Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-28344 | |
Entity Registrant Name | FIRST COMMUNITY CORPORATION | |
Entity Central Index Key | 0000932781 | |
Entity Tax Identification Number | 57-1010751 | |
Entity Incorporation, State or Country Code | SC | |
Entity Address, Address Line One | 5455 Sunset Boulevard | |
Entity Address, City or Town | Lexington | |
Entity Address, State or Province | SC | |
Entity Address, Postal Zip Code | 29072 | |
City Area Code | (803) | |
Local Phone Number | 951-2265 | |
Title of 12(b) Security | Common stock, par value $1.00 per share | |
Trading Symbol | FCCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,559,760 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 32,623 | $ 21,973 |
Interest-bearing bank balances | 68,169 | 47,049 |
Investment securities available-for-sale | 577,820 | 564,839 |
Other investments, at cost | 1,879 | 1,785 |
Loans held-for-sale | 12,095 | 7,120 |
Loans held-for-investment | 875,797 | 863,702 |
Less, allowance for loan losses | 11,063 | 11,179 |
Net loans held-for-investment | 864,734 | 852,523 |
Property and equipment - net | 32,497 | 32,831 |
Lease right-of-use asset | 2,793 | 2,842 |
Bank owned life insurance | 29,410 | 29,231 |
Other real estate owned | 1,146 | 1,165 |
Intangible assets | 879 | 919 |
Goodwill | 14,637 | 14,637 |
Other assets | 13,597 | 7,594 |
Total assets | 1,652,279 | 1,584,508 |
Deposits: | ||
Non-interest bearing | 467,265 | 444,688 |
Interest bearing | 963,483 | 916,603 |
Total deposits | 1,430,748 | 1,361,291 |
Securities sold under agreements to repurchase | 68,060 | 54,216 |
Junior subordinated debt | 14,964 | 14,964 |
Lease liability | 2,906 | 2,950 |
Other liabilities | 10,221 | 10,089 |
Total liabilities | 1,526,899 | 1,443,510 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized; none issued and outstanding | ||
Common stock, par value $1.00 per share; 20,000,000 shares authorized; issued and outstanding 7,559,760 at March 31, 2022, 7,548,638 at December 31, 2021 | 7,560 | 7,549 |
Nonvested restricted stock | (369) | (294) |
Additional paid in capital | 92,361 | 92,139 |
Retained earnings | 40,837 | 38,325 |
Accumulated other comprehensive income (loss) | (15,009) | 3,279 |
Total shareholders’ equity | 125,380 | 140,998 |
Total liabilities and shareholders’ equity | $ 1,652,279 | $ 1,584,508 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 7,559,760 | 7,548,638 |
Common Stock, Shares, Outstanding | 7,559,760 | 7,548,638 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and dividend income: | ||
Loans, including fees | $ 9,003 | $ 9,451 |
Investment securities - taxable | 1,779 | 1,345 |
Investment securities - non taxable | 380 | 389 |
Other short term investments | 33 | 33 |
Total interest income | 11,195 | 11,218 |
Interest expense: | ||
Deposits | 333 | 519 |
Securities sold under agreement to repurchase | 25 | 28 |
Other borrowed money | 104 | 104 |
Total interest expense | 462 | 651 |
Net interest income | 10,733 | 10,567 |
Provision for (release of) loan losses | (125) | 177 |
Net interest income after provision for (release of) loan losses | 10,858 | 10,390 |
Non-interest income: | ||
Deposit service charges | 265 | 246 |
Mortgage banking income | 839 | 990 |
Investment advisory fees and non-deposit commissions | 1,198 | 877 |
Gain on sale of other assets | 77 | |
Other | 1,072 | 1,106 |
Total non-interest income | 3,374 | 3,296 |
Non-interest expense: | ||
Salaries and employee benefits | 6,119 | 5,964 |
Occupancy | 705 | 730 |
Equipment | 332 | 275 |
Marketing and public relations | 361 | 396 |
FDIC Insurance assessments | 130 | 169 |
Other real estate expense | 47 | 29 |
Amortization of intangibles | 39 | 57 |
Other | 2,221 | 1,920 |
Total non-interest expense | 9,954 | 9,540 |
Net income before tax | 4,278 | 4,146 |
Income tax expense | 789 | 891 |
Net income | $ 3,489 | $ 3,255 |
Basic earnings per common share | $ 0.46 | $ 0.44 |
Diluted earnings per common share | $ 0.46 | $ 0.43 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net income | $ 3,489 | $ 3,255 |
Other comprehensive loss: | ||
Unrealized loss during the period on available-for-sale securities, net of tax benefit of $4,862 and $1,637, respectively | (18,288) | (6,161) |
Other comprehensive loss | (18,288) | (6,161) |
Comprehensive loss | $ (14,799) | $ (2,906) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Other Comprehensive Income Unrealized Holding Gain On Securities Arising During Period Tax | $ 4,862 | $ 1,637 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Nonvested Restricted Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 7,500 | $ 91,380 | $ (283) | $ 26,453 | $ 11,287 | $ 136,337 |
Shares, Issued at Dec. 31, 2020 | 7,500,000 | |||||
Net income | 3,255 | 3,255 | ||||
Other comprehensive loss net of tax benefit of $4,862 | (6,161) | (6,161) | ||||
Issuance of common stock | $ 2 | 44 | 46 | |||
Stock Issued During Period, Shares, New Issues | 2,000 | |||||
Issuance of restricted stock | $ 21 | 353 | (374) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 21,000 | |||||
Amortization of compensation on restricted stock | 84 | 84 | ||||
Shares forfeited | $ (4) | (66) | (70) | |||
Stock Repurchased and Retired During Period, Shares | (4,000) | |||||
Dividends: Common ($0.13 per share) | (896) | (896) | ||||
Dividend reinvestment plan | $ 6 | 86 | 92 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 6,000 | |||||
Ending balance, value at Mar. 31, 2021 | $ 7,525 | 91,797 | (573) | 28,812 | 5,126 | 132,687 |
Shares, Issued at Mar. 31, 2021 | 7,525,000 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 7,549 | 92,139 | (294) | 38,325 | 3,279 | 140,998 |
Shares, Issued at Dec. 31, 2021 | 7,549,000 | |||||
Net income | 3,489 | 3,489 | ||||
Other comprehensive loss net of tax benefit of $4,862 | (18,288) | (18,288) | ||||
Issuance of common stock | $ 1 | 27 | 28 | |||
Stock Issued During Period, Shares, New Issues | 1,000 | |||||
Issuance of restricted stock | $ 7 | 147 | (154) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 7,000 | |||||
Amortization of compensation on restricted stock | 79 | 79 | ||||
Shares forfeited | $ (2) | (40) | (42) | |||
Stock Repurchased and Retired During Period, Shares | (2,000) | |||||
Dividends: Common ($0.13 per share) | (977) | (977) | ||||
Dividend reinvestment plan | $ 5 | 88 | 93 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 5,000 | |||||
Ending balance, value at Mar. 31, 2022 | $ 7,560 | $ 92,361 | $ (369) | $ 40,837 | $ (15,009) | $ 125,380 |
Shares, Issued at Mar. 31, 2022 | 7,560,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 3,489 | $ 3,255 | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Depreciation | 437 | 431 | |
Net premium amortization | 707 | 554 | |
(Release of) provision for loan losses | (125) | 177 | $ 335 |
Write-downs of other real estate owned | 19 | ||
Origination of loans held-for-sale | (28,731) | (42,664) | |
Sale of loans held-for-sale | 23,756 | 64,203 | |
Gain on sale of other real estate owned | (77) | ||
Amortization of intangibles | 39 | 57 | |
Accretion on acquired loans | (14) | (36) | |
Loss on fair value of securities | (2) | ||
(Increase) decrease in other assets | (1,270) | 735 | |
Increase (decrease) in other liabilities | 88 | (670) | |
Net cash (used in) provided by operating activities | (1,605) | 25,963 | |
Cash flows from investing activities: | |||
Purchase of investment securities available-for-sale | (57,492) | (67,287) | |
Purchase of other investment securities | (94) | ||
Maturity/call of investment securities available-for-sale | 20,654 | 12,953 | |
Proceeds from sales of other investments | 355 | ||
Increase in loans | (12,072) | (24,873) | |
Proceeds from sale of other real estate owned | 201 | ||
Purchase of property and equipment | (119) | (126) | |
Net disposal of property and equipment | 16 | ||
Net cash used in investing activities | (49,107) | (78,777) | |
Cash flows from financing activities: | |||
Increase in deposit accounts | 69,457 | 82,027 | |
Increase in securities sold under agreements to repurchase | 13,844 | 19,405 | |
Shares retired / forfeited | (42) | (70) | |
Dividends paid: Common Stock | (977) | (896) | |
Proceeds from issuance of Common Stock | 28 | 46 | |
Change in non-vested restricted stock | 79 | 84 | |
Dividend reinvestment plan | 93 | 92 | |
Net cash provided by financing activities | 82,482 | 100,688 | |
Net increase in cash and cash equivalents | 31,770 | 47,874 | |
Cash and cash equivalents at beginning of period | 69,022 | 64,992 | 64,992 |
Cash and cash equivalents at end of period | 100,792 | 112,866 | $ 69,022 |
Supplemental disclosure: | |||
Interest | 532 | 1,053 | |
Income taxes | |||
Non-cash investing and financing activities: | |||
Unrealized loss on securities | (18,288) | (6,161) | |
Transfer of loans to foreclosed property |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | Note 1— Nature of Business and Basis of Presentation Basis of Presentation In the opinion of management, the accompanying unaudited consolidated balance sheets, and the consolidated statements of income, comprehensive income, changes in shareholders’ equity, and the cash flows of First Community Corporation (the “Company”) and its wholly owned subsidiary, First Community Bank (the “Bank”), present fairly in all material respects the Company’s financial position at March 31, 2022 and December 31, 2021, and the Company’s results of operations and cash flows for the three months ended March 31, 2022 and 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. In the opinion of management, all adjustments necessary to fairly present the consolidated financial position and consolidated results of operations have been made. All such adjustments are of a normal, recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements and notes thereto are presented in accordance with the instructions for Quarterly Reports on Form 10-Q. The information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 should be referred to in connection with these unaudited interim financial statements. Risk and Uncertainties The COVID-19 pandemic and variants of the virus continue to create disruptions to the global economy and financial markets and to businesses and the lives of individuals throughout the world. As the COVID-19 pandemic has evolved from its emergence in early 2020, so has its impact. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including the collateral underlying certain of our loans. Moreover, with the potential for new strains of COVID-19 to emerge, governments and businesses may re-impose aggressive measures to help slow its spread in the future. For this reason, among others, as the COVID-19 pandemic continues, the potential or lasting impacts on our business, financial condition and results of operations remains uncertain and difficult to assess. Our business, financial condition and results of operations generally rely upon the ability of our borrowers to repay their loans, the value of collateral underlying our secured loans, and demand for loans and other products and services we offer, which are highly dependent on the business environment in our primary markets where we operate and in the United States as a whole. The unprecedented and rapid spread of COVID-19 and its variants and their associated impacts on trade (including supply chains and export levels), travel, employee productivity, unemployment, consumer spending, and other economic activities have resulted and continue to result in less economic activity, and volatility and disruption in financial markets. Commercial activity has improved, but has not returned to the levels existing before the outbreak of the pandemic, which may result in our borrowers’ inability to meet their loan obligations. Economic pressures and uncertainties related to the COVID-19 pandemic have also resulted in changes in consumer spending behaviors, which may negatively impact the demand for loans and other services we offer. In addition, our loan portfolio includes customers in industries such as hotels, restaurants and assisted living facilities, all of which have been significantly impacted by the COVID-19 pandemic. We recognize that these industries may take longer to recover as consumers may be hesitant to return to full social interaction or may change their spending habits on a more permanent basis as a result of the pandemic. We continue to monitor these customers closely. In addition, due to the COVID-19 pandemic, market interest rates declined to historical lows and the reductions in interest rates, low interest rate environment, and the other effects of the COVID-19 pandemic had an adverse effect on our business, financial condition and results of operations. However, during 2022, market interest rates have started to increase. Changes in market interest rates can have a significant impact on the level of income and expense recorded on a large portion of our interest-earning assets and interest-bearing liabilities, and on the market value of all interest-earning assets, other than those possessing a short term to maturity. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 2— Earnings Per Common Share The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: Schedule of Earning Per Common Share (In thousands except average market price and per share data) Three months ended March 31, 2022 2021 Numerator (Net income available to common shareholders) $ 3,489 $ 3,255 Denominator Weighted average common shares outstanding for: Basic shares 7,518 7,476 Dilutive securities: Deferred compensation 33 36 Restricted stock -Treasury stock method 44 11 Diluted shares 7,595 7,523 Earnings per common share: Basic $ 0.46 $ 0.44 Diluted $ 0.46 0.43 The average market price used in calculating assumed number of shares $ 20.99 $ 18.43 Non-Employee Director Deferred Compensation Plan Under the Company’s Non-Employee Director Deferred Compensation Plan, as amended and restated effective as of January 1, 2021, a director may elect to defer all or any part of annual retainer and monthly meeting fees payable with respect to service on the board of directors or a committee of the board. Units of common stock are credited to the director’s account as of the last day of such calendar quarter during which the compensation is earned and are included in dilutive securities in the table above. The non-employee director’s account balance is distributed by issuance of common stock within 30 days following such director’s separation from service from the board of directors. At March 31, 2022 and December 31, 2021, there were 88,748 and 85,765 units in the plan, respectively. 