptroller of the Currency (“OCC”), the New York State Department of Financial Services (“NYSDFS”), and the Securities and Exchange Commission (“SEC”). Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Bank, ENFS and their subsidiaries. All material inter-company accounts and transactions are eliminated in consolidation. Accounting Estimates Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and disclosure of contingent assets and liabilities in order to prepare these consolidated financial statements in conformity with U.S. generally accepted accounting principles. These estimates and assumptions are based on management’s best estimates and judgment and management evaluates them on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust our estimates and assumptions when facts and circumstances dictate. As future events cannot be determined with precision, actual results could differ significantly from our estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in periods as they occur. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks and interest-bearing deposits at banks. Securities Securities which the Bank has the positive intent and ability to hold to maturity are classified as held to maturity and are stated at cost, adjusted for discounts and premiums that are recognized in interest income over the period to the earlier of the call date or maturity using the level yield method. These securities represent debt issuances of local municipalities in the Bank’s market area for which market prices are not readily available. Management periodically evaluates the financial condition of the municipalities for any indication that the Bank does not expect to recover the entire amortized cost basis of their bonds. Securities classified as available for sale are stated at fair value with unrealized gains and losses excluded from earnings and reported, net of deferred income taxes, in accumulated other comprehensive income or loss, a component of stockholders’ equity. Gains and losses on sales of securities are computed using the specific identification method. Declines in the fair value of investment securities (with certain exceptions for debt securities noted below) that are deemed to be other-than-temporary are charged to earnings as a realized loss and a new cost basis for the securities is established. Declines in the fair value of debt securities below amortized cost are deemed to be other-than-temporary in circumstances where: (1) the Bank has the intent to sell a security; (2) it is more likely than not that the Bank will be required to sell the security before recovery of its amortized cost basis; or (3) the Bank does not expect to recover the entire amortized cost basis of the security. If the Bank intends to sell a security or if it is more likely than not that the Bank will be required to sell the security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If the Bank does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the other-than-temporary impairment write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income. The Bank does not engage in securities trading activities. Federal Home Loan Bank Stock The Bank is a member of the Federal Home Loan Bank (“FHLB”) System. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are recorded as a component of interest income. Federal Reserve Bank Stock The Bank is a member of the FRB. FRB stock is carried at cost, classified as a restricted security. Both cash and stock dividends are recorded as a component of interest income. Loan Servicing Assets Servicing assets are related to residential mortgage loans sold and are recognized at the time of sale when servicing is retained with the income statement effect recorded in gains on loans sold. Servicing assets are initially recorded at fair value based on the present value of the contractually specified servicing fee, net of estimated servicing costs, over the estimated life of the loan. The servicing assets are subsequently amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. The Company periodically evaluates servicing assets for impairment based upon the fair value of the assets as compared to their carrying amount. Loans Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, generally are reported at their outstanding unpaid principal balances adjusted for unamortized deferred fees or costs. Interest income is accrued on the unpaid principal balance and is recognized using the interest method. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective yield method of accounting for amortizing loans and straight line over an estimated life for lines of credit. Loans become past due when the payment date has been missed. If payment has not been received within 30 days, then the loan is delinquent. Delinquent loans are placed into three categories; 30-59 days past due, 60-89 days past due, or 90+ days past due. Loans 90 or more days past due are considered non-performing. The accrual of interest on loans is discontinued at the time the loan is 90 days delinquent, unless the credit is well secured and in process of collection. If the credit is not well secured and in the process of collection, the loan is placed on non-accrual status and is subject to charge-off if collection of principal or interest is considered doubtful. A loan can also be placed on nonaccrual before it is 90 days delinquent if management determines that it is probable that the Bank will be unable to collect principal or interest due according to the contractual terms of the loan. All interest due but not collected for loans that are placed on non-accrual status or charged off is reversed against interest income. The interest on these loans is accounted for on the cost-recovery method, until it again qualifies for an accrual basis. Any cash receipts on non-accrual loans reduce the carrying value of the loans. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current, the adverse circumstances which resulted in the delinquent payment status are resolved, and payments are made in a timely manner for a period of time sufficient to reasonably assure their future dependability. The Bank considers a loan impaired when, based on current information and events, it is probable that it will be unable to collect principal or interest due according to the contractual terms of the loan. These loans are individually assessed for any impairment. Loan impairment is measured based on the present value of expected cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral, less costs to sell, if the loan is collateral dependent. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, estimated costs to sell, and/or management’s expertise and knowledge of the client and the client’s business. The Company has an appraisal policy in which appraisals are obtained upon a loan being downgraded on the Company’s internal loan rating scale to special mention or substandard depending on the amount of the loan, the type of loan and the type of collateral. All impaired nonaccrual loans are either graded special mention or substandard on the internal loan rating scale. Subsequent to the downgrade, if the loan remains outstanding and impaired for at least one year more, management may require another follow-up appraisal. Between receipts of updated appraisals, if necessary, management may perform an internal valuation based on any known changing conditions in the marketplace such as sales of similar properties, a change in the condition of the collateral, or feedback from local appraisers. The Bank monitors the credit risk in its loan portfolio by reviewing certain credit quality indicators (“CQI”). The primary CQI for its commercial mortgage and commercial and industrial (“C&I”) portfolios is the individual loan’s credit risk rating. The following list provides a description of the credit risk ratings that are used internally by the Bank when assessing the adequacy of its allowance for loan losses: Acceptable or better: Credits with a slight risk of loss. The loan is secured by collateral of sufficient value to cover the loan by an acceptable margin. The financial statements of the company demonstrate sufficient net worth and repayment ability. The company has established an acceptable credit history with the bank and typically has a proven track record of performance. Management is experienced, and has an at least average ability to manage the company. The industry has an average or less than average susceptibility to wide fluctuations in business cycles.Watch: Credits are generally acceptable but warrant greater attention than those rated acceptable or better. Temporary performance issues, if left unresolved, may result in above average risk. The borrower’s financial position is not typically strong. Earnings, while still positive, may be inconsistent. Industry issues or external events (such as possible litigation exposure) may cause concern. Although ability to repay is not an immediate concern, more regular monitoring may be necessary as a result of the short-term performance issues or sensitivities to external events that may result in a weakening condition. Any perceived weaknesses are acceptable when viewed against the overall credit and collateral risks assumed. Borrowers are likely fully leveraged when compared to others in a similar industry and their ability to raise capital may be limited. Special Mention: Credits that have potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Borrowers in this category may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet. Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure as special mention include management problems, pending litigation, stale financial statements, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. Potential weaknesses in commercial real estate loans may include, construction delays, changes in concept or project plan, slow leasing, rental concessions, deteriorating market conditions, impending expiry of a major lease, or other adverse events that do not currently jeopardize repayment. Substandard: Credits that are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility of loss if the deficiencies are not corrected. Substandard assets have a high probability of payment default, or they have other well-defined weaknesses. They are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigates. Although substandard assets in the aggregate will have distinct potential for loss, an individual asset’s loss potential does not have to be distinct for the asset to be rated substandard. A well-defined weakness may manifest itself via:•significant deterioration in financial condition of the borrower;•impairment of primary repayment source;•material deviation from planned absorption of rental or sales units; or•material deterioration in market conditions. Commercial real estate credits evidencing one or more of the following characteristics are evaluated for a possible substandard classification:•slower than projected leasing or sales activity that threatens to result in protracted repayment or default;•lower than projected lease rates or sales prices that jeopardize repayment capacity;•changes in concept or plan due to unfavorable market conditions;•construction or tax liens;•inability to obtain necessary zoning or permits necessary to develop the project as planned;•a diversion of needed cash from an otherwise viable property to satisfy the demands of a troubled borrower or guarantor;•material imbalances in the construction budget;•significant construction delays;•expiration of a major lease or default by a major tenant;•poorly structured of overly liberal repayment terms. When a project has slowed or stalled and the guarantor is providing some support but the loan has not been restructured, unless the guarantor is providing support of principal payments sufficient to retire the debt under reasonable terms, a substandard classification is typically warranted. If the guarantor is keeping interest payments current and shows a documented willingness and capacity to do so in the future, and collateral values protect against loss, the loan should generally be left on accrual. This level of support; however, does not fully mitigate the well-defined weaknesses in the credit and does not preclude a substandard classification. Doubtful: Credits that have all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. A doubtful asset has a high probability of total or substantial loss but because of specific pending events that may strengthen the assets, its classification as loss is deferred. Borrowers in this category are usually in default, lack adequate liquidity or capital and lack the resources necessary to remain an operating entity. Because of high probability of loss, nonaccrual accounting treatment is required for doubtful assets. Circumstances that might warrant a doubtful classification for commercial real estate loans could include collateral values that are uncertain due to a lack of comparisons in an inactive market, impending changes such as zoning classification, environmental issues, or the pending resolution of legal issues that may affect the realization of value in a sale. Loss: Credits that are considered uncollectable and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. Borrowers in this category are often in bankruptcy, have formally suspended debt repayments, or have otherwise ceased normal business operations. The Company does not maintain an asset on the balance sheet if realizing its value would require long-term litigation or other lengthy recovery efforts. The Company’s consumer loans, including residential mortgages and home equities, are not individually risk rated or reviewed in the Company’s loan review process. Consumers are not required to provide the Company with updated financial information as is a commercial customer. Consumer loans also carry smaller balances. Given the lack of updated information since the initial underwriting of the loan and small size of individual loans, the Company does not have credit risk ratings for consumer loans and instead uses delinquency status as the credit quality indicator for consumer loans. However, once a consumer loan is identified as impaired, it is individually evaluated for impairment. Loans acquired in a business combination are recorded at fair value with no carry-over of an acquired entity’s previously established allowance for credit losses. Purchased impaired loans represent specifically identified loans with evidence of credit deterioration for which it was probable at acquisition that the Company would be unable to collect all contractual principal and interest payments. For purchased impaired loans, the excess of cash flows expected at acquisition over the estimated fair value of acquired loans is recognized as interest income over the remaining lives of the loans. Subsequent decreases in the expected principal cash flows require the Company to evaluate the need for additions to the Company’s allowance for credit losses. Subsequent improvements in expected cash flows result first in the recovery of any related allowance for credit losses and then in recognition of additional interest income over the then remaining lives of the loans. For all other acquired loans, the difference between the fair value and outstanding principal balance of the loans is recognized as an adjustment to interest income over the lives of those loans. Allowance for Loan Losses The provision for loan losses represents the amount charged against the Bank’s earnings to maintain an allowance for probable incurred loan losses inherent in the portfolio based on management’s evaluation of the loan portfolio at the balance sheet date. Factors considered by the Bank’s management in establishing the allowance include: the collectability of individual loans, current loan concentrations, charge-off history, loss emergence period, delinquent loan percentages, the fair value of the collateral, input from regulatory agencies, and general economic conditions. On a quarterly basis, management of the Bank meets to review and determine the adequacy of the allowance for loan losses. In making this determination, the Bank’s management analyzes the ultimate collectability of the loans in its portfolio by incorporating feedback provided by the Bank’s internal loan staff, an independent internal loan review function and information provided by examinations performed by regulatory agencies. The analysis of the allowance for loan losses is composed of two components: specific credit allocation and general portfolio allocation. The specific credit allocation includes a detailed review of each impaired loan and allocation is made based on this analysis. Factors may include the appraisal value of the collateral, the age of the appraisal, the type of collateral, the performance of the loan to date, the performance of the borrower’s business based on financial statements, and legal judgments involving the borrower. The general portfolio allocation consists of an assigned reserve percentage based on the historical loss experience, the loss emergence period, and other qualitative factors of the loan category. The general portfolio allocation is segmented into homogeneous pools of loans with similar characteristics. Separate pools of loans include loans pooled by loan grade and by portfolio segment. An average historical loss rate over the past ten years multiplied by the loss emergence period factor is applied against these loans. For both the criticized and non-criticized loan pools in the general portfolio allocation, additional qualitative factors are applied. The qualitative factors applied to the general portfolio allocation reflect management’s evaluation of various conditions. The conditions evaluated include the following: levels and trends in delinquencies, non-accruals, and criticized loans; trends in volume and terms of loans; effects of any changes in lending policies and credit quality underwriting standards; experience, ability, and depth of management; national and economic trends and conditions; changes in the quality of the loan review system; concentrations of credit risk; changes in collateral value; and large loan risk. The total possible qualitative allocation is determined by comparing peer bank historical charge-off rates to the Bank’s historical charge-off rate. The actual qualitative allocation is determined by qualitative factor by loan type based on metrics that management believes are appropriate indicators of whether the Bank is in a low, moderate, or high risk range relative to historical experience for each qualitative factor. A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a Troubled Debt Restructuring (“TDR”). The allowances for credit losses on loans on a TDR is measured using the specific credit allocation. On April 7, 2020, federal banking regulators issued a revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions, which, among other things, encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of the effects of COVID-19, and stated that institutions generally do not need to categorize COVID-19-related modifications as TDRs and that the agencies will not direct supervised institutions to automatically categorize all COVID-19 related loan modifications as TDRs. Similarly, under the CARES Act, provisions were included that allow for loan modifications to not be classified as TDRs if certain criteria were met. The TDR exemption expired on January 1, 2022. Foreclosed Real Estate Foreclosed real estate is initially recorded at fair value (net of costs of disposal) at the date of foreclosure. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed. Assessments are periodically performed by management, and an allowance for losses is established through a charge to operations if the carrying value of a property exceeds fair value. Operating Leases As of December 31, 2021, the Company only had operating leases related to our leased facilities. The Company determines if an arrangement is a lease at inception by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset for a period of time in exchange for consideration. Operating leases with a term of more than one year are included in operating lease Right-of-Use (“ROU”) assets and operating lease liabilities. The Company made a policy election to apply the short-term lease exemption to any operating leases with an original term of less than 12 months, therefore no ROU asset or lease liability is recorded for these operating leases. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. The Company uses the incremental borrowing rate commensurate with the lease term based on the information available at the lease commencement date in determining the present value of lease payments. Insurance Service and Fees Commission revenue from selling commercial and personal property and casualty insurance on behalf of the insurance carriers is recognized at the time of the sale of the policy or when a policy renews. Commission revenue from selling benefit plans to commercial customers on behalf of the insurance carriers is recognized each month when the customer continues with the benefit plan. The Company also receives contingent commissions from insurance companies which are based on the overall profitability of their relationship based primarily on the loss experience of the insurance placed by the Company. Contingent commissions from insurance companies are accrued throughout the year based on recent historical results. As loss events occur and overall performance becomes known, accrual adjustments are recorded until the cash is ultimately received. Financial services commissions and insurance claims services revenue are recognized when the services are rendered. Information on insurance service and fee revenue is included in Note 15 to these Consolidated Financial Statements, “Revenue Recognition of Non-interest Income.” Goodwill and Other Intangible Assets The Company records the excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired, less liabilities assumed, as goodwill. The Company does not amortize goodwill and any acquired intangible asset with an indefinite useful economic life, but reviews them for impairment at a reporting unit level on an annual basis, or when events or changes in circumstances indicate that the carrying amounts may be impaired. The Company has selected December 31 as the date to perform the annual impairment test. A reporting unit is defined as any distinct, separately identifiable component of one of our operating segments for which complete, discrete financial information is available and reviewed regularly by the segment’s management. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. The Company amortizes acquired intangible assets with definite useful economic lives, consisting of core deposit intangibles, customer relationships and trade names, over their useful economic lives, which range from 5 to 10 years, utilizing the straight-line method. Business Combinations The company accounts for business combinations under the acquisition method of accounting. Upon obtaining control of the acquired entity, the Company records all identifiable assets and liabilities at their estimated fair values. Goodwill is recorded when the consideration paid for an acquired entity exceeds the estimated fair value of the net assets acquired. Changes to the acquisition date fair values of assets acquired and liabilities assumed may be made as adjustments to goodwill over a 12-month measurement period following the date of acquisition. Such adjustments are attributable to additional information obtained related fair value estimates of the assets acquired and liabilities assumed. Certain costs associated with business combinations are expensed as incurred. Subordinated Debt Long-term borrowings are carried at cost, adjusted for amortization of premiums and accretion of discounts, which are recognized in interest expense using the interest method. Debt issuance costs are recognized in interest expense over the life of the instrument. Bank-Owned Life Insurance The Bank has purchased insurance on the lives of Company directors and certain members of the Company’s management. The policies accumulate asset values to meet future liabilities, including the payment of employee benefits, such as retirement benefits. Increases in the cash surrender value are recorded as other income in the Company’s Consolidated Statements of Income. Properties and Equipment Land is carried at cost. Properties and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 3 to 39 years. Impairment losses on properties and equipment are realized if the carrying amount is not recoverable from its undiscounted cash flows and exceeds its fair value. Income Taxes Deferred tax assets and liabilities are recognized for the future tax effects attributable to differences between the financial statement value of existing assets and liabilities and their respective tax bases and carryforwards. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the periods in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. The Bank has invested in partnerships that incur expenses related to the rehabilitation of a certified historic structure located in New York State. At the time the historic structure is placed in service, the Bank is eligible for a federal and New York State tax credit. At the same time, the Bank evaluates its investment, which is valued at the present value of the expected cash flows from its partnership interest. If the investment is determined to be impaired, the Bank will record that impairment loss on its income statement in non-interest income. The federal tax credit impact is included in the Company’s estimated effective tax rate calculation and recorded in income tax expense. For New York State, any new credit earned from rehabilitated historic properties placed in service on or after January 1, 2015 not used in the current tax year will be treated as a refund or overpayment of tax to be credited to the next year’s tax. Since the realization of the tax credit does not depend on the Bank’s generation of future taxable income or the Bank’s ongoing tax status or tax position, the refund is not considered an element of income tax accounting. In such cases, the Bank would not record the credit as a reduction of income tax expense; rather, the Bank includes the refundable New York State tax credit in non-interest income with a corresponding receivable recorded in other assets. Earnings Per Share Earnings per common share is determined by dividing net income by the weighted average number of shares outstanding during the period. Diluted earnings per common share is based on increasing the weighted-average number of shares of common stock by the number of shares of common stock that would be issued assuming the exercise of stock options. Such adjustments to weighted-average number of shares of common stock outstanding are made only when such adjustments are expected to dilute earnings per common share. Pot |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Acquisitions [Abstract] | |
Acquisitions | 2.ACQUISITIONS The Company did not have any acquisitions during 2021. On May 1, 2020, the Company completed the acquisition of FSB Bancorp, Inc., a Maryland corporation and the parent holding company of Fairport Savings Bank (“FSB”). On that date, FSB was merged into Evans Bank, a wholly owned banking subsidiary of the Company. At the time of closing, FSB had $321.7 million in total assets, including $272.1 million in net loans receivable and $21.4 million in securities, and $293.1 million in total liabilities, including $237.7 million in deposits and $50.6 million in borrowings. FSB operated 5 banking offices in New York at the date of acquisition. After application of the election, allocation and proration procedures contained in the merger agreement, the Company paid $17.1 million in cash and issued 422,475 shares of Evans Bancorp, Inc. common stock in exchange for all of the shares of common stock of FSB Bancorp, Inc. outstanding at the time of the acquisition. The $11.7 million fair value of the shares issued as part of the consideration paid for FSB was determined on the basis of the closing market price of the Company’s shares on April 30, 2020. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. Management engaged a third-party specialist to develop the fair value estimate of certain FSB’s assets and liabilities as of the acquisition date. The assets and liabilities, both tangible and intangible were recorded at their fair values as of May 1, 2020 based on management’s best estimate using the information available as of the merger date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $1.8 million and a core deposit intangible of $0.2 million. Goodwill arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the operations of the companies and is not tax deductible. There were no merger-related expenses recorded in 2021. Direct acquisition and other charges incurred in connection with the FSB merger were expensed as incurred and totaled $6.0 million and $0.2 million during the years ended December 31, 2020 and 2019, respectively. These expenses were recorded in merger-related expense on the consolidated statements of income. The following table presents selected unaudited pro forma financial information reflecting the FSB merger assuming it was completed as of January 1, 2019. The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the FSB merger actually been completed at the beginning of the periods presented, nor does it indicate future results for any other interim or full year period. The unaudited pro forma information is based on the actual financial statements of the Company for the periods presented, and on the actual financial statements of FSB for the years ended December 31, 2020 and 2019 until the date of the FSB merger, at which time FSB’s results of operations were included in the Company’s financial statements. 2020 2019 (in thousands)Net interest income after provision $ 56,090 $ 61,790Non-interest income 18,826 20,019Non-interest expense 57,409 57,932Net income 14,723 18,165 The unaudited supplemental pro forma information for the years ended December 31, 2020 and 2019 set forth above reflects adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit; and (c) adjustments to interest income and expense due to amortization of premiums and accretion of discounts. Direct merger-related expenses incurred in year ended December 31, 2020 are assumed to have occurred prior to January 1, 2019. Furthermore, the unaudited supplemental pro forma information does not reflect management’s estimate of any revenue enhancement opportunities or anticipated potential cost savings for periods that include data as of May 1, 2020 or earlier. The disclosures regarding the results of operations for FSB subsequent to its acquisition date are omitted as this information is not practical to obtain. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2021 | |
Securities [Abstract] | |
Securities | 3.SECURITIES The amortized cost of securities and their approximate fair value at December 31 were as follows: 2021 (in thousands) Amortized Unrealized Fair Cost Gains Losses Value Available for Sale: Debt securities: U.S. treasuries and government agencies $ 99,005 $ 199 $ (2,386) $ 96,818 States and political subdivisions 6,150 96 - 6,246 Total debt securities $ 105,155 $ 295 $ (2,386) $ 103,064 Mortgage-backed securities: FNMA $ 64,056 $ 222 $ (1,068) $ 63,210 FHLMC 38,796 62 (424) 38,434 GNMA 31,814 15 (615) 31,214 SBA 17,919 343 (54) 18,208 CMO 52,488 175 (834) 51,829 Total mortgage-backed securities $ 205,073 $ 817 $ (2,995) $ 202,895 Total securities designated as available for sale $ 310,228 $ 1,112 $ (5,381) $ 305,959 Held to Maturity: Debt securities States and political subdivisions $ 3,165 $ 17 $ (3) $ 3,179 Total securities designated as held to maturity $ 3,165 $ 17 $ (3) $ 3,179 2020 (in thousands) Amortized Unrealized Fair Cost Gains Losses Value Available for Sale: Debt securities: U.S. government agencies $ 67,619 $ 731 $ (252) $ 68,098 States and political subdivisions 7,362 169 (7) 7,524 Total debt securities $ 74,981 $ 900 $ (259) $ 75,622 Mortgage-backed securities: FNMA $ 24,265 $ 654 $ (50) $ 24,869 FHLMC 3,739 111 (1) 3,849 GNMA 2,006 58 (1) 2,063 SBA 20,949 914 (33) 21,830 CMO 33,217 946 - 34,163 Total mortgage-backed securities $ 84,176 $ 2,683 $ (85) $ 86,774 Total securities designated as available for sale $ 159,157 $ 3,583 $ (344) $ 162,396 Held to Maturity: Debt securities States and political subdivisions $ 4,204 $ 67 $ - $ 4,271 Total securities designated as held to maturity $ 4,204 $ 67 $ - $ 4,271 Available for sale securities with a total fair value of $207 million and $135 million were pledged as collateral to secure public deposits and for other purposes required or permitted by law at December 31, 2021 and 2020, respectively. The scheduled maturity of debt and mortgage-backed securities at December 31, 2021 is summarized below. All maturity amounts are contractual maturities. Actual maturities may differ from contractual maturities because certain issuers have the right to call or prepay obligations with or without call premiums. December 31, 2021 Amortized Estimated cost fair value (in thousands) Debt securities available for sale: Due in one year or less $ 2,035 $ 2,051 Due after one year through five years 14,620 14,848 Due after five years through ten years 50,404 49,827 Due after ten years 38,096 36,338 105,155 103,064 Mortgage-backed securities available for sale 205,073 202,895 Total $ 310,228 $ 305,959 Debt securities held to maturity: Due in one year or less $ 2,196 $ 2,197 Due after one year through five years 516 523 Due after five years through ten years 384 385 Due after ten years 69 74 Total $ 3,165 $ 3,179 Contractual maturities of the Company’s mortgage-backed securities generally exceed ten years; however, the effective lives may be significantly shorter due to prepayments of the underlying loans and due to the nature of these securities. There were no realized gains or losses from sales of securities in 2021. Gross realized gains on sales of investment securities were $0.7 million in 2020. Gross realized losses on sales of investment securities were less than $0.1 million in 2020. Gross realized gains and losses on sales of investment securities were both less than $0.1 million in 2019. Information regarding unrealized losses within the Company’s available for sale securities at December 31, 2021 and 2020 is summarized below. The securities are primarily U.S. government sponsored entities securities or municipal securities. All unrealized losses are considered temporary and related to market interest rate fluctuations. 2021 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands)Available for Sale: Debt securities: U.S. government agencies $ 50,381 $ (884) $ 27,488 $ (1,502) $ 77,869 $ (2,386)States and political subdivisions - - - - - - Total debt securities $ 50,381 $ (884) $ 27,488 $ (1,502) $ 77,869 $ (2,386) Mortgage-backed securities: FNMA $ 48,008 $ (903) $ 2,941 $ (165) $ 50,949 $ (1,068)FHLMC 35,851 (423) 76 (1) 35,927 (424)GNMA 30,252 (615) 143 - 30,395 (615)SBA 2,824 (25) 1,218 (29) 4,042 (54)CMO 38,313 (833) 25 (1) 38,338 (834)Total mortgage-backed securities $ 155,248 $ (2,799) $ 4,403 $ (196) $ 159,651 $ (2,995) Held to Maturity: Debt securities: States and political subdivisions $ 1,782 $ (3) $ - $ - $ 1,782 $ (3) Total temporarily impaired securities $ 207,411 $ (3,686) $ 31,891 $ (1,698) $ 239,302 $ (5,384) 2020 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands)Available for Sale: Debt securities: U.S. government agencies $ 33,801 $ (252) $ - $ - $ 33,801 $ (252)States and political subdivisions 207 (1) 180 (6) 387 (7)Total debt securities $ 34,008 $ (253) $ 180 $ (6) $ 34,188 $ (259) Mortgage-backed securities: FNMA $ 3,354 $ (39) $ 1,391 $ (11) $ 4,745 $ (50)FHLMC 182 (1) - - 182 (1)GNMA 154 (1) - - 154 (1)SBA - - 1,392 (33) 1,392 (33)CMO 121 - - - 121 - Total mortgage-backed securities $ 3,811 $ (41) $ 2,783 $ (44) $ 6,594 $ (85) Held to Maturity: Debt securities: States and political subdivisions $ - $ - $ - $ - $ - $ - Total temporarily impaired securities $ 37,819 $ (294) $ 2,963 $ (50) $ 40,782 $ (344) Management has assessed the securities available for sale in an unrealized loss position at December 31, 2021 and 2020 and determined the decline in fair value below amortized cost to be temporary. In making this determination, management considered the period of time the securities were in a loss position, the percentage decline in comparison to the securities’ amortized cost, and the financial condition of the issuer (primarily government or government-sponsored enterprises). In addition, management does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost. Management believes the decline in fair value is primarily related to market interest rate fluctuations and not to the credit deterioration of the individual issuers. The Company holds no securities backed by sub-prime or Alt-A residential mortgages or commercial mortgages and also does not hold any trust-preferred securities. The Company did not record any other-than-temporary impairment charges in 2021, 2020, or 2019. The creditworthiness of the Company’s portfolio is largely reliant on the ability of U.S. government agencies such as the Federal Home Loan Bank (“FHLB”), Federal National Mortgage Association (“FNMA”), and the Federal Home Loan Mortgage Corporation (“FHLMC”), and municipalities throughout New York State to meet their obligations. In addition, dysfunctional markets could materially alter the liquidity, interest rate, and pricing risk of the portfolio. The stable past performance is not a guarantee for similar performance going forward. |
