Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
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 $1.00 per share | |
Trading Symbol | FCCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,587,509 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 27,076 | $ 24,464 |
Interest-bearing bank balances | 60,597 | 12,937 |
Investment securities available-for-sale | 336,457 | 331,862 |
Investment securities held-to-maturity, fair value of $213,040 and $213,613 at March 31, 2023 and December 31, 2022, respectively, net of allowance for credit losses | 223,095 | 228,701 |
Other investments, at cost | 5,768 | 4,191 |
Loans held-for-sale | 1,312 | 1,779 |
Loans held-for-investment | 992,720 | 980,857 |
Less, allowance for credit losses - loans | 11,420 | 11,336 |
Net loans held-for-investment | 981,300 | 969,521 |
Property and equipment - net | 31,342 | 31,277 |
Lease right-of-use asset | 3,463 | 2,702 |
Bank owned life insurance | 30,132 | 29,952 |
Other real estate owned | 934 | 934 |
Intangible assets | 722 | 761 |
Goodwill | 14,637 | 14,637 |
Other assets | 18,563 | 19,228 |
Total assets | 1,735,398 | 1,672,946 |
Deposits: | ||
Non-interest bearing | 458,882 | 461,010 |
Interest bearing | 961,275 | 924,372 |
Total deposits | 1,420,157 | 1,385,382 |
Securities sold under agreements to repurchase | 76,975 | 68,743 |
Federal funds purchased | 22,000 | |
Federal Home Loan Bank advances | 85,000 | 50,000 |
Junior subordinated debt | 14,964 | 14,964 |
Lease liability | 3,602 | 2,832 |
Other liabilities | 11,119 | 10,664 |
Total liabilities | 1,611,817 | 1,554,585 |
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 7,587,763 at March 31, 2023 7,577,912 at December 31, 2022 | 7,588 | 7,578 |
Nonvested restricted stock and stock units | 1,501 | 1,461 |
Additional paid in capital | 92,871 | 92,683 |
Retained earnings | 51,094 | 49,025 |
Accumulated other comprehensive loss | (29,473) | (32,386) |
Total shareholders’ equity | 123,581 | 118,361 |
Total liabilities and shareholders’ equity | $ 1,735,398 | $ 1,672,946 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Debt Securities, Held-to-Maturity, Fair Value | $ 213,040 | $ 213,613 |
Preferred Stock, Par Value | $ 1,000 | $ 1,000 |
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 | 7,587,763 | 7,577,912 |
Common Stock, Shares, Outstanding | 7,587,763 | 7,577,912 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest income: | ||
Loans, including fees | $ 11,159 | $ 9,003 |
Investment securities - taxable | 4,061 | 1,779 |
Investment securities - non taxable | 375 | 380 |
Other short term investments and CDs | 295 | 33 |
Total interest income | 15,890 | 11,195 |
Interest expense: | ||
Deposits | 1,993 | 333 |
Securities sold under agreement to repurchase | 356 | 25 |
Other borrowed money | 1,184 | 104 |
Total interest expense | 3,533 | 462 |
Net interest income | 12,357 | 10,733 |
Provision for (release of) credit losses | 70 | (125) |
Net interest income after provision for (release of) credit losses | 12,287 | 10,858 |
Non-interest income: | ||
Deposit service charges | 232 | 265 |
Mortgage banking income | 155 | 839 |
Investment advisory fees and non-deposit commissions | 1,067 | 1,198 |
Other non-recurring income | 4 | |
Other | 1,121 | 1,068 |
Total non-interest income | 2,575 | 3,374 |
Non-interest expense: | ||
Salaries and employee benefits | 6,331 | 6,119 |
Occupancy | 830 | 705 |
Equipment | 336 | 332 |
Marketing and public relations | 346 | 361 |
FDIC Insurance assessments | 182 | 130 |
Other real estate expense | (133) | 47 |
Amortization of intangibles | 39 | 39 |
Other | 2,505 | 2,221 |
Total non-interest expense | 10,436 | 9,954 |
Net income before tax | 4,426 | 4,278 |
Income tax expense | 963 | 789 |
Net income | $ 3,463 | $ 3,489 |
Basic earnings per common share | $ 0.46 | $ 0.46 |
Diluted earnings per common share | $ 0.45 | $ 0.46 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net income | $ 3,463 | $ 3,489 |
Other comprehensive loss: | ||
Unrealized gain (loss) during the period on available-for-sale securities, net of tax expense of $689 and tax benefit of $4,862, respectively | 2,593 | (18,288) |
Reclassification adjustment for amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, net of tax expense of $85 and $0, respectively. | 320 | |
Other comprehensive income (loss) | 2,913 | (18,288) |
Comprehensive income (loss) | $ 6,376 | $ (14,799) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Other Comprehensive Income Unrealized Holding Gain On Securities Arising During Period Tax | $ 689 | $ 4,862 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-Sale to Equity Method, Tax | $ 85 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ 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, 2021 | $ 7,549 | $ 92,139 | $ (294) | $ 38,325 | $ 3,279 | $ 140,998 |
Beginning Balance, Shares at Dec. 31, 2021 | 7,549 | |||||
Net income | 3,489 | 3,489 | ||||
Other comprehensive income net of tax expense of $774 | (18,288) | (18,288) | ||||
Issuance of common stock-share based compensation | $ 1 | 27 | 28 | |||
Issuance of common stock-deferred compensation, Shares | 1 | |||||
Issuance of restricted stock | $ 7 | 147 | (154) | |||
Issuance of restricted stock, Shares | 7 | |||||
Amortization of compensation on restricted stock | 79 | 79 | ||||
Shares forfeited | $ (2) | (40) | (42) | |||
Shares retired / forfeited, Shares | (2) | |||||
Dividends: Common ($0.14 per share) | (977) | (977) | ||||
Dividend reinvestment plan | $ 5 | 88 | 93 | |||
Dividend reinvestment plan, Shares | 5 | |||||
Ending balance, value at Mar. 31, 2022 | $ 7,560 | 92,361 | (369) | 40,837 | (15,009) | 125,380 |
Ending Balance, Shares at Mar. 31, 2022 | 7,560 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 7,578 | 92,683 | 1,461 | 49,025 | (32,386) | 118,361 |
Beginning Balance, Shares at Dec. 31, 2022 | 7,578 | |||||
Net income | 3,463 | |||||
Other comprehensive income net of tax expense of $774 | 2,913 | 2,913 | ||||
Issuance of common stock-share based compensation | $ 2 | 39 | (69) | (28) | ||
Issuance of common stock-deferred compensation, Shares | 2 | |||||
Issuance of restricted stock | $ 8 | 146 | (154) | |||
Issuance of restricted stock, Shares | 8 | |||||
Amortization of compensation on restricted stock | 191 | 191 | ||||
Shares forfeited | $ (5) | (100) | (105) | |||
Shares retired / forfeited, Shares | (5) | |||||
Dividends: Common ($0.14 per share) | (1,057) | (1,057) | ||||
Dividend reinvestment plan | $ 5 | 103 | 108 | |||
Dividend reinvestment plan, Shares | 5 | |||||
Adoption of new accounting standard-CECL net of tax of $90 | (337) | (337) | ||||
Grant restricted stock units | 72 | 72 | ||||
Ending balance, value at Mar. 31, 2023 | $ 7,588 | $ 92,871 | $ 1,501 | $ 51,094 | $ (29,473) | $ 123,581 |
Ending Balance, Shares at Mar. 31, 2023 | 7,588 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax | $ 774 | $ 4,862 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.14 | $ 0.13 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 3,463 | $ 3,489 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation | 427 | 437 |
Net premium amortization on investment securities available-for-sale | (620) | 707 |
Net premium amortization on investment securities held-to-maturity | (134) | |
Provision for (release of) for credit losses | 70 | (125) |
Write-downs of other real estate owned | 19 | |
Origination of loans held-for-sale | (5,213) | (28,731) |
Sale of loans held-for-sale | 5,680 | 23,756 |
Amortization of intangibles | 39 | 39 |
Accretion on acquired loans | (20) | (14) |
Loss on fair value of equity securities | 2 | |
(Increase) decrease in other assets | (559) | (1,270) |
Increase (decrease) in other liabilities | 843 | 88 |
Net cash (used in) provided by operating activities | 3,978 | (1,605) |
Cash flows from investing activities: | ||
Purchase of investment securities available-for-sale | (6,025) | (57,492) |
Purchase of other investment securities | (1,577) | (94) |
Maturity/call of investment securities available-for-sale | 5,331 | 20,654 |
Maturity/call of investment securities held-to-maturity | 5,698 | |
Increase in loans | (11,829) | (12,072) |
Purchase of property and equipment | (492) | (119) |
Net disposal of property and equipment | 16 | |
Net cash used in investing activities | (8,894) | (49,107) |
Cash flows from financing activities: | ||
Increase in deposit accounts | 34,775 | 69,457 |
Increase in securities sold under agreements to repurchase | 8,232 | 13,844 |
Decrease in Fed Funds Borrowed | (22,000) | |
Advances from the Federal Home Loan Bank | 124,000 | |
Repayment of advances from the Federal Home Loan Bank | (89,000) | |
Shares retired / forfeited | (105) | (42) |
Dividends paid: Common Stock | (1,057) | (977) |
Restricted Stock Units Granted | 72 | |
Proceeds from issuance of stock-based compensation, new issuance of common stock. | (28) | 28 |
Change in non-vested restricted stock | 191 | 79 |
Dividend reinvestment plan | 108 | 93 |
Net cash provided by financing activities | 55,188 | 82,482 |
Net increase in cash and cash equivalents | 50,272 | 31,770 |
Cash and cash equivalents at beginning of period | 37,401 | 69,022 |
Cash and cash equivalents at end of period | 87,673 | 100,792 |
Supplemental disclosure: | ||
Interest | 3,137 | 532 |
Income taxes | ||
Non-cash investing and financing activities: | ||
Unrealized gain (loss) on available-for-sale securities, net of tax | 2,593 | (18,288) |
Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax | 320 | |