1.2 million 1.1 million First Community Corporation 2011 Stock Incentive Plan In 2011, the Company and its shareholders adopted a stock incentive plan whereby 350,000 shares were reserved for issuance by the Company upon the grant of stock options or restricted stock awards under the plan (the “2011 Plan”). The 2011 Plan provided for the grant of options to key employees and directors as determined by a stock option committee made up of at least two members of the board of directors. Options are exercisable for a period of ten years from the date of grant. There were no stock options outstanding and exercisable at March 31, 2022, December 31, 2021 and March 31, 2021. The 2011 Plan expired on March 15, 2021 and no new awards may be granted under the 2011 Plan. However, any awards outstanding under the 2011 Plan will continue to be outstanding and governed by the provisions of the 2011 Plan. Under the 2011 Plan, the employee restricted shares and units generally cliff vest over a three-year period and the non-employee director shares vest approximately one year after issuance. The unrecognized compensation cost at March 31, 2022 and December 31, 2021 for non-vested shares amounted to $ 243.6 thousand 293.9 thousand 12.2 thousand 7.1 thousand Historically, the Company granted time-based equity awards that vested based on continued service. Beginning in 2021 and in addition to time-based equity awards, the Company began granting performance-based equity awards in the form of performance-based restricted stock units, with the target number of performance-based restricted stock units for the Company’s Chief Executive Officer and other executive officers representing 50% of total target equity awards. These performance-based restricted stock units cliff vest over three years and include conditions based on the following performance measures: total shareholder return, return on average equity, and non-performing assets. The Company granted 13,302 performance-based restricted stock units (“PRSUs”) with a fair value of $234.0 thousand during 2021. The related compensation cost for the PRSUs is accrued over the vesting period and was $19.5 thousand and $6.5 thousand, respectively, during the three months ended March 31, 2022 and March 31, 2021. The total accrued liability was $124.3 thousand and $144.0 thousand at March 31, 2022, and December 31, 2021, respectively, including both time-based and performance-based restricted stock units. First Community Corporation 2021 Omnibus Equity Incentive Plan In 2021, the Company and its shareholders adopted an omnibus equity incentive plan whereby 225,000 shares were reserved for issuance by the Company to help the company attract, retain and motivate directors, officers, employees, consultants and advisors of the Company and its subsidiaries (the “2021 Plan”). The 2021 Plan replaced the 2011 Plan. No awards were granted under the 2021 Plan as of March 31, 2021. During the three months ended March 31, 2022, the Company granted 7,358 restricted stock awards to Directors with a fair value of $154,000. The restricted stock awards will fully vest on January 1, 2023. At March 31, 2022 the unrecognized compensation cost for non-vested shares amounted to $128.3 thousand. During the three months ended March 31, 2022, the Company granted 11,738 TRSUs and 11,738 PRSUs with a total fair value of $245.7 thousand and $245.7 thousand respectively. The related compensation cost for TRSUs and PRSUs is accrued over the vesting period and was $13.7 thousand and $13.7 thousand respectively, for the three months ended March 31, 2022. At March 31, 2022 and December 31, 2021, the Company had 195,654 and 225,000 shares, respectively, reserved for future grants under the 2021 Plan. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3— Investment Securities The amortized cost and estimated fair values of investment securities are summarized below: Schedule of Investment Available-For-Sale AVAILABLE-FOR-SALE: Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value March 31, 2022 US Treasury securities $ 60,406 $ — $ 1,811 $ 58,595 Government Sponsored Enterprises 2,499 — 182 2,317 Mortgage-backed securities 391,271 217 13,140 378,348 Small Business Administration pools 28,112 209 337 27,984 State and local government 105,757 1,182 4,968 101,971 Corporate and other securities 8,774 81 250 8,605 Total $ 596,819 $ 1,689 $ 20,688 $ 577,820 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2021 US Treasury securities $ 15,736 $ — $ 300 $ 15,436 Government Sponsored Enterprises 2,499 2 — 2,501 Mortgage-backed securities 398,125 3,596 3,992 397,729 Small Business Administration pools 30,835 505 67 31,273 State and local government 105,469 4,918 539 109,848 Corporate and other securities 8,024 157 129 8,052 Total $ 560,688 $ 9,178 $ 5,027 $ 564,839 There were no investment securities listed as held-to-maturity as of March 31, 2022 or December 31, 2021. During the three months ended March 31, 2022 and 2021, the Company did not receive any proceeds from the sale of investment securities available-for-sale. For the three months ended March 31, 2022, and 2021 there were no gross realized gains from the sale of investment securities available-for-sale and no gross realized losses. At March 31, 2022, corporate and other securities available-for-sale included the following at fair value: corporate fixed-to-float bonds at $ 8.6 million 12.0 thousand 10.0 thousand 0.4 thousand 1.7 thousand 8.0 million 11.6 thousand 10.0 thousand 792.1 thousand 1.0 million 86.7 thousand 698.4 thousand 1.0 million 86.7 The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at March 31, 2022 and December 31, 2021. Schedule of gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position (Dollars in thousands) Less than 12 months 12 months or more Total March 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury Securities $ 53,261 $ 1,271 $ 5,334 $ 540 $ 58,595 $ 1,811 Government Sponsored Enterprise 2,317 182 — — 2,317 182 Mortgage-backed securities 261,976 8,929 86,207 4,211 348,183 13,140 Small Business Administration pools 12,529 295 2,642 42 15,171 337 State and local government 59,077 4,392 2,961 576 62,038 4,968 Corporate and other securities 4,507 250 — — 4,507 250 Total $ 393,667 $ 15,319 $ 97,144 $ 5,369 $ 490,811 $ 20,688 (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury Securities $ 14,479 $ 264 $ 958 $ 36 $ 15,437 $ 300 Mortgage-backed securities 200,238 3,156 48,570 836 248,808 3,992 Small Business Administration pools 7,232 67 — — 7,232 67 State and local government 21,261 539 — — 21,261 539 Corporate and other securities 3,621 129 — — 3,621 129 Total $ 246,831 $ 4,155 $ 49,528 $ 872 $ 296,359 $ 5,027 Government Sponsored Enterprise, Mortgage-Backed Securities: 419.4 million 429.0 million 406.3 million 429.0 million Non-agency Mortgage Backed Securities: 45.6 thousand 45.3 thousand 48.2 thousand 46.4 thousand State and Local Governments and Other: The following sets forth the amortized cost and fair value of investment securities at March 31, 2022 by contractual maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. MBSs are based on average life at estimated prepayment speeds. Schedule of Amortized Cost and Fair Value of Investment Securities Available-for-sale March 31, 2022 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 20,273 $ 20,132 Due after one year through five years 211,536 207,996 Due after five years through ten years 285,494 272,064 Due after ten years 79,516 77,658 Total $ 596,819 $ 577,820 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans | Note 4— Loans The following table summarizes the composition of our loan portfolio. Total loans are recorded net of deferred loan fees and costs, which totaled $1.4 million and $1.4 million as of March 31, 2022 and December 31, 2021, respectively. Schedule of Loan Portfolio March 31, December 31, (Dollars in thousands) 2022 2021 Commercial, financial and agricultural $ 70,565 $ 69,952 Real estate: Construction 96,419 94,969 Mortgage-residential 42,675 45,498 Mortgage-commercial 627,621 617,464 Consumer: Home equity 27,712 27,116 Other 10,805 8,703 Total loans, net of deferred loan fees and costs $ 875,797 $ 863,702 Commercial, financial, and agricultural category includes $ 0.3 million 1.5 million The detailed activity in the allowance for loan losses and the recorded investment in loans receivable as of and for the three months ended March 31, 2022 and March 31, 2021 and for the year ended December 31, 2021 is as follows: Schedule of activity in the allowance for loan losses and the recorded investment in loans receivable Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer (Dollars in thousands) Commercial Construction Residential Commercial equity Other Unallocated Total March 31, 2022 Allowance for loan losses: Beginning balance December 31, 2021 $ 853 $ 113 $ 560 $ 8,570 $ 333 $ 126 $ 624 $ 11,179 Charge-offs — — — — — (14 ) — (14 ) Recoveries 11 — — 6 3 3 — 23 Provisions (15 ) (22 ) (47 ) (68 ) (5 ) 35 (3 ) (125 ) Ending balance March 31, 2022 $ 849 $ 91 $ 513 $ 8,508 $ 331 $ 150 $ 621 $ 11,063 Ending balances: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 849 $ 91 $ 513 $ 8,508 $ 331 $ 150 $ 621 $ 11,063 March 31, 2022 Loans receivable: Ending balance-total $ 70,565 $ 96,419 $ 42,675 $ 627,621 $ 27,712 $ 10,805 $ — $ 875,797 Ending balances: Individually evaluated for impairment — — 42 1,499 — — — 1,541 Collectively evaluated for impairment $ 70,565 $ 96,419 $ 42,633 $ 626,122 $ 27,712 $ 10,805 $ — $ 874,256 Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer (Dollars in thousands) Commercial Construction Residential Commercial equity Other Unallocated Total March 31, 2021 Allowance for loan losses: Beginning balance December 31, 2020 $ 778 $ 145 $ 541 $ 7,855 $ 324 $ 125 $ 621 $ 10,389 Charge-offs — — — — — (25 ) — (25 ) Recoveries 1 — — 4 1 16 — 22 Provisions (21 ) (11 ) (61 ) 278 (16 ) 8 — 177 Ending balance March 31, 2021 $ 758 $ 134 $ 480 $ 8,137 $ 309 $ 124 $ 621 $ 10,563 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 2 $ — $ — $ — $ 2 Collectively evaluated for impairment 758 134 480 8,135 309 124 621 10,561 March 31, 2021 Loans receivable: Ending balance-total $ 110,776 $ 104,065 $ 38,947 $ 582,083 $ 25,068 $ 8,127 $ — $ 869,066 Ending balances: Individually evaluated for impairment — — 436 5,578 21 — — 6,035 Collectively evaluated for impairment $ 110,776 $ 104,065 $ 38,511 $ 576,505 $ 25,047 $ 8,127 $ — $ 863,031 (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total December 31, 2021 Allowance for loan losses: Beginning balance December 31, 2020 $ 778 $ 145 $ 541 $ 7,855 $ 324 $ 125 $ 621 $ 10,389 Charge-offs — — — (110 ) — (72 ) — (182 ) Recoveries 39 — 10 473 69 46 — 637 Provisions 36 (32 ) 9 352 (60 ) 27 3 335 Ending balance December 31, 2021 $ 853 $ 113 $ 560 $ 8,570 $ 333 $ 126 $ 624 $ 11,179 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 1 $ — $ — $ — $ — Collectively evaluated for impairment 853 113 560 8,569 333 126 624 11,179 December 31, 2021 Loans receivable: Ending balance-total $ 69,952 $ 94,969 $ 45,498 $ 617,464 $ 27,116 $ 8,703 $ — $ 863,702 Ending balances: Individually evaluated for impairment — — 133 1,561 — — — 1,694 Collectively evaluated for impairment 69,952 94,969 45,365 615,903 27,116 8,703 — 862,008 The following tables are by loan category and present March 31, 2022, March 31, 2021, and December 31, 2021 loans individually evaluated and considered impaired under FASB ASC 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing TDRs. Schedule of loan category and loans individually evaluated and considered impaired Three months ended Unpaid Average Interest (Dollars in thousands) Recorded Principal Related Recorded Income March 31, 2022 Investment Balance Allowance Investment Recognized With no allowance recorded: Commercial $ — $ — $ — $ — $ — Real estate: Construction — — — — — Mortgage-residential 42 57 — 42 1 Mortgage-commercial 1,499 3,492 — 1,737 46 Consumer: Home Equity — — — — — Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential — — — — — Mortgage-commercial — — — — — Consumer: Home Equity — — — — — Other — — — — — Total: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 42 57 — 42 1 Mortgage-commercial 1,499 3,492 — 1,737 46 Consumer: Home Equity — — — — — Other — — — — — Total $ 1,541 $ 3,549 $ — $ 1,779 $ 47 Three months ended Unpaid Average Interest (Dollars in thousands) Recorded Principal Related Recorded Income March 31, 2021 Investment Balance Allowance Investment Recognized With no allowance recorded: Commercial $ — $ — $ — $ — $ — Real estate: Construction — — — — — Mortgage-residential 436 496 — 434 5 Mortgage-commercial 5,474 8,129 — 5,728 99 Consumer: Home Equity 21 26 — 21 1 Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential — — — — — Mortgage-commercial 104 104 2 103 2 Consumer: Home Equity — — — — — Other — — — — — Total: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 436 496 — 434 5 Mortgage-commercial 5,578 8,233 2 5,831 101 Consumer: Home Equity 21 26 — 21 1 Other — — — — — $ 6,035 $ 8,755 $ 2 $ 6,286 $ 107 Unpaid Average Interest (Dollars in thousands) Recorded Principal Related Recorded Income December 31, 2021 Investment Balance Allowance Investment Recognized With no allowance recorded: Commercial $ — $ — $ — $ — $ — Real estate: Construction — — — — — Mortgage-residential 133 151 — 131 6 Mortgage-commercial 1,521 3,514 — 1,748 223 