Loans And The Allowance For Loa
Loans And The Allowance For Loan Losses | 12 Months Ended |
Dec. 31, 2021 | |
Loans And The Allowance For Loan Losses [Abstract] | |
Loans And The Allowance For Loan Losses | 4.LOANS AND THE ALLOWANCE FOR LOAN LOSSES Major categories of loans at December 31, 2021 and 2020 are summarized as follows: December 31, 2021 December 31, 2020Mortgage loans on real estate: (in thousands)Residential mortgages $ 411,060 $ 365,351 Commercial and multi-family 739,761 706,276 Construction-Residential 5,109 7,509 Construction-Commercial 98,012 106,559 Home equities 81,238 82,602 Total real estate loans 1,335,180 1,268,297 Commercial and industrial loans 237,077 430,350 Consumer and other loans 719 151 Unaccreted yield adjustments* (1,071) (5,004)Total gross loans 1,571,905 1,693,794 Allowance for loan losses (18,438) (20,415)Loans, net $ 1,553,467 $ 1,673,379 *Includes net premiums and discounts on acquired loans and net deferred fees and costs on loans originated, including $0.8 million and $4.6 million of PPP fees at December 31, 2021 and 2020, respectively. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) established a loan program administered through the U.S. Small Business Administration (SBA), referred to as the Paycheck Protection Program (“PPP”). PPP loans carry a fixed rate of 1.00%, are 100% guaranteed by the SBA and are forgivable, in whole or in part, if the proceeds are used for payroll and other permitted purposes in accordance with the requirements of the PPP. During 2021 the Company originated $95 million of PPP loans, compared with $203 million during 2020. Total PPP loans originated during the life of the program was $298 million. PPP loans, included in commercial and industrial loans, did not impact the Company’s allowance for loan loss as a result of the SBA guarantees. Fees collected from the SBA for these loans totaled $12.5 million. These fees are deferred and amortized into interest income over the contractual period of the loan. Upon SBA forgiveness or sale of a PPP loan, unamortized fees are then recognized into interest income. PPP fees recognized in interest income were $8.8 million and $2.9 million in the years ended December 31, 2021 and 2020, respectively. The outstanding balance of PPP loans was $25 million and $187 million as of December 31, 2021 and 2020, respectively. At December 31, 2021, the outstanding principal balance and the carrying amount of acquired credit-impaired loans totaled $0.8 million. At December 31, 2020, the outstanding principal balance and the carrying amount of acquired credit-impaired loans were $0.9 million and $0.8 million, respectively. The Company is not recording interest on the acquired credit-impaired loans due to the uncertainty of the cash flows relating to such loans. There were no valuation allowances for specifically identified impairment attributable to acquired credit-impaired loans at December 31, 2021 or 2020. There were $619 million and $630 million in residential and commercial mortgage loans pledged to FHLBNY to serve as collateral for potential borrowings as of December 31, 2021 and 2020, respectively. Residential Mortgages: The Company originates adjustable-rate and fixed-rate, one-to-four-family residential real estate loans for the construction, purchase, or refinancing of a mortgage. These loans are collateralized by owner-occupied properties located in the Company’s market area and are amortized over a period of 10 to 30 years. Loans on one-to-four-family residential real estate are mostly originated in amounts of no more than 80% of the property’s appraised value or have private mortgage insurance. Mortgage title insurance and hazard insurance are normally required. Construction loans have a unique risk, because they are secured by an incomplete dwelling. The Company, in its normal course of business, sells certain residential mortgages which it originates to FNMA. The Company maintains servicing rights on the loans that it sells to FNMA and earns a fee thereon. The Bank determines with each origination of residential real estate loans which desired maturities, within the context of overall maturities in the loan portfolio, provide the appropriate mix to optimize the Bank’s ability to absorb the corresponding interest rate risk within the Company’s tolerance ranges. This practice allows the Company to manage interest rate risk, liquidity risk, and credit risk. At December 31, 2021 and 2020, the Company had approximately $61 million and $77 million, respectively, in unpaid principal balances of loans that it services for FNMA. For the years ended December 31, 2021 and 2020, the Company sold $1 million and $15 million, respectively, in loans to FNMA and realized gains on those sales of less than $0.1 million and $0.3 million, respectively. Gains or losses recognized upon the sale of loans are determined on a specific identification basis. At December 31, 2021, the Company also had approximately $70 million in unpaid principal balances of loans that it services for FHLMC, compared with $95 million at December 31, 2020. No loans were sold to FHLMC by the Company during the years 2021 and 2020. The Company had a related asset carried at fair value of approximately $0.9 million for the servicing portfolio rights at December 31, 2021 and 2020. There were $0.1 million and $0.8 million in loans held for sale at December 31, 2021 and 2020, respectively. The carrying value approximates fair value. Commercial and Multi-Family Mortgages and Commercial Construction Loans: Commercial real estate loans are made to finance the purchases of real estate with completed structures or in the midst of being constructed. These commercial real estate loans are secured by first liens on the real estate, which may include apartments, hotels, retail stores or plazas, healthcare facilities, and other non-owner-occupied facilities. These loans are generally less risky than commercial and industrial loans since they are secured by real estate and buildings. The Company offers commercial mortgage loans with up to an 80% LTV ratio for up to 20 years on a variable and fixed rate basis. Many of these mortgage loans either mature or are subject to a rate call after three to five years. The Company’s underwriting analysis includes credit verification, independent appraisals, a review of the borrower's financial condition, and the underlying cash flows. Construction loans have a unique risk, because they are secured by an incomplete dwelling. Home Equities: The Company originates home equity lines of credit and second mortgage loans (loans secured by a second lien position on one-to-four-family residential real estate). These loans carry a higher risk than first mortgage residential loans because they are in a second position with respect to collateral. Risk is reduced through underwriting criteria, which include credit verification, appraisals, a review of the borrower's financial condition, and personal cash flows. A security interest, with title insurance when necessary, is taken in the underlying real estate. Commercial and Industrial Loans: These loans generally include term loans and lines of credit. Such loans are made available to businesses for working capital (including inventory and receivables), business expansion (including acquisition of real estate, expansion, and improvements) and equipment purchases. As a general practice, a collateral lien is placed on equipment or other assets owned by the borrower. These loans generally carry a higher risk than commercial real estate loans based on the nature of the underlying collateral, which can be business assets such as equipment and accounts receivable. To reduce the risk, management also attempts to secure real estate as collateral and obtain personal guarantees of the borrowers. To further reduce risk and enhance liquidity, these loans generally carry variable rates of interest, re-pricing in three- to five-year periods, and have a maturity of five years or less. Lines of credit generally carry floating rates of interest (e.g. prime plus a margin). Consumer Loans: The Company funds a variety of consumer loans, including direct automobile loans, recreational vehicle loans, boat loans, home improvement loans, and personal loans (collateralized and uncollateralized). Most of these loans carry a fixed rate of interest with principal repayment terms typically ranging up to five years, based upon the nature of the collateral and the size of the loan. The majority of consumer loans are underwritten on a secured basis using the underlying collateral being financed. A minimal amount of loans are unsecured, which carry a higher risk of loss. These loans included overdrawn deposit accounts classified as loans of $0.1 million at December 31, 2021 and 2020. The Company maintains an allowance for loan losses in order to capture the probable incurred losses inherent in its loan portfolio. If the Company's assumptions and judgments prove to be incorrect or bank regulators require the Company to increase its provision for loan losses or recognize further loan charge-offs, the Company may have to increase its allowance for loan losses or loan charge-offs which could have a material adverse effect on the Company's operating results and financial condition. The following tables summarize the allowance for loan losses, as of December 31, 2021 and 2020, respectively, by portfolio segment. The segments presented are at the level management uses to assess and monitor the risk and performance of the portfolio. 2021 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities TotalAllowance for loan losses: Beginning balance $ 4,882 $ 13,249 $ 45 $ 1,658 $ 581 $ 20,415 Charge-offs (424) (1) (147) - - (572)Recoveries 76 - 30 - 2 108 Provision (Credit) (1,225) (881) 126 469 (2) (1,513)Ending balance $ 3,309 $ 12,367 $ 54 $ 2,127 $ 581 $ 18,438 Allowance for loan losses: Ending balance: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - Individually evaluated for impairment 100 345 - 9 41 495 Collectively evaluated for impairment 3,209 12,022 54 2,118 540 17,943 Total $ 3,309 $ 12,367 $ 54 $ 2,127 $ 581 $ 18,438 Loans: Ending balance: Loans acquired with deteriorated credit quality $ - $ - $ - $ 803 $ - $ 803 Individually evaluated for impairment 5,028 11,925 - 2,598 1,236 20,787 Collectively evaluated for impairment 232,049 825,848 719 412,768 80,002 1,551,386 Total $ 237,077 $ 837,773 $ 719 $ 416,169 $ 81,238 $ 1,572,976 Note: Loan balances do not include $(1.1) million of unaccreted yield adjustments as of December 31, 2021.* includes construction loans 2020 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities TotalAllowance for loan losses: Beginning balance $ 4,547 $ 9,005 $ 155 $ 1,071 $ 397 $ 15,175 Charge-offs (236) (5) (74) (29) (4) (348)Recoveries 199 11 27 - - 237 Provision (Credit) 372 4,238 (63) 616 188 5,351 Ending balance $ 4,882 $ 13,249 $ 45 $ 1,658 $ 581 $ 20,415 Allowance for loan losses: Ending balance: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - Individually evaluated for impairment 994 539 3 - 11 1,547 Collectively evaluated for impairment 3,888 12,710 42 1,658 570 18,868 Total $ 4,882 $ 13,249 $ 45 $ 1,658 $ 581 $ 20,415 Loans: Ending balance: Loans acquired with deteriorated credit quality $ - $ - $ - $ 860 $ - $ 860 Individually evaluated for impairment 6,485 18,004 3 2,874 1,624 28,990 Collectively evaluated for impairment 423,865 794,831 148 369,126 80,978 1,668,948 Total $ 430,350 $ 812,835 $ 151 $ 372,860 $ 82,602 $ 1,698,798 Note: Loan balances do not include $(5.0) million of unaccreted yield adjustments as of December 31, 2020.* includes construction loans 2019 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities TotalAllowance for loan losses: Beginning balance $ 4,368 $ 8,844 $ 106 $ 1,121 $ 345 $ 14,784 Charge-offs (301) (33) (156) (13) (22) (525)Recoveries 797 2 42 - - 841 Provision (Credit) (317) 192 163 (37) 74 75 Ending balance $ 4,547 $ 9,005 $ 155 $ 1,071 $ 397 $ 15,175 A description of the Company’s accounting policies and the methodology used to estimate the allowance for loan losses, including a description of the factors considered in determining the allowance for loan losses, such as historical losses and existing economic conditions, is included in Note 1 to these Consolidated Financial Statements. The following table provides data, at the class level, of credit quality indicators of certain loans, as of December 31, 2021 and 2020, respectively: 2021(in thousands)Corporate Credit Exposure – By Credit Rating Commercial Real Estate Construction Commercial and Multi-Family Mortgages Total Commercial Real Estate Commercial and IndustrialAcceptable or better $ 65,211 $ 480,159 $ 545,370 $ 152,675 Watch 19,108 182,502 201,610 64,406 Special Mention 7,045 33,219 40,264 10,200 Substandard 6,648 43,881 50,529 9,796 Doubtful/Loss - - - - Total $ 98,012 $ 739,761 $ 837,773 $ 237,077 2020(in thousands)Corporate Credit Exposure – By Credit Rating Commercial Real Estate Construction Commercial and Multi-Family Mortgages Total Commercial Real Estate Commercial and IndustrialAcceptable or better $ 59,020 $ 317,854 $ 376,874 $ 314,322 Watch 17,218 300,061 317,279 95,117 Special Mention 2,041 17,656 19,697 6,555 Substandard 28,280 70,705 98,985 14,356 Doubtful/Loss - - - - Total $ 106,559 $ 706,276 $ 812,835 $ 430,350 The Company continues to evaluate its loan portfolio in response to the economic impact of the COVID-19 pandemic on its clients. During 2020, the Company reclassified all commercial loans that received a deferral into the watch or criticized categories. Loans that have returned to compliance with contractual payment terms for a sustained period have been upgraded out of the watch or criticized categories. During 2020, the Company identified a well-defined weakness in the hotel industry and classified the $81 million of loans to clients within that industry as substandard. During 2021, the Company upgraded $24 million of these loans out of the substandard loan category and received payoffs of $6 million. As of December 31, 2021, $50 million of the Company’s hotel loan portfolio remained in the substandard loan category. Total criticized assets decreased to $111 million at December 31, 2021 compared with $140 million at the end of 2020. The Company evaluates the loan portfolio to ensure that specific credits are appropriately graded and reserved. At least annually, borrowers’ financial information is reviewed by the individual relationship managers. Independent of the individual relationship managers, the credit department performs annual reviews on all requisite relationships within the loan portfolio. Additionally, the credit department, the loan review department monitors the management of the Company’s commercial loan portfolio. The Company’s loan review function reviews a percentage of the commercial loan portfolio based on an annual risk assessment, typically ranging from 35% to 50%. The Company believes that the allowance for loan losses is reflective of a fair assessment of the current environment and credit quality trends. The Company’s consumer loans, including residential mortgages and home equity loans and lines of credit, are not individually risk rated or reviewed as part of the Company’s loan review process. Unlike commercial customers, consumer loan customers are not required to provide the Company with updated financial information. Consumer loans also carry smaller dollar balances. Given the lack of updated information since the initial underwriting of the loan and the small size of individual loans, the Company uses delinquency status as the primary credit quality indicator for consumer loans. Once a consumer loan reaches 60 days past due, management orders an independent appraisal of the underlying collateral and produces a credit report on the borrower. After discounting for potential selling costs and other factors specific to the property or borrower, the book value of the loan is then compared to the collateral value as determined by the appraisal. In situations where the Company holds a junior lien, management accounts for the amount of the senior liens held by other lenders, and the collateral value is more heavily discounted to account for the increased risk. If the loan is ultimately determined to be impaired, it is placed in non-accrual status. Unless the loan is well secured and in the process of collection, all consumer loans that are more than 90 days past due are placed in non-accrual status. A summary of current, past due, and nonaccrual loans as of December 31, 2021 and 2020 follows: 2021(in thousands) Current Non-accruing Total Balance30-59 days 60-89 days 90+ days Loans Balance Commercial and industrial$ 229,724 $ 1,336 $ 568 $ 548 $ 4,901 $ 237,077 Residential real estate: Residential 402,992 3,466 1,563 - 3,039 411,060 Construction 5,109 - - - - 5,109 Commercial real estate: Commercial 711,481 16,451 6,073 - 5,756 739,761 Construction 93,842 757 - 480 2,933 98,012 Home equities 79,644 627 209 - 758 81,238 Consumer and other 706 9 4 - - 719 Total Loans$ 1,523,498 $ 22,646 $ 8,417 $ 1,028 $ 17,387 $ 1,572,976 2020(in thousands) Current Non-accruing Total Balance30-59 days 60-89 days 90+ days Loans Balance Commercial and industrial$ 419,409 $ 4,240 $ 122 $ 94 $ 6,485 $ 430,350 Residential real estate: Residential 357,135 4,156 1,262 109 2,689 365,351 Construction 7,509 - - - - 7,509 Commercial real estate: Commercial 667,426 20,024 4,166 - 14,660 706,276 Construction 94,030 5,616 4,062 - 2,851 106,559 Home equities 80,044 744 604 14 1,196 82,602 Consumer and other 111 6 14 17 3 151 Total Loans$ 1,625,664 $ 34,786 $ 10,230 $ 234 $ 27,884 $ 1,698,798 The following table provides data, at the class level, of impaired loans: At December 31, 2021 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income RecognizedWith no related allowance recorded:(in thousands)Commercial and industrial $ 4,874 $ 5,712 $ - $ 5,126 $ 22 Residential real estate: Residential 3,297 3,654 - 3,602 27 Construction - - - - - Commercial real estate: Commercial 8,821 9,338 - 11,223 270 Construction 1,395 1,499 - 1,144 - Home equities 1,127 1,324 - 1,319 12 Consumer and other - - - - - Total impaired loans $ 19,514 $ 21,527 $ - $ 22,414 $ 331 At December 31, 2021 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income RecognizedWith a related allowance recorded:(in thousands)Commercial and industrial $ 154 $ 158 $ 100 $ 159 $ 4 Residential real estate: Residential 60 60 9 59 1 Construction - - - - - Commercial real estate: Commercial 171 717 16 191 - Construction 1,538 1,555 329 1,642 - Home equities 109 109 41 109 - Consumer and other - - - - - Total impaired loans $ 2,032 $ 2,599 $ 495 $ 2,160 $ 5 At December 31, 2021 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income RecognizedTotal: (in thousands)Commercial and industrial $ 5,028 $ 5,870 $ 100 $ 5,285 $ 26 Residential real estate: Residential 3,357 3,714 9 3,661 28 Construction - - - - - Commercial real estate: Commercial 8,992 10,055 16 11,414 270 Construction 2,933 3,054 329 2,786 - Home equities 1,236 1,433 41 1,428 12 Consumer and other - - - - - Total impaired loans $ 21,546 $ 24,126 $ 495 $ 24,574 $ 336 At December 31, 2020 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income RecognizedWith no related allowance recorded:(in thousands)Commercial and industrial $ 1,706 $ 1,947 $ - $ 1,952 $ 8 Residential real estate: Residential 3,703 4,069 - 3,754 60 Construction - - - - - Commercial real estate: Commercial 12,210 12,840 - 12,397 209 Construction 1,295 1,352 - 1,315 - Home equities 1,515 1,741 - 1,565 23 Consumer and other - - - - - Total impaired loans $ 20,429 $ 21,949 $ - $ 20,983 $ 300 At December 31, 2020 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income RecognizedWith a related allowance recorded:(in thousands)Commercial and industrial $ 4,779 $ 4,993 $ 994 $ 4,938 $ 25 Residential real estate: Residential - - - - - Construction - - - - - Commercial real estate: Commercial 2,943 2,953 153 2,943 10 Construction 1,556 1,556 386 1,556 53 Home equities 109 109 11 109 1 Consumer and other 3 3 3 3 - Total impaired loans $ 9,390 $ 9,614 $ 1,547 $ 9,549 $ 89 At December 31, 2020 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income RecognizedTotal: (in thousands)Commercial and industrial $ 6,485 $ 6,940 $ 994 $ 6,890 $ 33 Residential real estate: Residential 3,703 4,069 - 3,754 60 Construction - - - - - Commercial real estate: Commercial 15,153 15,793 153 15,340 219 Construction 2,851 2,908 386 2,871 53 Home equities 1,624 1,850 11 1,674 24 Consumer and other 3 3 3 3 - Total impaired loans $ 29,819 $ 31,563 $ 1,547 $ 30,532 $ 389 2019 Average Recorded Investment Interest Income Recognized With no related allowance recorded: With related allowance recorded: Total With no related allowance recorded: With related allowance recorded: TotalCommercial and industrial $ 4,046 $ 2,764 $ 6,810 $ 143 $ 63 $ 206 Residential real estate: Residential 2,823 61 2,884 63 1 64 Construction - - - - - - Commercial real estate: Commercial 6,293 197 6,490 72 4 76 Construction 1,344 242 1,586 50 9 59 Home equities 1,525 - 1,525 30 - 30 Consumer and other - 22 22 - 1 1 Total impaired loans $ 16,031 $ 3,286 $ 19,317 $ 358 $ 78 $ 436 As management identifies impaired loans that are collateral dependent, new appraisals are ordered to determine the fair value of the collateral. It should also be noted that when estimating the fair value of collateral for the purpose of performing an impairment test, management further reduces the appraised value of the collateral to account for estimated selling or carrying costs, age of the appraisal, if applicable, or any other perceived market or borrower-specific risks to the value of the collateral. The interest income in the preceding table was interest income recognized on accruing TDRs and interest paid prior to loans being identified as non-accrual. Cash basis income on impaired loans is the same as interest income recognized for all periods presented in the preceding table. The Bank had no loan commitments to borrowers in non-accrual status at December 31, 2021 and 2020. Troubled debt restructurings (“TDRs”) The following tables summarize the loans that were classified as troubled debt restructurings as of the dates indicated: December 31, 2021 (in thousands) Total Nonaccruing Accruing Related AllowanceCommercial and industrial $ 1,003 $ 876 $ 127 $ - Residential real estate: Residential 989 627 362 - Construction - - - - Commercial real estate: Commercial and multi-family 3,236 - 3,236 - Construction - - - - Home equities 490 12 478 - Consumer and other - - - - Total TDR loans $ 5,718 $ 1,515 $ 4,203 $ - December 31, 2020 (in thousands) Total Nonaccruing Accruing Related AllowanceCommercial and industrial $ 1,722 $ 1,722 $ - $ 370 Residential real estate: Residential 1,632 587 1,045 - Construction - - - - Commercial real estate: Commercial and multi-family 3,408 2,915 493 - Construction - - - - Home equities 552 124 428 - Consumer and other - - - - Total TDR loans $ 7,314 $ 5,348 $ 1,966 $ 370 Any TDR that is placed on non-accrual is not reverted back to accruing status until the borrower makes timely payments as contracted for at least six months and future collection under the revised terms is probable. All of the Company’s restructurings were allowed in an effort to maximize its ability to collect on loans where borrowers were experiencing financial difficulty. The reserve for a TDR is based upon the present value of the future expected cash flows discounted at the loan’s original effective interest rate or upon the fair value of the collateral less costs to sell, if the loan is deemed collateral dependent. This reserve methodology is used because all TDR loans are considered impaired. The Company’s TDRs have various agreements that involve deferral of principal payments, or interest-only payments, for a period (usually 12 months or less) to allow the borrower time to improve cash flow or sell the property. Other common concessions leading to the designation of a TDR are lines of credit that are termed-out and/or extensions of maturities at rates that are less than the prevailing market rates given the risk profile of the borrower. In late March 2020, federal banking regulators issued guidance that modifications made to a borrower affected by the COVID-19 pandemic and governmental shutdown orders do no need to be identified as a TDR if the loan was current at the time a modification plan was implemented. The CARES Act also addressed COVID-19 related modifications and specified that such modifications made on loans that were current as of December 31, 2019 are not TDRs. During 2020, the Company had applied this guidance and had modified approximately 381 commercial loans with principal balances totaling $368 million and approximately 298 consumer loans with principal balances totaling $37 million. COVID-19 related modifications made during 2021 were not material. The COVID-19 related TDR exception expired on January 1, 2022. The following tables show the data for TDR activity by type of concession granted to the borrower during 2021 and 2020: Year ended December 31, 2021 Year ended December 31, 2020 (Recorded Investment in thousands) (Recorded Investment in thousands)Troubled Debt Restructurings by Type of Concession Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial and Industrial - $ - $ - - $ - $ - Residential Real Estate & Construction: Combination of concessions - - - 1 56 56 Extension of maturity and interest rate reduction - - - 1 97 97 Commercial Real Estate & Construction Home Equities - - - - - - Consumer and other loans - - - - - - Modifications made to loans in a troubled debt restructuring did not have a material impact on the Company’s net income for the years ended December 31, 2021 and 2020. All of the C&I and commercial real estate TDRs were already considered impaired and sufficiently reserved for prior to being identified as a TDR. The general practice of the Bank is to work with borrowers so that they are able to repay their loan in full. If a borrower continues to be delinquent or cannot meet the terms of a TDR and the loan is determined to be uncollectible, the loan will be charged-off to its collateral value. A loan is considered in default when the loan is 90 days past due. Loans which were classified as TDRs during the preceding twelve months and which subsequently defaulted during the twelve-month periods ended December 31, 2021 and 2020 were not material. Commitments to lend additional amounts on loans classified as TDRs were not material as of December 31, 2021 and 2020. |
Properties And Equipment
Properties And Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Properties And Equipment [Abstract] | |
Properties And Equipment | 5.PROPERTIES AND EQUIPMENT Properties and equipment at December 31 were as follows: 2021 2020 (in thousands)Land $ 845 $ 845 Buildings and improvements 18,563 19,712 Furniture, fixtures, and equipment 8,664 18,711 28,072 39,268 Less accumulated depreciation (10,283) (19,963)Properties and equipment, net $ 17,789 $ 19,305 Depreciation expense totaled $1.8 million in 2021, $1.6 million in 2020, and $1.3 million in 2019. Fixed asset disposals during 2021 included a building and equipment related to information technology services that have been outsourced and various fully depreciated items. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 6.LEASES The Company’s leases, consisting of property leases for certain of our bank branches and insurance agency offices, are classified as operating leases. Operating lease Right of Use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets were $4.8 million and $5.3 million as of December 31, 2021 and 2020, respectively. Lease liabilities were $5.2 million and $5.7 million as of December 31, 2021 and 2020, respectively. As these leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of lease payments. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the lease term. Operating lease expenses were $1.1 million and $1.0 million during the years ended December 31, 2021 and 2020, respectively, and are included in occupancy expense on the consolidated statement of income. Cash paid for amounts included in the measurement of lease liabilities were $1.1 and $1.0 million during the years ended December 31, 2021 and 2020, respectively, and are included in cash flows from operating activities on the consolidated statement of cash flows. The weighted average discount rate related to the Company’s leases was 2.8% as of December 31, 2021 and 2020. The weighted average remaining lease term related to the Company’s leases was 7.4 years and 8.1 years as of December 31, 2021 and 2020, respectively. Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows: Year Ending December 31, (in thousands)2022$ 1,0952023 9242024 7892025 6472026 575Thereafter 1,721Total future minimum lease payments 5,751Less imputed interest 541Total$ 5,210ROU assets obtained in exchange for lease obligations were $0.5 million and $2.4 million during the years ended December 31, 2021 and December 31, 2020. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 7.GOODWILL AND INTANGIBLE ASSETS Assets and liabilities acquired in a business combination are recorded at their estimated fair values as of the acquisition date. The excess of the purchase price of the acquisition over the fair value of net assets acquired is recorded as goodwill. The Company had $12.7 million in goodwill at December 31, 2021 and 2020, including $10.9 million in the insurance agency activities segment and $1.8 million in the banking activities segment. There were no additions to goodwill during 2021. During 2020, the Company recorded additions to goodwill of $1.8 million in the banking activities segment resulting from the FSB acquisition and $0.4 million in the insurance activities segment resulting from the acquisition of Benefit Brokers of WNY, LLC. Goodwill is evaluated for impairment on an annual basis, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. The Company measures the fair value of the banking and insurance agency reporting units annually, as of December 31. This analysis indicated that no impairment existed as of the issue date. However, an $11 thousand impairment of goodwill was recognized in 2021 related to the discontinued operations of a business within the insurance agency reporting unit. There was no impairment of goodwill recognized during 2020. There were no additions to intangible assets during 2021. During 2020, the Company recorded additions to intangible assets of $0.2 million of core deposit intangibles in the banking activities segment resulting from the FSB acquisition and $0.6 million, consisting primarily of customer relationships, in the insurance activities segment resulting from the acquisition of Benefit Brokers of WNY, LLC. The gross carrying amount and accumulated amortization of other intangible assets at December 31, 2021 and December 31, 2020 were as follows: 2021 2020 Gross Carrying AmountAccumulated Amortization Gross Carrying AmountAccumulated Amortization (in thousands) (in thousands)Amortized intangible asset: Other insurance intangibles$ 3,325 (1,828) $ 3,445 (1,358) Core deposit intangibles 166 (36) 166 (15)Total$ 3,491 (1,864) $ 3,611 (1,373) Total intangible assets have an estimated weighted average remaining life of 4.8 years. Core deposit intangibles have an estimated weighted average remaining life of 8.3 years. Other insurance intangibles have an estimated weighted average remaining life of 4.5 years. Amortization expense related to intangibles for the years ended December 31, 2021, 2020, and 2019 was $0.5 million, $0.5 million, and $0.4 million, respectively. During 2021, the Company recorded less than $0.1 million of impairment related to an other insurance intangible asset that was determined to be valueless. There was no impairment of intangible assets recognized during 2020. Estimated amortization expense for each of the five succeeding fiscal years is as follows: Year Ending December 31 Amount (in thousands)2022 $ 4002023 3892024 3782025 2182026 60Thereafter 182 $ 1,627 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | 8.DEPOSITS Time deposits of $250 thousand and over, excluding brokered deposits, totaled $25.3 million and $43.6 million at December 31, 2021 and 2020, respectively. Brokered time deposits totaled $8.7 million and $16.5 million at December 31, 2021 and 2020, respectively. At December 31, 2021, the scheduled maturities of all time deposits were as follows: (in thousands)2022 $ 125,8722023 26,2792024 4,0012025 4,7352026 3,453 $ 164,340 |
Borrowed Funds And Subordinated
Borrowed Funds And Subordinated Debt | 12 Months Ended |
Dec. 31, 2021 | |
Borrowed Funds And Subordinated Debt [Abstract] | |