Recognition of operating lease liability | $ 3,602 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 and December 31, 2022, and the Company’s results of operations and cash flows for the three months ended March 31, 2023 and 2022. 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, 2023. 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, 2022 should be referred to in connection with these unaudited interim financial statements. Application of New Accounting Guidance Adopted in 2023 On January 1, 2023, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaced the incurred loss methodology that delayed recognition until it is probable a loss has been incurred with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. Additionally, Accounting Standards Codification (“ASC”) 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 and all related subsequent amendments thereto effective January 1, 2023 using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. The transition adjustment of the adoption of CECL included a decrease in the allowance for credit losses on loans of $14.3 thousand, which is presented as a reduction to net loans outstanding, and an increase in the allowance for credit losses on unfunded loan commitments of $397.9 thousand, which is recorded within Other Liabilities. The Company recorded an allowance for credit losses for held to maturity securities of $43.5 thousand, which is presented as a reduction to held to maturity securities outstanding. The Company recorded a net decrease to retained earnings of $337.4 thousand as of January 1, 2023 for the cumulative effect of adopting CECL, which reflects the transition adjustments noted above, net of the applicable deferred tax assets recorded. Results for reporting periods beginning after January 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with previously applicable accounting standards (“Incurred Loss”). The Company adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2023. As of December 31, 2022, the Company did not have any other-than-temporarily impaired available-for-sale investment securities. Therefore, upon adoption of ASC 326, the Company determined that an allowance for credit losses on available-for-sale securities was not deemed material. The following table illustrates the impact on the allowance for credit losses from the adoption of ASC 326: Schedule of impact on the allowance for credit losses from the adoption of ASC 326 (Dollars in thousands) January 1, 2023 December 31, Impact of ASC Assets: Held to maturity securities, at amortized cost $ 106,929 $ 106,929 $ — Allowance for credit losses on held to maturity securities: State and local governments 43 — 43 Allowance for credit losses on held-to-maturity securities $ 43 $ — $ 43 Loans, at amortized cost $ 980,857 $ 980,857 $ — Allowance for credit losses on loans: Commercial 1,042 849 193 Real Estate Construction 1,150 75 1,075 Real Estate Mortgage Residential 755 723 32 Real Estate Mortgage Commercial 7,686 8,569 (883 ) Consumer Home Equity 480 314 166 Consumer Other 209 170 39 Unallocated — 636 (636 ) Allowance for credit losses on loans $ 11,322 $ 11,336 $ (14 ) Liabilities: Allowance for credit losses for unfunded commitments $ 398 $ — $ 398 The Company elected not to measure an allowance for credit losses for accrued interest receivable and instead elected to reverse interest income on loans or securities that are placed on non-accrual status, which is generally when the instrument is 90 days past due, or earlier if the Company believes the collection of interest is doubtful. The Company has concluded that this policy results in the timely reversal of uncollectible interest. Allowance for Credit Losses on Held-to-Maturity Securities Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. Accrued interest receivable on held-to-maturity debt securities totaled $1.2 million at March 31, 2023 and was excluded from the estimate of credit losses. The held-to-maturity portfolio consists of mortgage-backed and municipal securities. Securities are generally rated BBB- or higher. Securities are analyzed individually to establish a CECL reserve. The estimate of expected credit losses is primarily based on the ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The Company then multiplies those loss rates, as adjusted for any modifications to reflect current conditions and reasonable and supportable forecasts as considered necessary, by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Management classifies the held-to-maturity portfolio into the following major security types: mortgage-backed securities or state and local governments. All the mortgage-backed securities (“MBS”) held by the Company are issued by government-sponsored corporations. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. As a result, no allowance for credit losses was recorded on held-to-maturity MBS at the adoption of CECL or as of March 31, 2023. The state and local governments securities held by the Company are highly rated by major rating agencies. Based on the methodology described above, a $1 provision for credit losses was recognized for the three months ended March 31, 2023, resulting in an increase of the ACL for investments from $42 thousand at adoption on January 1, 2023 to $43 thousand at March 31, 2023. Allowance for Credit Losses on Available-for-Sale Securities For available-for-sale securities, management evaluates all investments in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security, the security is written down to fair value and the entire loss is recorded in earnings. If either of the above criteria is not met, the Company evaluates whether the decline in fair value is the result of credit losses or other factors. In making the assessment, the Company may consider various factors including the extent to which fair value is less than amortized cost, performance on any underlying collateral, downgrades in the ratings of the security by a rating agency, the failure of the issuer to make scheduled interest or principal payments and adverse conditions specifically related to the security. If the assessment indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security and any excess is recorded as an allowance for credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. Changes in the allowance for credit loss are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance for credit loss when management believes an available-for-sale security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At March 31, 2023, there was no allowance for credit loss related to the available-for-sale securities portfolio. Accrued interest receivable on available-for-sale debt securities totaled $990.8 thousand at March 31, 2023 and was excluded from the estimate of credit losses. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans totaled $2.7 million at March 31, 2023 and was reported in other assets on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. The accrual of interest is generally discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. A loan is considered to be past due when a scheduled payment has not been received 30 days after the contractual due date. All accrued interest is reversed against interest income when a loan is placed on non-accrual status. Interest received on such loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance, and future payments are reasonably assured. Allowance for Credit Losses - Loans The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses. The allowance for credit losses represents management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. Generally, collectively assessed loans are grouped by call report code and then risk grade grouping. Risk grade is grouped within each call report code by pass, watch, special mention, substandard, and doubtful. Other loan types are separated into their own cohorts due to specific risk characteristics for that pool of loans. The Company has elected a non-discounted cash flow methodology with probability of default (“PD”) and loss given default (“LGD”) for all call report code cohorts (“cohorts”). The PD calculation looks at the historical loan portfolio at particular points in time (each month during the lookback period) to determine the probability that loans in a certain cohort will default over the next 12-month period. A default is defined as a loan that has moved to past due 90 days and greater, non-accrual status, or experienced a charge-off during the period. Currently, the Company’s historical data is insufficient due to a minimal amount of default activity or zero defaults, therefore, management uses index PDs comprised of rates derived from the PD experience of other community banks in place of the Company’s historical PDs. The LGD calculation looks at actual losses (net charge-offs) experienced over the entire lookback period for each cohort of loans. The aggregate loss amount is divided by the exposure at default to determine an LGD rate. All defaults (non-accrual, charge-off, or greater than 90 days past due) occurring during the lookback period are included in the denominator, whether a loss occurred or not and exposure at default is determined by the loan balance immediately preceding the default event (i.e. non-accrual or charge-off). Due to very limited charge-off history, management uses index LGDs comprised of rates derived from the LGD experience of other community banks in place of the Company’s historical LGDs. The Company utilizes reasonable and supportable forecasts of future economic conditions when estimating the allowance for credit losses on loans. The calculation includes a 12-month PD forecast based on the peer index regression model comparing peer defaults to the national unemployment rate. After the forecast period, PD rates revert on a straight-line basis back to long-term historical average rates over a 12-month period. The Company recognizes that all significant factors that affect the collectability of the loan portfolio must be considered to determine the estimated credit losses as of the evaluation date. Furthermore, the methodology, in and of itself and even when selectively adjusted by comparison to market and peer data, does not provide a sufficient basis to determine the estimated credit losses. The Company adjusts the modeled historical losses by a qualitative adjustment to incorporate all significant risks to form a sufficient basis to estimate the credit losses. These qualitative adjustments may increase or reduce reserve levels and include adjustments for lending management experience, loan review and audit results, asset quality and portfolio trends, loan portfolio growth and concentrations, trends in underlying collateral, as well as external factors and economic conditions not already captured. Loans that do not share risk characteristics are evaluated on an individual basis. Generally, this population includes loan relationships exceeding $500,000 and on non-accrual status, however they can also include any loan that does not share risk characteristics with its respective pool. When management determines that foreclosure is probable and the borrower is experiencing financial difficulty, the expected credit losses are based on the fair value of collateral at the reporting date unadjusted for selling costs as appropriate. When the expected source of repayment is from a source other than the underlying collateral, impairment will generally be measured based upon the present value of expected proceeds discounted at the contractual interest rate. Allowance for Credit Losses on Unfunded Commitments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for unfunded commitments in the Company’s income statements. The allowance for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third-party guarantees. The allowance for unfunded commitments is included in other liabilities on the Company’s consolidated balance sheets. |