Consumer: Home Equity — — — — — Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential — — — — — Mortgage-commercial 40 40 1 39 5 Consumer: Home Equity — — — — — Other — — — — — Total: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 133 151 — 131 6 Mortgage-commercial 1,561 3,554 1 1,787 228 Consumer: Home Equity — — — — — Other — — — — — $ 1,694 $ 3,705 $ 1 $ 1,918 $ 234 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a monthly basis. The Company uses the following definitions for risk ratings: Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered as pass rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is shown in the table below as of March 31, 2022 and December 31, 2021. As of March 31, 2022 and December 31, 2021, no loans were classified as doubtful. Schedule of loan category and loan by risk categories (Dollars in thousands) March 31, 2022 Pass Special Substandard Doubtful Total Commercial, financial & agricultural $ 70,473 $ 92 $ — $ — $ 70,565 Real estate: — — — Construction 96,418 — 1 — 96,419 Mortgage – residential 42,246 377 52 — 42,675 Mortgage – commercial 620,089 1,002 6,530 — 627,621 Consumer: — — — Home Equity 26,347 175 1,190 — 27,712 Other 10,708 22 75 — 10,805 Total $ 866,281 $ 1,668 $ 7,848 $ — $ 875,797 (Dollars in thousands) December 31, 2021 Pass Special Substandard Doubtful Total Commercial, financial & agricultural $ 69,833 $ 119 $ — $ — $ 69,952 Real estate: — — — Construction 94,966 — 3 — 94,969 Mortgage – residential 45,049 305 144 — 45,498 Mortgage – commercial 610,001 1,009 6,454 — 617,464 Consumer: — — — Home Equity 25,751 171 1,194 — 27,116 Other 8,604 22 77 — 8,703 Total $ 854,204 $ 1,626 $ 7,872 $ — $ 863,702 At March 31, 2022 and December 31, 2021, non-accrual loans totaled $148 thousand and $250 thousand, respectively. TDRs that are still accruing and included in impaired loans at March 31, 2022 and at December 31, 2021 amounted to $ 1.4 million 1.4 million Loans greater than 90 days delinquent and still accruing interest were $ 173.9 thousand 0 Schedule of loan category and present loans past due and on non-accrual status Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total March 31, 2022 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ 238 $ 3 $ — $ 106 $ 347 $ 70,218 $ 70,565 Real estate: Construction — — — — — 96,419 96,419 Mortgage-residential 71 — 4 42 117 42,558 42,675 Mortgage-commercial — — — 0 — 627,621 627,621 Consumer: Home equity — 165 169 0 334 27,378 27,712 Other 2 — 1 — 3 10,802 10,805 Total $ 311 $ 168 $ 174 $ 148 $ 801 $ 874,996 $ 875,797 Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total December 31, 2021 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ 125 $ 35 $ — $ 118 $ 278 $ 69,674 $ 69,952 Real estate: Construction — — — — — 94,969 94,969 Mortgage-residential 8 4 — 132 144 45,354 45,498 Mortgage-commercial — — — — — 617,464 617,464 Consumer: Home equity — 62 — — 62 27,054 27,116 Other — 1 — — 1 8,702 8,703 Total $ 133 $ 102 $ — $ 250 $ 485 $ 863,217 $ 863,702 The CARES Act and Initiatives Related to COVID-19. COVID-19 Related Troubled Debt Restructurings and Loan Modifications for Affected Borrowers Beginning in March 2020, the Company proactively offered payment deferrals for up to 90 days to its loan customers regardless of the impact of the pandemic on their business or personal finances. As a result of payments being resumed at the conclusion of their payment deferral period, loans in which payments were being deferred decreased from the peak of $206.9 million to $175.0 million at June 30, 2020, to $27.3 million at September 30, 2020, to $16.1 million at December 31, 2020, to $8.7 million at March 31, 2021, $4.5 million at June 30, 2021, $4.1 million at September 30, 2021, $0 at December 31, 2021 and March 31, 2022. Troubled Debt Restructurings. In the determination of the allowance for loan losses, all TDRs are reviewed to ensure that one of the three proper valuation methods (fair market value of the collateral, present value of cash flows, or observable market price) is adhered to. All non-accrual loans are written down to its corresponding collateral value. All TDR accruing loans where the loan balance exceeds the present value of cash flow will have a specific allocation. All nonaccrual loans are considered impaired. Under ASC 310-10, a loan is impaired when it is probable that the Bank will be unable to collect all amounts due including both principal and interest according to the contractual terms of the loan agreement. Acquired credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality, found in FASB ASC Topic 310-30, (Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality) A summary of changes in the accretable yield for purchased credit-impaired loans for the three months ended March 31, 2022 and March 31, 2021 are as follows: Schedule for changes in the accretable yield for PCI loans (Dollars in thousands) Three Months Three Months Accretable yield, beginning of period $ 64 $ 93 Accretion (8 ) (7 ) Accretable yield, end of period $ 56 $ 86 At March 31, 2022 and December 31, 2021, the recorded investment in purchased impaired loans was $ 109 thousand 109 thousand 147 thousand 152 thousand |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 5— Recently Issued Accounting Pronouncements The following is a summary of recent authoritative pronouncements: In June 2016, the FASB issued guidance to change the accounting for credit losses and modify the impairment model for certain debt securities. The amendments will be effective for the Company for reporting periods beginning after December 15, 2022. Early adoption is permitted for all organizations for periods beginning after December 15, 2018. The Company is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows. In November 2019, the FASB issued guidance to defer the effective dates for private companies, not-for-profit organizations, and certain smaller reporting companies applying standards on current expected credit losses (CECL), leases, hedging. The new effective date for CECL will be fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. The Company is evaluating the impact that this will have on its financial statements. In November 2019, the FASB issued guidance that addresses issues raised by stakeholders during the implementation of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect a variety of topics in the ASC. For entities that have not yet adopted the amendments in ASU 2016-13, the amendments are effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years-all other entities. Early adoption is permitted in any interim period as long as an entity has adopted the amendments in ASU 2016-13. The Company is evaluating the impact that this will have on its financial statements. In March 2020, the FASB issued guidance that makes narrow-scope improvements to various aspects of the financial instrument guidance, including the CECL guidance issued in 2016. For public business entities, the amendments were effective upon issuance of the final ASU. For all other entities, the amendments were effective for fiscal years beginning after December 15, 2019, and are effective for interim periods within those fiscal years beginning after December 15, 2020. The effective date of the amendments to ASU 2016-01 were effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For the amendments related to ASU 2016-13, public business entities that meet the definition of an SEC filer, excluding eligible smaller reporting companies (as defined by the SEC), should adopt the amendments in ASU 2016-13 during 2020. All other entities should adopt the amendments in ASU 2016-13 during 2023. Early adoption is permitted. For entities that have not yet adopted the guidance in ASU 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in ASU 2016-13. For entities that have adopted the guidance in ASU 2016-13, the amendments were effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For those entities, the amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to opening retained earnings in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016-13. During 2021, the Company established a CECL Team to begin the process of implementing CECL. The Company selected Valuant’s ValuCast as its CECL solution. In conjunction with Valuant, the Company developed a detailed roadmap and implementation plan; collected and validated data; and selected loss methodologies. Currently, the Company and Valuant are working on the reasonable and supportable forecast and qualitative factors. The Company plans to perform mock runs during 2022. Dixon Hughes Goodman, LLP has been engaged to perform model validation services prior to implementation. The implementation of CECL may have a material effect on the Company’s financial statements. In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments are effective through December 31, 2022. The Company does not expect these amendments to have a material effect on its financial statements. In August 2020, the FASB issued guidance to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The amendments will be effective the Company for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company does not expect these amendments to have a material effect on its financial statements. In October 2020, the FASB issued amendments to clarify the Accounting Standards Codification and make minor improvements that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments became effective for the Company for annual periods beginning after December 15, 2020 and did not have a material impact on the Company’s financial statements. In October 2021, the FASB amended the Business Combinations topic in the Accounting Standard Codification to require entities to apply guidance in the Revenue topic to recognize and measure contract assets and contract liabilities acquired in a business combination. The amendments are effective for the fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments are applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. The Company does not expect these amendments to have a material effect on its financial statements. In November 2021, the FASB added a topic to the Accounting Standards Codification, Government Assistance, to require certain annual disclosures about transactions with a government that are accounted for by applying grant or contribution accounting model by analogy to other accounting guidance. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2021. The Company does not expect these amendments to have a material effect on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 6— Fair Value of Financial Instruments The Company adopted FASB ASC Fair Value Measurement Topic 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level l Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. FASB ASC 825-10-50 “Disclosure about Fair Value of Financial Instruments”, requires the Company to disclose estimated fair values for its financial instruments. The Company’s fair value estimates, methods, and assumptions are set forth below. Cash and Short Term Investments - Investment Securities Available-for-Sale - Loans Held-for-Sale - Loans - Other Real Estate Owned (“OREO”) - Accrued Interest Receivable Deposits - Securities Sold Under Agreements to Repurchase - Junior Subordinated Debt - Accrued Interest Payable - Commitments to Extend Credit The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of March 31, 2022 and December 31, 2021 are as follows: Fair Value, by Balance Sheet Grouping March 31, 2022 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 100,792 $ 100,792 $ 100,792 $ — $ — Available-for-sale securities 577,820 577,820 36,371 541,449 — Other investments, at cost 1,879 1,879 — — 1,879 Loans held for sale 12,095 12,095 — 12,095 — Net loans receivable 864,734 836,206 — — 836,206 Accrued interest 3,838 3,838 3,838 — — Financial liabilities: Non-interest bearing demand $ 467,265 $ 467,265 $ — $ 467,265 $ — Interest bearing demand deposits and money market accounts 658,932 658,932 — 658,932 — Savings 150,849 150,849 — 150,849 — Time deposits 153,702 153,871 — 153,871 — Total deposits 1,430,748 1,430,917 — 1,430,917 — Federal Home Loan Bank Advances — — — — — Short term borrowings 68,060 68,060 — 68,060 — Junior subordinated debentures 14,964 15,653 — 15,653 — Accrued interest payable 334 334 334 — — December 31, 2021 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 69,022 $ 69,022 $ 69,022 $ — $ — Available-for-sale securities 564,839 564,839 39,829 525,010 — Other investments, at cost 1,785 1,785 — — 1,785 Loans held for sale 7,120 7,120 — 7,120 — Net loans receivable 852,523 851,822 — — 851,822 Accrued interest 3,927 3,927 3,927 — — Financial liabilities: Non-interest bearing demand $ 444,688 $ 444,688 $ — $ 444,688 $ — Interest bearing demand deposits and money market accounts 619,057 619,057 — 619,057 — Savings 143,765 143,765 — 143,765 — Time deposits 153,781 154,030 — 154,030 — Total deposits 1,361,291 1,361,540 — 1,361,540 — Federal Home Loan Bank Advances — — — — — Short term borrowings 54,216 54,216 — 54,216 — Junior subordinated debentures 14,964 15,015 — 15,015 — Accrued interest payable 404 404 404 — — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2022 and December 31, 2021 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2022 or December 31, 2021 that are measured on a recurring basis. Fair Value, Assets Measured on Recurring Basis (Dollars in thousands) Description March 31, (Level 1) (Level 2) (Level 3) Available- for-sale securities US Treasury Securities $ 58,595 $ 29,772 $ 28,823 $ — Government Sponsored Enterprises 2,317 — 2,317 — Mortgage-backed securities 378,348 2,949 375,399 — Small Business Administration pools 27,984 — 27,984 — State and local government 101,971 2,900 99,071 — Corporate and other securities 8,605 750 7,855 — Total Available-for-sale securities 577,820 36,371 541,449 — Loans held for sale 12,095 — 12,095 — Total $ 589,915 $ 36,371 $ 553,544 $ — (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Available- for-sale securities US Treasury Securities $ 15,436 $ — $ 15,436 $ — Government Sponsored Enterprises 2,501 — 2,501 — Mortgage-backed securities 397,729 25,934 371,796 — Small Business Administration pools 31,273 — 31,273 — State and local government 109,848 12,896 96,952 — Corporate and other securities 8,052 1,000 7,052 — Total Available-for-sale securities 564,839 39,830 525,010 — Loans held for sale 7,120 — 7,120 — Total $ 571,959 $ 39,830 $ 532,130 $ — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2022 and December 31, 2021 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended March 31, 2022 and March 31, 2021 measured on a recurring basis. Fair Value, Assets Measured on Non-Recurring Basis (Dollars in thousands) Description March 31, (Level 1) (Level 2) (Level 3) Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 42 — — 42 Mortgage-commercial 1,499 — — 1,499 Consumer: Home equity — — — — Other — — — — Total impaired 1,541 — — 1,541 Other real estate owned: Construction 1,056 — — 1,056 Mortgage-commercial 90 — — 90 Total other real estate owned 1,146 — — 1,146 Total $ 2,687 $ — $ — $ 2,687 (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 133 — — 133 Mortgage-commercial 1,560 — — 1,560 Consumer: Home equity — — — — Other — — — — Total impaired 1,693 — — 1,694 Other real estate owned: Construction 624 — — 624 Mortgage-commercial 541 — — 541 Total other real estate owned 1,165 — — 1,165 Total $ 2,859 $ — $ — $ 2,859 The Company has a large percentage of loans with real estate serving as collateral. Loans which are deemed to be impaired are primarily valued on a nonrecurring basis at the fair value of the underlying real estate collateral. Such fair values are obtained using independent appraisals, which the Company considers to be Level 3 inputs. Third party appraisals are generally obtained when a loan is identified as being impaired or at the time it is transferred to OREO. This internal process consists of evaluating the underlying collateral to independently obtained comparable properties. With respect to less complex or smaller credits, an internal evaluation may be performed. Generally, the independent and internal evaluations are updated annually. Factors considered in determining the fair value include, among others, geographic sales trends, the value of comparable surrounding properties and the condition of the property. The aggregate amount of impaired loans was $1.5 million and $1.7 million as of March 31, 2022 and December 31, 2021, respectively. For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2022 and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Measurement Inputs and Valuation Techniques (Dollars in thousands) Fair Value as Valuation Technique Significant Significant OREO $ 1,146 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 1,541 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% (Dollars in thousands) Fair Value as Valuation Technique Significant Significant OREO $ 1,165 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 1,694 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2022 | |
Deposits | Note 7— Deposits The Company’s total deposits are comprised of the following at the dates indicated: Schedule of Total Deposits March 31, December 31, (Dollars in thousands) 2022 2021 Non-interest bearing demand deposits $ 467,265 $ 444,688 Interest bearing demand deposits and money market accounts 658,932 619,057 Savings 150,849 143,765 Time deposits 153,702 153,781 Total deposits $ 1,430,748 $ 1,361,291 As of March 31, 2022 and December 31, 2021, the Company had time deposits that exceed the $250,000 FDIC insurance limit of $ 29.4 million 27.9 million |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Reportable Segments | Note 8— Reportable Segments The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning by management. The Company has four reportable segments: · Commercial and retail banking: The Company’s primary business is to provide deposit and lending products and services to its commercial and retail customers. · Mortgage banking: This segment provides mortgage origination services for loans that will be sold to investors in the secondary market. · Investment advisory and non-deposit: This segment provides investment advisory services and non-deposit products. · Corporate: This segment includes the parent company financial information, including interest on parent company debt and dividend income received from the Bank. The following tables present selected financial information for the Company’s reportable business segments for the three months ended March 31, 2022 and March 31, 2021. Schedule of Company’s Reportable Segment Three months ended March 31, 2022 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,990 $ 202 $ — $ 1,084 $ (1,081 ) $ 11,195 Interest expense 358 — — 104 — 462 Net interest income $ 10,632 $ 202 $ — $ 980 $ (1,081 ) $ 10,733 Provision for (release of) loan losses (125 ) — — — — (125 ) Noninterest income 1,337 839 1,198 — — 3,374 Noninterest expense 7,991 1,016 763 184 — 9,954 Net income before taxes $ 4,103 $ 25 $ 435 $ 796 $ (1,081 ) $ 4,278 Income tax provision (benefit) 849 — — (60 ) — 789 Net income $ 3,254 $ 25 $ 435 $ 856 $ (1,081 ) $ 3,489 Three months ended March 31, 2021 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,861 $ 353 $ — $ 1,007 $ (1,003 ) $ 11,218 Interest expense 546 — — 105 — 651 Net interest income $ 10,315 $ 353 $ — $ 902 $ (1,003 ) $ 10,567 Provision for loan losses 177 — — — — 177 Noninterest income 1,429 990 877 — — 3,296 Noninterest expense 7,624 1,175 584 157 — 9,540 Net income before taxes $ 3,943 $ 168 $ 293 $ 745 $ (1,003 ) $ 4,146 Income tax provision (benefit) 934 — — (43 ) — 891 Net income $ 3,009 $ 168 $ 293 $ 788 $ (1,003 ) $ 3,255 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of March 31, 2022 $ 1,631,193 $ 20,300 $ 2 $ 152,973 $ (152,189 ) $ 1,652,279 Total Assets as of December 31, 2021 $ 1,566,949 $ 16,798 $ 2 $ 152,928 $ (152,169 ) $ 1,584,508 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of March 31, 2021 $ 1,456,436 $ 35,340 $ 2 $ 140,238 $ (139,522 ) $ 1,492,494 Total Assets as of December 31, 2020 $ 1,335,320 $ 59,372 $ 2 $ 140,256 $ (139,568 ) $ 1,395,382 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 9— Leases The Company has operating leases on three of its facilities. The leases have maturities ranging from September 2024 to December 2038, some of which include extensions of multiple five-year terms. The following tables present information about the Company’s leases: Schedule of Lease Information (dollars in thousands) March 31, December 31, Right-of-use assets $ 2,793 $ 2,842 Lease liabilities $ 2,906 $ 2,950 Weighted average remaining lease term 14.92 years 15.08 years Weighted average discount rate 4.42 % 4.42 % Three Months Ended March 31, Lease cost 2022 2021 Operating lease cost $ 80.8 $ 80.8 Cash paid for amounts included in the measurement of lease liabilities $ 75.3 $ 73.9 The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2022, are as follow: Schedule of Future Undiscounted Operating Lease Payments (Dollars in thousands) Liability Year Cash Lease Expense Reduction 2022 $ 228 $ 94 $134 2023 309 118 191 2024 282 110 172 2025 222 104 118 2026 226 99 127 Thereafter 2,751 587 2164 Total $ 4,018 $ 1,112 $2,906 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10— Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Management has reviewed events occurring through the date the financial statements were available to be issued and no subsequent events occurred requiring accrual or that require disclosure and have not been disclosed in the footnotes to the Company’s unaudited consolidated financial statements as of March 31, 2022. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earning Per Common Share | The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: Schedule of Earning Per Common Share (In thousands except average market price and per share data) |
Earnings Per Common Share | Three months ended March 31, 2022 2021 Numerator (Net income available to common shareholders) $ 3,489 $ 3,255 Denominator Weighted average common shares outstanding for: Basic shares 7,518 7,476 Dilutive securities: Deferred compensation 33 36 Restricted stock -Treasury stock method 44 11 Diluted shares 7,595 7,523 Earnings per common share: Basic $ 0.46 $ 0.44 Diluted $ 0.46 0.43 The average market price used in calculating assumed number of shares $ 20.99 $ 18.43 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Available-For-Sale | The amortized cost and estimated fair values of investment securities are summarized below: Schedule of Investment Available-For-Sale AVAILABLE-FOR-SALE: |
Investment Securities | Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value March 31, 2022 US Treasury securities $ 60,406 $ — $ 1,811 $ 58,595 Government Sponsored Enterprises 2,499 — 182 2,317 Mortgage-backed securities 391,271 217 13,140 378,348 Small Business Administration pools 28,112 209 337 27,984 State and local government 105,757 1,182 4,968 101,971 Corporate and other securities 8,774 81 250 8,605 Total $ 596,819 $ 1,689 $ 20,688 $ 577,820 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2021 US Treasury securities $ 15,736 $ — $ 300 $ 15,436 Government Sponsored Enterprises 2,499 2 — 2,501 Mortgage-backed securities 398,125 3,596 3,992 397,729 Small Business Administration pools 30,835 505 67 31,273 State and local government 105,469 4,918 539 109,848 Corporate and other securities 8,024 157 129 8,052 Total $ 560,688 $ 9,178 $ 5,027 $ 564,839 |
Schedule of gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position | The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at March 31, 2022 and December 31, 2021. Schedule of gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position |
Investment Securities (Details 2) | (Dollars in thousands) Less than 12 months 12 months or more Total March 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury Securities $ 53,261 $ 1,271 $ 5,334 $ 540 $ 58,595 $ 1,811 Government Sponsored Enterprise 2,317 182 — — 2,317 182 Mortgage-backed securities 261,976 8,929 86,207 4,211 348,183 13,140 Small Business Administration pools 12,529 295 2,642 42 15,171 337 State and local government 59,077 4,392 2,961 576 62,038 4,968 Corporate and other securities 4,507 250 — — 4,507 250 Total $ 393,667 $ 15,319 $ 97,144 $ 5,369 $ 490,811 $ 20,688 (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury Securities $ 14,479 $ 264 $ 958 $ 36 $ 15,437 $ 300 Mortgage-backed securities 200,238 3,156 48,570 836 248,808 3,992 Small Business Administration pools 7,232 67 — — 7,232 67 State and local government 21,261 539 — — 21,261 539 Corporate and other securities 3,621 129 — — 3,621 129 Total $ 246,831 $ 4,155 $ 49,528 $ 872 $ 296,359 $ 5,027 |
Schedule of Amortized Cost and Fair Value of Investment Securities | The following sets forth the amortized cost and fair value of investment securities at March 31, 2022 by contractual maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. MBSs are based on average life at estimated prepayment speeds. Schedule of Amortized Cost and Fair Value of Investment Securities |
Investment Securities (Details 3) | Available-for-sale March 31, 2022 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 20,273 $ 20,132 Due after one year through five years 211,536 207,996 Due after five years through ten years 285,494 272,064 Due after ten years 79,516 77,658 Total $ 596,819 $ 577,820 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio | The following table summarizes the composition of our loan portfolio. Total loans are recorded net of deferred loan fees and costs, which totaled $1.4 million and $1.4 million as of March 31, 2022 and December 31, 2021, respectively. Schedule of Loan Portfolio |
Loans | March 31, December 31, (Dollars in thousands) 2022 2021 Commercial, financial and agricultural $ 70,565 $ 69,952 Real estate: Construction 96,419 94,969 Mortgage-residential 42,675 45,498 Mortgage-commercial 627,621 617,464 Consumer: Home equity 27,712 27,116 Other 10,805 8,703 Total loans, net of deferred loan fees and costs $ 875,797 $ 863,702 |
Schedule of activity in the allowance for loan losses and the recorded investment in loans receivable | The detailed activity in the allowance for loan losses and the recorded investment in loans receivable as of and for the three months ended March 31, 2022 and March 31, 2021 and for the year ended December 31, 2021 is as follows: Schedule of activity in the allowance for loan losses and the recorded investment in loans receivable Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer (Dollars in thousands) Commercial Construction Residential Commercial equity Other Unallocated Total March 31, 2022 Allowance for loan losses: Beginning balance December 31, 2021 $ 853 $ 113 $ 560 $ 8,570 $ 333 $ 126 $ 624 $ 11,179 Charge-offs — — — — — (14 ) — (14 ) Recoveries 11 — — 6 3 3 — 23 Provisions (15 ) (22 ) (47 ) (68 ) (5 ) 35 (3 ) (125 ) Ending balance March 31, 2022 $ 849 $ 91 $ 513 $ 8,508 $ 331 $ 150 $ 621 $ 11,063 Ending balances: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 849 $ 91 $ 513 $ 8,508 $ 331 $ 150 $ 621 $ 11,063 March 31, 2022 Loans receivable: Ending balance-total $ 70,565 $ 96,419 $ 42,675 $ 627,621 $ 27,712 $ 10,805 $ — $ 875,797 Ending balances: Individually evaluated for impairment — — 42 1,499 — — — 1,541 Collectively evaluated for impairment $ 70,565 $ 96,419 $ 42,633 $ 626,122 $ 27,712 $ 10,805 $ — $ 874,256 Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer (Dollars in thousands) Commercial Construction Residential Commercial equity Other Unallocated Total March 31, 2021 Allowance for loan losses: Beginning balance December 31, 2020 $ 778 $ 145 $ 541 $ 7,855 $ 324 $ 125 $ 621 $ 10,389 Charge-offs — — — — — (25 ) — (25 ) Recoveries 1 — — 4 1 16 — 22 Provisions (21 ) (11 ) (61 ) 278 (16 ) 8 — 177 Ending balance March 31, 2021 $ 758 $ 134 $ 480 $ 8,137 $ 309 $ 124 $ 621 $ 10,563 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 2 $ — $ — $ — $ 2 Collectively evaluated for impairment 758 134 480 8,135 309 124 621 10,561 March 31, 2021 Loans receivable: Ending balance-total $ 110,776 $ 104,065 $ 38,947 $ 582,083 $ 25,068 $ 8,127 $ — $ 869,066 Ending balances: Individually evaluated for impairment — — 436 5,578 21 — — 6,035 Collectively evaluated for impairment $ 110,776 $ 104,065 $ 38,511 $ 576,505 $ 25,047 $ 8,127 $ — $ 863,031 (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total December 31, 2021 Allowance for loan losses: Beginning balance December 31, 2020 $ 778 $ 145 $ 541 $ 7,855 $ 324 $ 125 $ 621 $ 10,389 Charge-offs — — — (110 ) — (72 ) — (182 ) Recoveries 39 — 10 473 69 46 — 637 Provisions 36 (32 ) 9 352 (60 ) 27 3 335 Ending balance December 31, 2021 $ 853 $ 113 $ 560 $ 8,570 $ 333 $ 126 $ 624 $ 11,179 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 1 $ — $ — $ — $ — Collectively evaluated for impairment 853 113 560 8,569 333 126 624 11,179 December 31, 2021 Loans receivable: Ending balance-total $ 69,952 $ 94,969 $ 45,498 $ 617,464 $ 27,116 $ 8,703 $ — $ 863,702 Ending balances: Individually evaluated for impairment — — 133 1,561 — — — 1,694 Collectively evaluated for impairment 69,952 94,969 45,365 615,903 27,116 8,703 — 862,008 |