Borrowed Funds And Subordinated Debt | 9.BORROWED FUNDS AND SUBORDINATED DEBT Other borrowings at December 31, 2021 consisted primarily of various advances from the FHLB with fixed interest rate terms ranging from 1.66% to 3.34%. The maturities and weighted average rates of other borrowed funds, excluding purchased discounts of $0.7 million, at December 31, 2021 are as follows: Maturities Weighted Average Rate (in thousands) 2022 $ 11,820 2.46%2023 13,798 2.59%2024 6,527 3.06%Total $ 32,145 2.64% The Bank has the ability to borrow additional funds from the FHLB based on the securities or real estate loans that can be used as collateral and to purchase additional federal funds through one of the Bank’s correspondent banks. Given the current collateral available, additional advances of up to $391 million can be drawn on the FHLB via the Bank’s Overnight Line of Credit Agreement. The Bank also has the ability to purchase up to $18 million in federal funds from its correspondent banks. There were $619 million and $630 million in residential and commercial mortgage loans pledged to FHLBNY to serve as collateral for potential borrowings as of December 31, 2021 and 2020, respectively. As a member of the Federal Home Loan Bank System, the Bank is required to hold stock in FHLBNY. The Bank held FHLBNY stock with a carrying value of $3.0 million and $3.5 million as of December 31, 2021 and December 31, 2020, respectively. The amounts and interest rates of other borrowed funds, excluding purchased discounts of $0.7 million and $1.4 million at December 31, 2021 and 2020, respectively, were as follows: FHLB Overnight Line of Credit FHLB Advances FRB Borrowings Total Other Borrowings (in thousands)At December 31, 2021 Amount outstanding $ - $ 32,145 $ - $ 32,145 Weighted-average interest rate -% 2.64% -% 2.64% For the year ended December 31, 2021 Highest amount at a month end $ - $ 42,434 $ - Daily average amount outstanding $ - $ 38,378 $ 24 $ 38,403 Weighted-average interest rate -% 2.55% 0.35% 2.55% At December 31, 2020 Amount outstanding $ - $ 42,600 $ 693 $ 43,293 Weighted-average interest rate -% 2.51% 0.35% 2.47% For the year ended December 31, 2020 Highest amount at a month end $ - $ 50,597 $ 693 Daily average amount outstanding $ - $ 35,625 $ 451 $ 35,625 Weighted-average interest rate -% 2.35% 0.35% 2.33% At December 31, 2019 Amount outstanding $ - $ 10,000 $ - $ 10,000 Weighted-average interest rate -% 1.73 % -% 1.73 % For the year ended December 31, 2019 Highest amount at a month end $ - $ 10,000 $ - Daily average amount outstanding $ 11 $ 10,000 $ - $ 10,011 Weighted-average interest rate 2.70% 1.73 % -% 1.73% Subordinated debt comprised $20.0 million of subordinated notes and $11.3 million of trust preferred capital securities at December 31, 2021 and 2020. On July 9, 2020, the Company issued $20.0 million of fixed to floating rate subordinated notes. The subordinated notes have an initial fixed interest rate of 6.00% to, but excluding, July 15, 2025, payable semi-annually in arrears. From and including July 15, 2025 to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an interest rate per annum initially equal to the then-current three-month Secured Overnight Financing Rate provided by the Federal Reserve Bank of New York plus 590 basis points, payable quarterly in arrears. The subordinated notes mature on July 15, 2030. The Company is entitled to redeem the notes, in whole or in part, at any time on or after July 15, 2025, and to redeem the subordinated notes at any time in whole upon certain other events. On October 1, 2004, Evans Capital Trust I, a statutory business trust wholly-owned by the Company (the “Trust”), issued $11.0 million in aggregate principal amount of floating rate preferred capital securities due November 23, 2034 to various investors (the “Capital Securities”) and $0.3 million of common securities to the Company (the “Common Securities”). The Capital Securities represent preferred undivided interests in the assets of the Trust. The Common Securities represent the initial capital contribution of the Company to the Trust, which have not been consolidated and are included in “Other Assets” on the Company’s consolidated balance sheet. Under the Federal Reserve Board’s current risk-based capital guidelines, the Capital Securities are includable in the Company’s Tier 1 (Core) capital. The Common Securities are wholly-owned by the Company and are the only class of the Trust’s securities possessing general voting powers. The Capital Securities have a distribution rate of three-month LIBOR plus 2.65%, and the distribution dates are February 23, May 23, August 23, and November 23. The distribution rate was 2.86% at December 31, 2021. The proceeds from the issuances of the Capital Securities and Common Securities were used by the Trust to purchase $11.3 million in aggregate liquidation amount of floating rate junior subordinated deferrable interest debentures (“Junior Subordinated Debentures”) of the Company, due October 1, 2037. The Junior Subordinated Debentures represent the sole assets of the Trust, and payments under the Junior Subordinated Debentures are the sole source of cash flow for the Trust. The interest rate payable on the Junior Subordinated Debentures was 2.86% at December 31, 2021. Holders of the Capital Securities receive preferential cumulative cash distributions on each distribution date at the stated distribution rate, unless the Company exercises its right to extend the payment of interest on the Junior Subordinated Debentures for up to twenty quarterly periods, in which case payment of distributions on the respective Capital Securities will be deferred for comparable periods. During an extended interest period, in accordance with terms as defined in the indenture relating to the Capital Securities, the Company may not pay dividends or distributions on, or repurchase, redeem, or acquire any shares of its capital stock. The agreements governing the Capital Securities, in the aggregate, provide a full, irrevocable, and unconditional guarantee by the Company of the payment of distributions on, the redemption of, and any liquidation distribution with respect to the Capital Securities. The obligations under such guarantee and the Capital Securities are subordinate and junior in right of payment to all senior indebtedness of the Company.The Capital Securities will remain outstanding until the Junior Subordinated Debentures are repaid at maturity, are redeemed prior to maturity, or are distributed in liquidation to the Trust. The Capital Securities are mandatorily redeemable in whole, but not in part, upon repayment at the stated maturity dates of the Junior Subordinated Debentures or the earlier redemption of the Junior Subordinated Debentures in whole upon the occurrence of one or more events (“Events”) set forth in the indentures relating to the Capital Securities, and in whole or in part at any time contemporaneously with the optional redemption of the related Junior Subordinated Debentures in whole or in part. The Junior Subordinated Debentures are redeemable prior to their stated maturity dates at the Company’s option: (i) on or after the stated optional redemption dates, in whole at any time, or in part from time to time; or (ii) in whole, but not in part, at any time within 90 days following the occurrence and during the continuation of one or more of the Events, in each case subject to possible regulatory approval. The redemption price of the Capital Securities and the related Junior Subordinated Debentures upon early redemption would be at the liquidation amount plus accumulated but unpaid distributions. |
Securities Sold Under Agreement
Securities Sold Under Agreements To Repurchase | 12 Months Ended |
Dec. 31, 2021 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Securities Sold Under Agreements To Repurchase | 10.SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE The Bank enters into agreements with customers to sell securities owned by the Bank to the customers and repurchase the identical security, within one business day. No physical movement of the securities is involved. The Bank had $4.1 million in securities sold under agreement to repurchase at December 31, 2021 and 2020. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) | 11.COMPREHENSIVE INCOME (LOSS) The following tables display the components of other comprehensive income (loss), net of tax: Balance at December 31, 2020 Net Change Balance at December 31, 2021 (in thousands)Net unrealized gain (loss) on investment securities $ 2,397 $ (5,557) $ (3,160)Net defined benefit pension plan adjustments (3,116) 605 (2,511)Total $ (719) $ (4,952) $ (5,671) Balance at December 31, 2019 Net Change Balance at December 31, 2020 (in thousands)Net unrealized gain on investment securities $ 522 $ 1,875 $ 2,397Net defined benefit pension plan adjustments (3,105) (11) (3,116)Total $ (2,583) $ 1,864 $ (719) Balance at December 31, 2018 Net Change Balance at December 31, 2019 (in thousands)Net unrealized (loss) gain on investment securities $ (2,348) $ 2,870 $ 522Net defined benefit pension plan adjustments (3,005) (100) (3,105)Total $ (5,353) $ 2,770 $ (2,583) 2021 Before-Tax Amount Income Tax (Provision) Benefit Net-of-Tax AmountUnrealized gain (loss) on investment securities: (in thousands) Unrealized gain (loss) on investment securities $ (7,508) $ 1,951 $ (5,557) Defined benefit pension plans adjustments: Net actuarial gain (loss) $ 404 $ (102) $ 302Reclassifications from accumulated other comprehensive income for gains (losses) Amortization of prior service cost (a) 31 (8) 23Amortization of actuarial loss (a) 383 (103) 280Net change 818 (213) 605 Other Comprehensive Income (Loss) $ (6,690) $ 1,738 $ (4,952)(a)Included in net periodic pension cost as described in Note 12 – “Employee Benefits and Deferred Compensation Plans” 2020 Before-Tax Amount Income Tax (Provision) Benefit Net-of-Tax Amount Unrealized gain (loss) on investment securities: (in thousands) Unrealized gain (loss) on investment securities $ 3,201 $ (832) $ 2,369 Reclassification from accumulated other comprehensive income for gains (b) (667) 173 (494) Net change 2,534 (659) 1,875 Defined benefit pension plans adjustments: Net actuarial (loss) gain $ (492) $ 128 $ (364) Reclassifications from accumulated other comprehensive income for gains (losses) Amortization of prior service cost (a) 31 (8) 23 Amortization of actuarial loss (a) 446 (116) 330 Net change (15) 4 (11) Other Comprehensive Income (Loss) $ 2,519 $ (655) $ 1,864 (a)Included in net periodic pension cost as described in Note 12 – “Employee Benefits and Deferred Compensation Plans”(b)Included in Gain on sale of investments in the Consolidated Statement of Income 2019 Before-Tax Amount Income Tax (Provision) Benefit Net-of-Tax Amount Unrealized gain (loss) on investment securities: (in thousands) Unrealized gain (loss) on investment securities $ 3,875 $ (1,005) $ 2,870 Defined benefit pension plans adjustments: Net actuarial gain (loss) $ (581) $ 212 $ (369) Reclassifications from accumulated other comprehensive income for gains (losses) Amortization of prior service cost (a) 32 (9) 23 Amortization of actuarial loss (a) 332 (86) 246 Net change (217) 117 (100) Other Comprehensive Income (Loss) $ 3,658 $ (888) $ 2,770 (a)Included in net periodic pension cost as described in Note 12 – “Employee Benefits and Deferred Compensation Plans” |
Employee Benefits And Deferred
Employee Benefits And Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefits And Deferred Compensation Plans [Abstract] | |
Employee Benefits And Deferred Compensation Plans | 12.EMPLOYEE BENEFITS AND DEFERRED COMPENSATION PLANS Employees’ Pension PlanThe Bank has a defined benefit pension plan that covered substantially all employees of the Company and its subsidiaries (the “Pension Plan”). The Pension Plan provides benefits that are based on the employees’ compensation and years of service. The Bank uses an actuarial method of amortizing prior service cost and unrecognized net gains or losses which result from actual experience and assumptions being different than those that are projected. The amortization method the Bank uses recognizes the prior service cost and net gains or losses over the average remaining service period of active employees which exceeds the required amortization. The Pension Plan was frozen effective January 31, 2008. Under the freeze, eligible employees will receive the benefits already earned through January 31, 2008 at retirement, but will not be able to accrue any additional benefits. As a result, service cost will no longer be incurred. Selected Financial Information for the Pension Plan is as follows: 2021 2020Change in benefit obligation: (in thousands)Benefit obligation at the beginning of the year $ 6,837 $ 6,402 Service cost - - Interest cost 165 200 Assumption change (297) 631 Actuarial loss (gain) 85 (6)Benefits paid (239) (390)Benefit obligation at the end of the year 6,551 6,837 Change in plan assets: Fair value of plan assets at the beginning of year 6,583 6,044 Actual return on plan assets 192 929 Employer contributions - - Benefits paid (239) (390)Fair value of plan assets at the end of year 6,536 6,583 Funded status $ (15) $ (254) Amount recognized in the Consolidated Balance Sheets consist of: Accrued benefit liabilities $ (15) $ (254) Amount recognized in the Accumulated Other Comprehensive Loss consists of: Net actuarial loss $ 2,254 $ 2,401 Prior service cost - - Net amount recognized in equity - pre-tax $ 2,254 $ 2,401 Accumulated benefit obligation at year end $ 6,551 $ 6,837 Assumptions used by the Bank in the determination of Pension Plan information consisted of the following: 2021 2020 2019Discount rate for projected benefit obligation 2.77% 2.42% 3.20%Discount rate for net periodic pension cost 2.42% 3.20% 4.20%Rate of increase in compensation levels - % - % - %Expected long-term rate of return of plan assets 5.50% 5.50% 5.50% The components of net periodic benefit cost consisted of the following: 2021 2020 2019 (in thousands)Service cost $ - $ - $ - Interest cost 165 200 223 Expected return on plan assets (356) (325) (278)Net amortization and deferral 100 96 98 Net periodic benefit cost $ (91) $ (29) $ 43 The components of net periodic benefit cost other than the service cost component are included in the line item “other expense” in the income statement. The Company did not contribute to the Pension Plan in 2021 and expects that it will not contribute to the Pension Plan in 2022. The expected long-term rate of return on Pension Plan assets assumption was determined based on historical returns earned by equity and fixed income securities, adjusted to reflect future return expectations based on plan targeted asset allocation. Equity and fixed income securities were assumed to earn returns in the ranges of 4.5% to 11% and 4% to 5%, respectively. When these overall return expectations are applied to the Pension Plan’s targeted allocation, the expected rate of return was determined to be 5.50%, which is within the range of expected return. The Company’s management will continue to evaluate its actuarial assumptions, including the expected rate of return, at least annually, and will adjust as necessary. The weighted average asset allocation of the Pension Plan at December 31, 2021 and 2020, the Pension Plan measurement date, was as follows: Asset Category: 2021 2020Equity mutual funds 33.81% 30.83%Fixed income mutual funds 63.40% 67.59%Cash/Short-term investments 2.79% 1.58% 100.00% 100.00% The portfolio is invested in accordance with sound investment practices. Consistent with this approach, the investment strategy is to diversify the portfolio in order to reduce risk and to maintain sufficient liquidity to meet the obligations of the Plan. The Plan’s long-term asset allocation under normal market conditions is 33% equity investment and 67% fixed income assets and other short term investments and cash equivalents. The investment objective of the allocation in equity investments emphasizes long term capital appreciation. These equity investments are diversified across market capitalization, industries, style and geographical location. The investment objective of the fixed income allocation is to generally provide a diversified source of income with an awareness of capital preservation. The primary objective of the investment philosophy is capital preservation. The major categories of assets in the Bank’s Pension Plan as of year-end are presented in the following table. Assets are segregated according to their investment objective by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (see Note 20 – Fair Value of Financial Instruments). 2021 2020 (in thousands)Level 1: Cash $ 22 $ 11Mutual funds: Short-term investments: Money market 160 93Fixed Income: 4,144 4,450Equities: Large cap 920 783International large cap 1,290 1,246 $ 6,536 $ 6,583 The mutual funds are actively traded with market quotes available on at least a daily basis. Therefore, they are Level 1 assets. The discount rate utilized by the Company for determining future pension obligations is based on a review of long-term bonds that receive one of the two highest ratings given by a recognized rating agency. The discount rate determined on this basis increased from 2.42% at December 31, 2020 to 2.77% at December 31, 2021 for the Company's Pension Plan. Expected benefit payments under the Pension Plan over the next ten years at December 31, 2021 are as follows: (in thousands)2022 $ 2552023 2802024 3282025 3362026 341Year 2027 - 2031 1,704 Supplemental Executive Retirement PlansThe Bank also maintains a non-qualified supplemental executive retirement plan (the “SERP”) covering certain members of the Company’s senior management. The SERP was amended during 2003 to provide a benefit based on a percentage of final average earnings, as opposed to the fixed benefit that was provided for in the superseded plan.On April 8, 2010, the Compensation Committee of the Board of Directors of the Company approved the adoption of the Evans Bank, N.A. Supplemental Executive Retirement Plan for Senior Executives (“the Senior Executive SERP”). The “old” SERP plan will keep its participants at the time of the creation of the Senior Executive SERP, but any future executives identified by the Board of Directors as eligible for SERP benefits will participate in the Senior Executive SERP. A participant is generally entitled to receive a benefit under the Senior Executive SERP upon a termination of employment, other than for “cause”, after the participant has completed 10 full calendar years of service with the Bank. No benefit is payable under the Senior Executive SERP if the participant’s employment is terminated for “cause” or if the participant voluntarily terminates before completing 10 full calendar years of service with the Bank. In addition, the payment of benefits under the Senior Executive SERP is conditioned upon certain agreements of the participant related to confidentiality, cooperation, non-competition, and non-solicitation. A participant will be entitled to a retirement benefit under the Senior Executive SERP if his or her employment with the Bank terminates other than for “cause”. The “accrued benefit” is based on a percentage of the participant’s final average earnings, which is determined based upon the participant’s total annual compensation over the highest consecutive five calendar years of the participant’s employment with the Bank, accrued over the participant’s “required benefit service”. The percentages and years of service requirements are set forth in each participant’s Participation Agreement, and range from 25% to 35% and from 15 to 20 years. The obligations related to the two SERP plans are indirectly funded by various life insurance contracts naming the Bank as beneficiary. The Bank has also indirectly funded the SERPs, as well as other benefits provided to other employees, through bank-owned life insurance. The Bank uses an actuarial method of amortizing unrecognized net gains or losses which result from actual experience and assumptions being different than those that are projected. The amortization method the Bank is using recognizes the net gains or losses over the average remaining service period of active employees, which exceeds the required amortization. Selected financial information for the two SERP plans is as follows: 2021 2020Change in benefit obligation: (in thousands)Benefit obligation at the beginning of the year $ 6,148 $ 5,747 Service cost 148 155 Interest cost 100 151 Actuarial (gain) loss (357) 472 Benefits paid (285) (377)Benefit obligation at the end of the year 5,754 6,148 Change in plan assets: Fair value of plan assets at the beginning of year - - Actual return on plan assets - - Employer contributions 285 377 Benefits paid (285) (377)Fair value of plan assets at the end of year - - Funded status $ (5,754) $ (6,148) Amount recognized in the Consolidated Balance Sheets consist of: Accrued benefit liabilities $ (5,754) $ (6,148) Amount recognized in the Accumulated Other Comprehensive Loss consists of: Net actuarial loss $ 1,106 $ 1,746 Prior service cost 31 62 Net amount recognized in equity - pre-tax $ 1,137 $ 1,808 Accumulated benefit obligation at year end $ 5,591 $ 5,920 Assumptions used by the Bank in the determination of SERP information consisted of the following: 2021 2020 2019Discount rate for projected benefit obligation 2.23% 1.66% 2.72%Discount rate for net periodic pension cost 1.66% 2.72% 3.84%Salary scale 3.00% 3.00% 6.00% The discount rate utilized by the Company for determining future pension obligations is based on a review of long-term bonds that receive one of the two highest ratings given by a recognized rating agency. The discount rate determined on this basis increased from 1.66% at December 31, 2020 to 2.23% at December 31, 2021 (i.e. the measurement date) for the SERP. The components of net periodic benefit cost consisted of the following: 2021 2020 2019 (in thousands)Service cost $ 148 $ 155 $ 146Interest cost 100 151 202Net amortization and deferral 314 381 266Net periodic benefit cost $ 562 $ 687 $ 614 Expected benefit payments under the SERP over the next ten years at December 31, 2021 are as follows: (in thousands)2022 $ 4082023 2852024 2,7502025 2852026 285Year 2027 - 2031 1,026Other Compensation Plans The Company has a non-qualified deferred compensation plan whereby directors and certain officers may defer a portion of their base pre-tax compensation. Additionally, the Company has a non-qualified executive incentive retirement plan, whereby the Company defers on behalf of certain officers a portion of their base compensation until retirement or termination of service, subject to certain vesting arrangements. Aggregate expense under these plans was approximately $0.2 million in 2021, $0.1 million in 2020, and $0.2 million in 2019. The benefit obligation, included in other liabilities in the Company’s consolidated balance sheets, was $1.9 million at December 31, 2021 and $1.8 million at December 31, 2020. These benefit plans are indirectly funded by bank-owned life insurance contracts with a total aggregate cash surrender value of approximately $34.3 million and $34.0 million at December 31, 2021 and 2020, respectively. Increases in cash surrender value are included in other non-interest income on the Company’s Consolidated Statements of Income. Endorsement split-dollar life insurance benefits have also been provided to directors and certain officers of the Bank and its subsidiaries during employment. The Company acquired a deferred compensation plan from FSB during 2020 which requires the Company to make scheduled payments to the participants. At December 31, 2021, this plan consisted of one participant that receives $5 thousand monthly payments through June 2033. The benefit obligation, included in other liabilities in the Company’s consolidated balance sheets, was $0.7 million at December 31, 2021. The Company also has a defined contribution retirement and thrift 401(k) Plan (the “401(k) Plan”) for its employees who meet certain length of service and age requirements. The provisions of the 401(k) Plan allow eligible employees to contribute a portion of their annual salary, up to the IRS statutory limit. The 401(k) plan includes a Qualified Automatic Contribution Arrangement (“QACA”). This arrangement features automatic deferred contributions with annual escalation, a QACA matching contribution, and an additional matching contribution. Employees vest in employer contributions over six years. The Company’s expense under the 401(k) Plan was approximately $1.4 million in 2021, $1.2 million in 2020, and $1.0 million in 2019. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 13.STOCK-BASED COMPENSATION At December 31, 2021, the Company had two stock-based compensation plans, which are described below. The compensation cost charged against income for those plans was $0.7 million in 2021, $0.6 million in 2020, and $0.7 million in 2019, and is included in “Salaries and Employee Benefits” in the Company’s Consolidated Statements of Income. All stock option and restricted stock expense is recorded on a straight-line basis over the requisite service period. In addition, expenses for director stock-based compensation were recognized to reflect $0.2 million in 2021, $0.3 million in 2020, and $0.2 million in 2019, as part of “Other” expense in the Company’s Consolidated Statements of Income. 2019 Long-Term Equity Incentive Plan Under the Company’s 2019 Long-Term Equity Incentive Plan (the “2019 Plan”) and, prior to the adoption of the 2019 Plan by shareholders in April 2019, under the Company’s 2009 Long-Term Incentive Plan (the “2009 Plan” and together with the 2019 Plan, the “Equity Plans”), the Company has granted options or restricted stock to officers, directors and key employees of the Company and its subsidiaries. Under the Equity Plans, the Company was authorized to issue up to 603,883 shares of common stock. Under the Equity Plans, the exercise price of each option is not to be less than 100% of the market price of the Company’s stock on the date of grant and an option’s maximum term is ten years. If available, the Company normally issues shares out of its treasury for any options exercised or restricted shares issued. The options have vesting schedules from 12 months through 5 years. At December 31, 2021, there were a total of 221,065 shares available for grant under the 2019 Plan. The Company may no longer make grants under the 2009 Plan. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: 2021 2020 2019Dividend Yield 3.07% 4.55% 2.88%Expected Life (years) 7.18 7.09 6.96 Expected Volatility 27.54% 26.64% 17.36%Risk-free Interest Rate 1.51% 0.63% 2.47%Weighted Average Fair Value $ 7.80 $ 3.41 $ 5.01 The Company used historical volatility calculated using daily closing prices for its common stock over periods that match the expected term of the option granted to estimate the expected volatility. The risk-free interest rate assumption was based upon U.S. Treasury yields appropriate for the expected term of the Company's stock options based upon the date of grant. The expected dividend yield was based upon the Company's recent history of paying dividends. The expected life was based upon the options’ expected vesting schedule and historical exercise patterns. Stock options activity for 2021 was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands)Balance, December 31, 2020 244,171 $ 27.71 Granted 17,040 39.06 Exercised (26,223) 15.59 Expired (1,657) 42.10 Forfeited (688) 39.46 Balance, December 31, 2021 232,643 $ 29.77 5.55 $ 2,597 Exercisable, December 31, 2021 160,990 $ 28.45 4.21 $ 2,018 Future compensation cost expected to be expensed over the weighted average remaining contractual term for remaining outstanding options is $0.3 million. The unrecognized compensation cost is scheduled to be recognized as follows: (in thousands)2022 $ 1352023 502024 402025 35 Restricted stock award activity for 2021 was as follows: Shares Weighted Average Grant Date Fair ValueBalance, December 31, 2020 43,264 $ 33.36Granted 18,490 34.87Vested (20,472) 35.77Forfeited (308) 39.89Balance, December 31, 2021 40,974 $ 32.79 As of December 31, 2021, there was $0.8 million in unrecognized compensation cost related to restricted share-based compensation arrangements granted under the Equity Plans. The unrecognized compensation cost is scheduled to be recognized as follows: (in thousands)2022 $ 4622023 1502024 1192025 104 During fiscal years 2021, 2020, and 2019, the following activity occurred under the Company’s plans: 2021 2020 2019 (in thousands)Total intrinsic value of stock options exercised $ 488 $ 206 $ 770Total fair value of restricted stock awards vested $ 701 $ 577 $ 610 Employee Stock Purchase Plan The Company also maintains the Evans Bancorp, Inc. Employee Stock Purchase Plan (the “Purchase Plan”). As of December 31, 2021, there were 60,811 shares of common stock available to issue to full-time employees of the Company and its subsidiaries, nearly all of whom are eligible to participate. Under the terms of the Purchase Plan, employees can choose each year to have up to 15% of their annual base earnings withheld to purchase the Company’s common stock. Employees can purchase stock only on June 30 and December 31 each year during the term of the Purchase Plan for 85% of the price on the purchase date. Under the Purchase Plan, the Company issued 12,166, 19,434, and 11,712 shares to employees in 2021, 2020, and 2019, respectively. Compensation cost is calculated by the value of the 15% discount only. The compensation cost that was charged against income for the Purchase Plan was less than $0.1 million in 2021, 2020, and 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 14.INCOME TAXES The components of the provision for income taxes were as follows: 2021 2020 2019 (in thousands)Current federal tax expense $ 4,951 $ 2,283 $ 4,639Current state tax expense 1,412 1,131 1,160Total current tax expense 6,363 3,414 5,799 Deferred federal tax expense (benefit) $ 1,165 $ (1,356) $ (513)Deferred state tax expense (benefit) 355 (496) (58)Total deferred tax expense (benefit) 1,520 (1,852) (571) Total income tax provision $ 7,883 $ 1,562 $ 5,228 The Company’s provision for income taxes differs from the amounts computed by applying the federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: 2021 2020 2019 Amount Percent Amount Percent Amount Percent (in thousands)Tax provision at statutory rate $ 6,704 21% $ 2,690 21% $ 4,671 21%Change in taxes resulting from: Tax-exempt income (230) - (203) (2) (213) (1) Historic tax credit (24) - (1,643) (13) (81) - State taxes, net of federal benefit 1,396 4 502 4 870 4 Other items, net 37 - 216 2 (19) - Income tax provision $ 7,883 25% $ 1,562 12% $ 5,228 24% In 2020, the Company recognized significant impact from its investments in partnerships that incurred expenses related to the rehabilitation of certified historic structures located in New York State after the historic structures were placed in service. At the time a historic structure is placed in service, the Bank is eligible for a federal and New York State tax credit. For New York State, any new credit earned from rehabilitated historic properties placed in service on or after January 1, 2015 not used in the current tax year will be treated as a refund or overpayment of tax to be credited to the next year’s tax. Since the realization of the tax credit does not depend on the Bank’s generation of future taxable income or the Bank’s ongoing tax status or tax position, the refund is not considered an element of income tax accounting. In such cases, the Bank would not record the credit as a reduction of income tax expense; rather, the Bank includes the refundable New York State tax credit in non-interest income with a corresponding receivable recorded in other assets. There were no significant historic tax credit transactions during 2021 and 2019. The following table presents the impact on the results of operations from the Bank’s historic tax credit activity for the years ended December 31, 2021, 2020 and 2019. 2021 2020 2019 Loss on tax credit investment $ (30) $ (2,475) $ (158)Refundable state historic tax credit 21 1,857 115Income tax benefit 24 1,643 81Total HTC income $ 15 $ 1,025 $ 38 At December 31, 2021 and 2020 the components of the net deferred tax asset were as follows: 2021 2020 (in thousands)Deferred tax assets: Pension and SERP plans $ 1,687 $ 1,864Allowance for loan and lease losses 4,744 5,247Deferred compensation 576 538Loss on investment in tax credit 135 415Stock options granted 193 181State tax credit carryforward 185 180Lease liabilities 1,353 1,476State net operating loss 387 316Net unrealized losses on securities 1,109 - Deferred loan fees and costs - 698Fair value adjustments of business combinations 623 1,071Other 29 52Gross deferred tax assets $ 11,021 $ 12,038 Deferred tax liabilities: Depreciation and amortization $ 1,187 $ 1,635Right of use assets 1,254 1,369Prepaid expenses 308 265Net unrealized gains on securities - 840Deferred loan fees and costs 161 - Mortgage servicing asset 238 238Other - 35Gross deferred tax liabilities $ 3,148 $ 4,382 Net deferred tax asset $ 7,873 $ 7,656 The net deferred tax asset at December 31, 2021 and 2020 is included in “other assets” in the Company’s consolidated balance sheets. In assessing the ability of the Company to realize the benefit of the 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, including assessing all positive and negative evidence and the weight of such evidence. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, availability of operating loss carrybacks, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income, the opportunity for net operating loss carrybacks, and projections for future taxable income over the periods which deferred tax assets are deductible, management believes it is more likely than not that the Company will generate sufficient taxable income to realize the benefits of these deductible differences at December 31, 2021. Since historic tax credit investments are capital assets for federal income tax purposes, any loss recognized when an investment is ultimately sold will give rise to a capital loss that can only be realized to offset capital gain. As the Company’s ability to generate capital gain is limited, its assessment of the deferred tax asset may warrant the need for a valuation allowance to be recorded if it is determined the asset is more-likely-than-not to not be realized. The expected capital loss includes the projected tax basis after claiming the tax credit, tax losses, and cash distributions. There was no valuation allowance at December 31, 2021 and 2020. While the Company does not typically generate capital gains, during 2020, the Company recognized a capital gain in connection with the sale of property that resulted in a reversal of the valuation allowance on the net deferred tax asset for the investment in historic tax credits. The state tax credit carryforward has an indefinite life with no expiration date in which to utilize the credit. The Company did not have any unrecognized tax benefits for the years ended December 31, 2021, 2020, and 2019. There were no accrued penalties and interest at December 31, 2021 and 2020. The Company is subject to routine audits of its tax returns by the Internal Revenue Service (“IRS”) and various state taxing authorities. The tax years 2018-2020 remain subject to examination by the IRS. The New York State Department of Taxation & Finance is conducting an examination of the tax years 2018-2020. The Company does not expect any material adverse findings from this examination. |
Revenue Recognition Of Non-Inte
Revenue Recognition Of Non-Interest Income | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition Of Non-Interest Income [Abstract] | |