Earnings Per Common Share and S
Earnings Per Common Share and Share based compensation | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share and Share based compensation | Note 2 - Earnings Per Common Share and Share based compensation The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: (In thousands except average market price and per share data) Schedule of Earning Per Common Share Three months ended March 31, 2023 2022 Numerator (Net income available to common shareholders) $ 3,463 $ 3,489 Denominator Weighted average common shares outstanding for: Basic shares 7,555 7,518 Dilutive securities: Deferred compensation 32 33 Restricted stock - Treasury stock method 57 44 Diluted shares 7,644 7,595 Earnings per common share: Basic $ 0.46 $ 0.46 Diluted $ 0.45 0.46 The average market price used in calculating assumed number of shares $ 20.34 $ 20.99 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. The table below shows the following information related to First Community Corporation’s Non-Employee Director Deferred Compensation Plan: accumulated share units and accrued liability at March 31, 2023 and December 31, 2022. Schedule of Non-Employee Director Deferred Compensation Plan March 31, 2023 December 31, 2022 Non-employee director deferred compensation plan accumulated share units 97,126 93,488 Accrued liability (dollars in thousands) 1 1,331 1,260 1 Recorded in “Nonvested restricted stock and stock units” The table below shows related director compensation related to First Community Corporation’s Non-Employee Director Deferred Compensation Plan for the three months ended March 31, 2023 and March 31, 2022 For the three months ended Dollars in thousands March 31, 2023 March 31, 2022 Related director compensation expense (dollars in thousands) 59 153 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, 2023 and December 31, 2022. 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. 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. First Community Corporation 2021 Omnibus Equity Incentive Plan In 2021, the Company and its shareholders adopted First Community Corporation 2021 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. The table below shows stock awards granted during the three months ended March 31, 2023 and March 31, 2022. Schedule of Stock Awards Granted (In shares/units) Three Months ended March 31, Stock based awards 2023 2022 Time-based restricted stock units – officer 11,738 11,738 Performance-based restricted stock units – officer 1 16,750 11,738 Restricted stock – officer — — Restricted stock – director 7,590 7,359 1 For 2023, 16,750 units represent the target payout with a maximum payout of 33,500 units. For 2022, 11,738 units represent the target payout with a maximum payout of 17,608 units. The table below shows the fair value of stock awards granted during the three months ended March 31, 2023 and March 31, 2022. Schedule of Fair Value of Stock Awards Granted (Dollars in thousands) Three months ended March 31, Fair value of stock awards on grant date 2023 1 2022 Time-based restricted stock units – officer 255 246 Performance-based restricted stock units – officer 1 340 246 Restricted stock – officer — — Restricted stock – director 154 154 1 For 2023, $340 thousand represents the target payout with a maximum payout of $680 thousand. For 2022, $246 thousand represents the target payout with a maximum payout of $369 thousand. The table below shows the compensation expense related to stock awards for the three months ended March 31, 2023 and March 31, 2022. Schedule of Compensation Expense Related to Stock Awards Granted Table TextBlock (Dollars in thousands) Three months ended March 31, Compensation expense related to stock awards 2023 2022 Restricted stock and stock units – officer 1 150 107 Restricted stock – director 2 28 26 The table below shows the 2021 Plan initial reserve at May 19, 2021; stock awards granted under the 2021 Plan (In shares / units) First Community Corporation 2021 Omnibus Equity Incentive Plan 2023 Initial reserve – May 19, 2021 225,000 Shares / units granted Time-based restricted stock units – officer (24,300 ) Performance-based restricted stock units – officer 1 (51,108 ) Restricted stock – officer (2,201 ) Restricted stock – director (22,539 ) Remaining Reserve-March 31, 2023 124,852 1 Performance-based restricted stock units are initially granted and expensed at target levels; however, they are reserved at maximum levels. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
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. For the three months ended March 31, 2023, there was no allowance for credit losses on available-for-sale securities. AVAILABLE-FOR-SALE: Schedule of Investment Available-For-Sale Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value March 31, 2023 US Treasury securities $ 60,600 $ — $ (3,796 ) $ 56,804 Government Sponsored Enterprises 2,500 — (373 ) 2,127 Mortgage-backed securities 266,829 250 (17,115 ) 249,964 Small Business Administration pools 19,798 162 (426 ) 19,534 Corporate and other securities 8,771 11 (754 ) 8,028 Total $ 358,498 $ 423 $ (22,464 ) $ 336,457 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2022 US Treasury securities $ 60,552 $ — $ (4,569 ) $ 55,983 Government Sponsored Enterprises 2,500 — (426 ) 2,074 Mortgage-backed securities 263,704 10 (19,114 ) 244,600 Small Business Administration pools 21,657 60 (630 ) 21,087 Corporate and other securities 8,772 12 (666 ) 8,118 Total $ 357,185 $ 82 $ (25,405 ) $ 331,862 HELD-TO-MATURITY Gross Gross Amortized Unrealized Unrealized Allowance for (Dollars in thousands) Cost Gains Losses Fair Value Credit Losses March 31, 2023 Mortgage-backed securities 117,707 — (6,691 ) 111,016 — State and local government 105,430 174 (3,580 ) 102,024 (42 ) Total $ 223,137 174 (10,271 ) 213,040 (42 ) (Dollars in thousands) Amortized Gross Gross Fair Value December 31, 2022 Mortgage-backed securities 121,772 — (8,656 ) 113,116 State and local government 106,929 — (6,432 ) 100,497 Total $ 228,701 $ — $ (15,088 ) $ 213,613 During the three months ended March 31, 2023 and 2022, the Company did not receive any proceeds from the sale of investment securities available-for-sale. For the three months ended March 31, 2023, and 2022, there were no gross realized gains from the sale of investment securities available-for-sale and no gross realized losses. The following tables show gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at March 31, 2023. Schedule of gross unrealized losses and fair values of available-for-sale securities (Dollars in thousands) Less than 12 months 12 months or more Total March 31, 2023 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury Securities $ — $ — $ 56,804 $ 3,796 $ 56,804 $ 3,796 Government Sponsored Enterprise — — 2,127 373 2,127 373 Mortgage-backed securities 46,501 1,474 191,670 15,641 238,171 17,115 Small Business Administration pools 6,768 116 5,977 310 12,745 426 Corporate and other securities 1,204 76 4,072 678 5,276 754 Total $ 54,473 $ 1,666 $ 260,650 $ 20,798 $ 315,123 $ 22,464 The following table shows gross unrealized losses by fair values of available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2022. (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury Securities $ 28,827 $ 1,032 $ 27,156 $ 3,537 $ 55,983 $ 4,569 Government Sponsored Enterprise — — 2,074 426 2,074 426 Mortgage-backed securities 81,961 4,435 159,227 14,679 241,188 19,114 Small Business Administration pools 16,066 453 2,592 177 18,658 630 Corporate and other securities 2,128 146 3,230 520 5,358 666 Total $ 128,982 $ 6,066 $ 194,279 $ 19,339 $ 323,261 $ 25,405 The following table shows a rollforward of the allowance for credit losses on held to maturity securities for the three months ended Schedule of allowance for credit losses on held to maturity securities Government March 31, 2023 Sponsored Mortgage- State and Held-to-Maturity securities Enterprise backed local Corporate (Dollars in thousands) securities Securities government Bonds Allowance for Credit Losses on Held-to-Maturity Securities: Beginning Balance $ — — — — Adjustment for adoption of ASU 2016-13 — — (43 ) — Provision for credit losses — — 1 — Ending balance March 31, 2023 $ — — (42 ) — At March 31, 2023, the Company had no securities held-to-maturity that were past due 30 days or more as to principal or interest payments. The Company had no securities held-to-maturity classified as non-accrual at March 31, 2023. The following table shows the amortized cost and fair value of investment securities at March 31, 2023, by expected maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. Mortgage-backed securities are included in the year corresponding with the remaining expected life. Schedule of Amortized Cost and Fair Value of Investment Securities AVAILABLE-FOR-SALE: Available-for-sale March 31, 2023 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 30,718 $ 29,960 Due after one year through five years 67,008 65,062 Due after five years through ten years 230,023 213,389 Due after ten years 30,749 28,046 Total $ 358,498 $ 336,457 HELD-TO-MATURITY: Held-To-Maturity March 31, 2023 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 4,603 $ 4,568 Due after one year through five years 39,730 38,713 Due after five years through ten years 131,226 125,418 Due after ten years 47,578 44,341 Total $ 223,137 $ 213,040 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2023 | |