[custom:DisclosureLoansDetails2Abstract] | Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer (Dollars in thousands) Commercial Construction Residential Commercial equity Other Unallocated Total March 31, 2022 Allowance for loan losses: Beginning balance December 31, 2021 $ 853 $ 113 $ 560 $ 8,570 $ 333 $ 126 $ 624 $ 11,179 Charge-offs — — — — — (14 ) — (14 ) Recoveries 11 — — 6 3 3 — 23 Provisions (15 ) (22 ) (47 ) (68 ) (5 ) 35 (3 ) (125 ) Ending balance March 31, 2022 $ 849 $ 91 $ 513 $ 8,508 $ 331 $ 150 $ 621 $ 11,063 Ending balances: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 849 $ 91 $ 513 $ 8,508 $ 331 $ 150 $ 621 $ 11,063 March 31, 2022 Loans receivable: Ending balance-total $ 70,565 $ 96,419 $ 42,675 $ 627,621 $ 27,712 $ 10,805 $ — $ 875,797 Ending balances: Individually evaluated for impairment — — 42 1,499 — — — 1,541 Collectively evaluated for impairment $ 70,565 $ 96,419 $ 42,633 $ 626,122 $ 27,712 $ 10,805 $ — $ 874,256 Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer (Dollars in thousands) Commercial Construction Residential Commercial equity Other Unallocated Total March 31, 2021 Allowance for loan losses: Beginning balance December 31, 2020 $ 778 $ 145 $ 541 $ 7,855 $ 324 $ 125 $ 621 $ 10,389 Charge-offs — — — — — (25 ) — (25 ) Recoveries 1 — — 4 1 16 — 22 Provisions (21 ) (11 ) (61 ) 278 (16 ) 8 — 177 Ending balance March 31, 2021 $ 758 $ 134 $ 480 $ 8,137 $ 309 $ 124 $ 621 $ 10,563 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 2 $ — $ — $ — $ 2 Collectively evaluated for impairment 758 134 480 8,135 309 124 621 10,561 March 31, 2021 Loans receivable: Ending balance-total $ 110,776 $ 104,065 $ 38,947 $ 582,083 $ 25,068 $ 8,127 $ — $ 869,066 Ending balances: Individually evaluated for impairment — — 436 5,578 21 — — 6,035 Collectively evaluated for impairment $ 110,776 $ 104,065 $ 38,511 $ 576,505 $ 25,047 $ 8,127 $ — $ 863,031 (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total December 31, 2021 Allowance for loan losses: Beginning balance December 31, 2020 $ 778 $ 145 $ 541 $ 7,855 $ 324 $ 125 $ 621 $ 10,389 Charge-offs — — — (110 ) — (72 ) — (182 ) Recoveries 39 — 10 473 69 46 — 637 Provisions 36 (32 ) 9 352 (60 ) 27 3 335 Ending balance December 31, 2021 $ 853 $ 113 $ 560 $ 8,570 $ 333 $ 126 $ 624 $ 11,179 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 1 $ — $ — $ — $ — Collectively evaluated for impairment 853 113 560 8,569 333 126 624 11,179 December 31, 2021 Loans receivable: Ending balance-total $ 69,952 $ 94,969 $ 45,498 $ 617,464 $ 27,116 $ 8,703 $ — $ 863,702 Ending balances: Individually evaluated for impairment — — 133 1,561 — — — 1,694 Collectively evaluated for impairment 69,952 94,969 45,365 615,903 27,116 8,703 — 862,008 |
Schedule of loan category and loans individually evaluated and considered impaired | The following tables are by loan category and present March 31, 2022, March 31, 2021, and December 31, 2021 loans individually evaluated and considered impaired under FASB ASC 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing TDRs. Schedule of loan category and loans individually evaluated and considered impaired |
Loans (Details 3) | Three months ended Unpaid Average Interest (Dollars in thousands) Recorded Principal Related Recorded Income March 31, 2022 Investment Balance Allowance Investment Recognized With no allowance recorded: Commercial $ — $ — $ — $ — $ — Real estate: Construction — — — — — Mortgage-residential 42 57 — 42 1 Mortgage-commercial 1,499 3,492 — 1,737 46 Consumer: Home Equity — — — — — Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential — — — — — Mortgage-commercial — — — — — Consumer: Home Equity — — — — — Other — — — — — Total: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 42 57 — 42 1 Mortgage-commercial 1,499 3,492 — 1,737 46 Consumer: Home Equity — — — — — Other — — — — — Total $ 1,541 $ 3,549 $ — $ 1,779 $ 47 |
Schedule of loan category and loan by risk categories | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered as pass rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is shown in the table below as of March 31, 2022 and December 31, 2021. As of March 31, 2022 and December 31, 2021, no loans were classified as doubtful. Schedule of loan category and loan by risk categories |
Loans (Details 4) | (Dollars in thousands) March 31, 2022 Pass Special Substandard Doubtful Total Commercial, financial & agricultural $ 70,473 $ 92 $ — $ — $ 70,565 Real estate: — — — Construction 96,418 — 1 — 96,419 Mortgage – residential 42,246 377 52 — 42,675 Mortgage – commercial 620,089 1,002 6,530 — 627,621 Consumer: — — — Home Equity 26,347 175 1,190 — 27,712 Other 10,708 22 75 — 10,805 Total $ 866,281 $ 1,668 $ 7,848 $ — $ 875,797 (Dollars in thousands) December 31, 2021 Pass Special Substandard Doubtful Total Commercial, financial & agricultural $ 69,833 $ 119 $ — $ — $ 69,952 Real estate: — — — Construction 94,966 — 3 — 94,969 Mortgage – residential 45,049 305 144 — 45,498 Mortgage – commercial 610,001 1,009 6,454 — 617,464 Consumer: — — — Home Equity 25,751 171 1,194 — 27,116 Other 8,604 22 77 — 8,703 Total $ 854,204 $ 1,626 $ 7,872 $ — $ 863,702 |
Schedule of loan category and present loans past due and on non-accrual status | Schedule of loan category and present loans past due and on non-accrual status |
Loans (Details 5) | Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total March 31, 2022 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ 238 $ 3 $ — $ 106 $ 347 $ 70,218 $ 70,565 Real estate: Construction — — — — — 96,419 96,419 Mortgage-residential 71 — 4 42 117 42,558 42,675 Mortgage-commercial — — — 0 — 627,621 627,621 Consumer: Home equity — 165 169 0 334 27,378 27,712 Other 2 — 1 — 3 10,802 10,805 Total $ 311 $ 168 $ 174 $ 148 $ 801 $ 874,996 $ 875,797 |
Schedule for changes in the accretable yield for PCI loans | A summary of changes in the accretable yield for purchased credit-impaired loans for the three months ended March 31, 2022 and March 31, 2021 are as follows: Schedule for changes in the accretable yield for PCI loans |
Loans (Details 6) | (Dollars in thousands) Three Months Three Months Accretable yield, beginning of period $ 64 $ 93 Accretion (8 ) (7 ) Accretable yield, end of period $ 56 $ 86 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of March 31, 2022 and December 31, 2021 are as follows: Fair Value, by Balance Sheet Grouping |
Fair Value of Financial Instruments | March 31, 2022 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 100,792 $ 100,792 $ 100,792 $ — $ — Available-for-sale securities 577,820 577,820 36,371 541,449 — Other investments, at cost 1,879 1,879 — — 1,879 Loans held for sale 12,095 12,095 — 12,095 — Net loans receivable 864,734 836,206 — — 836,206 Accrued interest 3,838 3,838 3,838 — — Financial liabilities: Non-interest bearing demand $ 467,265 $ 467,265 $ — $ 467,265 $ — Interest bearing demand deposits and money market accounts 658,932 658,932 — 658,932 — Savings 150,849 150,849 — 150,849 — Time deposits 153,702 153,871 — 153,871 — Total deposits 1,430,748 1,430,917 — 1,430,917 — Federal Home Loan Bank Advances — — — — — Short term borrowings 68,060 68,060 — 68,060 — Junior subordinated debentures 14,964 15,653 — 15,653 — Accrued interest payable 334 334 334 — — December 31, 2021 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 69,022 $ 69,022 $ 69,022 $ — $ — Available-for-sale securities 564,839 564,839 39,829 525,010 — Other investments, at cost 1,785 1,785 — — 1,785 Loans held for sale 7,120 7,120 — 7,120 — Net loans receivable 852,523 851,822 — — 851,822 Accrued interest 3,927 3,927 3,927 — — Financial liabilities: Non-interest bearing demand $ 444,688 $ 444,688 $ — $ 444,688 $ — Interest bearing demand deposits and money market accounts 619,057 619,057 — 619,057 — Savings 143,765 143,765 — 143,765 — Time deposits 153,781 154,030 — 154,030 — Total deposits 1,361,291 1,361,540 — 1,361,540 — Federal Home Loan Bank Advances — — — — — Short term borrowings 54,216 54,216 — 54,216 — Junior subordinated debentures 14,964 15,015 — 15,015 — Accrued interest payable 404 404 404 — — |
Fair Value, Assets Measured on Recurring Basis | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2022 and December 31, 2021 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2022 or December 31, 2021 that are measured on a recurring basis. Fair Value, Assets Measured on Recurring Basis (Dollars in thousands) |
Fair Value of Financial Instruments (Details 2) | Description March 31, (Level 1) (Level 2) (Level 3) Available- for-sale securities US Treasury Securities $ 58,595 $ 29,772 $ 28,823 $ — Government Sponsored Enterprises 2,317 — 2,317 — Mortgage-backed securities 378,348 2,949 375,399 — Small Business Administration pools 27,984 — 27,984 — State and local government 101,971 2,900 99,071 — Corporate and other securities 8,605 750 7,855 — Total Available-for-sale securities 577,820 36,371 541,449 — Loans held for sale 12,095 — 12,095 — Total $ 589,915 $ 36,371 $ 553,544 $ — (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Available- for-sale securities US Treasury Securities $ 15,436 $ — $ 15,436 $ — Government Sponsored Enterprises 2,501 — 2,501 — Mortgage-backed securities 397,729 25,934 371,796 — Small Business Administration pools 31,273 — 31,273 — State and local government 109,848 12,896 96,952 — Corporate and other securities 8,052 1,000 7,052 — Total Available-for-sale securities 564,839 39,830 525,010 — Loans held for sale 7,120 — 7,120 — Total $ 571,959 $ 39,830 $ 532,130 $ — |
Fair Value, Assets Measured on Non-Recurring Basis | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2022 and December 31, 2021 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended March 31, 2022 and March 31, 2021 measured on a recurring basis. Fair Value, Assets Measured on Non-Recurring Basis (Dollars in thousands) Description March 31, (Level 1) (Level 2) (Level 3) Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 42 — — 42 Mortgage-commercial 1,499 — — 1,499 Consumer: Home equity — — — — Other — — — — Total impaired 1,541 — — 1,541 Other real estate owned: Construction 1,056 — — 1,056 Mortgage-commercial 90 — — 90 Total other real estate owned 1,146 — — 1,146 Total $ 2,687 $ — $ — $ 2,687 (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 133 — — 133 Mortgage-commercial 1,560 — — 1,560 Consumer: Home equity — — — — Other — — — — Total impaired 1,693 — — 1,694 Other real estate owned: Construction 624 — — 624 Mortgage-commercial 541 — — 541 Total other real estate owned 1,165 — — 1,165 Total $ 2,859 $ — $ — $ 2,859 |
[custom:DisclosureFairValueOfFinancialInstrumentsDetails3Abstract] | (Dollars in thousands) Description March 31, (Level 1) (Level 2) (Level 3) Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 42 — — 42 Mortgage-commercial 1,499 — — 1,499 Consumer: Home equity — — — — Other — — — — Total impaired 1,541 — — 1,541 Other real estate owned: Construction 1,056 — — 1,056 Mortgage-commercial 90 — — 90 Total other real estate owned 1,146 — — 1,146 Total $ 2,687 $ — $ — $ 2,687 (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 133 — — 133 Mortgage-commercial 1,560 — — 1,560 Consumer: Home equity — — — — Other — — — — Total impaired 1,693 — — 1,694 Other real estate owned: Construction 624 — — 624 Mortgage-commercial 541 — — 541 Total other real estate owned 1,165 — — 1,165 Total $ 2,859 $ — $ — $ 2,859 |
Fair Value Measurement Inputs and Valuation Techniques | For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2022 and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Measurement Inputs and Valuation Techniques |
Fair Value of Financial Instruments (Details 4) | (Dollars in thousands) Fair Value as Valuation Technique Significant Significant OREO $ 1,146 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 1,541 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% (Dollars in thousands) Fair Value as Valuation Technique Significant Significant OREO $ 1,165 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 1,694 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Total Deposits | The Company’s total deposits are comprised of the following at the dates indicated: Schedule of Total Deposits |