Revenue Recognition Of Non-Interest Income | 15. REVENUE RECOGNITION OF NON-INTEREST INCOME A description of the Company’s material revenue streams in non-interest income accounted for under ASC 606 follows: Insurance Service and Fees: Insurance services revenue relates to various revenue streams from services provided by TEA and the Bank: TEA earns commission revenue from selling commercial and personal property and casualty (“P&C”) insurance as well as employee benefits (“EB”) solutions to commercial customers. TEA has agreements with various insurance companies to sell policies to customers on behalf of the carriers. The performance obligation for TEA is to sell annual P&C policies to commercial customers and consumers. This performance obligation is met when a new policy is sold or when an existing policy renews. The policies are generally one year terms. In the agreements with the respective insurance companies, a commission rate is agreed upon. The commission is recognized at the time of the sale of the policy or when a policy renews. TEA has signed contracts with insurance carriers that enable TEA to sell benefit plans to commercial customers on behalf of the insurance carriers. The performance obligation for TEA is to sell the plans to commercial customers. After the initial sale when the customer signs an agreement to purchase the offered benefit plan, the performance obligation is met each month when a customer continues utilizing benefit plans from the carrier. The customer does not commit to a specific length of time with the carrier. In the agreements with the respective insurance companies, a commission rate is agreed upon. Revenue is recognized each month when the customer continues with the benefit plan sold by TEA. TEA also earns contingent profit sharing revenue. The insurance companies measure the loss ratio for TEA’s customers and pay TEA according to how profitable TEA customers are. TEA has signed written agreements with insurance carriers that document payouts to TEA based on the loss ratios of its customers. The performance obligation for TEA is to maintain a customer base with loss ratios below the agreed upon thresholds. In the contracts with the insurance companies, payout rates based on loss ratios are documented. The consideration is variable as loss ratios vary based on customer experience. TEA’s performance obligation is over the course of the year as its customers’ performance with insurance carriers is measured throughout the year as losses occur. Due to the variable nature of contingent profit sharing revenue, TEA will accrue contingent profit sharing revenue throughout the year based on recent historical results. As loss events occur and overall performance becomes known to TEA, accrual adjustments will be made until the cash is ultimately received. Financial services commission revenue from the Bank related to wealth management such as life insurance, annuities, and mutual funds sales is also included in the “insurance service and fees” line of the income statement. The Company earns wealth management fees from its contracts with customers for certain financial services. Fees that are transaction-based are recognized at the point in time that the transaction is executed. Other related services provided include financial planning services and the fees the Bank earns are recognized when the services are rendered. Insurance claims services revenue is recorded at Frontier Claims Services, Inc. (“FCS”). FCS has signed agreements with insurance companies to perform claims services including investigative and adjustment services related to residential and commercial lines. The performance obligation is for FCS to investigate the insurance claims and inspecting the damage to determine the extent of the insurance company’s liability. FCS is paid based on time and materials expended to investigate the claim. The rates paid are determined in the agreement between FCS and the respective insurance companies. Upon completion of its claims inspection work, FCS bills the insurance company for services rendered and recognizes the revenue earned. FCS discontinued operations on December 31, 2021. A disaggregation of the total insurance service and other fees at December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands)Commercial property and casualty insurance commissions$ 3,993 $ 4,023 $ 4,014Personal property and casualty insurance commissions 3,288 3,388 3,416Employee benefits sales commissions 902 1,173 1,136Profit sharing and contingent revenue 1,198 1,077 1,050Wealth management and other financial services 638 516 517Insurance claims services revenue 285 292 453Other insurance-related revenue 153 141 102Total insurance service and other fees$10,457 $10,610 $10,688 Service charges on deposit accounts The Company earns fees from its deposit customers for transaction-based, account maintenance and overdraft. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Similarly, overdraft fees are recognized at the point in time that the overdraft occurs as this corresponds with the Company's performance obligation. Service charges on deposit accounts are withdrawn from the customer's account balance.Interchange fee incomeThe Company earns interchange fees from cardholder transactions conducted through the Mastercard payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized concurrent with the transaction processing services provided to the cardholder. Interchange income is presented on the Consolidated Statements of Income net of expenses. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16.RELATED PARTY TRANSACTIONS The Bank has entered into loan transactions with certain directors, executive officers, significant shareholders and their affiliates (related parties) in the ordinary course of its business. The aggregate outstanding principal balance of loans to such related parties on December 31, 2021 and 2020 was $1.7 million and $3.4 million, respectively. During 2021, there were $2.8 million of advances and new loans to such related parties, and repayments amounted to $4.5 million. Deposits from related parties were $2.6 million and $2.3 million as of December 31, 2021 and 2020, respectively. |
Contingent Liabilities And Comm
Contingent Liabilities And Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Contingent Liabilities And Commitments [Abstract] | |
Contingent Liabilities And Commitments | 17.CONTINGENT LIABILITIES AND COMMITMENTS The Company’s consolidated financial statements do not reflect various commitments and contingent liabilities which arise in the normal course of business and which involve elements of credit risk, interest rate risk, and liquidity risk. These commitments and contingent liabilities are commitments to extend credit and standby letters of credit. A summary of the Bank’s commitments and contingent liabilities at December 31, 2021 and 2020 is as follows: December 31, December 31, 2021 2020 (in thousands) Commitments to extend credit $ 394,953 $ 359,152Standby letters of credit 4,636 3,803Total $ 399,589 $ 362,955 Commitments to extend credit and standby letters of credit all include exposure to some credit loss in the event of non-performance of the customer. The Bank’s credit policies and procedures for credit commitments and financial guarantees are the same as those for extensions of credit that are recorded on the Consolidated Balance Sheets. Because these instruments have fixed maturity dates, and because they may expire without being drawn upon, they do not necessarily represent cash requirements to the Bank. The Bank has not incurred any losses on its commitments during the past three years and has not recorded a reserve for its commitments. The Company has entered into contracts with third parties, some of which include indemnification clauses. Examples of such contracts include contracts with third-party service providers, brokers and dealers, correspondent banks, and purchasers of residential mortgages. Additionally, the Company has bylaws, policies, and agreements under which it agrees to indemnify its officers and directors from liability for certain events or occurrences while the directors or officers are, or were, serving at the Company’s request in such capacities. The Company indemnifies its officers and directors to the fullest extent allowed by law. The maximum potential amount of future payments that the Company could be required to make under these indemnification provisions is unlimited, but would be affected by all relevant defenses to such claims, as well as directors’ and officers’ liability insurance maintained by the Company. Due to the nature of these indemnification provisions, it is not possible to quantify the aggregate exposure to the Company resulting from them. Certain lending commitments for construction residential mortgage loans are considered derivative instruments under the guidelines of GAAP. The changes in the fair value of these commitments, due to interest rate risk, are not recorded on the consolidated balance sheets as the fair value of these derivatives is not considered to be material. The Company leases certain offices, land and equipment under long-term operating leases. The aggregate minimum annual rental commitments under these leases total approximately $1.1 million in 2022, $0.9 million 2023, $0.8 million 2024, $0.6 million in 2025, $0.6 million in 2026 and $1.7 million thereafter. The rental expense under operating leases contained in the Company’s Consolidated Statements of Income was $1.1 million in 2021, $1.0 million in 2020, and $0.7 million in 2019. |
Concentrations Of Credit
Concentrations Of Credit | 12 Months Ended |
Dec. 31, 2021 | |
Concentrations Of Credit [Abstract] | |
Concentrations Of Credit | 18.CONCENTRATIONS OF CREDIT All of the Bank’s loans, commitments, and standby letters of credit have been granted to customers in the Bank’s primary market areas of the Western New York and the Finger Lakes Region of New York State. Investments in state and municipal securities also involve governmental entities within the Bank’s primary market area. The concentrations of credit by type of loan are set forth in Note 4 to these Consolidated Financial Statements, "Loans and the Allowance for Loan Losses." The distribution of commitments to extend credit approximates the distribution of loans outstanding. Standby letters of credit were granted primarily to commercial borrowers. The Bank, as a matter of policy, does not extend credit to any single borrower or group in excess of 15% of capital. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information [Abstract] | |
Segment Information | 19.SEGMENT INFORMATION The Company is comprised of two primary business segments: banking activities and insurance agency activities. The operating segments are separately managed and their performance is evaluated based on net income. The banking business segment includes both commercial and consumer banking services, including a wide array of lending and depository services as well as offering non-deposit investment products, such as annuities and mutual funds. The insurance agency segment includes the activities of selling various premium-based insurance policies on a commission basis, including business and personal insurance, employee benefits, surety bonds, risk management, life, disability and long-term care coverage, as well as providing claims adjusting services to various insurance companies. All sources of segment specific revenues and expenses contributed to management’s definition of net income. Revenues from transactions between the two segments are not significant. The following tables set forth information regarding these segments for the years ended December 31, 2021, 2020, and 2019. 2021 Banking Insurance Agency Activities Activities Total (in thousands) Net interest income $ 72,785 $ - $ 72,785 Credit for loan losses (1,513) - (1,513)Net interest income after credit for loan losses 74,298 - 74,298 Insurance service and fees 580 9,877 10,457 Other non-interest income 8,136 254 8,390 Amortization expense 21 516 537 Other non-interest expense 52,843 7,839 60,682 Income before income taxes 30,150 1,776 31,926 Income tax provision 7,421 462 7,883 Net income $ 22,729 $ 1,314 $ 24,043 2020 Banking Insurance Agency Activities Activities Total (in thousands) Net interest income (expense) $ 59,793 $ (11) $ 59,782 Provision for loan losses 5,351 - 5,351 Net interest income (expense) after provision for loan losses 54,442 (11) 54,431 Insurance service and fees 488 10,122 10,610 Other non-interest income 7,623 4 7,627 Amortization expense 15 518 533 Other non-interest expense 51,322 8,005 59,327 Income before income taxes 11,216 1,592 12,808 Income tax provision 1,143 419 1,562 Net income $ 10,073 $ 1,173 $ 11,246 2019 Banking Insurance Agency Activities Activities Total (in thousands) Net interest income (expense) $ 52,152 $ (97) $ 52,055 Provision for loan losses 75 - 75 Net interest income (expense) after provision for loan losses 52,077 (97) 51,980 Insurance service and fees 480 10,208 10,688 Other non-interest income 7,232 162 7,394 Amortization expense - 448 448 Other non-interest expense 38,961 8,411 47,372 Income before income taxes 20,828 1,414 22,242 Income tax provision 4,860 368 5,228 Net income $ 15,968 $ 1,046 $ 17,014 December 31, December 31, 2021 2020 (in thousands)Identifiable Assets, Net Banking activities $ 2,192,348 $ 2,025,498 Insurance agency activities 18,292 18,617 Consolidated Total Assets $ 2,210,640 $ 2,044,115 |
Fair Value Of Assets And Liabil
Fair Value Of Assets And Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Of Assets And Liabilities [Abstract] | |
Fair Value Of Assets And Liabilities | 20.FAIR VALUE OF ASSETS AND LIABILITIES Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels of inputs to fair value measurements:Level 1 inputs are quoted prices for identical instruments in active markets;Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; andLevel 3 inputs are unobservable inputs. Observable market data should be used when available. ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS The following table presents for each of the fair-value hierarchy levels as defined in this footnote, those assets and liabilities which are measured at fair value on a recurring basis at December 31, 2021 and 2020: (in thousands) Level 1 Level 2 Level 3 Fair Value December 31, 2021 Securities available-for-sale: US treasuries and government agencies $ - $ 96,818 $ - $ 96,818States and political subdivisions - 6,246 - 6,246Mortgage-backed securities - 202,895 - 202,895 December 31, 2020 Securities available-for-sale: US treasuries and government agencies $ - $ 68,098 $ - $ 68,098States and political subdivisions - 7,524 - 7,524Mortgage-backed securities - 86,774 - 86,774 Securities available for sale Fair values for available for sale securities are determined using independent pricing services and market-participating brokers. The Company utilizes a third-party for these pricing services. The third-party utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, the third-party service provider’s evaluated pricing applications apply information as applicable through processes, such as benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. In addition, our third-party pricing service provider uses model processes, such as the Option Adjusted Spread model, to assess interest rate impact and develop prepayment scenarios. The models and the process take into account market convention. For each asset class, a team of evaluators gathers information from market sources and integrates relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models. The third-party, at times, may determine that it does not have sufficient verifiable information to value a particular security. In these cases the Company will utilize valuations from another pricing service. On a quarterly basis the Company reviews changes, as submitted by our third-party pricing service provider, in the market value of its securities portfolio. Individual changes in valuations are reviewed for consistency with general interest rate movements and any known credit concerns for specific securities. Additionally, on a quarterly basis the Company has its entire securities portfolio priced by a second pricing service to determine consistency with another market evaluator. If, on the Company’s review or in comparing with another servicer, a material difference between pricing evaluations were to exist, the Company may submit an inquiry to our third-party pricing service provider regarding the data used to value a particular security. If the Company determines it has market information that would support a different valuation than our third-party service provider’s evaluation it can submit a challenge for a change to that security’s valuation. There were no material differences in valuations noted in 2021 or 2020. Securities available for sale are classified as Level 2 in the fair value hierarchy as the valuation provided by the third-party provider uses observable market data. ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A NONRECURRING BASIS The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements. The following table presents for each of the fair-value hierarchy levels as defined in this footnote, those assets and liabilities which are measured at fair value on a nonrecurring basis at December 31, 2021 and 2020: (in thousands) Level 1 Level 2 Level 3 Fair Value December 31, 2021 Collateral dependent impaired loans $ - $ - $ 4,608 $ 4,608 December 31, 2020 Collateral dependent impaired loans $ - $ - $ 7,496 $ 7,496 Impaired loans Collateral dependent loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for credit losses. The Company evaluates and values collateral dependent impaired loans at the time the loan is identified as impaired, and the fair values of such loans are estimated using Level 3 inputs in the fair value hierarchy. Each loan’s collateral value has a unique appraisal and management’s discount of the value is based on factors unique to each impaired loan. The significant unobservable input in determining the fair value is management’s subjective discount on appraisals of the collateral securing the loan, which ranges from 10%-50%. Fair value is estimated based on the value of the collateral securing these loans. Collateral may consist of real estate and/or business assets including equipment, inventory and/or accounts receivable and the value of these assets is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, estimated costs to sell, and/or management’s expertise and knowledge of the client and the client’s business. The Company has an appraisal policy in which appraisals are obtained upon a commercial loan being downgraded on the Company’s internal loan rating scale to a special mention or a substandard depending on the amount of the loan, the type of loan and the type of collateral. All impaired commercial loans are graded substandard or worse on the internal loan rating scale. For consumer loans, the Company obtains appraisals when a loan becomes 90 days past due or is determined to be impaired, whichever occurs first. Subsequent to the downgrade or reaching 90 days past due, if the loan remains outstanding and impaired for at least one year more, management may require another follow-up appraisal. Between receipts of updated appraisals, if necessary, management may perform an internal valuation based on any known changing conditions in the marketplace such as sales of similar properties, a change in the condition of the collateral, or feedback from local appraisers. Collateral dependent impaired loans had a gross value of $5.0 million, with an allowance for loan loss of $0.4 million, at December 31, 2021 compared with $8.8 million and $1.3 million, respectively, at December 31, 2020. At December 31, 2021 and 2020, the estimated fair values of the Company’s financial instruments, including those that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows: December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) (in thousands)Financial assets: Level 1: Cash and cash equivalents $ 244,785 $ 244,785 $ 97,604 $ 97,604 Level 2: Available for sale securities 305,959 305,959 162,396 162,396 FHLB and FRB stock 6,084 N/A 5,793 N/ALevel 3: Held to maturity securities 3,165 3,179 4,204 4,271 Loans, net 1,553,467 1,573,420 1,673,379 1,720,878 Financial liabilities: Level 1: Demand deposits $ 492,864 $ 492,864 $ 436,157 $ 436,157 NOW deposits 259,908 259,908 230,751 230,751 Savings deposits 1,019,925 1,019,925 825,947 825,947 Level 2: Securities sold under agreement to repurchase 4,112 4,112 4,093 4,093 Other borrowed funds 32,879 32,990 44,698 45,547 Subordinated debt 30,974 32,111 30,872 31,394 Level 3: Time deposits 164,340 164,574 278,554 280,059 The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. FHLB and FRB stock The carrying value of FHLB and FRB stock, which are non-marketable equity investments, approximates fair value. Deposits The fair value of demand deposits, NOW accounts, muni-vest accounts and regular savings accounts is the amount payable on demand at the reporting date. The fair value of time deposits is estimated using the rates currently offered for deposits of similar remaining maturities. Borrowed Funds and Securities Sold Under Agreement to Repurchase The fair value of securities sold under agreement to repurchase approximates its carrying value. The fair value of other borrowed funds was estimated using a discounted cash flow analysis based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Subordinated Debt Subordinated debt consists of subordinated notes and trust preferred capital securities. There is no active market for the Company’s trust preferred capital securities and there have been no issuances of similar instruments in recent years. The Company looked at a market bond index to estimate a discount margin to value the debentures. The discount margin was very similar to the spread to LIBOR established at the issuance of the debentures. As a result, the Company determined that the fair value of the adjustable-rate debentures approximates their face amount. The Company utilizes active markets with similar assets to determine the fair value of the subordinated notes. Pension Plan Assets Refer to Note 12 to these Consolidated Financial Statements, “Employee Benefits and Deferred Compensation Plans” for the fair value analysis of the Pension Plan assets. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | 21.REGULATORY MATTERS Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table that follows) of Common Equity Tier I, Total Capital, and Tier I Capital (as defined in FRB regulations) to risk-weighted assets (as defined in FRB regulations), and of Tier I capital (as defined in FRB regulations) to average assets (as defined in FRB regulations). Management believes that as of December 31, 2021 and 2020, the Bank met all capital adequacy requirements to which they are subject. The most recent notification from their regulators categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum Common Equity Tier I, total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category rating. The Bank’s actual capital amounts and ratios were as follows: December 31, 2021 (in thousands) Bank Minimum for Capital Adequacy Purposes Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common Equity Tier I (to Risk Weighted Assets) $ 200,420 13.68% $ 65,940 4.5 % $ 95,247 6.5 % Total Capital (to Risk Weighted Assets) $ 218,740 14.93% $ 117,227 8.0 % $ 146,534 10.0 % Tier I Capital (to Risk Weighted Assets) $ 200,420 13.68% $ 87,921 6.0 % $ 117,227 8.0 % Tier I Capital (to Average Assets) $ 200,420 9.19% $ 87,278 4.0 % $ 109,098 5.0 % December 31, 2020 (in thousands) Bank Minimum for Capital Adequacy Purposes Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common Equity Tier I (to Risk Weighted Assets) $ 181,916 12.69% $ 64,633 4.5 % $ 93,358 6.5% Total Capital (to Risk Weighted Assets) $ 199,863 13.94% $ 114,902 8.0 % $ 143,628 10.0% Tier I Capital (to Risk Weighted Assets) $ 181,916 12.69% $ 86,177 6.0 % $ 114,902 8.0% Tier I Capital (to Average Assets) $ 181,916 8.96% $ 81,329 4.0 % $ 101,662 5.0 % Dividends are paid as declared by the Board of Directors. Under New York law, the Company may pay dividends only if it is solvent and would not be rendered insolvent by the dividend payment and only from unrestricted and unreserved earned surplus, or if there is no surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. The Company and the Bank are subject to dividend restrictions imposed by the FRB and the OCC, respectively. In general, it is the policy of the FRB that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the holding company is consistent with the organization’s capital needs, asset quality and overall financial condition. Dividends may be paid by the Bank only if it would not impair the Bank’s capital structure, if the Bank’s surplus is at least equal to its common capital and if the dividends declared in any year do not exceed the total of retained net profits in that year combined with retained profits of the preceding two years. |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Parent Company Only Financial Information [Abstract] | |
Parent Company Only Financial Information | 22.PARENT COMPANY ONLY FINANCIAL INFORMATION Parent company (Evans Bancorp, Inc.) only condensed financial information is as follows: CONDENSED BALANCE SHEETS December 31, 2021 2020 (in thousands)ASSETS Cash$ 1,864 $ 1,642Other assets 478 485Investment in subsidiaries 213,717 198,873Total assets$ 216,059 $ 201,000 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES: Subordinated debt$ 30,974 $ 30,872Other liabilities 1,193 1,223Total liabilities 32,167 32,095 STOCKHOLDERS’ EQUITY Total Stockholders’ Equity$ 183,892 $ 168,905Total liabilities and stockholders’ equity$ 216,059 $ 201,000 CONDENSED STATEMENTS OF INCOME December 31, 2021 2020 2019 (in thousands)Dividends from subsidiaries$ 8,100 $ 4,500 $ 4,500Income - - 4Expenses (2,565) (3,290) (1,323)Income before equity in undistributed earnings of subsidiaries 5,535 1,210 3,181Equity in undistributed earnings of subsidiaries 18,508 10,036 13,833Net income$ 24,043 $ 11,246 $ 17,014 CONDENSED STATEMENTS OF CASH FLOWS Year Ended 2021 2020 2019 (in thousands)Operating Activities: Net income$ 24,043 $ 11,246 $ 17,014Adjustments to reconcile net income to net cash provided by operating activities: Undistributed earnings of subsidiaries (18,508) (10,036) (13,833)Changes in assets and liabilities affecting cash flow: Other assets 7 (78) 130Other liabilities (30) (48) 4Other 361 314 180Net cash provided by operating activities 5,873 1,398 3,495 Investing Activities: Investment in subsidiaries - (15,000) -Net cash used in investing activities - (15,000) - Financing Activities: Proceeds from issuance of common stock 890 717 1,178Cash dividends paid (6,541) (5,991) (5,092)Proceeds from long-term borrowings - 20,000 -Debt issuance cost of long term borrowings - (509) -Net cash (used in) provided by financing activities (5,651) 14,217 (3,914) Net increase (decrease) in cash 222 615 (419) Cash beginning of year 1,642 1,027 1,446 Cash ending of year$ 1,864 $ 1,642 $ 1,027 |
Organization And Summary Of S_2
Organization And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Organization And Summary Of Significant Accounting Policies [Abstract] | |
Organization And General | Organization and General Evans Bancorp, Inc. (the “Company”) was organized as a New York business corporation and incorporated under the laws of the State of New York on October 28, 1988 for the purpose of becoming a bank holding company. Through August 2004, the Company was registered with the Federal Reserve Board (“FRB”) as a bank holding company under the Bank Holding Company Act of 1956, as amended. In August 2004, the Company filed for, and was approved as, a Financial Holding Company under the Bank Holding Company Act. The Company currently conducts its business through its two subsidiaries: Evans Bank, N.A. (the “Bank”), a nationally chartered bank, and its subsidiary, Evans National Holding Corp. (“ENHC”); and Evans National Financial Services, LLC (“ENFS”) and its subsidiary, The Evans Agency LLC (“TEA”). Unless the context otherwise requires, the term “Company” refers collectively to Evans Bancorp, Inc. and its subsidiaries. The Company conducts its business through its subsidiaries. It does not engage in any other substantial business. |
Regulatory Requirements | Regulatory Requirements The Company is subject to the rules, regulations, and reporting requirements of various regulatory bodies, including the FRB, the Federal Deposit Insurance Corporation (“FDIC”), the Office of the Comptroller of the Currency (“OCC”), the New York State Department of Financial Services (“NYSDFS”), and the Securities and Exchange Commission (“SEC”). |
Principles Of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Bank, ENFS and their subsidiaries. All material inter-company accounts and transactions are eliminated in consolidation. |
Accounting Estimates | Accounting Estimates Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and disclosure of contingent assets and liabilities in order to prepare these consolidated financial statements in conformity with U.S. generally accepted accounting principles. These estimates and assumptions are based on management’s best estimates and judgment and management evaluates them on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust our estimates and assumptions when facts and circumstances dictate. As future events cannot be determined with precision, actual results could differ significantly from our estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in periods as they occur. |
Cash And Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks and interest-bearing deposits at banks. |
Securities | Securities Securities which the Bank has the positive intent and ability to hold to maturity are classified as held to maturity and are stated at cost, adjusted for discounts and premiums that are recognized in interest income over the period to the earlier of the call date or maturity using the level yield method. These securities represent debt issuances of local municipalities in the Bank’s market area for which market prices are not readily available. Management periodically evaluates the financial condition of the municipalities for any indication that the Bank does not expect to recover the entire amortized cost basis of their bonds. Securities classified as available for sale are stated at fair value with unrealized gains and losses excluded from earnings and reported, net of deferred income taxes, in accumulated other comprehensive income or loss, a component of stockholders’ equity. Gains and losses on sales of securities are computed using the specific identification method. Declines in the fair value of investment securities (with certain exceptions for debt securities noted below) that are deemed to be other-than-temporary are charged to earnings as a realized loss and a new cost basis for the securities is established. Declines in the fair value of debt securities below amortized cost are deemed to be other-than-temporary in circumstances where: (1) the Bank has the intent to sell a security; (2) it is more likely than not that the Bank will be required to sell the security before recovery of its amortized cost basis; or (3) the Bank does not expect to recover the entire amortized cost basis of the security. If the Bank intends to sell a security or if it is more likely than not that the Bank will be required to sell the security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If the Bank does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the other-than-temporary impairment write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income. The Bank does not engage in securities trading activities. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock The Bank is a member of the Federal Home Loan Bank (“FHLB”) System. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are recorded as a component of interest income. |
Federal Reserve Bank Stock | Federal Reserve Bank Stock The Bank is a member of the FRB. FRB stock is carried at cost, classified as a restricted security. Both cash and stock dividends are recorded as a component of interest income. |
Loan Servicing Assets | Loan Servicing Assets Servicing assets are related to residential mortgage loans sold and are recognized at the time of sale when servicing is retained with the income statement effect recorded in gains on loans sold. Servicing assets are initially recorded at fair value based on the present value of the contractually specified servicing fee, net of estimated servicing costs, over the estimated life of the loan. The servicing assets are subsequently amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. The Company periodically evaluates servicing assets for impairment based upon the fair value of the assets as compared to their carrying amount. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, generally are reported at their outstanding unpaid principal balances adjusted for unamortized deferred fees or costs. Interest income is accrued on the unpaid principal balance and is recognized using the interest method. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective yield method of accounting for amortizing loans and straight line over an estimated life for lines of credit. Loans become past due when the payment date has been missed. If payment has not been received within 30 days, then the loan is delinquent. Delinquent loans are placed into three categories; 30-59 days past due, 60-89 days past due, or 90+ days past due. Loans 90 or more days past due are considered non-performing. The accrual of interest on loans is discontinued at the time the loan is 90 days delinquent, unless the credit is well secured and in process of collection. If the credit is not well secured and in the process of collection, the loan is placed on non-accrual status and is subject to charge-off if collection of principal or interest is considered doubtful. A loan can also be placed on nonaccrual before it is 90 days delinquent if management determines that it is probable that the Bank will be unable to collect principal or interest due according to the contractual terms of the loan. All interest due but not collected for loans that are placed on non-accrual status or charged off is reversed against interest income. The interest on these loans is accounted for on the cost-recovery method, until it again qualifies for an accrual basis. Any cash receipts on non-accrual loans reduce the carrying value of the loans. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current, the adverse circumstances which resulted in the delinquent payment status are resolved, and payments are made in a timely manner for a period of time sufficient to reasonably assure their future dependability. The Bank considers a loan impaired when, based on current information and events, it is probable that it will be unable to collect principal or interest due according to the contractual terms of the loan. These loans are individually assessed for any impairment. Loan impairment is measured based on the present value of expected cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral, less costs to sell, if the loan is collateral dependent. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, estimated costs to sell, and/or management’s expertise and knowledge of the client and the client’s business. The Company has an appraisal policy in which appraisals are obtained upon a loan being downgraded on the Company’s internal loan rating scale to special mention or substandard depending on the amount of the loan, the type of loan and the type of collateral. All impaired nonaccrual loans are either graded special mention or substandard on the internal loan rating scale. Subsequent to the downgrade, if the loan remains outstanding and impaired for at least one year more, management may require another follow-up appraisal. Between receipts of updated appraisals, if necessary, management may perform an internal valuation based on any known changing conditions in the marketplace such as sales of similar properties, a change in the condition of the collateral, or feedback from local appraisers. The Bank monitors the credit risk in its loan portfolio by reviewing certain credit quality indicators (“CQI”). The primary CQI for its commercial mortgage and commercial and industrial (“C&I”) portfolios is the individual loan’s credit risk rating. The following list provides a description of the credit risk ratings that are used internally by the Bank when assessing the adequacy of its allowance for loan losses: Acceptable or better: Credits with a slight risk of loss. The loan is secured by collateral of sufficient value to cover the loan by an acceptable margin. The financial statements of the company demonstrate sufficient net worth and repayment ability. The company has established an acceptable credit history with the bank and typically has a proven track record of performance. Management is experienced, and has an at least average ability to manage the company. The industry has an average or less than average susceptibility to wide fluctuations in business cycles.Watch: Credits are generally acceptable but warrant greater attention than those rated acceptable or better. Temporary performance issues, if left unresolved, may result in above average risk. The borrower’s financial position is not typically strong. Earnings, while still positive, may be inconsistent. Industry issues or external events (such as possible litigation exposure) may cause concern. Although ability to repay is not an immediate concern, more regular monitoring may be necessary as a result of the short-term performance issues or sensitivities to external events that may result in a weakening condition. Any perceived weaknesses are acceptable when viewed against the overall credit and collateral risks assumed. Borrowers are likely fully leveraged when compared to others in a similar industry and their ability to raise capital may be limited. Special Mention: Credits that have potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Borrowers in this category may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet. Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure as special mention include management problems, pending litigation, stale financial statements, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. Potential weaknesses in commercial real estate loans may include, construction delays, changes in concept or project plan, slow leasing, rental concessions, deteriorating market conditions, impending expiry of a major lease, or other adverse events that do not currently jeopardize repayment. Substandard: Credits that are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility of loss if the deficiencies are not corrected. Substandard assets have a high probability of payment default, or they have other well-defined weaknesses. They are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigates. Although substandard assets in the aggregate will have distinct potential for loss, an individual asset’s loss potential does not have to be distinct for the asset to be rated substandard. A well-defined weakness may manifest itself via:•significant deterioration in financial condition of the borrower;•impairment of primary repayment source;•material deviation from planned absorption of rental or sales units; or•material deterioration in market conditions. Commercial real estate credits evidencing one or more of the following characteristics are evaluated for a possible substandard classification:•slower than projected leasing or sales activity that threatens to result in protracted repayment or default;•lower than projected lease rates or sales prices that jeopardize repayment capacity;•changes in concept or plan due to unfavorable market conditions;•construction or tax liens;•inability to obtain necessary zoning or permits necessary to develop the project as planned;•a diversion of needed cash from an otherwise viable property to satisfy the demands of a troubled borrower or guarantor;•material imbalances in the construction budget;•significant construction delays;•expiration of a major lease or default by a major tenant;•poorly structured of overly liberal repayment terms. When a project has slowed or stalled and the guarantor is providing some support but the loan has not been restructured, unless the guarantor is providing support of principal payments sufficient to retire the debt under reasonable terms, a substandard classification is typically warranted. If the guarantor is keeping interest payments current and shows a documented willingness and capacity to do so in the future, and collateral values protect against loss, the loan should generally be left on accrual. This level of support; however, does not fully mitigate the well-defined weaknesses in the credit and does not preclude a substandard classification. Doubtful: Credits that have all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. A doubtful asset has a high probability of total or substantial loss but because of specific pending events that may strengthen the assets, its classification as loss is deferred. Borrowers in this category are usually in default, lack adequate liquidity or capital and lack the resources necessary to remain an operating entity. Because of high probability of loss, nonaccrual accounting treatment is required for doubtful assets. Circumstances that might warrant a doubtful classification for commercial real estate loans could include collateral values that are uncertain due to a lack of comparisons in an inactive market, impending changes such as zoning classification, environmental issues, or the pending resolution of legal issues that may affect the realization of value in a sale. Loss: Credits that are considered uncollectable and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. Borrowers in this category are often in bankruptcy, have formally suspended debt repayments, or have otherwise ceased normal business operations. The Company does not maintain an asset on the balance sheet if realizing its value would require long-term litigation or other lengthy recovery efforts. The Company’s consumer loans, including residential mortgages and home equities, are not individually risk rated or reviewed in the Company’s loan review process. Consumers are not required to provide the Company with updated financial information as is a commercial customer. Consumer loans also carry smaller balances. Given the lack of updated information since the initial underwriting of the loan and small size of individual loans, the Company does not have credit risk ratings for consumer loans and instead uses delinquency status as the credit quality indicator for consumer loans. However, once a consumer loan is identified as impaired, it is individually evaluated for impairment. Loans acquired in a business combination are recorded at fair value with no carry-over of an acquired entity’s previously established allowance for credit losses. Purchased impaired loans represent specifically identified loans with evidence of credit deterioration for which it was probable at acquisition that the Company would be unable to collect all contractual principal and interest payments. For purchased impaired loans, the excess of cash flows expected at acquisition over the estimated fair value of acquired loans is recognized as interest income over the remaining lives of the loans. Subsequent decreases in the expected principal cash flows require the Company to evaluate the need for additions to the Company’s allowance for credit losses. Subsequent improvements in expected cash flows result first in the recovery of any related allowance for credit losses and then in recognition of additional interest income over the then remaining lives of the loans. For all other acquired loans, the difference between the fair value and outstanding principal balance of the loans is recognized as an adjustment to interest income over the lives of those loans. |