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 $2.0 million and $1.9 million as of March 31, 2023 and December 31, 2022, respectively. Schedule of Loan Portfolio March 31, December 31, (Dollars in thousands) 2023 2022 Commercial, financial and agricultural $ 73,898 $ 72,409 Real estate: Construction 84,442 91,223 Mortgage-residential 68,983 65,759 Mortgage-commercial 722,603 709,218 Consumer: Home equity 29,524 28,723 Other 13,270 13,525 Total loans, net of deferred loan fees and costs $ 992,720 $ 980,857 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 The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of March 31, 2023: Schedule of loan category and loan by risk categories Term Loans by year of Origination ($ in thousands) 2019 2020 2021 2022 2023 Prior Revolving Revolving Total Commercial, Financial & Agriculture Pass $ 1,954 $ 1,893 26,328 12,852 2,334 10,505 17,900 — 73,766 Special Mention — — 62 — — 25 — — 87 Substandard — 20 25 — — — — — 45 Total Commercial, Financial & Agriculture 1,954 1,913 26,415 12,852 2,334 10,530 17,900 — 73,898 Current period gross write-offs — — — — — — — — — Real estate Construction Pass 8,543 12,629 17,328 32,263 4,896 212 8,571 — 84,442 Total Real estate Construction 8,543 12,629 17,328 32,263 4,896 212 8,571 — 84,442 Current period gross write-offs — — — — — — — — — Real estate Mortgage-residential Pass 2,670 11,323 7,023 31,311 5,965 9,366 365 497 68,520 Special Mention — 28 — — — 403 — — 431 Substandard — — — — — 32 — — 32 Total Real estate Mortgage-residential 2,670 11,351 7,023 31,311 5,965 9,801 365 497 68,983 Current period gross write-offs — — — — — — — — — Real estate Mortgage-commercial Pass 49,718 93,745 136,731 194,651 13,548 217,917 12,117 — 718,427 Special Mention — — — — — 23 — — 23 Substandard — — — — — 4,153 — — 4,153 Total Real estate Mortgage-commercial 49,718 93,745 136,731 194,651 13,548 222,093 12,117 — 722,603 Current period gross write-offs — — — — — — — — — Consumer - Home Equity Pass — — — — — — 28,364 — 28,364 Special Mention — — — — — — 88 — 88 Substandard — — — — — — 1,072 — 1,072 Total Consumer - Home Equity — — — — — — 29,524 — 29,524 Current period gross write-offs — — — — — — — — — Consumer - Other Pass 484 726 892 3,154 669 965 6,362 — 13,252 Special Mention — 10 — — — 8 — — 18 Substandard — — — — — — — — — Total Consumer - Other 484 736 892 3,154 669 973 6,362 — 13,270 Current period gross write-offs — — — — — — 2 — 2 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 December 31, 2022. As of December 31, 2022, no loans were classified as doubtful. (Dollars in thousands) December 31, 2022 Pass Special Substandard Doubtful Total Commercial, financial & agricultural $ 72,333 $ 47 $ 29 $ — $ 72,409 Real estate: — — — Construction 91,223 — — — 91,223 Mortgage – residential 65,505 220 34 — 65,759 Mortgage – commercial 704,357 80 4,781 — 709,218 Consumer: — — — Home Equity 27,531 117 1,075 — 28,723 Other 13,269 93 163 — 13,525 Total $ 974,218 $ 557 $ 6,082 $ — $ 980,857 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, 2023 under CECL methodology: Schedule of Allowance for Credit Losses ($ in thousands) Commercial Real Estate Real Estate Real Estate Consumer Consumer Unallocated Total Balance at December 31, 2022 $ 849 $ 75 $ 723 $ 8,569 $ 314 $ 170 $ 636 $ 11,336 Adjustment to allowance for adoption of ASU 2016-13 193 1,075 32 (883 ) 166 39 (636 ) (14 ) Charge-offs — — — — — (9 ) — (9 ) Recoveries 2 — — 11 3 4 — 20 Provision for credit losses (48 ) (70 ) 35 230 (59 ) (1 ) — 87 Balance at March 31, 2023 $ 996 $ 1,080 $ 790 $ 7,927 $ 424 $ 203 — $ 11,420 Prior to the adoption of ASC 326 on January 1, 2023, the Company calculated the allowance for loan losses under the incurred loss methodology. The following tables are disclosures related to the allowance for the three months ended March 31, 2022. 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 (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total December 31, 2022 Ending balance—total $ 72,409 $ 91,223 $ 65,759 $ 709,218 $ 28,723 $ 13,525 $ — $ 980,857 Ending balances: Individually evaluated for impairment 29 — 34 4,752 168 — — 4,983 Collectively evaluated for impairment 72,380 91,223 65,725 704,466 28,555 13,525 — 975,874 The following tables are by loan category and present March 31, 2022, and December 31, 2022 loans individually evaluated and considered impaired under FASB ASC 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing TDRs. The following table presents information related to the average recorded investment and interest income recognized on impaired loans, excluding PCI loans, for the three months ended March 31, 2022. Three months ended Average Interest (Dollars in thousands) Recorded Income March 31, 2022 Investment Recognized With no allowance recorded: Commercial $ — $ — Real estate: Construction — — Mortgage-residential 42 1 Mortgage-commercial 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 1 Mortgage-commercial 1,737 46 Consumer: Home Equity — — Other — — $ 1,779 $ 47 The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2022 Unpaid (Dollars in thousands) Recorded Principal Related December 31, 2022 Investment Balance Allowance With no allowance recorded: Commercial $ 29 $ 29 $ — Real estate: Construction — — — Mortgage-residential 34 51 — Mortgage-commercial 4,752 5,260 — Consumer: Home Equity 168 168 — Other — — — With an allowance recorded: Commercial — — — Real estate: Construction — — — Mortgage-residential — — — Mortgage-commercial — — — Consumer: Home Equity — — — Other — — — Total: Commercial 29 29 — Real estate: Construction — — — Mortgage-residential 34 51 — Mortgage-commercial 4,752 5,260 — Consumer: Home Equity 168 168 — Other — — — $ 4,983 $ 5,508 $ — Loan modifications for borrowers that are in financial distress that are still accruing and included in impaired loans at March 31, 2023 and December 31, 2022 amounted to $85 thousand and $88 thousand, respectively. There were no additional loan modifications for borrowers in financial distress for the three months ended March 31, 2023. The following tables are by loan category and present loans past due and on non-accrual status as of March 31, 2023 and December 31, 2022: Schedule of Loan Category and Aging Analysis of Loans Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total March 31, 2023 Past Due Past Due Accruing Non-accrual Past Due Current Total Loans Commercial $ 11 $ — $ — $ 45 $ 56 $ 73,842 $ 73,898 Real estate: Construction — — — — — 84,442 84,442 Mortgage-residential — — — 32 32 68,951 68,983 Mortgage-commercial 63 — — 4,044 4,107 718,496 722,603 Consumer: Home equity — — — 4 4 29,520 29,524 Other 9 — — — 9 13,261 13,270 Total $ 83 $ — $ — $ 4,125 $ 4,208 $ 988,512 $ 992,720 Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total December 31, 2022 Past Due Past Due Accruing Non-accrual Past Due Current Total Loans Commercial $ 87 $ — $ — $ 29 $ 116 $ 72,293 $ 72,409 Real estate: Construction — — — — — 91,223 91,223 Mortgage-residential 327 — — 34 361 65,398 65,759 Mortgage-commercial 46 8 — 4,664 4,718 704,500 709,218 Consumer: Home equity — — — 168 168 28,555 28,723 Other 96 — 2 — 98 13,427 13,525 Total $ 556 $ 8 $ 2 $ 4,895 $ 5,461 $ 975,396 $ 980,857 The following table is a summary of the Company’s non-accrual loans by major categories for the periods indicated: Schedule of Nonaccrual Loans CECL Incurred Loss March 31, 2023 December 31, 2022 ($ in thousands) Non-accrual Non-accrual Total Non-accrual Loans Commercial, Financial & Agriculture $ — 45 45 29 Real Estate Construction — — — — Real Estate Mortgage Residential — 32 32 34 Real Estate Mortgage Commercial 3,882 162 4,044 4,664 Consumer Home Equity — 4 4 168 Consumer Other — — — — Total Loans $ 3,882 $ 243 $ 4,125 $ 4,895 The Company recognized $ 85.5 thousand For the three months ended March 31, 2023 less than $1 thousand of accrued interest was written off by reversing interest income. The Company has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The following table details the amortized cost of collateral dependent loans: Schedule of Amortized Cost of Collateral Dependent Loans ($ in thousands) For the Three Months Commercial $ 45 Real Estate: Mortgage - Residential 32 Mortgage - Commercial 4,044 Consumer: Home Equity 4 Total Loans $ 4,125 Unfunded Commitments The Company maintains an allowance for off-balance sheet credit exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancellable (i.e. commitment cannot be cancelled at any time). The allowance for off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding study derived from internal information, and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for credit losses on loans. The allowance for credit losses for unfunded loan commitments of $382 thousand at March 31, 2023 is separately classified on the balance sheet within Other Liabilities. The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three months ended March 31, 2023 Schedule of Unfunded Commitments ($ in thousands) Total Allowance for Credit Balance, December 31, 2022 — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 398 Provision for (release of) unfunded commitments (16 ) Balance, March 31, 2023 $ 382 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