Deposits | March 31, December 31, (Dollars in thousands) 2022 2021 Non-interest bearing demand deposits $ 467,265 $ 444,688 Interest bearing demand deposits and money market accounts 658,932 619,057 Savings 150,849 143,765 Time deposits 153,702 153,781 Total deposits $ 1,430,748 $ 1,361,291 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Company’s Reportable Segment | The following tables present selected financial information for the Company’s reportable business segments for the three months ended March 31, 2022 and March 31, 2021. Schedule of Company’s Reportable Segment Three months ended March 31, 2022 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,990 $ 202 $ — $ 1,084 $ (1,081 ) $ 11,195 Interest expense 358 — — 104 — 462 Net interest income $ 10,632 $ 202 $ — $ 980 $ (1,081 ) $ 10,733 Provision for (release of) loan losses (125 ) — — — — (125 ) Noninterest income 1,337 839 1,198 — — 3,374 Noninterest expense 7,991 1,016 763 184 — 9,954 Net income before taxes $ 4,103 $ 25 $ 435 $ 796 $ (1,081 ) $ 4,278 Income tax provision (benefit) 849 — — (60 ) — 789 Net income $ 3,254 $ 25 $ 435 $ 856 $ (1,081 ) $ 3,489 Three months ended March 31, 2021 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,861 $ 353 $ — $ 1,007 $ (1,003 ) $ 11,218 Interest expense 546 — — 105 — 651 Net interest income $ 10,315 $ 353 $ — $ 902 $ (1,003 ) $ 10,567 Provision for loan losses 177 — — — — 177 Noninterest income 1,429 990 877 — — 3,296 Noninterest expense 7,624 1,175 584 157 — 9,540 Net income before taxes $ 3,943 $ 168 $ 293 $ 745 $ (1,003 ) $ 4,146 Income tax provision (benefit) 934 — — (43 ) — 891 Net income $ 3,009 $ 168 $ 293 $ 788 $ (1,003 ) $ 3,255 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of March 31, 2022 $ 1,631,193 $ 20,300 $ 2 $ 152,973 $ (152,189 ) $ 1,652,279 Total Assets as of December 31, 2021 $ 1,566,949 $ 16,798 $ 2 $ 152,928 $ (152,169 ) $ 1,584,508 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of March 31, 2021 $ 1,456,436 $ 35,340 $ 2 $ 140,238 $ (139,522 ) $ 1,492,494 Total Assets as of December 31, 2020 $ 1,335,320 $ 59,372 $ 2 $ 140,256 $ (139,568 ) $ 1,395,382 |
[custom:DisclosureReportableSegmentsDetailsAbstract] | Three months ended March 31, 2022 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,990 $ 202 $ — $ 1,084 $ (1,081 ) $ 11,195 Interest expense 358 — — 104 — 462 Net interest income $ 10,632 $ 202 $ — $ 980 $ (1,081 ) $ 10,733 Provision for (release of) loan losses (125 ) — — — — (125 ) Noninterest income 1,337 839 1,198 — — 3,374 Noninterest expense 7,991 1,016 763 184 — 9,954 Net income before taxes $ 4,103 $ 25 $ 435 $ 796 $ (1,081 ) $ 4,278 Income tax provision (benefit) 849 — — (60 ) — 789 Net income $ 3,254 $ 25 $ 435 $ 856 $ (1,081 ) $ 3,489 Three months ended March 31, 2021 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,861 $ 353 $ — $ 1,007 $ (1,003 ) $ 11,218 Interest expense 546 — — 105 — 651 Net interest income $ 10,315 $ 353 $ — $ 902 $ (1,003 ) $ 10,567 Provision for loan losses 177 — — — — 177 Noninterest income 1,429 990 877 — — 3,296 Noninterest expense 7,624 1,175 584 157 — 9,540 Net income before taxes $ 3,943 $ 168 $ 293 $ 745 $ (1,003 ) $ 4,146 Income tax provision (benefit) 934 — — (43 ) — 891 Net income $ 3,009 $ 168 $ 293 $ 788 $ (1,003 ) $ 3,255 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of March 31, 2022 $ 1,631,193 $ 20,300 $ 2 $ 152,973 $ (152,189 ) $ 1,652,279 Total Assets as of December 31, 2021 $ 1,566,949 $ 16,798 $ 2 $ 152,928 $ (152,169 ) $ 1,584,508 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of March 31, 2021 $ 1,456,436 $ 35,340 $ 2 $ 140,238 $ (139,522 ) $ 1,492,494 Total Assets as of December 31, 2020 $ 1,335,320 $ 59,372 $ 2 $ 140,256 $ (139,568 ) $ 1,395,382 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Lease Information | Schedule of Lease Information |
Leases | (dollars in thousands) March 31, December 31, Right-of-use assets $ 2,793 $ 2,842 Lease liabilities $ 2,906 $ 2,950 Weighted average remaining lease term 14.92 years 15.08 years Weighted average discount rate 4.42 % 4.42 % |
Schedule of Future Undiscounted Operating Lease Payments | The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2022, are as follow: Schedule of Future Undiscounted Operating Lease Payments |
Leases (Details 2) | (Dollars in thousands) Liability Year Cash Lease Expense Reduction 2022 $ 228 $ 94 $134 2023 309 118 191 2024 282 110 172 2025 222 104 118 2026 226 99 127 Thereafter 2,751 587 2164 Total $ 4,018 $ 1,112 $2,906 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Numerator (Net income available to common shareholders) | $ 3,489 | $ 3,255 |
Weighted average common shares outstanding for: | ||
Basic shares | 7,518,000 | 7,476,000 |
Dilutive securities: | ||
Deferred compensation | 33,000 | 36,000 |
Restricted stock -Treasury stock method | 44,000 | 11,000 |
Diluted shares | 7,595,000 | 7,523,000 |
Basic | $ 0.46 | $ 0.44 |
Diluted | 0.46 | 0.43 |
The average market price used in calculating assumed number of shares | $ 20.99 | $ 18.43 |
Earnings Per Common Share (De_2
Earnings Per Common Share (Details Narrative) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||||
Deferred Compensation Arrangements, Overall, Description | At March 31, 2022 and December 31, 2021, there were 88,748 and 85,765 units in the plan, respectively. | |||
Deferred Compensation Liability, Current and Noncurrent | $ 1,200,000 | $ 1,100,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 293,900 | $ 243,600 | ||
Accured Compensation Cost over Vesting Period | $ 12,200 | $ 7,100 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Marketable Securities [Line Items] | |||
Available-for-Sale Securities, Amortized Cost Basis | $ 596,819 | $ 560,688 | |
Available-for-Sale Securities | 577,820 | $ 564,839 | $ 564,839 |
Available-for-Sale Securities, Gross Unrealized Gain | 1,689 | 9,178 | |
Available-for-Sale Securities, Gross Unrealized Loss | 20,688 | 5,027 | |
US Treasury Securities [Member] | |||
Marketable Securities [Line Items] | |||
Available-for-Sale Securities, Amortized Cost Basis | 60,406 | 15,736 | |
Available-for-Sale Securities | 58,595 | 15,436 | |
Available-for-Sale Securities, Gross Unrealized Gain | |||
Available-for-Sale Securities, Gross Unrealized Loss | 1,811 | 300 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Marketable Securities [Line Items] | |||
Available-for-Sale Securities, Amortized Cost Basis | 2,499 | 2,499 | |
Available-for-Sale Securities | 2,317 | 2,501 | |
Available-for-Sale Securities, Gross Unrealized Gain | 2 | ||
Available-for-Sale Securities, Gross Unrealized Loss | 182 | 0 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Marketable Securities [Line Items] | |||
Available-for-Sale Securities, Amortized Cost Basis | 391,271 | 398,125 | |
Available-for-Sale Securities | 378,348 | 397,729 | |
Available-for-Sale Securities, Gross Unrealized Gain | 217 | 3,596 | |
Available-for-Sale Securities, Gross Unrealized Loss | 13,140 | 3,992 | |
Small Business Administration pools [Member] | |||
Marketable Securities [Line Items] | |||
Available-for-Sale Securities, Amortized Cost Basis | 28,112 | 30,835 | |
Available-for-Sale Securities | 27,984 | 31,273 | |
Available-for-Sale Securities, Gross Unrealized Gain | 209 | 505 | |
Available-for-Sale Securities, Gross Unrealized Loss | 337 | 67 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Marketable Securities [Line Items] | |||
Available-for-Sale Securities, Amortized Cost Basis | 105,757 | 105,469 | |
Available-for-Sale Securities | 101,971 | 109,848 | |
Available-for-Sale Securities, Gross Unrealized Gain | 1,182 | 4,918 | |
Available-for-Sale Securities, Gross Unrealized Loss | 4,968 | 539 | |
Corporate and other securities [Member] | |||
Marketable Securities [Line Items] | |||
Available-for-Sale Securities, Amortized Cost Basis | 8,774 | 8,024 | |
Available-for-Sale Securities | 8,605 | 8,052 | |
Available-for-Sale Securities, Gross Unrealized Gain | 81 | 157 | |
Available-for-Sale Securities, Gross Unrealized Loss | $ 250 | $ 129 |
Investment Securities (Details
Investment Securities (Details 2) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 393,667 | $ 246,831 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 15,319 | 4,155 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 97,144 | 49,528 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5,369 | 872 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value | 490,811 | 296,359 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 20,688 | 5,027 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 53,261 | 14,479 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,271 | 264 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 5,334 | 958 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 540 | 36 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value | 58,595 | 15,437 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 1,811 | 300 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 2,317 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 182 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,317 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 182 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 261,976 | 200,238 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8,929 | 3,156 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 86,207 | 48,570 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4,211 | 836 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value | 348,183 | 248,808 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 13,140 | 3,992 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 12,529 | 7,232 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 295 | 67 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,642 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 42 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value | 15,171 | 7,232 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 337 | 67 |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 59,077 | 21,261 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,392 | 539 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,961 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 576 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value | 62,038 | 21,261 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 4,968 | 539 |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 4,507 | 3,621 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 250 | 129 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,507 | 3,621 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ 250 | $ 129 |
Investment Securities (Detail_2
Investment Securities (Details 3) $ in Thousands | Mar. 31, 2022USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $ 20,273 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 20,132 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 211,536 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 207,996 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost | 285,494 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | 272,064 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 79,516 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 77,658 |
Debt Securities, Available-for-Sale, Amortized Cost | 596,819 |
Debt Securities, Available-for-Sale | $ 577,820 |
Investment Securities (Detail_3
Investment Securities (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Marketable Securities [Line Items] | |||
Debt Securities, Available-for-Sale | $ 577,820,000 | ||
Federal Home Loan Bank Stock | 792,100 | $ 698,400 | |
Corporate Fixed To Float Bonds [Member] | |||
Marketable Securities [Line Items] | |||
Debt Securities, Available-for-Sale | 8,600,000 | 8,000,000 | |
Mutual Funds [Member] | |||
Marketable Securities [Line Items] | |||
Debt Securities, Available-for-Sale | 12,000 | 11,600 | |
Available-for-Sale Securities, Gross Realized Gains | 400 | $ 1,700 | |
Debt Security, Corporate, Non-US [Member] | |||
Marketable Securities [Line Items] | |||
Debt Securities, Available-for-Sale | 10,000 | 10,000 | |
Corporate Bond Securities [Member] | |||
Marketable Securities [Line Items] | |||
Debt Securities, Available-for-Sale | 1,000,000 | ||
Venture Capital Funds [Member] | |||
Marketable Securities [Line Items] | |||
Debt Securities, Available-for-Sale | 86,700 | ||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Marketable Securities [Line Items] | |||
Security Owned and Pledged as Collateral, Amortized Cost | 419,400,000 | ||
Financial Instruments, Owned, at Fair Value | 406,300,000 | 429,000,000 | |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | |||
Marketable Securities [Line Items] | |||
Security Owned and Pledged as Collateral, Amortized Cost | 45,600 | 48,200 | |
Financial Instruments, Owned, at Fair Value | $ 45,300 | $ 46,400 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||
Total loans, net of deferred loan fees and costs | $ 875,797 | $ 863,702 | $ 869,066 |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans, net of deferred loan fees and costs | 70,565 | 69,952 | 110,776 |
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans, net of deferred loan fees and costs | 96,419 | 94,969 | 104,065 |
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans, net of deferred loan fees and costs | 42,675 | 45,498 | 38,947 |
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans, net of deferred loan fees and costs | 627,621 | 617,464 | 582,083 |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans, net of deferred loan fees and costs | 27,712 | 27,116 | 25,068 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans, net of deferred loan fees and costs | $ 10,805 | $ 8,703 | $ 8,127 |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2020 | $ 11,179 | $ 10,389 | $ 10,389 |
Charge-offs | (14) | (25) | (182) |
Recoveries | 23 | 22 | 637 |
Provisions | (125) | 177 | 335 |
Ending balance December 31, 2021 | 11,063 | 10,563 | 11,179 |
Individually evaluated for impairment | 2 | ||
Collectively evaluated for impairment | 11,063 | 10,561 | 11,179 |
Ending balance-total | 875,797 | 869,066 | 863,702 |
Individually evaluated for impairment | 1,541 | 6,035 | 1,694 |
Collectively evaluated for impairment | 874,256 | 863,031 | 862,008 |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2020 | 853 | 778 | 778 |
Charge-offs | |||
Recoveries | 11 | 1 | 39 |
Provisions | (15) | (21) | 36 |
Ending balance December 31, 2021 | 849 | 758 | 853 |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 849 | 758 | 853 |
Ending balance-total | 70,565 | 110,776 | 69,952 |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 70,565 | 110,776 | 69,952 |