Allowance For Loan Losses | Allowance for Loan Losses The provision for loan losses represents the amount charged against the Bank’s earnings to maintain an allowance for probable incurred loan losses inherent in the portfolio based on management’s evaluation of the loan portfolio at the balance sheet date. Factors considered by the Bank’s management in establishing the allowance include: the collectability of individual loans, current loan concentrations, charge-off history, loss emergence period, delinquent loan percentages, the fair value of the collateral, input from regulatory agencies, and general economic conditions. On a quarterly basis, management of the Bank meets to review and determine the adequacy of the allowance for loan losses. In making this determination, the Bank’s management analyzes the ultimate collectability of the loans in its portfolio by incorporating feedback provided by the Bank’s internal loan staff, an independent internal loan review function and information provided by examinations performed by regulatory agencies. The analysis of the allowance for loan losses is composed of two components: specific credit allocation and general portfolio allocation. The specific credit allocation includes a detailed review of each impaired loan and allocation is made based on this analysis. Factors may include the appraisal value of the collateral, the age of the appraisal, the type of collateral, the performance of the loan to date, the performance of the borrower’s business based on financial statements, and legal judgments involving the borrower. The general portfolio allocation consists of an assigned reserve percentage based on the historical loss experience, the loss emergence period, and other qualitative factors of the loan category. The general portfolio allocation is segmented into homogeneous pools of loans with similar characteristics. Separate pools of loans include loans pooled by loan grade and by portfolio segment. An average historical loss rate over the past ten years multiplied by the loss emergence period factor is applied against these loans. For both the criticized and non-criticized loan pools in the general portfolio allocation, additional qualitative factors are applied. The qualitative factors applied to the general portfolio allocation reflect management’s evaluation of various conditions. The conditions evaluated include the following: levels and trends in delinquencies, non-accruals, and criticized loans; trends in volume and terms of loans; effects of any changes in lending policies and credit quality underwriting standards; experience, ability, and depth of management; national and economic trends and conditions; changes in the quality of the loan review system; concentrations of credit risk; changes in collateral value; and large loan risk. The total possible qualitative allocation is determined by comparing peer bank historical charge-off rates to the Bank’s historical charge-off rate. The actual qualitative allocation is determined by qualitative factor by loan type based on metrics that management believes are appropriate indicators of whether the Bank is in a low, moderate, or high risk range relative to historical experience for each qualitative factor. A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a Troubled Debt Restructuring (“TDR”). The allowances for credit losses on loans on a TDR is measured using the specific credit allocation. On April 7, 2020, federal banking regulators issued a revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions, which, among other things, encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of the effects of COVID-19, and stated that institutions generally do not need to categorize COVID-19-related modifications as TDRs and that the agencies will not direct supervised institutions to automatically categorize all COVID-19 related loan modifications as TDRs. Similarly, under the CARES Act, provisions were included that allow for loan modifications to not be classified as TDRs if certain criteria were met. The TDR exemption expired on January 1, 2022. |
Foreclosed Real Estate | Foreclosed Real Estate Foreclosed real estate is initially recorded at fair value (net of costs of disposal) at the date of foreclosure. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed. Assessments are periodically performed by management, and an allowance for losses is established through a charge to operations if the carrying value of a property exceeds fair value. |
Operating Leases | Operating Leases As of December 31, 2021, the Company only had operating leases related to our leased facilities. The Company determines if an arrangement is a lease at inception by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset for a period of time in exchange for consideration. Operating leases with a term of more than one year are included in operating lease Right-of-Use (“ROU”) assets and operating lease liabilities. The Company made a policy election to apply the short-term lease exemption to any operating leases with an original term of less than 12 months, therefore no ROU asset or lease liability is recorded for these operating leases. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. The Company uses the incremental borrowing rate commensurate with the lease term based on the information available at the lease commencement date in determining the present value of lease payments. |
Insurance Service And Fees | Insurance Service and Fees Commission revenue from selling commercial and personal property and casualty insurance on behalf of the insurance carriers is recognized at the time of the sale of the policy or when a policy renews. Commission revenue from selling benefit plans to commercial customers on behalf of the insurance carriers is recognized each month when the customer continues with the benefit plan. The Company also receives contingent commissions from insurance companies which are based on the overall profitability of their relationship based primarily on the loss experience of the insurance placed by the Company. Contingent commissions from insurance companies are accrued throughout the year based on recent historical results. As loss events occur and overall performance becomes known, accrual adjustments are recorded until the cash is ultimately received. Financial services commissions and insurance claims services revenue are recognized when the services are rendered. Information on insurance service and fee revenue is included in Note 15 to these Consolidated Financial Statements, “Revenue Recognition of Non-interest Income.” |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The Company records the excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired, less liabilities assumed, as goodwill. The Company does not amortize goodwill and any acquired intangible asset with an indefinite useful economic life, but reviews them for impairment at a reporting unit level on an annual basis, or when events or changes in circumstances indicate that the carrying amounts may be impaired. The Company has selected December 31 as the date to perform the annual impairment test. A reporting unit is defined as any distinct, separately identifiable component of one of our operating segments for which complete, discrete financial information is available and reviewed regularly by the segment’s management. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. The Company amortizes acquired intangible assets with definite useful economic lives, consisting of core deposit intangibles, customer relationships and trade names, over their useful economic lives, which range from 5 to 10 years, utilizing the straight-line method. |
Business Combinations | Business Combinations The company accounts for business combinations under the acquisition method of accounting. Upon obtaining control of the acquired entity, the Company records all identifiable assets and liabilities at their estimated fair values. Goodwill is recorded when the consideration paid for an acquired entity exceeds the estimated fair value of the net assets acquired. Changes to the acquisition date fair values of assets acquired and liabilities assumed may be made as adjustments to goodwill over a 12-month measurement period following the date of acquisition. Such adjustments are attributable to additional information obtained related fair value estimates of the assets acquired and liabilities assumed. Certain costs associated with business combinations are expensed as incurred. |
Subordinated Debt | Subordinated Debt Long-term borrowings are carried at cost, adjusted for amortization of premiums and accretion of discounts, which are recognized in interest expense using the interest method. Debt issuance costs are recognized in interest expense over the life of the instrument. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Bank has purchased insurance on the lives of Company directors and certain members of the Company’s management. The policies accumulate asset values to meet future liabilities, including the payment of employee benefits, such as retirement benefits. Increases in the cash surrender value are recorded as other income in the Company’s Consolidated Statements of Income. |
Properties And Equipment | Properties and Equipment Land is carried at cost. Properties and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 3 to 39 years. Impairment losses on properties and equipment are realized if the carrying amount is not recoverable from its undiscounted cash flows and exceeds its fair value. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax effects attributable to differences between the financial statement value of existing assets and liabilities and their respective tax bases and carryforwards. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the periods in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. The Bank has invested in partnerships that incur expenses related to the rehabilitation of a certified historic structure located in New York State. At the time the historic structure is placed in service, the Bank is eligible for a federal and New York State tax credit. At the same time, the Bank evaluates its investment, which is valued at the present value of the expected cash flows from its partnership interest. If the investment is determined to be impaired, the Bank will record that impairment loss on its income statement in non-interest income. The federal tax credit impact is included in the Company’s estimated effective tax rate calculation and recorded in income tax expense. For New York State, any new credit earned from rehabilitated historic properties placed in service on or after January 1, 2015 not used in the current tax year will be treated as a refund or overpayment of tax to be credited to the next year’s tax. Since the realization of the tax credit does not depend on the Bank’s generation of future taxable income or the Bank’s ongoing tax status or tax position, the refund is not considered an element of income tax accounting. In such cases, the Bank would not record the credit as a reduction of income tax expense; rather, the Bank includes the refundable New York State tax credit in non-interest income with a corresponding receivable recorded in other assets. |
Earnings Per Share | Earnings Per Share Earnings per common share is determined by dividing net income by the weighted average number of shares outstanding during the period. Diluted earnings per common share is based on increasing the weighted-average number of shares of common stock by the number of shares of common stock that would be issued assuming the exercise of stock options. Such adjustments to weighted-average number of shares of common stock outstanding are made only when such adjustments are expected to dilute earnings per common share. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive and are not included in calculating diluted earnings per share. There were 57,322, 81,770, and 43,385 anti-dilutive shares at December 31, 2021, 2020 and 2019, respectively. |
Comprehensive Income | Comprehensive Income Comprehensive income includes both net income and other comprehensive income, including the change in unrealized gains and losses on securities available for sale, and the change in the liability related to pension costs, net of tax. |
Employee Benefits | Employee Benefits The Bank maintains a non-contributory, qualified, defined benefit pension plan (the “Pension Plan”) that covered substantially all employees before it was frozen on January 31, 2008. All benefits eligible participants had accrued in the Pension Plan until the freeze date have been retained. Employees have not accrued additional benefits in the Pension Plan from that date. The actuarially determined pension benefit in the form of a life annuity is based on the employee’s combined years of service, age and compensation. The Bank’s policy is to fund the minimum amount required by government regulations. Employees are eligible to receive these benefits at normal retirement age. The Bank maintains a defined contribution 401(k) plan and accrues contributions due under this plan as earned by employees. In addition, the Bank maintains a non-qualified Supplemental Executive Retirement Plan for certain members of senior management, a non-qualified Deferred Compensation Plan for directors and certain members of management, and a non-qualified Executive Incentive Retirement Plan for certain members of management, as described more fully in Note 12 to these Consolidated Financial Statements, “Employee Benefits and Deferred Compensation Plans.” |
Stock-Based Compensation | Stock-based Compensation Stock-based compensation expense is recognized over the requisite service period of the stock-based grant based on the estimated grant date value of the stock-based compensation that is expected to vest. The Company accounts for forfeitures of stock awards when they occur. When stock awards are granted, the Company assumes that the service condition will be achieved when determining the initial amount of compensation cost recognized. Information on the determination of the estimated value of stock-based awards used to calculate stock-based compensation expense is included in Note 13 to these Consolidated Financial Statements, “Stock-Based Compensation.” |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Financial Instruments With Off-Balance Sheet Risk | Financial Instruments with Off-Balance Sheet Risk In the ordinary course of business, the Bank has entered into off-balance sheet financial arrangements consisting of commitments to extend credit and standby letters of credit. The Bank provides guarantees in the form of standby letters of credit, which represent an irrevocable obligation to make payments to a third party if the borrower defaults on its obligation under a borrowing or other contractual arrangement with the third party. The Bank could potentially be required to make payments to the extent of the amount guaranteed by the standby letters of credit based on the terms of the agreement. There were no liabilities recorded on the Consolidated Balance Sheets related to standby letters of credit as of December 31, 2021 and 2020, reflecting management’s assessment of the value of the guarantee given the lack of historical activity and the likelihood of current customers to draw on the letters of credit. The Bank has not incurred any losses on its commitments during the past three years and has not recorded a reserve for its commitments. |
Fair Value Of Assets And Liabilities | Fair Value of Assets and Liabilities Fair value estimates involve uncertainties and matters of significant judgement regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. |
Recent Accounting Pronouncements And Developments | RECENT ACCOUNTING PRONOUNCEMENTS AND DEVELOPMENTS The FASB establishes changes to U.S. GAAP in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs when they are issued by FASB. ASUs adopted by the Company during its current fiscal year did not have a material impact on the Company’s consolidated financial position, results of operations, cash flows or disclosures. Accounting standards that have been recently issued but not yet required to be adopted as of December 31, 2021, to the extent management believes their adoption will have a material impact on the Company’s financial condition, results of operations, cash flows or disclosures, are discussed below. ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments – Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. Both financial institutions and users of their financial statements expressed concern that current GAAP restricts the ability to record credit losses that are expected, but do not yet meet the “probable” threshold. The main objective of this ASU (commonly known as the Current Expected Credit Loss Impairment Model, or CECL, in the industry) is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in CECL replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company is developing its approach for determining expected credit losses under the new guidance, including the licensing of new software, working on model development, model validation, development of a qualitative framework, data sourcing, and technology enhancements. The total impact of CECL to the Company’s financial statements is unknown but may be material. The Company will adopt CECL effective January 1, 2023. |
Revenue Recognition Of Non-In_2
Revenue Recognition Of Non-Interest Income (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition Of Non-Interest Income [Abstract] | |
Revenue Recognition | A description of the Company’s material revenue streams in non-interest income accounted for under ASC 606 follows: Insurance Service and Fees: Insurance services revenue relates to various revenue streams from services provided by TEA and the Bank: TEA earns commission revenue from selling commercial and personal property and casualty (“P&C”) insurance as well as employee benefits (“EB”) solutions to commercial customers. TEA has agreements with various insurance companies to sell policies to customers on behalf of the carriers. The performance obligation for TEA is to sell annual P&C policies to commercial customers and consumers. This performance obligation is met when a new policy is sold or when an existing policy renews. The policies are generally one year terms. In the agreements with the respective insurance companies, a commission rate is agreed upon. The commission is recognized at the time of the sale of the policy or when a policy renews. TEA has signed contracts with insurance carriers that enable TEA to sell benefit plans to commercial customers on behalf of the insurance carriers. The performance obligation for TEA is to sell the plans to commercial customers. After the initial sale when the customer signs an agreement to purchase the offered benefit plan, the performance obligation is met each month when a customer continues utilizing benefit plans from the carrier. The customer does not commit to a specific length of time with the carrier. In the agreements with the respective insurance companies, a commission rate is agreed upon. Revenue is recognized each month when the customer continues with the benefit plan sold by TEA. TEA also earns contingent profit sharing revenue. The insurance companies measure the loss ratio for TEA’s customers and pay TEA according to how profitable TEA customers are. TEA has signed written agreements with insurance carriers that document payouts to TEA based on the loss ratios of its customers. The performance obligation for TEA is to maintain a customer base with loss ratios below the agreed upon thresholds. In the contracts with the insurance companies, payout rates based on loss ratios are documented. The consideration is variable as loss ratios vary based on customer experience. TEA’s performance obligation is over the course of the year as its customers’ performance with insurance carriers is measured throughout the year as losses occur. Due to the variable nature of contingent profit sharing revenue, TEA will accrue contingent profit sharing revenue throughout the year based on recent historical results. As loss events occur and overall performance becomes known to TEA, accrual adjustments will be made until the cash is ultimately received. Financial services commission revenue from the Bank related to wealth management such as life insurance, annuities, and mutual funds sales is also included in the “insurance service and fees” line of the income statement. The Company earns wealth management fees from its contracts with customers for certain financial services. Fees that are transaction-based are recognized at the point in time that the transaction is executed. Other related services provided include financial planning services and the fees the Bank earns are recognized when the services are rendered. Insurance claims services revenue is recorded at Frontier Claims Services, Inc. (“FCS”). FCS has signed agreements with insurance companies to perform claims services including investigative and adjustment services related to residential and commercial lines. The performance obligation is for FCS to investigate the insurance claims and inspecting the damage to determine the extent of the insurance company’s liability. FCS is paid based on time and materials expended to investigate the claim. The rates paid are determined in the agreement between FCS and the respective insurance companies. Upon completion of its claims inspection work, FCS bills the insurance company for services rendered and recognizes the revenue earned. FCS discontinued operations on December 31, 2021. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Acquisitions [Abstract] | |
Schedule Of Selected Pro Forma Financial Information | 2020 2019 (in thousands)Net interest income after provision $ 56,090 $ 61,790Non-interest income 18,826 20,019Non-interest expense 57,409 57,932Net income 14,723 18,165 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Securities [Abstract] | |
Schedule Of Amortized Cost And Approximate Fair Value Of Securities | 2021 (in thousands) Amortized Unrealized Fair Cost Gains Losses Value Available for Sale: Debt securities: U.S. treasuries and government agencies $ 99,005 $ 199 $ (2,386) $ 96,818 States and political subdivisions 6,150 96 - 6,246 Total debt securities $ 105,155 $ 295 $ (2,386) $ 103,064 Mortgage-backed securities: FNMA $ 64,056 $ 222 $ (1,068) $ 63,210 FHLMC 38,796 62 (424) 38,434 GNMA 31,814 15 (615) 31,214 SBA 17,919 343 (54) 18,208 CMO 52,488 175 (834) 51,829 Total mortgage-backed securities $ 205,073 $ 817 $ (2,995) $ 202,895 Total securities designated as available for sale $ 310,228 $ 1,112 $ (5,381) $ 305,959 Held to Maturity: Debt securities States and political subdivisions $ 3,165 $ 17 $ (3) $ 3,179 Total securities designated as held to maturity $ 3,165 $ 17 $ (3) $ 3,179 2020 (in thousands) Amortized Unrealized Fair Cost Gains Losses Value Available for Sale: Debt securities: U.S. government agencies $ 67,619 $ 731 $ (252) $ 68,098 States and political subdivisions 7,362 169 (7) 7,524 Total debt securities $ 74,981 $ 900 $ (259) $ 75,622 Mortgage-backed securities: FNMA $ 24,265 $ 654 $ (50) $ 24,869 FHLMC 3,739 111 (1) 3,849 GNMA 2,006 58 (1) 2,063 SBA 20,949 914 (33) 21,830 CMO 33,217 946 - 34,163 Total mortgage-backed securities $ 84,176 $ 2,683 $ (85) $ 86,774 Total securities designated as available for sale $ 159,157 $ 3,583 $ (344) $ 162,396 Held to Maturity: Debt securities States and political subdivisions $ 4,204 $ 67 $ - $ 4,271 Total securities designated as held to maturity $ 4,204 $ 67 $ - $ 4,271 |
Scheduled Maturities Of Debt And Mortgage-Backed Securities | December 31, 2021 Amortized Estimated cost fair value (in thousands) Debt securities available for sale: Due in one year or less $ 2,035 $ 2,051 Due after one year through five years 14,620 14,848 Due after five years through ten years 50,404 49,827 Due after ten years 38,096 36,338 105,155 103,064 Mortgage-backed securities available for sale 205,073 202,895 Total $ 310,228 $ 305,959 Debt securities held to maturity: Due in one year or less $ 2,196 $ 2,197 Due after one year through five years 516 523 Due after five years through ten years 384 385 Due after ten years 69 74 Total $ 3,165 $ 3,179 |
Unrealized Losses On Securities | 2021 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands)Available for Sale: Debt securities: U.S. government agencies $ 50,381 $ (884) $ 27,488 $ (1,502) $ 77,869 $ (2,386)States and political subdivisions - - - - - - Total debt securities $ 50,381 $ (884) $ 27,488 $ (1,502) $ 77,869 $ (2,386) Mortgage-backed securities: FNMA $ 48,008 $ (903) $ 2,941 $ (165) $ 50,949 $ (1,068)FHLMC 35,851 (423) 76 (1) 35,927 (424)GNMA 30,252 (615) 143 - 30,395 (615)SBA 2,824 (25) 1,218 (29) 4,042 (54)CMO 38,313 (833) 25 (1) 38,338 (834)Total mortgage-backed securities $ 155,248 $ (2,799) $ 4,403 $ (196) $ 159,651 $ (2,995) Held to Maturity: Debt securities: States and political subdivisions $ 1,782 $ (3) $ - $ - $ 1,782 $ (3) Total temporarily impaired securities $ 207,411 $ (3,686) $ 31,891 $ (1,698) $ 239,302 $ (5,384) 2020 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands)Available for Sale: Debt securities: U.S. government agencies $ 33,801 $ (252) $ - $ - $ 33,801 $ (252)States and political subdivisions 207 (1) 180 (6) 387 (7)Total debt securities $ 34,008 $ (253) $ 180 $ (6) $ 34,188 $ (259) Mortgage-backed securities: FNMA $ 3,354 $ (39) $ 1,391 $ (11) $ 4,745 $ (50)FHLMC 182 (1) - - 182 (1)GNMA 154 (1) - - 154 (1)SBA - - 1,392 (33) 1,392 (33)CMO 121 - - - 121 - Total mortgage-backed securities $ 3,811 $ (41) $ 2,783 $ (44) $ 6,594 $ (85) Held to Maturity: Debt securities: States and political subdivisions $ - $ - $ - $ - $ - $ - Total temporarily impaired securities $ 37,819 $ (294) $ 2,963 $ (50) $ 40,782 $ (344) |
Loans And The Allowance For L_2
Loans And The Allowance For Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loans And The Allowance For Loan Losses [Abstract] | |
Schedule Of Loan Portfolio Composition | December 31, 2021 December 31, 2020Mortgage loans on real estate: (in thousands)Residential mortgages $ 411,060 $ 365,351 Commercial and multi-family 739,761 706,276 Construction-Residential 5,109 7,509 Construction-Commercial 98,012 106,559 Home equities 81,238 82,602 Total real estate loans 1,335,180 1,268,297 Commercial and industrial loans 237,077 430,350 Consumer and other loans 719 151 Unaccreted yield adjustments* (1,071) (5,004)Total gross loans 1,571,905 1,693,794 Allowance for loan losses (18,438) (20,415)Loans, net $ 1,553,467 $ 1,673,379 *Includes net premiums and discounts on acquired loans and net deferred fees and costs on loans originated, including $0.8 million and $4.6 million of PPP fees at December 31, 2021 and 2020, respectively. |
Schedule Of Allowance For Loan Losses According To Portfolio Segment | 2021 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities TotalAllowance for loan losses: Beginning balance $ 4,882 $ 13,249 $ 45 $ 1,658 $ 581 $ 20,415 Charge-offs (424) (1) (147) - - (572)Recoveries 76 - 30 - 2 108 Provision (Credit) (1,225) (881) 126 469 (2) (1,513)Ending balance $ 3,309 $ 12,367 $ 54 $ 2,127 $ 581 $ 18,438 Allowance for loan losses: Ending balance: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - Individually evaluated for impairment 100 345 - 9 41 495 Collectively evaluated for impairment 3,209 12,022 54 2,118 540 17,943 Total $ 3,309 $ 12,367 $ 54 $ 2,127 $ 581 $ 18,438 Loans: Ending balance: Loans acquired with deteriorated credit quality $ - $ - $ - $ 803 $ - $ 803 Individually evaluated for impairment 5,028 11,925 - 2,598 1,236 20,787 Collectively evaluated for impairment 232,049 825,848 719 412,768 80,002 1,551,386 Total $ 237,077 $ 837,773 $ 719 $ 416,169 $ 81,238 $ 1,572,976 Note: Loan balances do not include $(1.1) million of unaccreted yield adjustments as of December 31, 2021.* includes construction loans 2020 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities TotalAllowance for loan losses: Beginning balance $ 4,547 $ 9,005 $ 155 $ 1,071 $ 397 $ 15,175 Charge-offs (236) (5) (74) (29) (4) (348)Recoveries 199 11 27 - - 237 Provision (Credit) 372 4,238 (63) 616 188 5,351 Ending balance $ 4,882 $ 13,249 $ 45 $ 1,658 $ 581 $ 20,415 Allowance for loan losses: Ending balance: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - Individually evaluated for impairment 994 539 3 - 11 1,547 Collectively evaluated for impairment 3,888 12,710 42 1,658 570 18,868 Total $ 4,882 $ 13,249 $ 45 $ 1,658 $ 581 $ 20,415 Loans: Ending balance: Loans acquired with deteriorated credit quality $ - $ - $ - $ 860 $ - $ 860 Individually evaluated for impairment 6,485 18,004 3 2,874 1,624 28,990 Collectively evaluated for impairment 423,865 794,831 148 369,126 80,978 1,668,948 Total $ 430,350 $ 812,835 $ 151 $ 372,860 $ 82,602 $ 1,698,798 Note: Loan balances do not include $(5.0) million of unaccreted yield adjustments as of December 31, 2020.* includes construction loans 2019 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities TotalAllowance for loan losses: Beginning balance $ 4,368 $ 8,844 $ 106 $ 1,121 $ 345 $ 14,784 Charge-offs (301) (33) (156) (13) (22) (525)Recoveries 797 2 42 - - 841 Provision (Credit) (317) 192 163 (37) 74 75 Ending balance $ 4,547 $ 9,005 $ 155 $ 1,071 $ 397 $ 15,175 |
Data, At Class Level, Of Credit Quality Indicators Of Certain Loans | 2021(in thousands)Corporate Credit Exposure – By Credit Rating Commercial Real Estate Construction Commercial and Multi-Family Mortgages Total Commercial Real Estate Commercial and IndustrialAcceptable or better $ 65,211 $ 480,159 $ 545,370 $ 152,675 Watch 19,108 182,502 201,610 64,406 Special Mention 7,045 33,219 40,264 10,200 Substandard 6,648 43,881 50,529 9,796 Doubtful/Loss - - - - Total $ 98,012 $ 739,761 $ 837,773 $ 237,077 2020(in thousands)Corporate Credit Exposure – By Credit Rating Commercial Real Estate Construction Commercial and Multi-Family Mortgages Total Commercial Real Estate Commercial and IndustrialAcceptable or better $ 59,020 $ 317,854 $ 376,874 $ 314,322 Watch 17,218 300,061 317,279 95,117 Special Mention 2,041 17,656 19,697 6,555 Substandard 28,280 70,705 98,985 14,356 Doubtful/Loss - - - - Total $ 106,559 $ 706,276 $ 812,835 $ 430,350 |
Recorded Investment In Loans Past Due | 2021(in thousands) Current Non-accruing Total Balance30-59 days 60-89 days 90+ days Loans Balance Commercial and industrial$ 229,724 $ 1,336 $ 568 $ 548 $ 4,901 $ 237,077 Residential real estate: Residential 402,992 3,466 1,563 - 3,039 411,060 Construction 5,109 - - - - 5,109 Commercial real estate: Commercial 711,481 16,451 6,073 - 5,756 739,761 Construction 93,842 757 - 480 2,933 98,012 Home equities 79,644 627 209 - 758 81,238 Consumer and other 706 9 4 - - 719 Total Loans$ 1,523,498 $ 22,646 $ 8,417 $ 1,028 $ 17,387 $ 1,572,976 2020(in thousands) Current Non-accruing Total Balance30-59 days 60-89 days 90+ days Loans Balance Commercial and industrial$ 419,409 $ 4,240 $ 122 $ 94 $ 6,485 $ 430,350 Residential real estate: Residential 357,135 4,156 1,262 109 2,689 365,351 Construction 7,509 - - - - 7,509 Commercial real estate: Commercial 667,426 20,024 4,166 - 14,660 706,276 Construction 94,030 5,616 4,062 - 2,851 106,559 Home equities 80,044 744 604 14 1,196 82,602 Consumer and other 111 6 14 17 3 151 Total Loans$ 1,625,664 $ 34,786 $ 10,230 $ 234 $ 27,884 $ 1,698,798 |