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 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 December 2022, the FASB issued amendments to extend the period of time preparers can use the reference rate reform relief guidance under Accounting Standards Codification (ASC) Topic 848 from December 31, 2022, to December 31, 2024, to address the fact that all London Interbank Offered Rate (LIBOR) tenors were not discontinued as of December 31, 2021, and some tenors will be published until June 2023. The amendments are effective immediately for all entities and applied prospectively. The Company does not expect these amendments to have a material effect on its financial statements. In March 2022, the FASB issued amendments which are intended to improve the decision usefulness of information provided to investors about certain loan refinancings, restructurings, and write-offs. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. These amendments did not have a material effect on the Company’s financial statements or disclosures. The Company did not have any note modifications requiring disclosure in the three months ended March 31, 2023. 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 Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 6 - Fair Value Measurement 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. Fair value estimates, methods, and assumptions are set forth below. Cash and short term investments-The carrying amount of these financial instruments (cash and due from banks, interest-bearing bank balances, federal funds sold and securities purchased under agreements to resell) approximates fair value. All mature within 90 days and do not present unanticipated credit concerns and are classified as Level 1. Investment Securities-Measurement is on a recurring basis based upon quoted market prices, if available. If quoted market prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for prepayment assumptions, projected credit losses, and liquidity. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, or by dealers or brokers in active over-the-counter markets. Level 2 securities include mortgage-backed securities issued both by government sponsored enterprises and private label mortgage-backed securities. Generally, these fair values are priced from established pricing models. Level 3 securities include corporate debt obligations and asset–backed securities that are less liquid or for which there is an inactive market. Other investments, at cost-The carrying value of other investments, such as FHLB stock, approximates fair value based on redemption provisions. Loans Held for Sale-The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not yet settled with an investor, are carried in the Company’s loans held for sale portfolio. These loans are fixed rate residential loans that have been originated in the Company’s name and have closed. Virtually all of these loans have commitments to be purchased by investors at a locked in price with the investors on the same day that the loan was locked in with the Company’s customers. Therefore, these loans present very little market risk for the Company and are classified as Level 2. The carrying amount of these loans approximates fair value. Loans-The valuation of loans receivable is estimated using the exit price notion which incorporates factors, such as enhanced credit risk, illiquidity risk and market factors that sometimes exist in exit prices in dislocated markets. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. The Company’s loan portfolio is initially fair valued using a segmented approach. The Company divides its loan portfolio into the following categories: variable rate loans, impaired loans and all other loans. The results are then adjusted to account for credit risk as described above. Other Real Estate Owned (“OREO”)-OREO is carried at the lower of carrying value or fair value on a non-recurring basis. Fair value is based upon independent appraisals or management’s estimation of the collateral and is considered a Level 3 measurement. Accrued Interest Receivable-The fair value approximates the carrying value and is classified as Level 1. Deposits-The fair value of demand deposits, savings accounts, and money market accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposits is estimated by discounting the future cash flows using rates currently offered for deposits of similar remaining maturities. Deposits are classified as Level 2. Federal Home Loan Bank Advances-Fair value is estimated based on discounted cash flows using current market rates for borrowings with similar terms and are classified as Level 2. Short Term Borrowings-The carrying value of short term borrowings (securities sold under agreements to repurchase and demand notes to the Treasury) approximates fair value. These are classified as Level 2. Junior Subordinated Debentures-The fair values of junior subordinated debentures are estimated by using discounted cash flow analyses based on incremental borrowing rates for similar types of instruments. These are classified as Level 2. Accrued Interest Payable-The fair value approximates the carrying value and is classified as Level 1. Commitments to Extend Credit-The fair value of these commitments is immaterial because their underlying interest rates approximate market. The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of March 31, 2023 and December 31, 2022 are as follows: Fair Value, by Balance Sheet Grouping March 31, 2023 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 87,673 $ 87,673 $ 87,673 $ — $ — Available-for-sale securities 336,457 336,457 — 336,457 — Held-to-maturity securities 223,137 213,040 — 213,040 — Other investments, at cost 5,768 5,768 — — 5,768 Loans held for sale 1,312 1,312 — 1,312 — Net loans receivable 992,720 952,010 — — 952,010 Accrued interest 4,954 4,954 4,954 — — Financial liabilities: Non-interest bearing demand $ 458,882 $ 458,882 $ — $ 458,882 $ — Interest bearing demand deposits and money market accounts 675,732 675,732 — 675,732 — Savings 141,713 141,713 — 141,713 — Time deposits 143,830 143,811 — 143,811 — Total deposits 1,420,157 1,420,138 — 1,420,138 — Federal Home Loan Bank Advances 85,000 85,000 — 85,000 — Short term borrowings 76,975 76,975 — 76,975 — Junior subordinated debentures 14,964 12,301 — 12,301 — Accrued interest payable 916 916 916 — — December 31, 2022 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 37,401 $ 37,401 $ 37,401 $ — $ — Available-for-sale securities 331,862 331,862 — 331,862 — Held-to-maturity securities 228,701 213,613 — 213,613 — Other investments, at cost 4,191 4,191 — — 4,191 Loans held for sale 1,779 1,779 — 1,779 — Net loans receivable 969,521 943,498 — — 943,498 Accrued interest 5,217 5,217 5,217 — — Financial liabilities: Non-interest bearing demand $ 461,010 $ 461,010 $ — $ 461,010 $ — Interest bearing demand deposits and money market accounts 629,763 629,763 — 629,763 — Savings 161,770 161,770 — 161,770 — Time deposits 132,839 132,825 — 132,825 — Total deposits 1,385,382 1,385,368 — 1,385,368 — Federal Home Loan Bank Advances 50,000 50,000 — 50,000 — Short term borrowings 90,743 90,743 — 90,743 — Junior subordinated debentures 14,964 13,402 — 13,402 — Accrued interest payable 520 520 520 — — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2023 and December 31, 2022 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2023 or December 31, 2022 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 $ 56,804 $ — $ 56,804 $ — Government Sponsored Enterprises 2,127 — 2,127 — Mortgage-backed securities 249,964 — 249,964 — Small Business Administration pools 19,534 — 19,534 — Corporate and other securities 8,028 — 8,028 — Total Available-for-sale securities 336,457 — 336,457 — Loans held for sale 1,312 — 1,312 — Total $ 337,769 $ — $ 337,769 $ — (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Available- for-sale securities US Treasury Securities $ 55,983 $ — $ 55,983 $ — Government Sponsored Enterprises 2,074 — 2,074 — Mortgage-backed securities 244,600 — 244,600 — Small Business Administration pools 21,087 — 21,087 — Corporate and other securities 8,118 — 8,118 — Total Available-for-sale securities 331,862 — 331,862 — Loans held for sale 1,779 — 1,779 — Total $ 333,641 $ — $ 333,641 $ — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2023 and December 31, 2022 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended March 31, 2023 and March 31, 2022 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) Collateral Dependent: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential — — — — Mortgage-commercial 3,882 — — 3,882 Total impaired 3,882 — — 3,882 Other real estate owned: Construction 412 — — 412 Mortgage-commercial 522 — — 522 Total other real estate owned 934 — — 934 Total $ 4,816 $ — $ — $ 4,816 (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Impaired loans: Real estate: Mortgage-residential $ 34 $ — $ — $ 34 Mortgage-commercial 4,752 — — 4,752 Consumer: Home equity 168 — — 168 Total impaired 4,954 — — 4,954 Other real estate owned: Construction 412 — — 412 Mortgage-commercial 522 — — 522 Total other real estate owned 934 — — 934 Total $ 5,888 $ — $ — $ 5,888 The Company has a large percentage of loans with real estate serving as collateral. Loans to borrowers which are experiencing financial difficulty 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 management determines that the borrower is experiencing financial difficulty 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. For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2023 and December 31, 2022, 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 $ 934 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Collateral Dependent $ 4,125 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% (Dollars in thousands) Fair Value as Valuation Technique Significant Significant OREO $ 934 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 4,954 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Deposits | Note 7 - Deposits The Company’s total deposits are comprised of the following at the dates indicated: Schedule of Deposits March 31, December 31, (Dollars in thousands) 2023 2022 Non-interest bearing demand deposits $ 458,882 $ 461,010 Interest bearing demand deposits 323,832 334,540 Money market accounts 351,900 295,223 Savings 141,713 161,770 Time deposits 143,830 132,839 Total deposits $ 1,420,157 $ 1,385,382 Time deposits with balances that exceed the FDIC insurance limit of $250 thousand at March 31, 2023 and December 31, 2022 were $ 27.6 million 25.0 million 9.6 million 9.5 million Total uninsured deposits were $ 434.4 million 411.3 million 74.7 million 59.5 million |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2023 | |