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2020 | 113 | 145 | 145 |
Charge-offs | |||
Recoveries | |||
Provisions | (22) | (11) | (32) |
Ending balance December 31, 2021 | 91 | 134 | 113 |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 91 | 134 | 113 |
Ending balance-total | 96,419 | 104,065 | 94,969 |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 96,419 | 104,065 | 94,969 |
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2020 | 560 | 541 | 541 |
Charge-offs | |||
Recoveries | 10 | ||
Provisions | (47) | (61) | 9 |
Ending balance December 31, 2021 | 513 | 480 | 560 |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 513 | 480 | 560 |
Ending balance-total | 42,675 | 38,947 | 45,498 |
Individually evaluated for impairment | 42 | 436 | 133 |
Collectively evaluated for impairment | 42,633 | 38,511 | 45,365 |
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2020 | 8,570 | 7,855 | 7,855 |
Charge-offs | (110) | ||
Recoveries | 6 | 4 | 473 |
Provisions | (68) | 278 | 352 |
Ending balance December 31, 2021 | 8,508 | 8,137 | 8,570 |
Individually evaluated for impairment | 2 | 1 | |
Collectively evaluated for impairment | 8,508 | 8,135 | 8,569 |
Ending balance-total | 627,621 | 582,083 | 617,464 |
Individually evaluated for impairment | 1,499 | 5,578 | 1,561 |
Collectively evaluated for impairment | 626,122 | 576,505 | 615,903 |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2020 | 333 | 324 | 324 |
Charge-offs | |||
Recoveries | 3 | 1 | 69 |
Provisions | (5) | (16) | (60) |
Ending balance December 31, 2021 | 331 | 309 | 333 |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 331 | 309 | 333 |
Ending balance-total | 27,712 | 25,068 | 27,116 |
Individually evaluated for impairment | 21 | ||
Collectively evaluated for impairment | 27,712 | 25,047 | 27,116 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2020 | 126 | 125 | 125 |
Charge-offs | (14) | (25) | (72) |
Recoveries | 3 | 16 | 46 |
Provisions | 35 | 8 | 27 |
Ending balance December 31, 2021 | 150 | 124 | 126 |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 150 | 124 | 126 |
Ending balance-total | 10,805 | 8,127 | 8,703 |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 10,805 | 8,127 | 8,703 |
Unallocated Financing Receivables [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2020 | 624 | 621 | 621 |
Charge-offs | |||
Recoveries | |||
Provisions | (3) | 3 | |
Ending balance December 31, 2021 | 621 | 621 | 624 |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 621 | 621 | 624 |
Ending balance-total | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, Related Allowance | $ 2 | $ 1 | |
Impaired Financing Receivable, Recorded Investment | 1,541 | 6,035 | 1,694 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,549 | 8,755 | 3,705 |
Impaired Financing Receivable, Average Recorded Investment | 1,779 | 6,286 | 1,918 |
Impaired Financing Receivable, Interest Income, Accrual Method | 47 | 107 | 234 |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Recorded Investment | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Impaired Financing Receivable, Average Recorded Investment | |||
Impaired Financing Receivable, Interest Income, Accrual Method | |||
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Recorded Investment | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Impaired Financing Receivable, Average Recorded Investment | |||
Impaired Financing Receivable, Interest Income, Accrual Method | |||
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 42 | 436 | 133 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 57 | 496 | 151 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 42 | 434 | 131 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | 5 | 6 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Recorded Investment | 42 | 436 | 133 |
Impaired Financing Receivable, Unpaid Principal Balance | 57 | 496 | 151 |
Impaired Financing Receivable, Average Recorded Investment | 42 | 434 | 131 |
Impaired Financing Receivable, Interest Income, Accrual Method | 1 | 5 | 6 |
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,499 | 5,474 | 1,521 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,492 | 8,129 | 3,514 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,737 | 5,728 | 1,748 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 46 | 99 | 223 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 104 | 40 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 104 | 40 | |
Impaired Financing Receivable, Related Allowance | 2 | 1 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 103 | 39 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 2 | 5 | |
Impaired Financing Receivable, Recorded Investment | 1,499 | 5,578 | 1,561 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,492 | 8,233 | 3,554 |
Impaired Financing Receivable, Average Recorded Investment | 1,737 | 5,831 | 1,787 |
Impaired Financing Receivable, Interest Income, Accrual Method | 46 | 101 | 228 |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 21 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 26 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 21 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Recorded Investment | 21 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 26 | ||
Impaired Financing Receivable, Average Recorded Investment | 21 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 1 | ||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Recorded Investment | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Impaired Financing Receivable, Average Recorded Investment | |||
Impaired Financing Receivable, Interest Income, Accrual Method |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | $ 875,797 | $ 863,702 | $ 869,066 |
Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 866,281 | 854,204 | |
Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 1,668 | 1,626 | |
Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 7,848 | 7,872 | |
Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 70,565 | 69,952 | 110,776 |
Commercial, Financial And Agricultural Loan [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 70,473 | 69,833 | |
Commercial, Financial And Agricultural Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 92 | 119 | |
Commercial, Financial And Agricultural Loan [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Commercial, Financial And Agricultural Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 96,419 | 94,969 | 104,065 |
Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 96,418 | 94,966 | |
Construction Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Construction Loans [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 1 | 3 | |
Construction Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 42,675 | 45,498 | 38,947 |
Residential Mortgage [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 42,246 | 45,049 | |
Residential Mortgage [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 377 | 305 | |
Residential Mortgage [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 52 | 144 | |
Residential Mortgage [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 627,621 | 617,464 | 582,083 |
Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 620,089 | 610,001 | |
Commercial Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 1,002 | 1,009 | |
Commercial Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 6,530 | 6,454 | |
Commercial Real Estate [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 27,712 | 27,116 | 25,068 |
Home Equity Line of Credit [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 26,347 | 25,751 | |
Home Equity Line of Credit [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 175 | 171 | |
Home Equity Line of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 1,190 | 1,194 | |
Home Equity Line of Credit [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 10,805 | 8,703 | $ 8,127 |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 10,708 | 8,604 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 22 | 22 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 75 | 77 | |
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment |
Loans (Details 5)
Loans (Details 5) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | $ 875,797 | $ 863,702 | $ 869,066 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 311 | 133 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 168 | 102 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 174 | ||
Financing Receivables Nonaccrual [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 148 | 250 | |
Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 801 | 485 | |
Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 874,996 | 863,217 | |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 70,565 | 69,952 | 110,776 |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 238 | 125 | |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 3 | 35 | |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Commercial, Financial And Agricultural Loan [Member] | Financing Receivables Nonaccrual [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 106 | 118 | |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 347 | 278 | |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 70,218 | 69,674 | |
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 96,419 | 94,969 | 104,065 |
Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Construction Loans [Member] | Financing Receivables Nonaccrual [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Construction Loans [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Construction Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 96,419 | 94,969 | |
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 42,675 | 45,498 | 38,947 |
Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 71 | 8 | |
Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 4 | ||
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 4 | ||
Residential Mortgage [Member] | Financing Receivables Nonaccrual [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 42 | 132 | |
Residential Mortgage [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 117 | 144 | |
Residential Mortgage [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 42,558 | 45,354 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 627,621 | 617,464 | 582,083 |
Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Commercial Real Estate [Member] | Financing Receivables Nonaccrual [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 0 | ||
Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 627,621 | 617,464 | |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 27,712 | 27,116 | 25,068 |
Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 165 | 62 | |
Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 169 | ||
Home Equity Line of Credit [Member] | Financing Receivables Nonaccrual [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 0 | ||
Home Equity Line of Credit [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 334 | 62 | |
Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 27,378 | 27,054 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 10,805 | 8,703 | $ 8,127 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 2 | ||
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 1 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 1 | ||
Consumer Portfolio Segment [Member] | Financing Receivables Nonaccrual [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | |||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 3 | 1 | |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | $ 10,802 | $ 8,702 |
Loans (Details 6)
Loans (Details 6) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Receivables [Abstract] | ||
Accretable yield, beginning of period | $ 64 | $ 93 |
Accretion | (8) | (7) |
Accretable yield, end of period | $ 56 | $ 86 |
Loans (Details Narrative)
Loans (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | $ 875,797,000 | $ 863,702,000 | $ 869,066,000 |
Financing Receivable, Troubled Debt Restructuring | 1,400,000 | 1,400,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 173,900 | 0 | |
Recorded Investment In Purchased Impaired Loans | 109,000 | 109,000 | |
Unpaid Principal Balance in Purchased Impaired Loans | 147,000 | 152,000 | |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | 70,565,000 | 69,952,000 | $ 110,776,000 |
Commercial, Financial And Agricultural Loan [Member] | Entity Loan Modification Program [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held-for-investment | $ 300,000 | $ 1,500,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Assets: | |||
Available-for-sale securities | $ 577,820 | $ 564,839 | $ 564,839 |
Other investments, at cost | 1,879 | 1,785 | |
Financial liabilities: | |||
Non-interest bearing demand | 467,265 | 444,688 | |
Interest bearing demand deposits and money market accounts | 658,932 | 619,057 | |
Savings | 150,849 | 143,765 | |
Time deposits | 153,702 | 153,781 | |
Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: | |||
Cash and short term investments | 100,792 | 69,022 | |
Available-for-sale securities | 36,371 | 39,829 | |
Other investments, at cost | |||
Loans held for sale | |||
Net loans receivable | |||
Accrued interest | 3,838 | 3,927 | |
Financial liabilities: | |||
Non-interest bearing demand | |||
Interest bearing demand deposits and money market accounts | |||
Savings | |||
Time deposits | |||
Total deposits | |||
Federal Home Loan Bank Advances | |||
Short term borrowings | |||
Junior subordinated debentures | |||
Accrued interest payable | 334 | 404 | |
Fair Value, Inputs, Level 2 [Member] | |||
Financial Assets: | |||
Cash and short term investments | |||
Available-for-sale securities | 541,449 | 525,010 | |
Other investments, at cost | |||
Loans held for sale | 12,095 | 7,120 | |
Net loans receivable | |||
Accrued interest | |||
Financial liabilities: | |||
Non-interest bearing demand | 467,265 | 444,688 | |