Data, At Class Level, Of Impaired Loans | At December 31, 2021 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income RecognizedWith no related allowance recorded:(in thousands)Commercial and industrial $ 4,874 $ 5,712 $ - $ 5,126 $ 22 Residential real estate: Residential 3,297 3,654 - 3,602 27 Construction - - - - - Commercial real estate: Commercial 8,821 9,338 - 11,223 270 Construction 1,395 1,499 - 1,144 - Home equities 1,127 1,324 - 1,319 12 Consumer and other - - - - - Total impaired loans $ 19,514 $ 21,527 $ - $ 22,414 $ 331 At December 31, 2021 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income RecognizedWith a related allowance recorded:(in thousands)Commercial and industrial $ 154 $ 158 $ 100 $ 159 $ 4 Residential real estate: Residential 60 60 9 59 1 Construction - - - - - Commercial real estate: Commercial 171 717 16 191 - Construction 1,538 1,555 329 1,642 - Home equities 109 109 41 109 - Consumer and other - - - - - Total impaired loans $ 2,032 $ 2,599 $ 495 $ 2,160 $ 5 At December 31, 2021 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income RecognizedTotal: (in thousands)Commercial and industrial $ 5,028 $ 5,870 $ 100 $ 5,285 $ 26 Residential real estate: Residential 3,357 3,714 9 3,661 28 Construction - - - - - Commercial real estate: Commercial 8,992 10,055 16 11,414 270 Construction 2,933 3,054 329 2,786 - Home equities 1,236 1,433 41 1,428 12 Consumer and other - - - - - Total impaired loans $ 21,546 $ 24,126 $ 495 $ 24,574 $ 336 At December 31, 2020 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income RecognizedWith no related allowance recorded:(in thousands)Commercial and industrial $ 1,706 $ 1,947 $ - $ 1,952 $ 8 Residential real estate: Residential 3,703 4,069 - 3,754 60 Construction - - - - - Commercial real estate: Commercial 12,210 12,840 - 12,397 209 Construction 1,295 1,352 - 1,315 - Home equities 1,515 1,741 - 1,565 23 Consumer and other - - - - - Total impaired loans $ 20,429 $ 21,949 $ - $ 20,983 $ 300 At December 31, 2020 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income RecognizedWith a related allowance recorded:(in thousands)Commercial and industrial $ 4,779 $ 4,993 $ 994 $ 4,938 $ 25 Residential real estate: Residential - - - - - Construction - - - - - Commercial real estate: Commercial 2,943 2,953 153 2,943 10 Construction 1,556 1,556 386 1,556 53 Home equities 109 109 11 109 1 Consumer and other 3 3 3 3 - Total impaired loans $ 9,390 $ 9,614 $ 1,547 $ 9,549 $ 89 At December 31, 2020 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income RecognizedTotal: (in thousands)Commercial and industrial $ 6,485 $ 6,940 $ 994 $ 6,890 $ 33 Residential real estate: Residential 3,703 4,069 - 3,754 60 Construction - - - - - Commercial real estate: Commercial 15,153 15,793 153 15,340 219 Construction 2,851 2,908 386 2,871 53 Home equities 1,624 1,850 11 1,674 24 Consumer and other 3 3 3 3 - Total impaired loans $ 29,819 $ 31,563 $ 1,547 $ 30,532 $ 389 2019 Average Recorded Investment Interest Income Recognized With no related allowance recorded: With related allowance recorded: Total With no related allowance recorded: With related allowance recorded: TotalCommercial and industrial $ 4,046 $ 2,764 $ 6,810 $ 143 $ 63 $ 206 Residential real estate: Residential 2,823 61 2,884 63 1 64 Construction - - - - - - Commercial real estate: Commercial 6,293 197 6,490 72 4 76 Construction 1,344 242 1,586 50 9 59 Home equities 1,525 - 1,525 30 - 30 Consumer and other - 22 22 - 1 1 Total impaired loans $ 16,031 $ 3,286 $ 19,317 $ 358 $ 78 $ 436 |
Loans Classified As Troubled Debt Restructurings | December 31, 2021 (in thousands) Total Nonaccruing Accruing Related AllowanceCommercial and industrial $ 1,003 $ 876 $ 127 $ - Residential real estate: Residential 989 627 362 - Construction - - - - Commercial real estate: Commercial and multi-family 3,236 - 3,236 - Construction - - - - Home equities 490 12 478 - Consumer and other - - - - Total TDR loans $ 5,718 $ 1,515 $ 4,203 $ - December 31, 2020 (in thousands) Total Nonaccruing Accruing Related AllowanceCommercial and industrial $ 1,722 $ 1,722 $ - $ 370 Residential real estate: Residential 1,632 587 1,045 - Construction - - - - Commercial real estate: Commercial and multi-family 3,408 2,915 493 - Construction - - - - Home equities 552 124 428 - Consumer and other - - - - Total TDR loans $ 7,314 $ 5,348 $ 1,966 $ 370 |
TDR Activity By Type Of Concession Granted To Borrower | Year ended December 31, 2021 Year ended December 31, 2020 (Recorded Investment in thousands) (Recorded Investment in thousands)Troubled Debt Restructurings by Type of Concession Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial and Industrial - $ - $ - - $ - $ - Residential Real Estate & Construction: Combination of concessions - - - 1 56 56 Extension of maturity and interest rate reduction - - - 1 97 97 Commercial Real Estate & Construction Home Equities - - - - - - Consumer and other loans - - - - - - |
Properties And Equipment (Table
Properties And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Properties And Equipment [Abstract] | |
Schedule Of Properties And Equipment | 2021 2020 (in thousands)Land $ 845 $ 845 Buildings and improvements 18,563 19,712 Furniture, fixtures, and equipment 8,664 18,711 28,072 39,268 Less accumulated depreciation (10,283) (19,963)Properties and equipment, net $ 17,789 $ 19,305 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule Of Future Minimum Lease Payments | Year Ending December 31, (in thousands)2022$ 1,0952023 9242024 7892025 6472026 575Thereafter 1,721Total future minimum lease payments 5,751Less imputed interest 541Total$ 5,210 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule Of Intangible Assets | 2021 2020 Gross Carrying AmountAccumulated Amortization Gross Carrying AmountAccumulated Amortization (in thousands) (in thousands)Amortized intangible asset: Other insurance intangibles$ 3,325 (1,828) $ 3,445 (1,358) Core deposit intangibles 166 (36) 166 (15)Total$ 3,491 (1,864) $ 3,611 (1,373) |
Schedule Of Expected Amortization Expense | Year Ending December 31 Amount (in thousands)2022 $ 4002023 3892024 3782025 2182026 60Thereafter 182 $ 1,627 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Schedule Of Maturities Of Time Deposits | (in thousands)2022 $ 125,8722023 26,2792024 4,0012025 4,7352026 3,453 $ 164,340 |
Borrowed Funds And Subordinat_2
Borrowed Funds And Subordinated Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowed Funds And Subordinated Debt [Abstract] | |
Schedule Of Maturities And Weighted Average Rates Of Other Borrowed Funds | Maturities Weighted Average Rate (in thousands) 2022 $ 11,820 2.46%2023 13,798 2.59%2024 6,527 3.06%Total $ 32,145 2.64% |
Schedule Of Amounts And Interest Rates Of Other Borrowed Funds | FHLB Overnight Line of Credit FHLB Advances FRB Borrowings Total Other Borrowings (in thousands)At December 31, 2021 Amount outstanding $ - $ 32,145 $ - $ 32,145 Weighted-average interest rate -% 2.64% -% 2.64% For the year ended December 31, 2021 Highest amount at a month end $ - $ 42,434 $ - Daily average amount outstanding $ - $ 38,378 $ 24 $ 38,403 Weighted-average interest rate -% 2.55% 0.35% 2.55% At December 31, 2020 Amount outstanding $ - $ 42,600 $ 693 $ 43,293 Weighted-average interest rate -% 2.51% 0.35% 2.47% For the year ended December 31, 2020 Highest amount at a month end $ - $ 50,597 $ 693 Daily average amount outstanding $ - $ 35,625 $ 451 $ 35,625 Weighted-average interest rate -% 2.35% 0.35% 2.33% At December 31, 2019 Amount outstanding $ - $ 10,000 $ - $ 10,000 Weighted-average interest rate -% 1.73 % -% 1.73 % For the year ended December 31, 2019 Highest amount at a month end $ - $ 10,000 $ - Daily average amount outstanding $ 11 $ 10,000 $ - $ 10,011 Weighted-average interest rate 2.70% 1.73 % -% 1.73% |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Comprehensive Income (Loss) [Abstract] | |
Schedule Of Other Comprehensive Income (Loss) | Balance at December 31, 2020 Net Change Balance at December 31, 2021 (in thousands)Net unrealized gain (loss) on investment securities $ 2,397 $ (5,557) $ (3,160)Net defined benefit pension plan adjustments (3,116) 605 (2,511)Total $ (719) $ (4,952) $ (5,671) Balance at December 31, 2019 Net Change Balance at December 31, 2020 (in thousands)Net unrealized gain on investment securities $ 522 $ 1,875 $ 2,397Net defined benefit pension plan adjustments (3,105) (11) (3,116)Total $ (2,583) $ 1,864 $ (719) Balance at December 31, 2018 Net Change Balance at December 31, 2019 (in thousands)Net unrealized (loss) gain on investment securities $ (2,348) $ 2,870 $ 522Net defined benefit pension plan adjustments (3,005) (100) (3,105)Total $ (5,353) $ 2,770 $ (2,583) |
Components Of Other Comprehensive Income (Loss) | 2021 Before-Tax Amount Income Tax (Provision) Benefit Net-of-Tax AmountUnrealized gain (loss) on investment securities: (in thousands) Unrealized gain (loss) on investment securities $ (7,508) $ 1,951 $ (5,557) Defined benefit pension plans adjustments: Net actuarial gain (loss) $ 404 $ (102) $ 302Reclassifications from accumulated other comprehensive income for gains (losses) Amortization of prior service cost (a) 31 (8) 23Amortization of actuarial loss (a) 383 (103) 280Net change 818 (213) 605 Other Comprehensive Income (Loss) $ (6,690) $ 1,738 $ (4,952)(a)Included in net periodic pension cost as described in Note 12 – “Employee Benefits and Deferred Compensation Plans” 2020 Before-Tax Amount Income Tax (Provision) Benefit Net-of-Tax Amount Unrealized gain (loss) on investment securities: (in thousands) Unrealized gain (loss) on investment securities $ 3,201 $ (832) $ 2,369 Reclassification from accumulated other comprehensive income for gains (b) (667) 173 (494) Net change 2,534 (659) 1,875 Defined benefit pension plans adjustments: Net actuarial (loss) gain $ (492) $ 128 $ (364) Reclassifications from accumulated other comprehensive income for gains (losses) Amortization of prior service cost (a) 31 (8) 23 Amortization of actuarial loss (a) 446 (116) 330 Net change (15) 4 (11) Other Comprehensive Income (Loss) $ 2,519 $ (655) $ 1,864 (a)Included in net periodic pension cost as described in Note 12 – “Employee Benefits and Deferred Compensation Plans”(b)Included in Gain on sale of investments in the Consolidated Statement of Income 2019 Before-Tax Amount Income Tax (Provision) Benefit Net-of-Tax Amount Unrealized gain (loss) on investment securities: (in thousands) Unrealized gain (loss) on investment securities $ 3,875 $ (1,005) $ 2,870 Defined benefit pension plans adjustments: Net actuarial gain (loss) $ (581) $ 212 $ (369) Reclassifications from accumulated other comprehensive income for gains (losses) Amortization of prior service cost (a) 32 (9) 23 Amortization of actuarial loss (a) 332 (86) 246 Net change (217) 117 (100) Other Comprehensive Income (Loss) $ 3,658 $ (888) $ 2,770 (a)Included in net periodic pension cost as described in Note 12 – “Employee Benefits and Deferred Compensation Plans” |
Employee Benefits And Deferre_2
Employee Benefits And Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Pension [Member] | |
Employee Benefits And Deferred Compensation Plans [Line Items] | |
Schedule Of Defined Benefit Plans Disclosures | 2021 2020Change in benefit obligation: (in thousands)Benefit obligation at the beginning of the year $ 6,837 $ 6,402 Service cost - - Interest cost 165 200 Assumption change (297) 631 Actuarial loss (gain) 85 (6)Benefits paid (239) (390)Benefit obligation at the end of the year 6,551 6,837 Change in plan assets: Fair value of plan assets at the beginning of year 6,583 6,044 Actual return on plan assets 192 929 Employer contributions - - Benefits paid (239) (390)Fair value of plan assets at the end of year 6,536 6,583 Funded status $ (15) $ (254) Amount recognized in the Consolidated Balance Sheets consist of: Accrued benefit liabilities $ (15) $ (254) Amount recognized in the Accumulated Other Comprehensive Loss consists of: Net actuarial loss $ 2,254 $ 2,401 Prior service cost - - Net amount recognized in equity - pre-tax $ 2,254 $ 2,401 Accumulated benefit obligation at year end $ 6,551 $ 6,837 |
Schedule Of Assumptions Used | 2021 2020 2019Discount rate for projected benefit obligation 2.77% 2.42% 3.20%Discount rate for net periodic pension cost 2.42% 3.20% 4.20%Rate of increase in compensation levels - % - % - %Expected long-term rate of return of plan assets 5.50% 5.50% 5.50% |
Schedule Of Net Periodic Benefit Cost | 2021 2020 2019 (in thousands)Service cost $ - $ - $ - Interest cost 165 200 223 Expected return on plan assets (356) (325) (278)Net amortization and deferral 100 96 98 Net periodic benefit cost $ (91) $ (29) $ 43 |
Schedule Of Weighted Average Asset Allocation | Asset Category: 2021 2020Equity mutual funds 33.81% 30.83%Fixed income mutual funds 63.40% 67.59%Cash/Short-term investments 2.79% 1.58% 100.00% 100.00% |
Schedule Of Major Categories Of Assets | 2021 2020 (in thousands)Level 1: Cash $ 22 $ 11Mutual funds: Short-term investments: Money market 160 93Fixed Income: 4,144 4,450Equities: Large cap 920 783International large cap 1,290 1,246 $ 6,536 $ 6,583 |
Schedule Of Expected Benefit Payments | (in thousands)2022 $ 2552023 2802024 3282025 3362026 341Year 2027 - 2031 1,704 |
Supplemental Executive Retirement Plan [Member] | |
Employee Benefits And Deferred Compensation Plans [Line Items] | |
Schedule Of Defined Benefit Plans Disclosures | 2021 2020Change in benefit obligation: (in thousands)Benefit obligation at the beginning of the year $ 6,148 $ 5,747 Service cost 148 155 Interest cost 100 151 Actuarial (gain) loss (357) 472 Benefits paid (285) (377)Benefit obligation at the end of the year 5,754 6,148 Change in plan assets: Fair value of plan assets at the beginning of year - - Actual return on plan assets - - Employer contributions 285 377 Benefits paid (285) (377)Fair value of plan assets at the end of year - - Funded status $ (5,754) $ (6,148) Amount recognized in the Consolidated Balance Sheets consist of: Accrued benefit liabilities $ (5,754) $ (6,148) Amount recognized in the Accumulated Other Comprehensive Loss consists of: Net actuarial loss $ 1,106 $ 1,746 Prior service cost 31 62 Net amount recognized in equity - pre-tax $ 1,137 $ 1,808 Accumulated benefit obligation at year end $ 5,591 $ 5,920 |
Schedule Of Assumptions Used | 2021 2020 2019Discount rate for projected benefit obligation 2.23% 1.66% 2.72%Discount rate for net periodic pension cost 1.66% 2.72% 3.84%Salary scale 3.00% 3.00% 6.00% |
Schedule Of Net Periodic Benefit Cost | 2021 2020 2019 (in thousands)Service cost $ 148 $ 155 $ 146Interest cost 100 151 202Net amortization and deferral 314 381 266Net periodic benefit cost $ 562 $ 687 $ 614 |
Schedule Of Expected Benefit Payments | (in thousands)2022 $ 4082023 2852024 2,7502025 2852026 285Year 2027 - 2031 1,026 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Stock Options Valuation Assumptions | 2021 2020 2019Dividend Yield 3.07% 4.55% 2.88%Expected Life (years) 7.18 7.09 6.96 Expected Volatility 27.54% 26.64% 17.36%Risk-free Interest Rate 1.51% 0.63% 2.47%Weighted Average Fair Value $ 7.80 $ 3.41 $ 5.01 |
Schedule Of Stock Options Activity | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands)Balance, December 31, 2020 244,171 $ 27.71 Granted 17,040 39.06 Exercised (26,223) 15.59 Expired (1,657) 42.10 Forfeited (688) 39.46 Balance, December 31, 2021 232,643 $ 29.77 5.55 $ 2,597 Exercisable, December 31, 2021 160,990 $ 28.45 4.21 $ 2,018 |
Schedule Of Restricted Stock Award Activity | Shares Weighted Average Grant Date Fair ValueBalance, December 31, 2020 43,264 $ 33.36Granted 18,490 34.87Vested (20,472) 35.77Forfeited (308) 39.89Balance, December 31, 2021 40,974 $ 32.79 |
Schedule Of Activity Under Share Based Compensation Plans | 2021 2020 2019 (in thousands)Total intrinsic value of stock options exercised $ 488 $ 206 $ 770Total fair value of restricted stock awards vested $ 701 $ 577 $ 610 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Unrecognized Compensation Cost | (in thousands)2022 $ 1352023 502024 402025 35 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Unrecognized Compensation Cost | (in thousands)2022 $ 4622023 1502024 1192025 104 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Schedule Of Components Of Income Tax Provision (Benefit) | 2021 2020 2019 (in thousands)Current federal tax expense $ 4,951 $ 2,283 $ 4,639Current state tax expense 1,412 1,131 1,160Total current tax expense 6,363 3,414 5,799 Deferred federal tax expense (benefit) $ 1,165 $ (1,356) $ (513)Deferred state tax expense (benefit) 355 (496) (58)Total deferred tax expense (benefit) 1,520 (1,852) (571) Total income tax provision $ 7,883 $ 1,562 $ 5,228 |
Schedule Of Effective Income Tax Rate Reconciliation | 2021 2020 2019 Amount Percent Amount Percent Amount Percent (in thousands)Tax provision at statutory rate $ 6,704 21% $ 2,690 21% $ 4,671 21%Change in taxes resulting from: Tax-exempt income (230) - (203) (2) (213) (1) Historic tax credit (24) - (1,643) (13) (81) - State taxes, net of federal benefit 1,396 4 502 4 870 4 Other items, net 37 - 216 2 (19) - Income tax provision $ 7,883 25% $ 1,562 12% $ 5,228 24% |
Schedule Of Historic Tax Credit | 2021 2020 2019 Loss on tax credit investment $ (30) $ (2,475) $ (158)Refundable state historic tax credit 21 1,857 115Income tax benefit 24 1,643 81Total HTC income $ 15 $ 1,025 $ 38 |
Schedule Of Deferred Tax Assets And Liabilities | 2021 2020 (in thousands)Deferred tax assets: Pension and SERP plans $ 1,687 $ 1,864Allowance for loan and lease losses 4,744 5,247Deferred compensation 576 538Loss on investment in tax credit 135 415Stock options granted 193 181State tax credit carryforward 185 180Lease liabilities 1,353 1,476State net operating loss 387 316Net unrealized losses on securities 1,109 - Deferred loan fees and costs - 698Fair value adjustments of business combinations 623 1,071Other 29 52Gross deferred tax assets $ 11,021 $ 12,038 Deferred tax liabilities: Depreciation and amortization $ 1,187 $ 1,635Right of use assets 1,254 1,369Prepaid expenses 308 265Net unrealized gains on securities - 840Deferred loan fees and costs 161 - Mortgage servicing asset 238 238Other - 35Gross deferred tax liabilities $ 3,148 $ 4,382 Net deferred tax asset $ 7,873 $ 7,656 |
Revenue Recognition Of Non-In_3
Revenue Recognition Of Non-Interest Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition Of Non-Interest Income [Abstract] | |
Schedule Of Disaggregation Of Insurance Service And Other Fees | 2021 2020 2019 (in thousands)Commercial property and casualty insurance commissions$ 3,993 $ 4,023 $ 4,014Personal property and casualty insurance commissions 3,288 3,388 3,416Employee benefits sales commissions 902 1,173 1,136Profit sharing and contingent revenue 1,198 1,077 1,050Wealth management and other financial services 638 516 517Insurance claims services revenue 285 292 453Other insurance-related revenue 153 141 102Total insurance service and other fees$10,457 $10,610 $10,688 |
Contingent Liabilities And Co_2
Contingent Liabilities And Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Contingent Liabilities And Commitments [Abstract] | |
Summary Of Commitments And Contingent Liabilities | December 31, December 31, 2021 2020 (in thousands) Commitments to extend credit $ 394,953 $ 359,152Standby letters of credit 4,636 3,803Total $ 399,589 $ 362,955 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information [Abstract] | |
Schedule Of Business Segments | 2021 Banking Insurance Agency Activities Activities Total (in thousands) Net interest income $ 72,785 $ - $ 72,785 Credit for loan losses (1,513) - (1,513)Net interest income after credit for loan losses 74,298 - 74,298 Insurance service and fees 580 9,877 10,457 Other non-interest income 8,136 254 8,390 Amortization expense 21 516 537 Other non-interest expense 52,843 7,839 60,682 Income before income taxes 30,150 1,776 31,926 Income tax provision 7,421 462 7,883 Net income $ 22,729 $ 1,314 $ 24,043 2020 Banking Insurance Agency Activities Activities Total (in thousands) Net interest income (expense) $ 59,793 $ (11) $ 59,782 Provision for loan losses 5,351 - 5,351 Net interest income (expense) after provision for loan losses 54,442 (11) 54,431 Insurance service and fees 488 10,122 10,610 Other non-interest income 7,623 4 7,627 Amortization expense 15 518 533 Other non-interest expense 51,322 8,005 59,327 Income before income taxes 11,216 1,592 12,808 Income tax provision 1,143 419 1,562 Net income $ 10,073 $ 1,173 $ 11,246 2019 Banking Insurance Agency Activities Activities Total (in thousands) Net interest income (expense) $ 52,152 $ (97) $ 52,055 Provision for loan losses 75 - 75 Net interest income (expense) after provision for loan losses 52,077 (97) 51,980 Insurance service and fees 480 10,208 10,688 Other non-interest income 7,232 162 7,394 Amortization expense - 448 448 Other non-interest expense 38,961 8,411 47,372 Income before income taxes 20,828 1,414 22,242 Income tax provision 4,860 368 5,228 Net income $ 15,968 $ 1,046 $ 17,014 |
Schedule Of Identifiable Assets, Net | December 31, December 31, 2021 2020 (in thousands)Identifiable Assets, Net Banking activities $ 2,192,348 $ 2,025,498 Insurance agency activities 18,292 18,617 Consolidated Total Assets $ 2,210,640 $ 2,044,115 |
Fair Value Of Assets And Liab_2
Fair Value Of Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Of Assets And Liabilities [Abstract] | |
Assets And Liabilities Measured At Fair Value On Recurring Basis | (in thousands) Level 1 Level 2 Level 3 Fair Value December 31, 2021 Securities available-for-sale: US treasuries and government agencies $ - $ 96,818 $ - $ 96,818States and political subdivisions - 6,246 - 6,246Mortgage-backed securities - 202,895 - 202,895 December 31, 2020 Securities available-for-sale: US treasuries and government agencies $ - $ 68,098 $ - $ 68,098States and political subdivisions - 7,524 - 7,524Mortgage-backed securities - 86,774 - 86,774 |
Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis | (in thousands) Level 1 Level 2 Level 3 Fair Value December 31, 2021 Collateral dependent impaired loans $ - $ - $ 4,608 $ 4,608 December 31, 2020 Collateral dependent impaired loans $ - $ - $ 7,496 $ 7,496 |
Estimated Fair Values Of Financial Instruments | December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) (in thousands)Financial assets: Level 1: Cash and cash equivalents $ 244,785 $ 244,785 $ 97,604 $ 97,604 Level 2: Available for sale securities 305,959 305,959 162,396 162,396 FHLB and FRB stock 6,084 N/A 5,793 N/ALevel 3: Held to maturity securities 3,165 3,179 4,204 4,271 Loans, net 1,553,467 1,573,420 1,673,379 1,720,878 Financial liabilities: Level 1: Demand deposits $ 492,864 $ 492,864 $ 436,157 $ 436,157 NOW deposits 259,908 259,908 230,751 230,751 Savings deposits 1,019,925 1,019,925 825,947 825,947 Level 2: Securities sold under agreement to repurchase 4,112 4,112 4,093 4,093 Other borrowed funds 32,879 32,990 44,698 45,547 Subordinated debt 30,974 32,111 30,872 31,394 Level 3: Time deposits 164,340 164,574 278,554 280,059 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations | December 31, 2021 (in thousands) Bank Minimum for Capital Adequacy Purposes Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common Equity Tier I (to Risk Weighted Assets) $ 200,420 13.68% $ 65,940 4.5 % $ 95,247 6.5 % Total Capital (to Risk Weighted Assets) $ 218,740 14.93% $ 117,227 8.0 % $ 146,534 10.0 % Tier I Capital (to Risk Weighted Assets) $ 200,420 13.68% $ 87,921 6.0 % $ 117,227 8.0 % Tier I Capital (to Average Assets) $ 200,420 9.19% $ 87,278 4.0 % $ 109,098 5.0 % December 31, 2020 (in thousands) Bank Minimum for Capital Adequacy Purposes Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common Equity Tier I (to Risk Weighted Assets) $ 181,916 12.69% $ 64,633 4.5 % $ 93,358 6.5% Total Capital (to Risk Weighted Assets) $ 199,863 13.94% $ 114,902 8.0 % $ 143,628 10.0% Tier I Capital (to Risk Weighted Assets) $ 181,916 12.69% $ 86,177 6.0 % $ 114,902 8.0% Tier I Capital (to Average Assets) $ 181,916 8.96% $ 81,329 4.0 % $ 101,662 5.0 % |
Parent Company Only Financial_2
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Parent Company Only Financial Information [Abstract] | |
Condensed Balance Sheets | December 31, 2021 2020 (in thousands)ASSETS Cash$ 1,864 $ 1,642Other assets 478 485Investment in subsidiaries 213,717 198,873Total assets$ 216,059 $ 201,000 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES: Subordinated debt$ 30,974 $ 30,872Other liabilities 1,193 1,223Total liabilities 32,167 32,095 STOCKHOLDERS’ EQUITY Total Stockholders’ Equity$ 183,892 $ 168,905Total liabilities and stockholders’ equity$ 216,059 $ 201,000 |
Condensed Statements Of Income | December 31, 2021 2020 2019 (in thousands)Dividends from subsidiaries$ 8,100 $ 4,500 $ 4,500Income - - 4Expenses (2,565) (3,290) (1,323)Income before equity in undistributed earnings of subsidiaries 5,535 1,210 3,181Equity in undistributed earnings of subsidiaries 18,508 10,036 13,833Net income$ 24,043 $ 11,246 $ 17,014 |
Condensed Statements Of Cash FLows | Year Ended 2021 2020 2019 (in thousands)Operating Activities: Net income$ 24,043 $ 11,246 $ 17,014Adjustments to reconcile net income to net cash provided by operating activities: Undistributed earnings of subsidiaries (18,508) (10,036) (13,833)Changes in assets and liabilities affecting cash flow: Other assets 7 (78) 130Other liabilities (30) (48) 4Other 361 314 180Net cash provided by operating activities 5,873 1,398 3,495 Investing Activities: Investment in subsidiaries - (15,000) -Net cash used in investing activities - (15,000) - Financing Activities: Proceeds from issuance of common stock 890 717 1,178Cash dividends paid (6,541) (5,991) (5,092)Proceeds from long-term borrowings - 20,000 -Debt issuance cost of long term borrowings - (509) -Net cash (used in) provided by financing activities (5,651) 14,217 (3,914) Net increase (decrease) in cash 222 615 (419) Cash beginning of year 1,642 1,027 1,446 Cash ending of year$ 1,864 $ 1,642 $ 1,027 |
Organization And Summary Of S_3
Organization And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)segmententityshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019shares | |
Number of subsidiaries | entity | 2 | ||
Number of reporting units with goodwill | segment | 1 | ||
Shares excluded from calculation of diluted earnings per share | shares | 57,322 | 81,770 | 43,385 |
Standby Letters Of Credit [Member] | |||
Guaranty liabilities | $ | $ 0 | $ 0 | |
Minimum [Member] | |||
Useful economic lives | 5 years | ||
Properties and equipment estimated useful life | 3 | ||
Maximum [Member] | |||
Useful economic lives | 10 years | ||
Properties and equipment estimated useful life | 39 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | May 01, 2020USD ($)shares | Apr. 30, 2020USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill, Acquisition | $ 0 | |||
FSB Bancorp, Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Net loans receivable | $ 272.1 | |||
Number of banking offices | item | 5 | |||
Paid in cash | $ 17.1 | |||
Fair value of shares issued | $ 11.7 | |||
Merger-related expenses | $ 6 | $ 0.2 | ||
FSB Bancorp, Inc [Member] | Evans Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares of common stock | shares | 422,475 | |||
As Recorded By FSB [Member] | FSB Bancorp, Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Total assets | $ 321.7 | |||
Securities | 21.4 | |||
Total liabilities | 293.1 | |||
Deposits | 237.7 | |||
Borrowings | 50.6 | |||
As Recorded At Acquisition [Member] | FSB Bancorp, Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill, Acquisition | 1.8 | |||
As Recorded At Acquisition [Member] | FSB Bancorp, Inc [Member] | Core Deposit Intangibles [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets, Acquisition | $ 0.2 |
Acquisitions (Schedule Of Selec
Acquisitions (Schedule Of Selected Pro Forma Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Net interest income after provision | $ 77,580 | $ 68,833 | $ 64,740 |
Non-interest income | 18,847 | 18,237 | 18,082 |
Non-interest expense | 61,219 | 59,860 | 47,820 |
Net income | 24,043 | 11,246 | $ 17,014 |
FSB Bancorp, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Net interest income after provision | 56,090 | 61,790 | |
Non-interest income | 18,826 | 20,019 | |
Non-interest expense | 57,409 | 57,932 | |
Net income | $ 14,723 | $ 18,165 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Other-than-temporary impairment charges | $ 0 | $ 0 | $ 0 |
Investment Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Realized gains (losses) on sales of securities | 0 | ||
Gross realized gains on sales of securities | 0.7 | ||
Maximum [Member] | Investment Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross realized gains on sales of securities | $ 0.1 | ||
Gross realized losses on sales of securities | 0.1 | ||
Collateral Pledged [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities pledged as collateral | $ 207 | $ 135 |
Securities (Schedule Of Amortiz
Securities (Schedule Of Amortized Cost And Approximate Fair Value Of Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Amortized cost | $ 310,228 | $ 159,157 |
Available for Sale, Unrealized Gains | 1,112 | 3,583 |
Available for Sale, Unrealized Losses | (5,381) | (344) |
Available for Sale, Fair Value | 305,959 | 162,396 |
Available for Sale, Fair Value | 305,959 | 162,396 |
Held to maturity, Amortized cost | 3,165 | 4,204 |
Held to Maturity, Unrealized Gains | 17 | 67 |
Held to Maturity, Unrealized Losses | (3) | |
Held to Maturity, Fair Value | 3,179 | 4,271 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Amortized cost | 105,155 | 74,981 |
Available for Sale, Unrealized Gains | 295 | 900 |
Available for Sale, Unrealized Losses | (2,386) | (259) |
Available for Sale, Fair Value | 103,064 | 75,622 |
Available for Sale, Fair Value | 103,064 | 75,622 |
US Treasuries And Government Agencies [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Amortized cost | 99,005 | |
Available for Sale, Unrealized Gains | 199 | |
Available for Sale, Unrealized Losses | (2,386) | |
Available for Sale, Fair Value | 96,818 | |
Available for Sale, Fair Value | 96,818 | |
US Government Agencies Debt Securities [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Amortized cost | 67,619 | |
Available for Sale, Unrealized Gains | 731 | |
Available for Sale, Unrealized Losses | (252) | |
Available for Sale, Fair Value | 68,098 | |
Available for Sale, Fair Value | 68,098 | |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Amortized cost | 205,073 | 84,176 |
Available for Sale, Unrealized Gains | 817 | 2,683 |
Available for Sale, Unrealized Losses | (2,995) | (85) |
Available for Sale, Fair Value | 202,895 | 86,774 |
Available for Sale, Fair Value | 202,895 | 86,774 |
Collateralized Mortgage Backed Securities [Member] | FNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Amortized cost | 64,056 | 24,265 |
Available for Sale, Unrealized Gains | 222 | 654 |
Available for Sale, Unrealized Losses | (1,068) | (50) |
Available for Sale, Fair Value | 63,210 | 24,869 |
Available for Sale, Fair Value | 63,210 | 24,869 |
Collateralized Mortgage Backed Securities [Member] | FHLMC [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Amortized cost | 38,796 | 3,739 |
Available for Sale, Unrealized Gains | 62 | 111 |
Available for Sale, Unrealized Losses | (424) | (1) |
Available for Sale, Fair Value | 38,434 | 3,849 |
Available for Sale, Fair Value | 38,434 | 3,849 |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Amortized cost | 31,814 | 2,006 |
Available for Sale, Unrealized Gains | 15 | 58 |
Available for Sale, Unrealized Losses | (615) | (1) |
Available for Sale, Fair Value | 31,214 | 2,063 |
Available for Sale, Fair Value | 31,214 | 2,063 |
Collateralized Mortgage Backed Securities [Member] | SBA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Amortized cost | 17,919 | 20,949 |
Available for Sale, Unrealized Gains | 343 | 914 |
Available for Sale, Unrealized Losses | (54) | (33) |
Available for Sale, Fair Value | 18,208 | 21,830 |
Available for Sale, Fair Value | 18,208 | 21,830 |
Collateralized Mortgage Backed Securities [Member] | CMO [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Amortized cost | 52,488 | 33,217 |
Available for Sale, Unrealized Gains | 175 | 946 |
Available for Sale, Unrealized Losses | (834) | |
Available for Sale, Fair Value | 51,829 | 34,163 |
Available for Sale, Fair Value | 51,829 | 34,163 |
US States and Political Subdivisions Debt Securities [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Amortized cost | 6,150 | 7,362 |
Available for Sale, Unrealized Gains | 96 | 169 |
Available for Sale, Unrealized Losses | (7) | |
Available for Sale, Fair Value | 6,246 | 7,524 |
Available for Sale, Fair Value | 6,246 | 7,524 |
Held to maturity, Amortized cost | 3,165 | 4,204 |
Held to Maturity, Unrealized Gains | 17 | 67 |
Held to Maturity, Unrealized Losses | (3) | |
Held to Maturity, Fair Value | $ 3,179 | $ 4,271 |
Securities (Scheduled Maturitie
Securities (Scheduled Maturities Of Debt And Mortgage-Backed Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities [Abstract] | ||
Debt securities available for sale, Due in one year or less, Amortized cost | $ 2,035 | |
Debt securities available for sale, Due after one year through five years, Amortized cost | 14,620 | |
Debt securities available for sale, Due after five years through ten years, Amortized cost | 50,404 | |
Debt securities available for sale, Due after ten years, Amortized cost | 38,096 | |
Debt securities available for sale, Amortized cost | 105,155 | |
Mortgage-backed securities available for sale, Amortized cost | 205,073 | |
Available for Sale, Amortized cost | 310,228 | $ 159,157 |
Debt securities available for sale, Due in one year or less, Estimated fair value | 2,051 | |
Debt securities available for sale, Due after one year through five years, Estimated fair value | 14,848 | |
Debt securities available for sale, Due after five years through ten years, Estimated fair value | 49,827 | |
Debt securities available for sale, Due after ten years, Estimated fair value | 36,338 | |
Debt securities available for sale, Estimated fair value | 103,064 | |
Mortgage-backed securities available for sale, Estimated fair value | 202,895 | |
Debt securities available for sale, Estimated fair value | 305,959 | 162,396 |
Debt securities held to maturity, Due in one year or less, Amortized cost | 2,196 | |
Debt securities held to maturity, Due after one year through five years, Amortized cost | 516 | |
Debt securities held to maturity, Due after five years through ten years, Amortized cost | 384 | |
Debt securities held to maturity, Due after ten years, Amortized cost | 69 | |
Held to maturity, Amortized cost | 3,165 | 4,204 |
Debt securities held to maturity, Due in one year or less, Estimated fair value | 2,197 | |
Debt securites held to maturity, Due after one year through five years, Estimated fair value | 523 | |
Debt securites held to maturity, Due after five years through ten years, Estimated fair value | 385 | |
Debt securities held to maturity, Due after ten years, Estimated fair value | 74 | |
Held to maturity, Estimated fair value | $ 3,179 | $ 4,271 |
Securities (Unrealized Losses O
Securities (Unrealized Losses On Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired securities, Less than 12 months, Fair Value | $ 207,411 | $ 37,819 |
Total temporarily impaired securities, 12 months or longer, Fair Value | 31,891 | 2,963 |
Total temporarily impaired securities, Total, Fair Value | 239,302 | 40,782 |
Total temporarily impaired securities, Less than 12 months, Unrealized Losses | (3,686) | (294) |
Total temporarily impaired securities, 12 months or longer, Unrealized Losses | (1,698) | (50) |
Total temporarily impaired securities, Total, Unrealized Losses | (5,384) | (344) |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 155,248 | 3,811 |
Available for Sale, 12 months or longer, Fair Value | 4,403 | 2,783 |
Available for Sale, Total, Fair Value | 159,651 | 6,594 |
Available for Sale, Less than 12 months, Unrealized Losses | (2,799) | (41) |
Available for Sale, 12 months or longer, Unrealized Losses | (196) | (44) |
Available for Sale, Total, Unrealized Losses | (2,995) | (85) |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 50,381 | 34,008 |
Available for Sale, 12 months or longer, Fair Value | 27,488 | 180 |
Available for Sale, Total, Fair Value | 77,869 | 34,188 |
Available for Sale, Less than 12 months, Unrealized Losses | (884) | (253) |
Available for Sale, 12 months or longer, Unrealized Losses | (1,502) | (6) |