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 and consumer mortgage loans that will be held-for-investment. In the second quarter of 2022, the Company began to include consumer mortgage held-for-investment loans in this segment. Prior to the second quarter of 2022, consumer mortgage loans held-for-investment were included in the Commercial and Retail Banking segment. Non-interest income for loans held-for-sale and loans held-for-investment is included in Mortgage Banking income and other income, respectively on the income statement. The Mortgage Banking financial information presented below includes consumer mortgage loans held-for-investment for all periods presented. Beginning in the second quarter of 2022, a provision for loan loss, a cost of funds and other operating costs have been allocated to this segment. · 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, 2023 and March 31, 2022. Schedule of Company’s Reportable Segment Three months ended March 31, 2023 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking Non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 15,231 $ 651 $ — $ 1,320 $ (1,312 ) $ 15,890 Interest expense 3,133 129 — 271 — 3,533 Net interest income $ 12,098 $ 522 $ — $ 1,049 $ (1,312 ) $ 12,357 Provision for (release of) loan losses (1 ) 71 — — — 70 Noninterest income 1,351 157 1,067 — — 2,575 Noninterest expense 8,551 786 751 348 — 10,436 Net income before taxes $ 4,899 $ (178 ) $ 316 $ 701 $ (1,312 ) $ 4,426 Income tax provision (benefit) 1,093 — — (130 ) — 963 Net income $ 3,806 $ (178 ) $ 316 $ 831 $ (1,312 ) $ 3,463 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 $ 10,737 $ 455 $ — $ 1,084 $ (1,081 ) $ 11,195 Interest expense 358 — — 104 — 462 Net interest income $ 10,379 $ 455 $ — $ 980 $ (1,081 ) $ 10,733 Provision for loan losses (125 ) — — — — (125 ) Noninterest income 1,334 842 1,198 — — 3,374 Noninterest expense 8,016 991 763 184 — 9,954 Net income before taxes $ 3,822 $ 306 $ 435 $ 796 $ (1,081 ) $ 4,278 Income tax provision (benefit) 849 — — (60 ) — 789 Net income $ 2,973 $ 306 $ 435 $ 856 $ (1,081 ) $ 3,489 The table below shows total assets for the Company’s reportable business segments at March 31, 2023 and December 31, 2022. Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of March 31, 2023 $ 1,672,518 $ 61,764 $ — $ 165,985 $ (164,869 ) $ 1,735,398 Total Assets as of December 31, 2022 $ 1,616,173 $ 55,845 $ — $ 165,937 $ (165,009 ) $ 1,672,946 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 9 - Leases The Company has operating leases on four of its facilities. These leases commenced prior to 2022 except for one which commenced on January 1, 2023. The Right-of-Use (“ROU”) asset and lease liability were recognized at lease commencement by calculating the present value of lease payments over the lease term. A ROU asset of $823.8 thousand and a lease liability of $824.6 thousand were recognized upon commencement. The lease term will be sixty-nine months with a discount rate of 3.87%. The four leases have maturities ranging from May 2027 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 $ 3,463 $ 2,702 Lease liabilities $ 3,602 $ 2,832 Weighted average remaining lease term 12.23 years 14.38 years Weighted average discount rate 4.28 % 4.37 % (Dollars in thousands) Three Months Ended March 31, 2023 2022 Operating lease cost $ 111.5 $ 80.8 Cash paid for amounts included in the measurement of lease liabilities $ 102.6 $ 75.3 The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2023. Schedule of Future Undiscounted Operating Lease Payments (Dollars in thousands) Year Operating Leases 2023 $ 312 2024 425 2025 435 2026 445 2027 423 Thereafter 2,650 Total undiscounted lease payments $ 4,690 Less effect of discounting (1,088 ) Present value of estimated lease payments (lease liability) $ 3,602 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | Note 10 - Accumulated Other Comprehensive Loss The following table presents the changes in each component or accumulated other comprehensive loss net of tax, for the three months ended March 31, 2023. Schedule of Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Securities Securities Accumulated Three Months Ending March 31, 2023 Balance at beginning of period (20,006 ) (12,380 ) (32,386 ) Other comprehensive income before reclassifications 2,593 — 2,593 Amortization of unrealized loss on securities transferred to held-to-maturity — 320 320 Net other comprehensive income during period 2,593 320 2,913 Balance at end of Period (17,413 ) (12,060 ) (29,473 ) |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 - 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. Effective May 5, 2023, we entered into a pay-fixed/receive-floating interest rate swap (the “Pay-Fixed Swap Agreement”) for a notional amount of $150.0 million that was designated as a fair value hedge to hedge the risk of changes in the fair value of the fixed rate loans included in the closed loan portfolio. This fair value hedge converts the hedged loans from a fixed rate to a synthetic floating SOFR rate. The Pay-Fixed Swap Agreement will mature on May 5, 2026 and will pay a fixed coupon rate of 3.58% while receiving the overnight SOFR rate. Management has reviewed events occurring through the date the financial statements were available to be issued and no other 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, 2023. |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of impact on the allowance for credit losses from the adoption of ASC 326 | The following table illustrates the impact on the allowance for credit losses from the adoption of ASC 326: Schedule of impact on the allowance for credit losses from the adoption of ASC 326 |
Nature of Business and Basis of Presentation | (Dollars in thousands) January 1, 2023 December 31, Impact of ASC Assets: Held to maturity securities, at amortized cost $ 106,929 $ 106,929 $ — Allowance for credit losses on held to maturity securities: State and local governments 43 — 43 Allowance for credit losses on held-to-maturity securities $ 43 $ — $ 43 Loans, at amortized cost $ 980,857 $ 980,857 $ — Allowance for credit losses on loans: Commercial 1,042 849 193 Real Estate Construction 1,150 75 1,075 Real Estate Mortgage Residential 755 723 32 Real Estate Mortgage Commercial 7,686 8,569 (883 ) Consumer Home Equity 480 314 166 Consumer Other 209 170 39 Unallocated — 636 (636 ) Allowance for credit losses on loans $ 11,322 $ 11,336 $ (14 ) Liabilities: Allowance for credit losses for unfunded commitments $ 398 $ — $ 398 |
Earnings Per Common Share and_2
Earnings Per Common Share and Share based compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: (In thousands except average market price and per share data) Schedule of Earning Per Common Share |
Earnings Per Common Share and Share based compensation | Three months ended March 31, 2023 2022 Numerator (Net income available to common shareholders) $ 3,463 $ 3,489 Denominator Weighted average common shares outstanding for: Basic shares 7,555 7,518 Dilutive securities: Deferred compensation 32 33 Restricted stock - Treasury stock method 57 44 Diluted shares 7,644 7,595 Earnings per common share: Basic $ 0.46 $ 0.46 Diluted $ 0.45 0.46 The average market price used in calculating assumed number of shares $ 20.34 $ 20.99 |
Schedule of Non-Employee Director Deferred Compensation Plan | The table below shows the following information related to First Community Corporation’s Non-Employee Director Deferred Compensation Plan: accumulated share units and accrued liability at March 31, 2023 and December 31, 2022. Schedule of Non-Employee Director Deferred Compensation Plan March 31, 2023 December 31, 2022 Non-employee director deferred compensation plan accumulated share units 97,126 93,488 Accrued liability (dollars in thousands) 1 1,331 1,260 1 Recorded in “Nonvested restricted stock and stock units” The table below shows related director compensation related to First Community Corporation’s Non-Employee Director Deferred Compensation Plan for the three months ended March 31, 2023 and March 31, 2022 |
[custom:DisclosureEarningsPerCommonShareAndShareBasedCompensationDetails2Abstract] | March 31, 2023 December 31, 2022 Non-employee director deferred compensation plan accumulated share units 97,126 93,488 Accrued liability (dollars in thousands) 1 1,331 1,260 1 Recorded in “Nonvested restricted stock and stock units” The table below shows related director compensation related to First Community Corporation’s Non-Employee Director Deferred Compensation Plan for the three months ended March 31, 2023 and March 31, 2022 |
Earnings Per Common Share and Share based compensation (Details 3) | For the three months ended Dollars in thousands March 31, 2023 March 31, 2022 Related director compensation expense (dollars in thousands) 59 153 |