Interest bearing demand deposits and money market accounts | 658,932 | 619,057 | |
Savings | 150,849 | 143,765 | |
Time deposits | 153,871 | 154,030 | |
Total deposits | 1,430,917 | 1,361,540 | |
Federal Home Loan Bank Advances | |||
Short term borrowings | 68,060 | 54,216 | |
Junior subordinated debentures | 15,653 | 15,015 | |
Accrued interest payable | |||
Fair Value, Inputs, Level 3 [Member] | |||
Financial Assets: | |||
Cash and short term investments | |||
Available-for-sale securities | |||
Other investments, at cost | 1,879 | 1,785 | |
Loans held for sale | |||
Net loans receivable | 836,206 | 851,822 | |
Accrued interest | |||
Financial liabilities: | |||
Non-interest bearing demand | |||
Interest bearing demand deposits and money market accounts | |||
Savings | |||
Time deposits | |||
Total deposits | |||
Federal Home Loan Bank Advances | |||
Short term borrowings | |||
Junior subordinated debentures | |||
Accrued interest payable | |||
Reported Value Measurement [Member] | |||
Financial Assets: | |||
Cash and short term investments | 100,792 | 69,022 | |
Available-for-sale securities | 577,820 | 564,839 | |
Other investments, at cost | 1,879 | 1,785 | |
Loans held for sale | 12,095 | 7,120 | |
Net loans receivable | 864,734 | 852,523 | |
Accrued interest | 3,838 | 3,927 | |
Financial liabilities: | |||
Non-interest bearing demand | 467,265 | 444,688 | |
Interest bearing demand deposits and money market accounts | 658,932 | 619,057 | |
Savings | 150,849 | 143,765 | |
Time deposits | 153,702 | 153,781 | |
Total deposits | 1,430,748 | 1,361,291 | |
Federal Home Loan Bank Advances | |||
Short term borrowings | 68,060 | 54,216 | |
Junior subordinated debentures | 14,964 | 14,964 | |
Accrued interest payable | 334 | 404 | |
Estimate of Fair Value Measurement [Member] | |||
Financial Assets: | |||
Cash and short term investments | 100,792 | 69,022 | |
Available-for-sale securities | 577,820 | 564,839 | |
Other investments, at cost | 1,879 | 1,785 | |
Loans held for sale | 12,095 | 7,120 | |
Net loans receivable | 836,206 | 851,822 | |
Accrued interest | 3,838 | 3,927 | |
Financial liabilities: | |||
Non-interest bearing demand | 467,265 | 444,688 | |
Interest bearing demand deposits and money market accounts | 658,932 | 619,057 | |
Savings | 150,849 | 143,765 | |
Time deposits | 153,871 | 154,030 | |
Total deposits | 1,430,917 | 1,361,540 | |
Federal Home Loan Bank Advances | |||
Short term borrowings | 68,060 | 54,216 | |
Junior subordinated debentures | 15,653 | 15,015 | |
Accrued interest payable | $ 334 | $ 404 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Details 2) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | $ 577,820 | $ 564,839 | $ 564,839 |
Loans held for sale | 12,095 | 7,120 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 36,371 | 39,829 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 541,449 | 525,010 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | |||
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 577,820 | 564,839 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 36,371 | 39,830 | |
Loans held for sale | |||
Total | 36,371 | 39,830 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 541,449 | 525,010 | |
Loans held for sale | 12,095 | 7,120 | |
Total | 553,544 | 532,130 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | |||
Loans held for sale | |||
Total | |||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 577,820 | 564,839 | |
Loans held for sale | 12,095 | 7,120 | |
Total | 589,915 | 571,959 | |
US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 58,595 | 15,436 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 29,772 | ||
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 28,823 | 15,436 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | |||
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 58,595 | 15,436 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 2,317 | 2,501 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | |||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 2,317 | 2,501 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | |||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 2,317 | 2,501 | |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 2,949 | 25,934 | |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 375,399 | 371,796 | |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | |||
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 378,348 | 397,729 | |
Small Business Administration pools [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 27,984 | 31,273 | |
Small Business Administration pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | |||
Small Business Administration pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 27,984 | 31,273 | |
Small Business Administration pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | |||
Small Business Administration pools [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 27,984 | 31,273 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 101,971 | 109,848 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 2,900 | 12,896 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 99,071 | 96,952 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | |||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 101,971 | 109,848 | |
Corporate and other securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 8,605 | 8,052 | |
Corporate and other securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 750 | 1,000 | |
Corporate and other securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | 7,855 | 7,052 | |
Corporate and other securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | |||
Corporate and other securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale | $ 8,605 | $ 8,052 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Details 3) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | $ 1,541 | $ 1,694 | $ 6,035 |
Total other real estate owned | 1,146 | 1,165 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Total other real estate owned | |||
Total | |||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Total other real estate owned | |||
Total | |||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 1,541 | 1,694 | |
Total other real estate owned | 1,146 | 1,165 | |
Total | 2,687 | 2,859 | |
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 1,541 | 1,693 | |
Total other real estate owned | 1,146 | 1,165 | |
Total | 2,687 | 2,859 | |
Commercial, Financial And Agricultural Loan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Commercial, Financial And Agricultural Loan [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Commercial, Financial And Agricultural Loan [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Commercial, Financial And Agricultural Loan [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Commercial, Financial And Agricultural Loan [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Residential Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 42 | 133 | 436 |
Residential Mortgage [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Total other real estate owned | |||
Residential Mortgage [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Total other real estate owned | |||
Residential Mortgage [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 42 | 133 | |
Total other real estate owned | 90 | ||
Residential Mortgage [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 42 | 133 | |
Total other real estate owned | 90 | ||
Commercial Real Estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 1,499 | 1,561 | 5,578 |
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Total other real estate owned | |||
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Total other real estate owned | |||
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 1,499 | 1,560 | |
Total other real estate owned | 541 | ||
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 1,499 | 1,560 | |
Total other real estate owned | 541 | ||
Home Equity Line of Credit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 21 | ||
Home Equity Line of Credit [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Home Equity Line of Credit [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Home Equity Line of Credit [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Home Equity Line of Credit [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Consumer Portfolio Segment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Consumer Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Consumer Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Consumer Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Consumer Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Construction Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | |||
Construction Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | |||
Construction Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | |||
Construction Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | 1,056 | 624 | |
Construction Loans [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | $ 1,056 | $ 624 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Details 4) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 1,146 | $ 1,165 | |
Impaired Financing Receivable, Recorded Investment | 1,541 | $ 6,035 | 1,694 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 1,146 | 1,165 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 6.00% | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 16.00% | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $ 1,541 | $ 1,694 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 6.00% | 6.00% | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 16.00% | 16.00% |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Non-interest bearing demand deposits | $ 467,265 | $ 444,688 |
Interest bearing demand deposits and money market accounts | 658,932 | 619,057 |
Savings | 150,849 | 143,765 |
Time deposits | 153,702 | 153,781 |
Total deposits | $ 1,430,748 | $ 1,361,291 |
Deposits (Details Narrative)
Deposits (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
[custom:TimeDeposits250000rMore-0] | $ 29,400 | $ 27,900 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Dividend and Interest Income | $ 11,195 | $ 11,218 | ||
Interest expense | 462 | 651 | ||
Net interest income | 10,733 | 10,567 | ||
Provision for (release of) loan losses | (125) | 177 | $ 335 | |
Noninterest income | 3,374 | 3,296 | ||
Noninterest expense | 9,954 | 9,540 | ||
Net income before taxes | 4,278 | 4,146 | ||
Income tax provision (benefit) | 789 | 891 | ||
Net income | 3,489 | 3,255 | ||
Total Assets as of December 31, 2020 | 1,652,279 | 1,492,494 | 1,584,508 | $ 1,395,382 |
Consolidation, Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Dividend and Interest Income | (1,081) | (1,003) | ||
Interest expense | ||||
Net interest income | (1,081) | (1,003) | ||
Provision for (release of) loan losses | ||||
Noninterest income | ||||
Noninterest expense | ||||
Net income before taxes | (1,081) | (1,003) | ||
Income tax provision (benefit) | ||||
Net income | (1,081) | (1,003) | ||
Total Assets as of December 31, 2020 | (152,189) | (139,522) | (152,169) | (139,568) |
Mortgage Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Dividend and Interest Income | 202 | 353 | ||
Interest expense | ||||
Net interest income | 202 | 353 | ||
Provision for (release of) loan losses | ||||
Noninterest income | 839 | 990 | ||
Noninterest expense | 1,016 | 1,175 | ||
Net income before taxes | 25 | 168 | ||
Income tax provision (benefit) | ||||
Net income | 25 | 168 | ||
Total Assets as of December 31, 2020 | 20,300 | 35,340 | 16,798 | 59,372 |
Commercial And Retail Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Dividend and Interest Income | 10,990 | 10,861 | ||
Interest expense | 358 | 546 | ||
Net interest income | 10,632 | 10,315 | ||
Provision for (release of) loan losses | (125) | 177 | ||
Noninterest income | 1,337 | 1,429 | ||
Noninterest expense | 7,991 | 7,624 | ||
Net income before taxes | 4,103 | 3,943 | ||
Income tax provision (benefit) | 849 | 934 | ||
Net income | 3,254 | 3,009 | ||
Total Assets as of December 31, 2020 | 1,631,193 | 1,456,436 | 1,566,949 | 1,335,320 |
Investment Advisory And Non Deposit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Dividend and Interest Income | ||||
Interest expense | ||||
Net interest income | ||||
Provision for (release of) loan losses | ||||
Noninterest income | 1,198 | 877 | ||
Noninterest expense | 763 | 584 | ||
Net income before taxes | 435 | 293 | ||
Income tax provision (benefit) | ||||
Net income | 435 | 293 | ||
Total Assets as of December 31, 2020 | 2 | 2 | 2 | 2 |
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Dividend and Interest Income | 1,084 | 1,007 | ||
Interest expense | 104 | 105 | ||
Net interest income | 980 | 902 | ||
Provision for (release of) loan losses | ||||
Noninterest income | ||||
Noninterest expense | 184 | 157 | ||
Net income before taxes | 796 | 745 | ||
Income tax provision (benefit) | (60) | (43) | ||
Net income | 856 | 788 | ||
Total Assets as of December 31, 2020 | $ 152,973 | $ 140,238 | $ 152,928 | $ 140,256 |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Right-of-use assets | $ 2,793,000 | $ 2,842,000 | |
Lease liabilities | $ 2,906,000 | $ 2,950,000 | |
Operating Lease, Weighted Average Remaining Lease Term | 14 years 11 months 1 day | 15 years 29 days | |
Weighted average discount rate | 4.42% | 4.42% | |
Operating lease cost | $ 80,800 | $ 80,800 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 75,300 | $ 73,900 |
Leases (Details 2)
Leases (Details 2) $ in Thousands | Sep. 30, 2021USD ($) |
2022 | $ 228 |
2023 | 309 |
2024 | 282 |
2025 | 222 |
2026 | 226 |
Thereafter | 2,751 |
Total | 4,018 |
Lease Expense [Member] | |
2022 | 94 |
2023 | 118 |
2024 | 110 |
2025 | 104 |
2026 | 99 |
Thereafter | 587 |
Total | 1,112 |
Liability Reduction [Member] | |
2022 | 134 |
2023 | 191 |
2024 | 172 |
2025 | 118 |
2026 | 127 |
Thereafter | 2,164 |
Total | $ 2,906 |