Available for Sale, Total, Unrealized Losses | (2,386) | (259) |
Debt Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 50,381 | 33,801 |
Available for Sale, 12 months or longer, Fair Value | 27,488 | |
Available for Sale, Total, Fair Value | 77,869 | 33,801 |
Available for Sale, Less than 12 months, Unrealized Losses | (884) | (252) |
Available for Sale, 12 months or longer, Unrealized Losses | (1,502) | |
Available for Sale, Total, Unrealized Losses | (2,386) | (252) |
Debt Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 207 | |
Available for Sale, 12 months or longer, Fair Value | 180 | |
Available for Sale, Total, Fair Value | 387 | |
Available for Sale, Less than 12 months, Unrealized Losses | (1) | |
Available for Sale, 12 months or longer, Unrealized Losses | (6) | |
Available for Sale, Total, Unrealized Losses | (7) | |
Held To Maturity, Less than 12 months, Fair Value | 1,782 | |
Held To Maturity, Total, Fair Value | 1,782 | |
Held To Maturity, Less than 12 months, Unrealized Losses | (3) | |
Held To Maturity, Total, Unrealized Losses | (3) | |
FNMA [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 48,008 | 3,354 |
Available for Sale, 12 months or longer, Fair Value | 2,941 | 1,391 |
Available for Sale, Total, Fair Value | 50,949 | 4,745 |
Available for Sale, Less than 12 months, Unrealized Losses | (903) | (39) |
Available for Sale, 12 months or longer, Unrealized Losses | (165) | (11) |
Available for Sale, Total, Unrealized Losses | (1,068) | (50) |
FHLMC [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 35,851 | 182 |
Available for Sale, 12 months or longer, Fair Value | 76 | |
Available for Sale, Total, Fair Value | 35,927 | 182 |
Available for Sale, Less than 12 months, Unrealized Losses | (423) | (1) |
Available for Sale, 12 months or longer, Unrealized Losses | (1) | |
Available for Sale, Total, Unrealized Losses | (424) | (1) |
GNMA [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 30,252 | 154 |
Available for Sale, 12 months or longer, Fair Value | 143 | |
Available for Sale, Total, Fair Value | 30,395 | 154 |
Available for Sale, Less than 12 months, Unrealized Losses | (615) | (1) |
Available for Sale, Total, Unrealized Losses | (615) | (1) |
SBA [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 2,824 | |
Available for Sale, 12 months or longer, Fair Value | 1,218 | 1,392 |
Available for Sale, Total, Fair Value | 4,042 | 1,392 |
Available for Sale, Less than 12 months, Unrealized Losses | (25) | |
Available for Sale, 12 months or longer, Unrealized Losses | (29) | (33) |
Available for Sale, Total, Unrealized Losses | (54) | (33) |
CMO [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 38,313 | 121 |
Available for Sale, 12 months or longer, Fair Value | 25 | |
Available for Sale, Total, Fair Value | 38,338 | $ 121 |
Available for Sale, Less than 12 months, Unrealized Losses | (833) | |
Available for Sale, 12 months or longer, Unrealized Losses | (1) | |
Available for Sale, Total, Unrealized Losses | $ (834) |
Loans And The Allowance For L_3
Loans And The Allowance For Loan Losses (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PPP fees | $ 0.8 | $ 4.6 |
Outstanding principal balance | 0.8 | 0.9 |
Acquired credit-impaired loans | 0.8 | 0.8 |
Valuation allowances, acquired credit-impaired loans | 0 | 0 |
Total criticized assets increase | 111 | 140 |
Nonaccruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan commitments to lend additional funds to debtors | 0 | 0 |
PPP Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Paycheck Protection Program loans, total | 95 | 203 |
PPP fees | 12.5 | |
Outstanding principal balance | 25 | 187 |
PPP Loans [Member] | Interest Income [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PPP fees | 8.8 | 2.9 |
Total Paycheck Protection Program Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Paycheck Protection Program loans, total | $ 298 | |
Commercial And Industrial [Member] | CARES Act [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loan modifications | loan | 381 | |
Principal balances on loan modification | $ 368 | |
Consumer And Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Overdrawn deposit accounts classified as loans | $ 0.1 | 0.1 |
Consumer And Other Loans [Member] | CARES Act [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loan modifications | loan | 298 | |
Principal balances on loan modification | $ 37 | |
Total Real Estate Loans [Member] | Residential Mortgages [Member] | Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum amount of loan as percentage of appraised value | 80.00% | |
Loan servicing portfolio principal balance | $ 61 | 77 |
Mortgage servicing rights | 0.9 | 0.9 |
Loans held for sale | 0.1 | 0.8 |
Total Real Estate Loans [Member] | Residential Mortgages [Member] | FHLMC Loans [Member] | Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans sold | 0 | 0 |
Unpaid principal balances | 70 | 95 |
Total Real Estate Loans [Member] | Residential Mortgages [Member] | FNMA Loans [Member] | Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans sold | 1 | 15 |
Realized gains | 0.1 | 0.3 |
Total Real Estate Loans [Member] | FHLBNY [Member] | Residential And Commercial Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans pledged as collateral | 619 | 630 |
Hotel [Member] | Commercial Real Estate Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Payoffs | 6 | |
Hotel [Member] | Commercial Real Estate Mortgages [Member] | Corporate Credit Exposure—By Credit Rating, Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Hotel loan portfolio | 50 | $ 81 |
Hotel [Member] | Commercial Real Estate Mortgages [Member] | Out Of Substandard Loan Category [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Hotel loan portfolio | $ 24 | |
Minimum [Member] | Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Rate re-pricing, period | 3 years | |
Minimum [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan amortization period | 10 years | |
Minimum [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans mature or subject to a rate call, period | 3 years | |
Maximum [Member] | Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan amortization period | 5 years | |
Rate re-pricing, period | 5 years | |
Maximum [Member] | Consumer And Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Repayment term | 5 years | |
Maximum [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan amortization period | 30 years | |
Maximum [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
LTV ratio | 80.00% | |
Mortgage loans mature or subject to a rate call, period | 5 years | |
Rate re-pricing, period | 20 years |
Loans And The Allowance For L_4
Loans And The Allowance For Loan Losses (Schedule Of Loan Portfolio Composition) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | $ 1,572,976 | $ 1,698,798 |
Unaccreted yield adjustments | (1,071) | (5,004) |
Total gross loans | 1,571,905 | 1,693,794 |
Allowance for loan losses | (18,438) | (20,415) |
Loans, net | 1,553,467 | 1,673,379 |
PPP fees | 800 | 4,600 |
Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 237,077 | 430,350 |
Consumer And Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 719 | 151 |
Total Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 1,335,180 | 1,268,297 |
Total Real Estate Loans [Member] | Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 416,169 | 372,860 |
Total Real Estate Loans [Member] | Residential Mortgages [Member] | Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 411,060 | 365,351 |
Total Real Estate Loans [Member] | Residential Mortgages [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 5,109 | 7,509 |
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 837,773 | 812,835 |
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 739,761 | 706,276 |
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 98,012 | 106,559 |
Total Real Estate Loans [Member] | Home Equity Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | $ 81,238 | $ 82,602 |
Loans And The Allowance For L_5
Loans And The Allowance For Loan Losses (Schedule Of Allowance For Loan Losses According To Portfolio Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | $ 20,415 | $ 15,175 | $ 14,784 |
Allowance for loan losses: Charge-offs | (572) | (348) | (525) |
Allowance for loan losses: Recoveries | 108 | 237 | 841 |
Allowance for loan losses: Provision (Credit) | (1,513) | 5,351 | 75 |
Allowance for loan losses: Ending balance | 18,438 | 20,415 | 15,175 |
Allowance for loan losses: Loans acquired with deteriorated credit quality | |||
Allowance for loan losses: Individually evaluated for impairment | 495 | 1,547 | |
Allowance for loan losses: Collectively evaluated for impairment | 17,943 | 18,868 | |
Allowance for loan losses: Total | 18,438 | 20,415 | 15,175 |
Loans: Loans acquired with deteriorated credit quality | 803 | 860 | |
Loans: Individually evaluated for impairment | 20,787 | 28,990 | |
Loans: Collectively evaluated for impairment | 1,551,386 | 1,668,948 | |
Total | 1,572,976 | 1,698,798 | |
Net deferred loan origination costs | (1,071) | (5,004) | |
Unaccreted yield adjustments | (1,071) | (5,004) | |
Total Real Estate Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 1,335,180 | 1,268,297 | |
Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 4,882 | 4,547 | 4,368 |
Allowance for loan losses: Charge-offs | (424) | (236) | (301) |
Allowance for loan losses: Recoveries | 76 | 199 | 797 |
Allowance for loan losses: Provision (Credit) | (1,225) | 372 | (317) |
Allowance for loan losses: Ending balance | 3,309 | 4,882 | 4,547 |
Allowance for loan losses: Loans acquired with deteriorated credit quality | |||
Allowance for loan losses: Individually evaluated for impairment | 100 | 994 | |
Allowance for loan losses: Collectively evaluated for impairment | 3,209 | 3,888 | |
Allowance for loan losses: Total | 3,309 | 4,882 | 4,547 |
Loans: Loans acquired with deteriorated credit quality | |||
Loans: Individually evaluated for impairment | 5,028 | 6,485 | |
Loans: Collectively evaluated for impairment | 232,049 | 423,865 | |
Total | 237,077 | 430,350 | |
Commercial Real Estate Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 9,005 | 8,844 | |
Allowance for loan losses: Charge-offs | (33) | ||
Allowance for loan losses: Recoveries | 2 | ||
Allowance for loan losses: Provision (Credit) | 192 | ||
Allowance for loan losses: Ending balance | 9,005 | ||
Allowance for loan losses: Total | 9,005 | ||
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 13,249 | 9,005 | |
Allowance for loan losses: Charge-offs | (1) | (5) | |
Allowance for loan losses: Recoveries | 11 | ||
Allowance for loan losses: Provision (Credit) | (881) | 4,238 | |
Allowance for loan losses: Ending balance | 12,367 | 13,249 | 9,005 |
Allowance for loan losses: Loans acquired with deteriorated credit quality | |||
Allowance for loan losses: Individually evaluated for impairment | 345 | 539 | |
Allowance for loan losses: Collectively evaluated for impairment | 12,022 | 12,710 | |
Allowance for loan losses: Total | 12,367 | 13,249 | 9,005 |
Loans: Loans acquired with deteriorated credit quality | |||
Loans: Individually evaluated for impairment | 11,925 | 18,004 | |
Loans: Collectively evaluated for impairment | 825,848 | 794,831 | |
Total | 837,773 | 812,835 | |
Consumer And Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 45 | 155 | 106 |
Allowance for loan losses: Charge-offs | (147) | (74) | (156) |
Allowance for loan losses: Recoveries | 30 | 27 | 42 |
Allowance for loan losses: Provision (Credit) | 126 | (63) | 163 |
Allowance for loan losses: Ending balance | 54 | 45 | 155 |
Allowance for loan losses: Loans acquired with deteriorated credit quality | |||
Allowance for loan losses: Individually evaluated for impairment | 3 | ||
Allowance for loan losses: Collectively evaluated for impairment | 54 | 42 | |
Allowance for loan losses: Total | 54 | 45 | 155 |
Loans: Loans acquired with deteriorated credit quality | |||
Loans: Individually evaluated for impairment | 3 | ||
Loans: Collectively evaluated for impairment | 719 | 148 | |
Total | 719 | 151 | |
Residential Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 1,071 | 1,121 | |
Allowance for loan losses: Charge-offs | (13) | ||
Allowance for loan losses: Recoveries | |||
Allowance for loan losses: Provision (Credit) | (37) | ||
Allowance for loan losses: Ending balance | 1,071 | ||
Allowance for loan losses: Total | 1,071 | ||
Residential Mortgages [Member] | Total Real Estate Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 1,658 | 1,071 | |
Allowance for loan losses: Charge-offs | (29) | ||
Allowance for loan losses: Recoveries | |||
Allowance for loan losses: Provision (Credit) | 469 | 616 | |
Allowance for loan losses: Ending balance | 2,127 | 1,658 | 1,071 |
Allowance for loan losses: Loans acquired with deteriorated credit quality | |||
Allowance for loan losses: Individually evaluated for impairment | 9 | ||
Allowance for loan losses: Collectively evaluated for impairment | 2,118 | 1,658 | |
Allowance for loan losses: Total | 2,127 | 1,658 | 1,071 |
Loans: Loans acquired with deteriorated credit quality | 803 | 860 | |
Loans: Individually evaluated for impairment | 2,598 | 2,874 | |
Loans: Collectively evaluated for impairment | 412,768 | 369,126 | |
Total | 416,169 | 372,860 | |
Home Equity Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 397 | 345 | |
Allowance for loan losses: Charge-offs | (22) | ||
Allowance for loan losses: Recoveries | |||
Allowance for loan losses: Provision (Credit) | 74 | ||
Allowance for loan losses: Ending balance | 397 | ||
Allowance for loan losses: Total | 397 | ||
Home Equity Loans [Member] | Total Real Estate Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 581 | 397 | |
Allowance for loan losses: Charge-offs | (4) | ||
Allowance for loan losses: Recoveries | 2 | ||
Allowance for loan losses: Provision (Credit) | (2) | 188 | |
Allowance for loan losses: Ending balance | 581 | 581 | 397 |
Allowance for loan losses: Loans acquired with deteriorated credit quality | |||
Allowance for loan losses: Individually evaluated for impairment | 41 | 11 | |
Allowance for loan losses: Collectively evaluated for impairment | 540 | 570 | |
Allowance for loan losses: Total | 581 | 581 | $ 397 |
Loans: Loans acquired with deteriorated credit quality | |||
Loans: Individually evaluated for impairment | 1,236 | 1,624 | |
Loans: Collectively evaluated for impairment | 80,002 | 80,978 | |
Total | $ 81,238 | $ 82,602 |
Loans And The Allowance For L_6
Loans And The Allowance For Loan Losses (Data, At Class Level, Of Credit Quality Indicators Of Certain Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 1,572,976 | $ 1,698,798 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,335,180 | 1,268,297 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 837,773 | 812,835 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Corporate Credit Exposure—By Credit Rating, Acceptable Or Better [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 545,370 | 376,874 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Corporate Credit Exposure—By Credit Rating, Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 201,610 | 317,279 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Corporate Credit Exposure—By Credit Rating, Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 40,264 | 19,697 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Corporate Credit Exposure—By Credit Rating, Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 50,529 | 98,985 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 98,012 | 106,559 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Construction [Member] | Corporate Credit Exposure—By Credit Rating, Acceptable Or Better [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 65,211 | 59,020 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Construction [Member] | Corporate Credit Exposure—By Credit Rating, Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 19,108 | 17,218 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Construction [Member] | Corporate Credit Exposure—By Credit Rating, Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 7,045 | 2,041 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Construction [Member] | Corporate Credit Exposure—By Credit Rating, Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 6,648 | 28,280 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Construction [Member] | Corporate Credit Exposure—By Credit Rating, Doubtful/Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | ||
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 739,761 | 706,276 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Mortgages [Member] | Corporate Credit Exposure—By Credit Rating, Acceptable Or Better [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 480,159 | 317,854 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Mortgages [Member] | Corporate Credit Exposure—By Credit Rating, Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 182,502 | 300,061 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Mortgages [Member] | Corporate Credit Exposure—By Credit Rating, Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 33,219 | 17,656 |
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | Mortgages [Member] | Corporate Credit Exposure—By Credit Rating, Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 43,881 | 70,705 |
Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 237,077 | 430,350 |
Commercial And Industrial [Member] | Corporate Credit Exposure—By Credit Rating, Acceptable Or Better [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 152,675 | 314,322 |
Commercial And Industrial [Member] | Corporate Credit Exposure—By Credit Rating, Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 64,406 | 95,117 |
Commercial And Industrial [Member] | Corporate Credit Exposure—By Credit Rating, Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 10,200 | 6,555 |
Commercial And Industrial [Member] | Corporate Credit Exposure—By Credit Rating, Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 9,796 | $ 14,356 |
Loans And The Allowance For L_7
Loans And The Allowance For Loan Losses (Recorded Investment In Loans Past Due) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | $ 1,523,498 | $ 1,625,664 |
Non-accruing Loans | 17,387 | 27,884 |
Total Balance | 1,572,976 | 1,698,798 |
30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 22,646 | 34,786 |
60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 8,417 | 10,230 |
90+ Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 1,028 | 234 |
Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 229,724 | 419,409 |
Non-accruing Loans | 4,901 | 6,485 |
Total Balance | 237,077 | 430,350 |
Commercial And Industrial [Member] | 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 1,336 | 4,240 |
Commercial And Industrial [Member] | 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 568 | 122 |
Commercial And Industrial [Member] | 90+ Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 548 | 94 |
Consumer And Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 706 | 111 |
Non-accruing Loans | 3 | |
Total Balance | 719 | 151 |
Consumer And Other Loans [Member] | 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 9 | 6 |
Consumer And Other Loans [Member] | 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 4 | 14 |
Consumer And Other Loans [Member] | 90+ Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 17 | |
Total Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Balance | 1,335,180 | 1,268,297 |
Total Real Estate Loans [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Balance | 416,169 | 372,860 |
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Balance | 837,773 | 812,835 |
Total Real Estate Loans [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 79,644 | 80,044 |
Non-accruing Loans | 758 | 1,196 |
Total Balance | 81,238 | 82,602 |
Total Real Estate Loans [Member] | Home Equity Loans [Member] | 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 627 | 744 |
Total Real Estate Loans [Member] | Home Equity Loans [Member] | 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 209 | 604 |
Total Real Estate Loans [Member] | Home Equity Loans [Member] | 90+ Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 14 | |
Mortgages [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 402,992 | 357,135 |
Non-accruing Loans | 3,039 | 2,689 |
Total Balance | 411,060 | 365,351 |
Mortgages [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 3,466 | 4,156 |
Mortgages [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 1,563 | 1,262 |
Mortgages [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | 90+ Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 109 | |
Mortgages [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 711,481 | 667,426 |
Non-accruing Loans | 5,756 | 14,660 |
Total Balance | 739,761 | 706,276 |
Mortgages [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 16,451 | 20,024 |
Mortgages [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 6,073 | 4,166 |
Construction [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 5,109 | 7,509 |
Non-accruing Loans | ||
Total Balance | 5,109 | 7,509 |
Construction [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | ||
Construction [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | ||
Construction [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | 90+ Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | ||
Construction [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 93,842 | 94,030 |
Non-accruing Loans | 2,933 | 2,851 |
Total Balance | 98,012 | 106,559 |
Construction [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 757 | 5,616 |
Construction [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | 4,062 | |
Construction [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | 90+ Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Balance | $ 480 |
Loans And The Allowance For L_8
Loans And The Allowance For Loan Losses (Data, At Class Level, Of Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | $ 19,514 | $ 20,429 | |
Impaired Loans, Recorded Investment, With a related allowance recorded | 2,032 | 9,390 | |
Impaired Loans, Recorded Investment, Total | 21,546 | 29,819 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 21,527 | 21,949 | |
Impaired Loans, Unpaid Principal Balance, With a related allowance recorded | 2,599 | 9,614 | |
Impaired Loans, Unpaid Principal Balance, Total | 24,126 | 31,563 | |
Impaired Loans, Related Allowance | 495 | 1,547 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 22,414 | 20,983 | $ 16,031 |
Impaired Loans, Average Recorded Investment, With a related allowance recorded | 2,160 | 9,549 | 3,286 |
Impaired Loans, Average Recorded Investment, Total | 24,574 | 30,532 | 19,317 |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 331 | 300 | 358 |
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 5 | 89 | 78 |
Impaired Loans, Interest Income Recognized, Total | 336 | 389 | 436 |
Commercial And Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 4,874 | 1,706 | |
Impaired Loans, Recorded Investment, With a related allowance recorded | 154 | 4,779 | |
Impaired Loans, Recorded Investment, Total | 5,028 | 6,485 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 5,712 | 1,947 | |
Impaired Loans, Unpaid Principal Balance, With a related allowance recorded | 158 | 4,993 | |
Impaired Loans, Unpaid Principal Balance, Total | 5,870 | 6,940 | |
Impaired Loans, Related Allowance | 100 | 994 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 5,126 | 1,952 | 4,046 |
Impaired Loans, Average Recorded Investment, With a related allowance recorded | 159 | 4,938 | 2,764 |
Impaired Loans, Average Recorded Investment, Total | 5,285 | 6,890 | 6,810 |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 22 | 8 | 143 |
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 4 | 25 | 63 |
Impaired Loans, Interest Income Recognized, Total | 26 | 33 | 206 |
Consumer And Other Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With a related allowance recorded | 3 | ||
Impaired Loans, Recorded Investment, Total | 3 | ||
Impaired Loans, Unpaid Principal Balance, With a related allowance recorded | 3 | ||
Impaired Loans, Unpaid Principal Balance, Total | 3 | ||
Impaired Loans, Related Allowance | 3 | ||
Impaired Loans, Average Recorded Investment, With a related allowance recorded | 3 | 22 | |
Impaired Loans, Average Recorded Investment, Total | 3 | 22 | |
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 1 | ||
Impaired Loans, Interest Income Recognized, Total | 1 | ||
Total Real Estate Loans [Member] | Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, Total | 15,153 | ||
Impaired Loans, Unpaid Principal Balance, Total | 15,793 | ||
Impaired Loans, Related Allowance | 153 | ||
Impaired Loans, Average Recorded Investment, Total | 15,340 | ||
Impaired Loans, Interest Income Recognized, Total | 219 | ||
Total Real Estate Loans [Member] | Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, Total | 2,851 | ||
Impaired Loans, Unpaid Principal Balance, Total | 2,908 | ||
Impaired Loans, Related Allowance | 386 | ||
Impaired Loans, Average Recorded Investment, Total | 2,871 | ||
Impaired Loans, Interest Income Recognized, Total | 53 | ||
Total Real Estate Loans [Member] | Residential Mortgages [Member] | Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 3,297 | 3,703 | |
Impaired Loans, Recorded Investment, With a related allowance recorded | 60 | ||
Impaired Loans, Recorded Investment, Total | 3,357 | 3,703 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 3,654 | 4,069 | |
Impaired Loans, Unpaid Principal Balance, With a related allowance recorded | 60 | ||
Impaired Loans, Unpaid Principal Balance, Total | 3,714 | 4,069 | |
Impaired Loans, Related Allowance | 9 | ||
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 3,602 | 3,754 | 2,823 |
Impaired Loans, Average Recorded Investment, With a related allowance recorded | 59 | 61 | |
Impaired Loans, Average Recorded Investment, Total | 3,661 | 3,754 | 2,884 |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 27 | 60 | 63 |
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 1 | 1 | |
Impaired Loans, Interest Income Recognized, Total | 28 | 60 | 64 |
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 8,821 | 12,210 | |
Impaired Loans, Recorded Investment, With a related allowance recorded | 171 | 2,943 | |
Impaired Loans, Recorded Investment, Total | 8,992 | ||
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 9,338 | 12,840 | |
Impaired Loans, Unpaid Principal Balance, With a related allowance recorded | 717 | 2,953 | |
Impaired Loans, Unpaid Principal Balance, Total | 10,055 | ||
Impaired Loans, Related Allowance | 16 | 153 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 11,223 | 12,397 | 6,293 |
Impaired Loans, Average Recorded Investment, With a related allowance recorded | 191 | 2,943 | 197 |
Impaired Loans, Average Recorded Investment, Total | 11,414 | 6,490 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 270 | 209 | 72 |
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 10 | 4 | |
Impaired Loans, Interest Income Recognized, Total | 270 | 76 | |
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 1,395 | 1,295 | |
Impaired Loans, Recorded Investment, With a related allowance recorded | 1,538 | 1,556 | |
Impaired Loans, Recorded Investment, Total | 2,933 | ||
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 1,499 | 1,352 | |
Impaired Loans, Unpaid Principal Balance, With a related allowance recorded | 1,555 | 1,556 | |
Impaired Loans, Unpaid Principal Balance, Total | 3,054 | ||
Impaired Loans, Related Allowance | 329 | 386 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 1,144 | 1,315 | 1,344 |
Impaired Loans, Average Recorded Investment, With a related allowance recorded | 1,642 | 1,556 | 242 |
Impaired Loans, Average Recorded Investment, Total | 2,786 | 1,586 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 50 | ||
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 53 | 9 | |
Impaired Loans, Interest Income Recognized, Total | 59 | ||
Total Real Estate Loans [Member] | Home Equity Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 1,127 | 1,515 | |
Impaired Loans, Recorded Investment, With a related allowance recorded | 109 | 109 | |
Impaired Loans, Recorded Investment, Total | 1,236 | 1,624 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 1,324 | 1,741 | |
Impaired Loans, Unpaid Principal Balance, With a related allowance recorded | 109 | 109 | |
Impaired Loans, Unpaid Principal Balance, Total | 1,433 | 1,850 | |
Impaired Loans, Related Allowance | 41 | 11 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 1,319 | 1,565 | 1,525 |
Impaired Loans, Average Recorded Investment, With a related allowance recorded | 109 | 109 | |
Impaired Loans, Average Recorded Investment, Total | 1,428 | 1,674 | 1,525 |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 12 | 23 | 30 |
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 1 | ||
Impaired Loans, Interest Income Recognized, Total | $ 12 | $ 24 | $ 30 |
Loans And The Allowance For L_9
Loans And The Allowance For Loan Losses (Loans Classified As Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Modifications [Line Items] | ||
Total | $ 5,718 | $ 7,314 |
Related Allowance | 370 | |
Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 1,003 | 1,722 |
Related Allowance | 370 | |
Nonaccruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 1,515 | 5,348 |
Nonaccruing [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 876 | 1,722 |
Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 4,203 | 1,966 |
Accruing [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 127 | |
Total Real Estate Loans [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 490 | 552 |
Total Real Estate Loans [Member] | Nonaccruing [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 12 | 124 |
Total Real Estate Loans [Member] | Accruing [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 478 | 428 |
Mortgages [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 989 | 1,632 |
Mortgages [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 3,236 | 3,408 |
Mortgages [Member] | Total Real Estate Loans [Member] | Nonaccruing [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 627 | 587 |
Mortgages [Member] | Total Real Estate Loans [Member] | Nonaccruing [Member] | Commercial Real Estate Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 2,915 | |
Mortgages [Member] | Total Real Estate Loans [Member] | Accruing [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 362 | 1,045 |
Mortgages [Member] | Total Real Estate Loans [Member] | Accruing [Member] | Commercial Real Estate Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 3,236 | 493 |
Construction [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | ||
Related Allowance | ||
Construction [Member] | Total Real Estate Loans [Member] | Nonaccruing [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | ||
Construction [Member] | Total Real Estate Loans [Member] | Accruing [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total |
Loans And The Allowance For _10
Loans And The Allowance For Loan Losses (TDR Activity By Type Of Concession Granted To Borrower) (Details) - Residential Mortgages [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)contract | |
Extension Of Maturity And Interest Rate Reduction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | contract | 1 |
Pre-Modification Outstanding Recorded Investment | $ 97 |
Post-Modification Outstanding Recorded Investment | $ 97 |
Combination Of Concessions [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | contract | 1 |
Pre-Modification Outstanding Recorded Investment | $ 56 |
Post-Modification Outstanding Recorded Investment | $ 56 |
Properties And Equipment (Sched
Properties And Equipment (Schedule Of Properties And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Properties and equipment, gross | $ 28,072 | $ 39,268 | |
Less accumulated depreciation | (10,283) | (19,963) | |
Properties and equipment, net | 17,789 | 19,305 | |
Depreciation expense | 1,800 | 1,600 | $ 1,300 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties and equipment, gross | 845 | 845 | |
Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties and equipment, gross | 18,563 | 19,712 | |
Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties and equipment, gross | $ 8,664 | $ 18,711 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Leases, right-of-use assets | $ 4,826 | $ 5,282 |
Leases, liabilities | 5,210 | 5,694 |
Operating lease expenses | 1,100 | 1,000 |
Payment to lease liabilities | $ 1,100 | $ 1,000 |
Leases, weighted average discount rate | 2.80% | 2.80% |
Leases, weighted average remaining lease term | 7 years 4 months 24 days | 8 years 1 month 6 days |
ROU assets obtained in exchange for lease obligations | $ 500 | $ 2,400 |
Leases (Schedule Of Future Mini
Leases (Schedule Of Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 1,095 | |
2023 | 924 | |
2024 | 789 | |
2025 | 647 | |
2026 | 575 | |
Thereafter | 1,721 | |
Total future minimum lease payments | 5,751 | |
Less imputed interest | 541 | |
Total | $ 5,210 | $ 5,694 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill | $ 12,702 | $ 12,713 | |
Addition goodwill | 0 | ||
Goodwill impairment | $ 11 | 0 | |
Estimated weighted average remaining life | 4 years 9 months 18 days | ||
Amortization expense related to intangibles | $ 537 | 533 | $ 448 |
Impairment of intangible assets | 0 | ||
Other Insurance Intangibles [Member] | |||
Estimated weighted average remaining life | 4 years 6 months | ||
Impairment of intangible assets | $ 100 | ||
Core Deposit Intangibles [Member] | |||
Estimated weighted average remaining life | 8 years 3 months 18 days | ||
Insurance Agency Segment [Member] | |||
Goodwill | $ 10,900 | 10,900 | |
Banking Segment [Member] | |||
Goodwill | 1,800 | 1,800 | |
FSB Bancorp, Inc [Member] | Banking Segment [Member] | |||
Addition goodwill | 1,800 | ||
FSB Bancorp, Inc [Member] | Banking Segment [Member] | Core Deposit Intangibles [Member] | |||
Additions intangible assets | 200 | ||
Benefit Brokers [Member] | |||
Additions intangible assets | $ 0 | ||
Benefit Brokers [Member] | Insurance Agency Segment [Member] | |||
Addition goodwill | 400 | ||
Benefit Brokers [Member] | Insurance Agency Segment [Member] | Customer Relationships [Member] | |||
Additions intangible assets | $ 600 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,491 | $ 3,611 |
Accumulated Amortization | (1,864) | (1,373) |
Other Insurance Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,325 | 3,445 |
Accumulated Amortization | (1,828) | (1,358) |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 166 | 166 |
Accumulated Amortization | $ (36) | $ (15) |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Schedule Of Expected Amortization Expense) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets [Abstract] | |
2022 | $ 400 |
2023 | 389 |
2024 | 378 |
2025 | 218 |
2026 | 60 |
Thereafter | 182 |
Estimated amortization expense | $ 1,627 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Time deposits, $250,000 and over | $ 25.3 | $ 43.6 |
Brokered time deposits | $ 8.7 | $ 16.5 |
Deposits (Schedule Of Maturitie
Deposits (Schedule Of Maturities Of Time Deposits) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Deposits [Abstract] | |
2022 | $ 125,872 |
2023 | 26,279 |
2024 | 4,001 |
2025 | 4,735 |
2026 | 3,453 |
Time deposits | $ 164,340 |
Borrowed Funds And Subordinat_3
Borrowed Funds And Subordinated Debt (Narrative) (Details) - USD ($) $ in Thousands | Jul. 09, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
FHLBNY stock, carrying value | $ 3,045 | $ 3,470 | |
Purchased discounts | 700 | 1,400 | |
Subordinated debt | $ 30,974 | 30,872 | |
Capital Securities And Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt issuance date | Oct. 1, 2004 | ||
Subordinated debt | $ 11,300 | ||
Capital Securities [Member] | |||
Debt Instrument [Line Items] | |||
Debt maturity date | Nov. 23, 2034 | ||
Subordinated debt | $ 11,000 | ||
Distribution rate | 2.86% | ||
Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Subordinated debt | $ 300 | ||
Junior Subordinated Debentures [Member] | Capital Securities And Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt maturity date | Oct. 1, 2037 | ||
Debt interest rate | 2.86% | ||
Subordinated debt | $ 11,300 | ||
Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Subordinated notes | $ 20,000 | ||
Debt maturity date | Jul. 15, 2030 | ||
Debt interest rate | 6.00% | ||
Basis spread on variable rate | 5.90% | ||
Subordinated debt | 20,000 | ||
FHLB Advances [Member] | |||
Debt Instrument [Line Items] | |||
FHLB advances available | $ 391,000 | ||
FHLB Advances [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
FHLB advances fixed interest rate | 1.66% | ||
FHLB Advances [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
FHLB advances fixed interest rate | 3.34% | ||
FHLB Overnight Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
FHLB advances available | $ 18,000 | ||
LIBOR [Member] | Capital Securities [Member] | |||
Debt Instrument [Line Items] | |||
Distribution rate | 2.65% | ||
Total Real Estate Loans [Member] | FHLBNY [Member] | Residential And Commercial Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Loans pledged as collateral | $ 619,000 | $ 630,000 |
Borrowed Funds And Subordinat_4
Borrowed Funds And Subordinated Debt (Schedule Of Maturities And Weighted Average Rates Of Other Borrowed Funds) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Borrowed Funds And Subordinated Debt [Abstract] | |||
2022 Maturities | $ 11,820 | ||
2023 Maturities | 13,798 | ||
2024 Maturities | 6,527 | ||
Total Maturities | $ 32,145 | $ 43,293 | $ 10,000 |
2022 Weighted Average Rate | 2.46% | ||
2023 Weighted Average Rate | 2.59% | ||
2024 Weighted Average Rate | 3.06% | ||
Weighted Average Rate | 2.64% |
Borrowed Funds And Subordinat_5
Borrowed Funds And Subordinated Debt (Schedule Of Amounts And Interest Rates Of Other Borrowed Funds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | |||
Amount outstanding | $ 32,145 | $ 43,293 | $ 10,000 |
Weighted-average interest rate | 2.64% | 2.47% | 1.73% |
Daily average amount outstanding | $ 38,403 | $ 35,625 | $ 10,011 |
Weighted-average interest rate | 2.55% | 2.33% | 1.73% |
FHLB Overnight Line of Credit [Member] | |||
Short-term Debt [Line Items] | |||
Daily average amount outstanding | $ 11 | ||
Weighted-average interest rate | 2.70% | ||
FHLB Advances [Member] | |||
Short-term Debt [Line Items] | |||
Amount outstanding | $ 32,145 | $ 42,600 | $ 10,000 |
Weighted-average interest rate | 2.64% | 2.51% | 1.73% |
Highest amount at a month end | $ 42,434 | $ 50,597 | $ 10,000 |
Daily average amount outstanding | $ 38,378 | $ 35,625 | $ 10,000 |
Weighted-average interest rate | 2.55% | 2.35% | 1.73% |
FRB Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Amount outstanding | $ 693 | ||
Weighted-average interest rate | 0.35% | ||
Highest amount at a month end | $ 693 | ||
Daily average amount outstanding | $ 24 | $ 451 | |
Weighted-average interest rate | 0.35% | 0.35% |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements To Repurchase (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities Sold Under Agreements To Repurchase [Abstract] | ||
Securities sold under agreement to repurchase | $ 4,112 | $ 4,093 |
Comprehensive Income (Loss) (Sc
Comprehensive Income (Loss) (Schedule Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (719) | $ (2,583) | $ (5,353) |
Net Change | (4,952) | 1,864 | 2,770 |
Ending Balance | (5,671) | (719) | (2,583) |
Net Unrealized Gain (Loss) On Investment Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 2,397 | 522 | (2,348) |
Net Change | (5,557) | 1,875 | 2,870 |
Ending Balance | (3,160) | 2,397 | 522 |
Net Defined Benefit Pension Plan Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (3,116) | (3,105) | (3,005) |
Net Change | 605 | (11) | (100) |
Ending Balance | $ (2,511) | $ (3,116) | $ (3,105) |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unrealized gain on investment securities: | |||
Unrealized gain (loss) on investment securities, Before-Tax Amount | $ (7,508) | $ 3,201 | $ 3,875 |
Unrealized gain (loss) on investment securities, Income Tax (Provision) Benefit | 1,951 | (832) | (1,005) |
Unrealized gain (loss) on investment securities, Net-of-Tax Amount | (5,557) | 2,369 | 2,870 |
Reclassification from accumulated other comprehensive income for gains, Before-Tax Amount | (667) | ||
Reclassification from accumulated other comprehensive income for gains (losses), Income Tax (Provision) Benefit | 173 | ||
Reclassification from accumulated other comprehensive income for gains, Net-of-Tax Amount | (494) | ||
Net change, Before-Tax Amount | 2,534 | ||
Net change, Income Tax (Provision) Benefit | (659) | ||
Total | (5,557) | 1,875 | 2,870 |
Defined benefit pension plan adjustments: | |||
Net actuarial (loss) gain, Before-Tax Amount | 404 | (492) | (581) |
Net actuarial gain (loss), Income Tax (Provision) Benefit | (102) | 128 | 212 |
Net actuarial gain (loss), Net-of-Tax Amount | 302 | (364) | 369 |
Amortization of prior service cost, Before-Tax Amount | 31 | 31 | 32 |
Amortization of prior service cost, Income Tax (Provision) Benefit | (8) | (8) | (9) |
Amortization of prior service cost, Net-of-Tax Amount | 23 | 23 | 23 |
Amortization of actuarial loss, Before-Tax Amount | 383 | 446 | 332 |
Amortization of actuarial loss, Income Tax (Provision) Benefit | (103) | (116) | (86) |
Amortization of actuarial loss, Net-of-Tax Amount | 280 | 330 | 246 |
Net change, Before-Tax Amount | 818 | (15) | (217) |
Net change, Income Tax (Provision) Benefit | (213) | 4 | 117 |
Total | 605 | (11) | (100) |
Other Comprehensive Income (Loss), Before-Tax Amount | (6,690) | 2,519 | 3,658 |
Other Comprehensive Income (Loss), Income Tax (Provision) Benefit | 1,738 | (655) | (888) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | $ (4,952) | $ 1,864 | $ 2,770 |
Employee Benefits And Deferre_3
Employee Benefits And Deferred Compensation Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Cash surrender value of bank-owned life insurance contracts | $ 34,295 | $ 33,989 | |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 5.50% | 5.50% | 5.50% |
Company contribution in the next fiscal year | $ 0 | ||
Discount rate for projected benefit obligation | 2.77% | 2.42% | 3.20% |
Benefit obligation | $ 6,551 | $ 6,837 | $ 6,402 |
Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for projected benefit obligation | 2.23% | 1.66% | 2.72% |
Required benefit service period | 10 years | ||
Number of highest consecutive years | 5 years | ||
Number of SERP plans | item | 2 | ||
Benefit obligation | $ 5,754 | $ 6,148 | $ 5,747 |
Supplemental Executive Retirement Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Required benefit service period | 15 years | ||
Percentage of participants salary used to determine accrued benefit | 25.00% | ||
Supplemental Executive Retirement Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Required benefit service period | 20 years | ||
Percentage of participants salary used to determine accrued benefit | 35.00% | ||
Non-Qualified Executive Incentive Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Compensation cost | $ 200 | 100 | 200 |
Benefit obligation | 1,900 | 1,800 | |
Other Post-Retirement Benefit Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Compensation cost | $ 1,400 | $ 1,200 | $ 1,000 |
Vesting period of employer contributions | 6 years | ||
Equity Securities [Member] | Pension [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 4.50% | ||
Equity Securities [Member] | Pension [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 11.00% | ||
Equity Securities [Member] | Normal Market Conditions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan asset category | 33.00% | ||
Fixed Income Securities [Member] | Pension [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 4.00% | ||
Fixed Income Securities [Member] | Pension [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 5.00% | ||
Fixed Income Securities [Member] | Normal Market Conditions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan asset category | 67.00% | ||
FSB Bancorp, Inc [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Compensation cost | $ 5 | ||
Benefit obligation | $ 700 |
Employee Benefits And Deferre_4
Employee Benefits And Deferred Compensation Plans (Schedule Of Defined Benefit Plans Disclosures, Pension Plan) (Details) - Pension [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in benefit obligation: | |||
Benefit obligation at the beginning of the year | $ 6,837 | $ 6,402 | |
Service cost | |||
Interest cost | 165 | 200 | $ 223 |
Assumption change | (297) | 631 | |
Actuarial loss (gain) | 85 | (6) | |
Benefits paid | (239) | (390) | |
Benefit obligation at the end of the year | 6,551 | 6,837 | 6,402 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 6,583 | 6,044 | |
Actual return on plan assets | 192 | 929 | |
Employer contributions | |||
Benefits paid | (239) | (390) | |
Fair value of plan assets at end of year | 6,536 | 6,583 | $ 6,044 |
Funded status | (15) | (254) | |
Accrued benefit liabilities | (15) | (254) | |
Net actuarial loss | 2,254 | 2,401 | |
Prior service cost | |||
Net amount recognized in equity – pre-tax | 2,254 | 2,401 | |
Accumulated benefit obligation at year end | $ 6,551 | $ 6,837 |
Employee Benefits And Deferre_5
Employee Benefits And Deferred Compensation Plans (Schedule Of Assumptions Used, Pension Plan) (Details) - Pension [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for projected benefit obligation | 2.77% | 2.42% | 3.20% |
Discounted rate for net periodic pension cost | 2.42% | 3.20% | 4.20% |
Expected long-term rate of return on plan assets | 5.50% | 5.50% | 5.50% |
Employee Benefits And Deferre_6
Employee Benefits And Deferred Compensation Plans (Schedule Of Net Periodic Benefit Cost, Pension Plan) (Details) - Pension [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | |||
Interest cost | 165 | 200 | $ 223 |
Expected return on plan assets | (356) | (325) | (278) |
Net amortization and deferral | 100 | 96 | 98 |
Net periodic benefit cost | $ (91) | $ (29) | $ 43 |
Employee Benefits And Deferre_7
Employee Benefits And Deferred Compensation Plans (Schedule Of Weighted Average Asset Allocation) (Details) - Pension [Member] | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average plan asset allocations | 100.00% | 100.00% |
Equity Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average plan asset allocations | 33.81% | 30.83% |
Fixed Income Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average plan asset allocations | 63.40% | 67.59% |
Cash/Short-Term Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average plan asset allocations | 2.79% | 1.58% |
Employee Benefits And Deferre_8
Employee Benefits And Deferred Compensation Plans (Schedule Of Major Categories Of Assets) (Details) - Pension [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 6,536 | $ 6,583 | $ 6,044 |
Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 6,536 | 6,583 | |
Cash [Member] | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 22 | 11 | |
Mutual Funds, Money Market [Member] | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 160 | 93 | |
Fixed Income Mutual Funds [Member] | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4,144 | 4,450 | |
Equities, Large Cap [Member] | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 920 | 783 | |
Equities, International Large Cap [Member] | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 1,290 | $ 1,246 |
Employee Benefits And Deferre_9
Employee Benefits And Deferred Compensation Plans (Schedule Of Expected Benefit Payments, Pension Plan) (Details) - Pension [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 255 |
2023 | 280 |
2024 | 328 |
2025 | 336 |
2026 | 341 |
Year 2027 - 2031 | $ 1,704 |
Employee Benefits And Deferr_10
Employee Benefits And Deferred Compensation Plans (Schedule Of Defined Benefit Plans Disclosures, SERP) (Details) - Supplemental Executive Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in benefit obligation: | |||
Benefit obligation at the beginning of the year | $ 6,148 | $ 5,747 | |
Service cost | 148 | 155 | $ 146 |
Interest cost | 100 | 151 | 202 |
Actuarial loss (gain) | (357) | 472 | |
Benefits paid | (285) | (377) | |
Benefit obligation at the end of the year | 5,754 | 6,148 | 5,747 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | |||
Actual return on plan assets | |||
Employer contributions | 285 | 377 | |
Benefits paid | (285) | (377) | |
Fair value of plan assets at end of year | |||
Funded status | (5,754) | (6,148) | |
Accrued benefit liabilities | (5,754) | (6,148) | |
Net actuarial loss | 1,106 | 1,746 | |
Prior service cost | 31 | 62 | |
Net amount recognized in equity – pre-tax | 1,137 | 1,808 | |
Accumulated benefit obligation at year end | $ 5,591 | $ 5,920 |
Employee Benefits And Deferr_11
Employee Benefits And Deferred Compensation Plans (Schedule Of Assumptions Used, SERP) (Details) - Supplemental Executive Retirement Plan [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for projected benefit obligation | 2.23% | 1.66% | 2.72% |
Discounted rate for net periodic pension cost | 1.66% | 2.72% | 3.84% |
Salary scale | 3.00% | 3.00% | 6.00% |
Employee Benefits And Deferr_12
Employee Benefits And Deferred Compensation Plans (Schedule Of Net Periodic Benefit Cost, SERP) (Details) - Supplemental Executive Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 148 | $ 155 | $ 146 |
Interest cost | 100 | 151 | 202 |
Net amortization and deferral | 314 | 381 | 266 |
Net periodic benefit cost | $ 562 | $ 687 | $ 614 |
Employee Benefits And Deferr_13
Employee Benefits And Deferred Compensation Plans (Schedule Of Expected Benefit Payments, SERP) (Details) - Supplemental Executive Retirement Plan [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 408 |
2023 | 285 |
2024 | 2,750 |
2025 | 285 |
2026 | 285 |
Year 2027 - 2031 | $ 1,026 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)ShareBasedCompensationPlanshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock-based compensation plans | ShareBasedCompensationPlan | 2 | ||
Shares issued in Employee Stock Purchase Plan | shares | 12,166 | 19,434 | 11,712 |
Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, cost recognized | $ | $ 0.7 | $ 0.6 | $ 0.7 |
Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, cost recognized | $ | 0.2 | $ 0.3 | $ 0.2 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized cost related to options | $ | $ 0.3 | ||
Expected term | 7 years 2 months 4 days | 7 years 1 month 2 days | 6 years 11 months 15 days |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized cost related to restricted share-based compensation arrangements | $ | $ 0.8 | ||
Equity Plans [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | shares | 603,883 | ||
Equity Plans [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price of stock as a percentage of it's fair market value | 100.00% | ||
Equity Plans [Member] | Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Expected term | 10 years | ||
Equity Plans [Member] | Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 12 months | ||
2019 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant | shares | 221,065 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant | shares | 60,811 | ||
Purchase price of stock as a percentage on grant or exercise date | 85.00% | ||
Shares issued in Employee Stock Purchase Plan | shares | 12,166 | 19,434 | 11,712 |
Maximum employee subscription rate | 15.00% | ||
Employee Stock Purchase Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, cost recognized | $ | $ 0.1 | $ 0.1 | $ 0.1 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Options Valuation Assumptions) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend Yield | 3.07% | 4.55% | 2.88% |
Expected Life (years) | 7 years 2 months 4 days | 7 years 1 month 2 days | 6 years 11 months 15 days |
Expected Volatility | 27.54% | 26.64% | 17.36% |
Risk-free Interest Rate | 1.51% | 0.63% | 2.47% |
Weighted Average Fair Value | $ 7.80 | $ 3.41 | $ 5.01 |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule Of Stock Options Activity) (Details) - Stock Options [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Balance, Beginning | shares | 244,171 |
Options Granted | shares | 17,040 |
Options Exercised | shares | (26,223) |
Options Expired | shares | (1,657) |
Options Forfeited | shares | (688) |
Options Balance, Ending | shares | 232,643 |
Options Exercisable, Ending | shares | 160,990 |
Weighted Average Exercise Price, Balance, Beginning | $ / shares | $ 27.71 |
Weighted Average Exercise Price, Granted | $ / shares | 39.06 |
Weighted Average Exercise Price, Exercised | $ / shares | 15.59 |
Weighted Average Exercise Price, Expired | $ / shares | 42.10 |
Weighted Average Exercise Price, Forfeited | $ / shares | 39.46 |
Weighted Average Exercise Price, Balance, Ending | $ / shares | 29.77 |
Weighted Average Exercise Price, Exercisable, Ending | $ / shares | $ 28.45 |
Weighted Average Remaining Contractual Term (years), Balance, Ending | 5 years 6 months 18 days |
Weighted Average Remaining Contractual Term (years), Exercisable, Ending | 4 years 2 months 15 days |
Aggregate Intrinsic Value, Balance, Ending | $ | $ 2,597 |
Aggregate Intrinsic Value, Balance, Exercisable, Ending | $ | $ 2,018 |
Stock-Based Compensation (Sch_3
Stock-Based Compensation (Schedule Of Unrecognized Compensation Cost) (Details) - Stock Options [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
2022 | $ 135 |
2023 | 50 |
2024 | 40 |
2025 | $ 35 |
Stock-Based Compensation (Sch_4
Stock-Based Compensation (Schedule Of Restricted Stock Award Activity) (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Balance, Beginning | shares | 43,264 |
Shares Granted | shares | 18,490 |
Shares Vested | shares | (20,472) |
Shares Forfeited | shares | (308) |
Shares Balance, Ending | shares | 40,974 |
Weighted Average Grant Date Fair Value, Balance, Beginning | $ / shares | $ 33.36 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 34.87 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 35.77 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 39.89 |
Weighted Average Grant Date Fair Value, Balance, Ending | $ / shares | $ 32.79 |
Stock-Based Compensation (Sch_5
Stock-Based Compensation (Schedule Of Unrecognized Compensation Cost) (Details) - Restricted Stock [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
2022 | $ 462 |
2023 | 150 |
2024 | 119 |
2025 | $ 104 |
Stock-Based Compensation (Sch_6
Stock-Based Compensation (Schedule Of Activity Under Share Based Compensation Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of stock options exercised | $ 488 | $ 206 | $ 770 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total fair value of restricted stock awards vested | $ 701 | $ 577 | $ 610 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Accrued income tax penalties and interest | $ 0 | $ 0 | |
IRS [Member] | Earliest Tax Year [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax years remain subject to examination | 2018 | ||
IRS [Member] | Latest Tax Year [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax years remain subject to examination | 2020 | ||
Historic Structure In New York State [Member] | |||
Income Tax Contingency [Line Items] | |||
Valuation allowance | $ 0 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Income Tax Provision (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Current federal tax expense | $ 4,951 | $ 2,283 | $ 4,639 |
Current state tax expense | 1,412 | 1,131 | 1,160 |
Total current tax expense | 6,363 | 3,414 | 5,799 |
Deferred federal tax expense (benefit) | 1,165 | (1,356) | (513) |
Deferred state tax expense (benefit) | 355 | (496) | (58) |
Total deferred tax expense (benefit) | 1,520 | (1,852) | (571) |
Income tax provision | $ 7,883 | $ 1,562 | $ 5,228 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Tax provision at statutory rate, Amount | $ 6,704 | $ 2,690 | $ 4,671 |
Tax-exempt income, Amount | (230) | (203) | (213) |
Historic tax credit, Amount | (24) | (1,643) | (81) |
State taxes, net of federal benefit, Amount | 1,396 | 502 | 870 |
Other items, net, Amount | 37 | 216 | (19) |
Income tax provision | $ 7,883 | $ 1,562 | $ 5,228 |
Tax provision at statutory rate, Percent | 21.00% | 21.00% | 21.00% |
Tax-exempt income, Percent | (2.00%) | (1.00%) | |
Historic tax credit, Percent | (13.00%) | ||
State taxes, net of federal benefit, Percent | 4.00% | 4.00% | 4.00% |
Other items, net, Percent | 2.00% | ||
Income tax provision, Percent | 25.00% | 12.00% | 24.00% |
Income Taxes (Schedule Of Histo
Income Taxes (Schedule Of Historic Tax Credit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Loss on tax credit investment | $ (30) | $ (2,475) | $ (158) |
Refundable state historic tax credit | 21 | 1,857 | 115 |
Income tax benefit | (7,883) | (1,562) | (5,228) |
Historic Structure In New York State [Member] | |||
Income Tax Contingency [Line Items] | |||
Loss on tax credit investment | (30) | (2,475) | (158) |
Refundable state historic tax credit | 21 | 1,857 | 115 |
Income tax benefit | 24 | 1,643 | 81 |
Total HTC income | $ 15 | $ 1,025 | $ 38 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Pension and SERP plans | $ 1,687 | $ 1,864 |
Allowance for loan and lease losses | 4,744 | 5,247 |
Deferred compensation | 576 | 538 |
Loss on investment in tax credit | 135 | 415 |
Stock options granted | 193 | 181 |
State tax credit carryforward | 185 | 180 |
Leases liabilities | 1,353 | 1,476 |
State net operating loss | 387 | 316 |
Net unrealized losses on securities | 1,109 | |
Deferred loan fees and costs | 698 | |
Fair value adjustments of business combinations | 623 | 1,071 |
Other | 29 | 52 |
Gross deferred tax assets | 11,021 | 12,038 |
Deferred tax liabilities: | ||
Depreciation and amortization | 1,187 | 1,635 |
Right of use assets | 1,254 | 1,369 |
Prepaid expenses | 308 | 265 |
Net unrealized gains on securities | 840 | |
Deferred loan fees and costs | 161 | |
Mortgage servicing asset | 238 | 238 |
Other | 35 | |
Gross deferred tax liabilities | 3,148 | 4,382 |
Net deferred tax asset | $ 7,873 | $ 7,656 |
Revenue Recognition Of Non-In_4
Revenue Recognition Of Non-Interest Income (Schedule Of Disaggregation Of Insurance Service And Other Fees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total insurance service and other fees | $ 10,457 | $ 10,610 | $ 10,688 |
Commercial Property And Casualty Insurance Commissions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total insurance service and other fees | 3,993 | 4,023 | 4,014 |
Personal Property And Casualty Insurance Commissions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total insurance service and other fees | 3,288 | 3,388 | 3,416 |
Employee Benefits Sales Commissions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total insurance service and other fees | 902 | 1,173 | 1,136 |
Profit Sharing And Contingent Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total insurance service and other fees | 1,198 | 1,077 | 1,050 |
Wealth Management And Other Financial Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total insurance service and other fees | 638 | 516 | 517 |
Insurance Claims Services Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total insurance service and other fees | 285 | 292 | 453 |
Other Insurance-Related Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total insurance service and other fees | $ 153 | $ 141 | $ 102 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Aggregate amount of loans to related party | $ 1.7 | $ 3.4 |
New advances to related party during period | 2.8 | |
Related party loans repaid | 4.5 | |
Related party deposits | $ 2.6 | $ 2.3 |
Contingent Liabilities And Co_3
Contingent Liabilities And Commitments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Contingent Liabilities And Commitments [Abstract] | |||
Losses on commitments | $ 0 | $ 0 | $ 0 |
Reserve for commitments | 0 | 0 | 0 |
Aggregate minimum annual rental commitments, 2022 | 1,095 | ||
Aggregate minimum annual rental commitments, 2023 | 924 | ||
Aggregate minimum annual rental commitments, 2024 | 789 | ||
Aggregate minimum annual rental commitments, 2025 | 647 | ||
Aggregate minimum annual rental commitments, 2026 | 575 | ||
Aggregate minimum annual rental commitments, Thereafter | 1,721 | ||
Rental expense under operating leases | $ 1,100 | $ 1,000 | $ 700 |
Contingent Liabilities And Co_4
Contingent Liabilities And Commitments (Summary Of Commitments And Contingent Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | $ 399,589 | $ 362,955 |
Commitments To Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 394,953 | 359,152 |
Standby Letters Of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | $ 4,636 | $ 3,803 |
Concentrations Of Credit (Narra
Concentrations Of Credit (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Capital [Member] | Maximum [Member] | Credit Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 15.00% |
Segment Information (Schedule O
Segment Information (Schedule Of Business Segments) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of primary business segments | segment | 2 | ||
Net interest income (expense) | $ 72,785 | $ 59,782 | $ 52,055 |
(Credit) Provision for loan losses | (1,513) | 5,351 | 75 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 74,298 | 54,431 | 51,980 |
Insurance service and fees | 10,457 | 10,610 | 10,688 |
Other non-interest income | 18,847 | 18,237 | 18,082 |
Amortization expense | 537 | 533 | 448 |
Other non-interest expense | 61,219 | 59,860 | 47,820 |
INCOME BEFORE INCOME TAXES | 31,926 | 12,808 | 22,242 |
Income tax provision | 7,883 | 1,562 | 5,228 |
NET INCOME | 24,043 | 11,246 | 17,014 |
Operating Segments [Member] | |||
Net interest income (expense) | 72,785 | 59,782 | 52,055 |
(Credit) Provision for loan losses | (1,513) | 5,351 | 75 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 74,298 | 54,431 | 51,980 |
Insurance service and fees | 10,457 | 10,610 | 10,688 |
Other non-interest income | 8,390 | 7,627 | 7,394 |
Amortization expense | 537 | 533 | 448 |
Other non-interest expense | 60,682 | 59,327 | 47,372 |
INCOME BEFORE INCOME TAXES | 31,926 | 12,808 | 22,242 |
Income tax provision | 7,883 | 1,562 | 5,228 |
NET INCOME | 24,043 | 11,246 | 17,014 |
Banking Activities [Member] | Operating Segments [Member] | |||
Net interest income (expense) | 72,785 | 59,793 | 52,152 |
(Credit) Provision for loan losses | (1,513) | 5,351 | 75 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 74,298 | 54,442 | 52,077 |
Insurance service and fees | 580 | 488 | 480 |
Other non-interest income | 8,136 | 7,623 | 7,232 |
Amortization expense | 21 | 15 | |
Other non-interest expense | 52,843 | 51,322 | 38,961 |
INCOME BEFORE INCOME TAXES | 30,150 | 11,216 | 20,828 |
Income tax provision | 7,421 | 1,143 | 4,860 |
NET INCOME | 22,729 | 10,073 | 15,968 |
Insurance Agency Activities [Member] | Operating Segments [Member] | |||
Net interest income (expense) | (11) | (97) | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | (11) | (97) | |
Insurance service and fees | 9,877 | 10,122 | 10,208 |
Other non-interest income | 254 | 4 | 162 |
Amortization expense | 516 | 518 | 448 |
Other non-interest expense | 7,839 | 8,005 | 8,411 |
INCOME BEFORE INCOME TAXES | 1,776 | 1,592 | 1,414 |
Income tax provision | 462 | 419 | 368 |
NET INCOME | $ 1,314 | $ 1,173 | $ 1,046 |
Segment Information (Schedule_2
Segment Information (Schedule Of Identifiable Assets, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Consolidated Total Assets | $ 2,210,640 | $ 2,044,115 |
Operating Segments [Member] | Banking Activities [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated Total Assets | 2,192,348 | 2,025,498 |
Operating Segments [Member] | Insurance Agency Activities [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated Total Assets | $ 18,292 | $ 18,617 |
Fair Value Of Assets And Liab_3
Fair Value Of Assets And Liabilities (Narrative) (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, allowance for loan loss | $ 495 | $ 1,547 |
Minimum [Member] | Impaired Loans [Member] | Fair Value, Significant unobservable inputs (Level 3) [Member] | Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount on appraisals of the collateral | 10 | |
Maximum [Member] | Impaired Loans [Member] | Fair Value, Significant unobservable inputs (Level 3) [Member] | Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount on appraisals of the collateral | 50 | |
Nonrecurring [Member] | Fair Value, Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent impaired loans, gross | $ 5,000 | 8,800 |
Impaired loans, allowance for loan loss | $ 400 | $ 1,300 |
Fair Value Of Assets And Liab_4
Fair Value Of Assets And Liabilities ( Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | $ 305,959 | $ 162,396 |
US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 96,818 | 68,098 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 6,246 | 7,524 |
Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 202,895 | 86,774 |
Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 96,818 | 68,098 |
Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 6,246 | 7,524 |
Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | $ 202,895 | $ 86,774 |
Fair Value Of Assets And Liab_5
Fair Value Of Assets And Liabilities ( Assets And Liabilities Measured At Fair Value On Nonrecurring Basis) (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | $ 4,608 | $ 7,496 |
Fair Value, Significant unobservable inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | $ 4,608 | $ 7,496 |
Fair Value Of Assets And Liab_6
Fair Value Of Assets And Liabilities (Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for Sale, Fair Value | $ 305,959 | $ 162,396 |
Held to maturity securities | 3,179 | 4,271 |
Demand deposits | 492,864 | 436,157 |
NOW deposits | 259,908 | 230,751 |
Savings deposits | 1,019,925 | 825,947 |
Time deposits | 164,340 | 278,554 |
Carrying Amount [Member] | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 244,785 | 97,604 |
Demand deposits | 492,864 | 436,157 |
NOW deposits | 259,908 | 230,751 |
Savings deposits | 1,019,925 | 825,947 |
Carrying Amount [Member] | Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for Sale, Fair Value | 305,959 | 162,396 |
FHLB and FRB stock | 6,084 | 5,793 |
Securities sold under agreement to repurchase | 4,112 | 4,093 |
Other borrowed funds | 32,879 | 44,698 |
Subordinated debt | 30,974 | 30,872 |
Carrying Amount [Member] | Fair Value, Significant unobservable inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 3,165 | 4,204 |
Loans, net | 1,553,467 | 1,673,379 |
Time deposits | 164,340 | 278,554 |
Fair Value [Member] | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 244,785 | 97,604 |
Demand deposits | 492,864 | 436,157 |
NOW deposits | 259,908 | 230,751 |
Savings deposits | 1,019,925 | 825,947 |
Fair Value [Member] | Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for Sale, Fair Value | 305,959 | 162,396 |
Securities sold under agreement to repurchase | 4,112 | 4,093 |
Other borrowed funds | 32,990 | 45,547 |
Subordinated debt | 32,111 | 31,394 |
Fair Value [Member] | Fair Value, Significant unobservable inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 3,179 | 4,271 |
Loans, net | 1,573,420 | 1,720,878 |
Time deposits | $ 164,574 | $ 280,059 |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier I (to Risk Weighted Assets), Minimum for Capital Adequacy Purposes, Amount | $ 65,940 | $ 64,633 |
Common Equity Tier I (to Risk Weighted Assets), Minimum for Capital Adequacy Purposes, Ratio | 0.045% | 0.045% |
Common Equity Tier I (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 95,247 | $ 93,358 |
Common Equity Tier I (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.065% | 0.065% |
Total Capital (to Risk Weighted Assets), Minimum for Capital Adequacy Purposes, Amount | $ 117,227 | $ 114,902 |
Total Capital (to Risk Weighted Assets), Minimum for Capital Adequacy Purposes, Ratio | 0.080 | 0.080 |
Total Capital (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 146,534 | $ 143,628 |
Total Capital (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.100 | 0.100 |
Tier I Capital (to Risk Weighted Assets), Minimum for Capital Adequacy Purposes, Amount | $ 87,921 | $ 86,177 |
Tier I Capital (to Risk Weighted Assets), Minimum for Capital Adequacy Purposes, Ratio | 0.060 | 0.060 |
Tier I Capital (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 117,227 | $ 114,902 |
Tier I Capital (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.080 | 0.080 |
Tier I Capital (to Average Assets), Minimum for Capital Adequacy Purposes, Amount | $ 87,278 | $ 81,329 |
Tier I Capital (to Average Assets), Minimum for Capital Adequacy Purposes, Ratio | 0.040 | 0.040 |
Tier I Capital (to Average Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 109,098 | $ 101,662 |
Tier I Capital (to Average Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.050 | 0.050 |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier I (to Risk Weighted Assets), Amount | $ 200,420 | $ 181,916 |
Common Equity Tier I (to Risk Weighted Assets), Ratio | 0.1368% | 0.1269% |
Total Capital (to Risk Weighted Assets), Amount | $ 218,740 | $ 199,863 |
Total Capital (to Risk Weighted Assets), Ratio | 0.1493 | 0.1394 |
Tier I Capital (to Risk Weighted Assets), Amount | $ 200,420 | $ 181,916 |
Tier I Capital (to Risk Weighted Assets), Ratio | 0.1368 | 0.1269 |
Tier I Capital (to Average Assets), Amount | $ 200,420 | $ 181,916 |
Tier I Capital (to Average Assets), Ratio | 0.0919 | 0.0896 |
Parent Company Only Financial_3
Parent Company Only Financial Information (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other assets | $ 25,941 | $ 27,212 | ||
TOTAL ASSETS | 2,210,640 | 2,044,115 | ||
Subordinated debt | 30,974 | 30,872 | ||
Other liabilities | 16,536 | 18,444 | ||
Total liabilities | 2,026,748 | 1,875,210 | ||
Total Stockholders’ Equity | 183,892 | 168,905 | $ 148,453 | $ 131,646 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 2,210,640 | 2,044,115 | ||
Parent Company [Member] | ||||
Cash | 1,864 | 1,642 | ||
Other assets | 478 | 485 | ||
Investment in subsidiaries | 213,717 | 198,873 | ||
TOTAL ASSETS | 216,059 | 201,000 | ||
Subordinated debt | 30,974 | 30,872 | ||
Other liabilities | 1,193 | 1,223 | ||
Total liabilities | 32,167 | 32,095 | ||
Total Stockholders’ Equity | 183,892 | 168,905 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 216,059 | $ 201,000 |
Parent Company Only Financial_4
Parent Company Only Financial Information (Condensed Statements Of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME BEFORE INCOME TAXES | $ 31,926 | $ 12,808 | $ 22,242 |
NET INCOME | 24,043 | 11,246 | 17,014 |
COMPREHENSIVE INCOME | 19,091 | 13,110 | 19,784 |
Parent Company [Member] | |||
Dividends from subsidiaries | 8,100 | 4,500 | 4,500 |
Income | 4 | ||
Expenses | (2,565) | (3,290) | (1,323) |
INCOME BEFORE INCOME TAXES | 5,535 | 1,210 | 3,181 |
Equity in undistributed earnings of subsidiaries | 18,508 | 10,036 | 13,833 |
NET INCOME | $ 24,043 | $ 11,246 | $ 17,014 |
Parent Company Only Financial_5
Parent Company Only Financial Information (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 24,043 | $ 11,246 | $ 17,014 |
Other assets | (8,679) | (5,745) | (4,948) |
Other liabilities | 2,889 | (2,132) | 6,903 |
Net cash provided by operating activities | 20,512 | 7,787 | 21,073 |
Net cash used in investing activities | (22,620) | (213,391) | (69,882) |
Proceeds from issuance of common stock | 890 | 717 | 1,178 |
Cash dividends paid | (6,541) | (5,991) | (5,092) |
Debt issuance cost of long term borrowings | (509) | ||
Net cash provided by financing activities | 149,289 | 264,351 | 47,751 |
Net increase (decrease) in cash and cash equivalents | 147,181 | 58,747 | (1,058) |
Beginning of year | 97,604 | 38,857 | 39,915 |
End of year | 244,785 | 97,604 | 38,857 |
Parent Company [Member] | |||
Net income | 24,043 | 11,246 | 17,014 |
Undistributed earnings of subsidiaries | (18,508) | (10,036) | (13,833) |
Other assets | 7 | (78) | 130 |
Other liabilities | (30) | (48) | 4 |
Other | 361 | 314 | 180 |
Net cash provided by operating activities | 5,873 | 1,398 | 3,495 |
Investment in subsidiaries | (15,000) | ||
Net cash used in investing activities | (15,000) | ||
Proceeds from issuance of common stock | 890 | 717 | 1,178 |
Cash dividends paid | (6,541) | (5,991) | (5,092) |
Proceeds from long-term borrowings | 20,000 | ||
Debt issuance cost of long term borrowings | (509) | ||
Net cash provided by financing activities | (5,651) | 14,217 | (3,914) |
Net increase (decrease) in cash and cash equivalents | 222 | 615 | (419) |
Beginning of year | 1,642 | 1,027 | 1,446 |
End of year | $ 1,864 | $ 1,642 | $ 1,027 |