Schedule of Fair Value of Stock Awards Granted | The table below shows stock awards granted during the three months ended March 31, 2023 and March 31, 2022. Schedule of Stock Awards Granted (In shares/units) Three Months ended March 31, Stock based awards 2023 2022 Time-based restricted stock units – officer 11,738 11,738 Performance-based restricted stock units – officer 1 16,750 11,738 Restricted stock – officer — — Restricted stock – director 7,590 7,359 1 For 2023, 16,750 units represent the target payout with a maximum payout of 33,500 units. For 2022, 11,738 units represent the target payout with a maximum payout of 17,608 units. The table below shows the fair value of stock awards granted during the three months ended March 31, 2023 and March 31, 2022. Schedule of Fair Value of Stock Awards Granted (Dollars in thousands) Three months ended March 31, Fair value of stock awards on grant date 2023 1 2022 Time-based restricted stock units – officer 255 246 Performance-based restricted stock units – officer 1 340 246 Restricted stock – officer — — Restricted stock – director 154 154 1 For 2023, $340 thousand represents the target payout with a maximum payout of $680 thousand. For 2022, $246 thousand represents the target payout with a maximum payout of $369 thousand. |
Schedule of Fair Value of Stock Awards Granted | (In shares/units) Three Months ended March 31, Stock based awards 2023 2022 Time-based restricted stock units – officer 11,738 11,738 Performance-based restricted stock units – officer 1 16,750 11,738 Restricted stock – officer — — Restricted stock – director 7,590 7,359 1 For 2023, 16,750 units represent the target payout with a maximum payout of 33,500 units. For 2022, 11,738 units represent the target payout with a maximum payout of 17,608 units. The table below shows the fair value of stock awards granted during the three months ended March 31, 2023 and March 31, 2022. Schedule of Fair Value of Stock Awards Granted (Dollars in thousands) Three months ended March 31, Fair value of stock awards on grant date 2023 1 2022 Time-based restricted stock units – officer 255 246 Performance-based restricted stock units – officer 1 340 246 Restricted stock – officer — — Restricted stock – director 154 154 1 For 2023, $340 thousand represents the target payout with a maximum payout of $680 thousand. For 2022, $246 thousand represents the target payout with a maximum payout of $369 thousand. |
Schedule of Fair Value of Stock Awards Granted | The table below shows the fair value of stock awards granted during the three months ended March 31, 2023 and March 31, 2022. Schedule of Fair Value of Stock Awards Granted (Dollars in thousands) Three months ended March 31, Fair value of stock awards on grant date 2023 1 2022 Time-based restricted stock units – officer 255 246 Performance-based restricted stock units – officer 1 340 246 Restricted stock – officer — — Restricted stock – director 154 154 1 For 2023, $340 thousand represents the target payout with a maximum payout of $680 thousand. For 2022, $246 thousand represents the target payout with a maximum payout of $369 thousand. |
[custom:DisclosureEarningsPerCommonShareAndShareBasedCompensationDetails5Abstract] | (Dollars in thousands) Three months ended March 31, Fair value of stock awards on grant date 2023 1 2022 Time-based restricted stock units – officer 255 246 Performance-based restricted stock units – officer 1 340 246 Restricted stock – officer — — Restricted stock – director 154 154 1 For 2023, $340 thousand represents the target payout with a maximum payout of $680 thousand. For 2022, $246 thousand represents the target payout with a maximum payout of $369 thousand. |
Schedule of Compensation Expense Related to Stock Awards Granted Table TextBlock | The table below shows the compensation expense related to stock awards for the three months ended March 31, 2023 and March 31, 2022. Schedule of Compensation Expense Related to Stock Awards Granted Table TextBlock |
Earnings Per Common Share and Share based compensation (Details 6) | (Dollars in thousands) Three months ended March 31, Compensation expense related to stock awards 2023 2022 Restricted stock and stock units – officer 1 150 107 Restricted stock – director 2 28 26 |
stock awards granted under the 2021 Plan | The table below shows the 2021 Plan initial reserve at May 19, 2021; stock awards granted under the 2021 Plan (In shares / units) First Community Corporation 2021 Omnibus Equity Incentive Plan 2023 Initial reserve – May 19, 2021 225,000 Shares / units granted Time-based restricted stock units – officer (24,300 ) Performance-based restricted stock units – officer 1 (51,108 ) Restricted stock – officer (2,201 ) Restricted stock – director (22,539 ) Remaining Reserve-March 31, 2023 124,852 1 Performance-based restricted stock units are initially granted and expensed at target levels; however, they are reserved at maximum levels. |
[custom:DisclosureEarningsPerCommonShareAndShareBasedCompensationDetails7Abstract] | (In shares / units) First Community Corporation 2021 Omnibus Equity Incentive Plan 2023 Initial reserve – May 19, 2021 225,000 Shares / units granted Time-based restricted stock units – officer (24,300 ) Performance-based restricted stock units – officer 1 (51,108 ) Restricted stock – officer (2,201 ) Restricted stock – director (22,539 ) Remaining Reserve-March 31, 2023 124,852 1 Performance-based restricted stock units are initially granted and expensed at target levels; however, they are reserved at maximum levels. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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. For the three months ended March 31, 2023, there was no allowance for credit losses on available-for-sale securities. AVAILABLE-FOR-SALE: Schedule of Investment Available-For-Sale |
Investment Securities | Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value March 31, 2023 US Treasury securities $ 60,600 $ — $ (3,796 ) $ 56,804 Government Sponsored Enterprises 2,500 — (373 ) 2,127 Mortgage-backed securities 266,829 250 (17,115 ) 249,964 Small Business Administration pools 19,798 162 (426 ) 19,534 Corporate and other securities 8,771 11 (754 ) 8,028 Total $ 358,498 $ 423 $ (22,464 ) $ 336,457 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2022 US Treasury securities $ 60,552 $ — $ (4,569 ) $ 55,983 Government Sponsored Enterprises 2,500 — (426 ) 2,074 Mortgage-backed securities 263,704 10 (19,114 ) 244,600 Small Business Administration pools 21,657 60 (630 ) 21,087 Corporate and other securities 8,772 12 (666 ) 8,118 Total $ 357,185 $ 82 $ (25,405 ) $ 331,862 |
HELD-TO-MATURITY | HELD-TO-MATURITY |
Investment Securities (Details 2) | Gross Gross Amortized Unrealized Unrealized Allowance for (Dollars in thousands) Cost Gains Losses Fair Value Credit Losses March 31, 2023 Mortgage-backed securities 117,707 — (6,691 ) 111,016 — State and local government 105,430 174 (3,580 ) 102,024 (42 ) Total $ 223,137 174 (10,271 ) 213,040 (42 ) (Dollars in thousands) Amortized Gross Gross Fair Value December 31, 2022 Mortgage-backed securities 121,772 — (8,656 ) 113,116 State and local government 106,929 — (6,432 ) 100,497 Total $ 228,701 $ — $ (15,088 ) $ 213,613 |
Schedule of gross unrealized losses and fair values of available-for-sale securities | The following tables show gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at March 31, 2023. Schedule of gross unrealized losses and fair values of available-for-sale securities (Dollars in thousands) Less than 12 months 12 months or more Total March 31, 2023 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury Securities $ — $ — $ 56,804 $ 3,796 $ 56,804 $ 3,796 Government Sponsored Enterprise — — 2,127 373 2,127 373 Mortgage-backed securities 46,501 1,474 191,670 15,641 238,171 17,115 Small Business Administration pools 6,768 116 5,977 310 12,745 426 Corporate and other securities 1,204 76 4,072 678 5,276 754 Total $ 54,473 $ 1,666 $ 260,650 $ 20,798 $ 315,123 $ 22,464 The following table shows gross unrealized losses by fair values of available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2022. (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury Securities $ 28,827 $ 1,032 $ 27,156 $ 3,537 $ 55,983 $ 4,569 Government Sponsored Enterprise — — 2,074 426 2,074 426 Mortgage-backed securities 81,961 4,435 159,227 14,679 241,188 19,114 Small Business Administration pools 16,066 453 2,592 177 18,658 630 Corporate and other securities 2,128 146 3,230 520 5,358 666 Total $ 128,982 $ 6,066 $ 194,279 $ 19,339 $ 323,261 $ 25,405 |
[custom:DisclosureInvestmentSecuritiesDetails3Abstract] | (Dollars in thousands) Less than 12 months 12 months or more Total March 31, 2023 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury Securities $ — $ — $ 56,804 $ 3,796 $ 56,804 $ 3,796 Government Sponsored Enterprise — — 2,127 373 2,127 373 Mortgage-backed securities 46,501 1,474 191,670 15,641 238,171 17,115 Small Business Administration pools 6,768 116 5,977 310 12,745 426 Corporate and other securities 1,204 76 4,072 678 5,276 754 Total $ 54,473 $ 1,666 $ 260,650 $ 20,798 $ 315,123 $ 22,464 The following table shows gross unrealized losses by fair values of available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2022. (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury Securities $ 28,827 $ 1,032 $ 27,156 $ 3,537 $ 55,983 $ 4,569 Government Sponsored Enterprise — — 2,074 426 2,074 426 Mortgage-backed securities 81,961 4,435 159,227 14,679 241,188 19,114 Small Business Administration pools 16,066 453 2,592 177 18,658 630 Corporate and other securities 2,128 146 3,230 520 5,358 666 Total $ 128,982 $ 6,066 $ 194,279 $ 19,339 $ 323,261 $ 25,405 |
Schedule of allowance for credit losses on held to maturity securities | The following table shows a rollforward of the allowance for credit losses on held to maturity securities for the three months ended Schedule of allowance for credit losses on held to maturity securities |
Investment Securities (Details 4) | Government March 31, 2023 Sponsored Mortgage- State and Held-to-Maturity securities Enterprise backed local Corporate (Dollars in thousands) securities Securities government Bonds Allowance for Credit Losses on Held-to-Maturity Securities: Beginning Balance $ — — — — Adjustment for adoption of ASU 2016-13 — — (43 ) — Provision for credit losses — — 1 — Ending balance March 31, 2023 $ — — (42 ) — |
Schedule of Amortized Cost and Fair Value of Investment Securities | The following table shows the amortized cost and fair value of investment securities at March 31, 2023, by expected maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. Mortgage-backed securities are included in the year corresponding with the remaining expected life. Schedule of Amortized Cost and Fair Value of Investment Securities AVAILABLE-FOR-SALE: Available-for-sale March 31, 2023 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 30,718 $ 29,960 Due after one year through five years 67,008 65,062 Due after five years through ten years 230,023 213,389 Due after ten years 30,749 28,046 Total $ 358,498 $ 336,457 HELD-TO-MATURITY: Held-To-Maturity March 31, 2023 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 4,603 $ 4,568 Due after one year through five years 39,730 38,713 Due after five years through ten years 131,226 125,418 Due after ten years 47,578 44,341 Total $ 223,137 $ 213,040 |
[custom:DisclosureInvestmentSecuritiesDetails5Abstract] | Available-for-sale March 31, 2023 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 30,718 $ 29,960 Due after one year through five years 67,008 65,062 Due after five years through ten years 230,023 213,389 Due after ten years 30,749 28,046 Total $ 358,498 $ 336,457 HELD-TO-MATURITY: Held-To-Maturity March 31, 2023 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 4,603 $ 4,568 Due after one year through five years 39,730 38,713 Due after five years through ten years 131,226 125,418 Due after ten years 47,578 44,341 Total $ 223,137 $ 213,040 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 $2.0 million and $1.9 million as of March 31, 2023 and December 31, 2022, respectively. Schedule of Loan Portfolio |
Loans | March 31, December 31, (Dollars in thousands) 2023 2022 Commercial, financial and agricultural $ 73,898 $ 72,409 Real estate: Construction 84,442 91,223 Mortgage-residential 68,983 65,759 Mortgage-commercial 722,603 709,218 Consumer: Home equity 29,524 28,723 Other 13,270 13,525 Total loans, net of deferred loan fees and costs $ 992,720 $ 980,857 |
Schedule of loan category and loan by risk categories | The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of March 31, 2023: Schedule of loan category and loan by risk categories Term Loans by year of Origination ($ in thousands) 2019 2020 2021 2022 2023 Prior Revolving Revolving Total Commercial, Financial & Agriculture Pass $ 1,954 $ 1,893 26,328 12,852 2,334 10,505 17,900 — 73,766 Special Mention — — 62 — — 25 — — 87 Substandard — 20 25 — — — — — 45 Total Commercial, Financial & Agriculture 1,954 1,913 26,415 12,852 2,334 10,530 17,900 — 73,898 Current period gross write-offs — — — — — — — — — Real estate Construction Pass 8,543 12,629 17,328 32,263 4,896 212 8,571 — 84,442 Total Real estate Construction 8,543 12,629 17,328 32,263 4,896 212 8,571 — 84,442 Current period gross write-offs — — — — — — — — — Real estate Mortgage-residential Pass 2,670 11,323 7,023 31,311 5,965 9,366 365 497 68,520 Special Mention — 28 — — — 403 — — 431 Substandard — — — — — 32 — — 32 Total Real estate Mortgage-residential 2,670 11,351 7,023 31,311 5,965 9,801 365 497 68,983 Current period gross write-offs — — — — — — — — — Real estate Mortgage-commercial Pass 49,718 93,745 136,731 194,651 13,548 217,917 12,117 — 718,427 Special Mention — — — — — 23 — — 23 Substandard — — — — — 4,153 — — 4,153 Total Real estate Mortgage-commercial 49,718 93,745 136,731 194,651 13,548 222,093 12,117 — 722,603 Current period gross write-offs — — — — — — — — — Consumer - Home Equity Pass — — — — — — 28,364 — 28,364 Special Mention — — — — — — 88 — 88 Substandard — — — — — — 1,072 — 1,072 Total Consumer - Home Equity — — — — — — 29,524 — 29,524 Current period gross write-offs — — — — — — — — — Consumer - Other Pass 484 726 892 3,154 669 965 6,362 — 13,252 Special Mention — 10 — — — 8 — — 18 Substandard — — — — — — — — — Total Consumer - Other 484 736 892 3,154 669 973 6,362 — 13,270 Current period gross write-offs — — — — — — 2 — 2 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 December 31, 2022. As of December 31, 2022, no loans were classified as doubtful. (Dollars in thousands) December 31, 2022 Pass Special Substandard Doubtful Total Commercial, financial & agricultural $ 72,333 $ 47 $ 29 $ — $ 72,409 Real estate: — — — Construction 91,223 — — — 91,223 Mortgage – residential 65,505 220 34 — 65,759 Mortgage – commercial 704,357 80 4,781 — 709,218 Consumer: — — — Home Equity 27,531 117 1,075 — 28,723 Other 13,269 93 163 — 13,525 Total $ 974,218 $ 557 $ 6,082 $ — $ 980,857 |
[custom:DisclosureLoansDetails2Abstract] | Term Loans by year of Origination ($ in thousands) 2019 2020 2021 2022 2023 Prior Revolving Revolving Total Commercial, Financial & Agriculture Pass $ 1,954 $ 1,893 26,328 12,852 2,334 10,505 17,900 — 73,766 Special Mention — — 62 — — 25 — — 87 Substandard — 20 25 — — — — — 45 Total Commercial, Financial & Agriculture 1,954 1,913 26,415 12,852 2,334 10,530 17,900 — 73,898 Current period gross write-offs — — — — — — — — — Real estate Construction Pass 8,543 12,629 17,328 32,263 4,896 212 8,571 — 84,442 Total Real estate Construction 8,543 12,629 17,328 32,263 4,896 212 8,571 — 84,442 Current period gross write-offs — — — — — — — — — Real estate Mortgage-residential Pass 2,670 11,323 7,023 31,311 5,965 9,366 365 497 68,520 Special Mention — 28 — — — 403 — — 431 Substandard — — — — — 32 — — 32 Total Real estate Mortgage-residential 2,670 11,351 7,023 31,311 5,965 9,801 365 497 68,983 Current period gross write-offs — — — — — — — — — Real estate Mortgage-commercial Pass 49,718 93,745 136,731 194,651 13,548 217,917 12,117 — 718,427 Special Mention — — — — — 23 — — 23 Substandard — — — — — 4,153 — — 4,153 Total Real estate Mortgage-commercial 49,718 93,745 136,731 194,651 13,548 222,093 12,117 — 722,603 Current period gross write-offs — — — — — — — — — Consumer - Home Equity Pass — — — — — — 28,364 — 28,364 Special Mention — — — — — — 88 — 88 Substandard — — — — — — 1,072 — 1,072 Total Consumer - Home Equity — — — — — — 29,524 — 29,524 Current period gross write-offs — — — — — — — — — Consumer - Other Pass 484 726 892 3,154 669 965 6,362 — 13,252 Special Mention — 10 — — — 8 — — 18 Substandard — — — — — — — — — Total Consumer - Other 484 736 892 3,154 669 973 6,362 — 13,270 Current period gross write-offs — — — — — — 2 — 2 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 December 31, 2022. As of December 31, 2022, no loans were classified as doubtful. (Dollars in thousands) December 31, 2022 Pass Special Substandard Doubtful Total Commercial, financial & agricultural $ 72,333 $ 47 $ 29 $ — $ 72,409 Real estate: — — — Construction 91,223 — — — 91,223 Mortgage – residential 65,505 220 34 — 65,759 Mortgage – commercial 704,357 80 4,781 — 709,218 Consumer: — — — Home Equity 27,531 117 1,075 — 28,723 Other 13,269 93 163 — 13,525 Total $ 974,218 $ 557 $ 6,082 $ — $ 980,857 |
Schedule of Allowance for Credit Losses | 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, 2023 under CECL methodology: Schedule of Allowance for Credit Losses ($ in thousands) Commercial Real Estate Real Estate Real Estate Consumer Consumer Unallocated Total Balance at December 31, 2022 $ 849 $ 75 $ 723 $ 8,569 $ 314 $ 170 $ 636 $ 11,336 Adjustment to allowance for adoption of ASU 2016-13 193 1,075 32 (883 ) 166 39 (636 ) (14 ) Charge-offs — — — — — (9 ) — (9 ) Recoveries 2 — — 11 3 4 — 20 Provision for credit losses (48 ) (70 ) 35 230 (59 ) (1 ) — 87 Balance at March 31, 2023 $ 996 $ 1,080 $ 790 $ 7,927 $ 424 $ 203 — $ 11,420 Prior to the adoption of ASC 326 on January 1, 2023, the Company calculated the allowance for loan losses under the incurred loss methodology. The following tables are disclosures related to the allowance for the three months ended March 31, 2022. 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 (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total December 31, 2022 Ending balance—total $ 72,409 $ 91,223 $ 65,759 $ 709,218 $ 28,723 $ 13,525 $ — $ 980,857 Ending balances: Individually evaluated for impairment 29 — 34 4,752 168 — — 4,983 Collectively evaluated for impairment 72,380 91,223 65,725 704,466 28,555 13,525 — 975,874 |
[custom:DisclosureLoansDetails3Abstract] | ($ in thousands) Commercial Real Estate Real Estate Real Estate Consumer Consumer Unallocated Total Balance at December 31, 2022 $ 849 $ 75 $ 723 $ 8,569 $ 314 $ 170 $ 636 $ 11,336 Adjustment to allowance for adoption of ASU 2016-13 193 1,075 32 (883 ) 166 39 (636 ) (14 ) Charge-offs — — — — — (9 ) — (9 ) Recoveries 2 — — 11 3 4 — 20 Provision for credit losses (48 ) (70 ) 35 230 (59 ) (1 ) — 87 Balance at March 31, 2023 $ 996 $ 1,080 $ 790 $ 7,927 $ 424 $ 203 — $ 11,420 Prior to the adoption of ASC 326 on January 1, 2023, the Company calculated the allowance for loan losses under the incurred loss methodology. The following tables are disclosures related to the allowance for the three months ended March 31, 2022. 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 (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total December 31, 2022 Ending balance—total $ 72,409 $ 91,223 $ 65,759 $ 709,218 $ 28,723 $ 13,525 $ — $ 980,857 Ending balances: Individually evaluated for impairment 29 — 34 4,752 168 — — 4,983 Collectively evaluated for impairment 72,380 91,223 65,725 704,466 28,555 13,525 — 975,874 |
The following table presents information related to the average recorded investment and interest income recognized on impaired loans, excluding PCI loans, for the three months ended March 31, 2022. | The following table presents information related to the average recorded investment and interest income recognized on impaired loans, excluding PCI loans, for the three months ended March 31, 2022. |
Loans (Details 4) | Three months ended Average Interest (Dollars in thousands) Recorded Income March 31, 2022 Investment Recognized With no allowance recorded: Commercial $ — $ — Real estate: Construction — — Mortgage-residential 42 1 Mortgage-commercial 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 1 Mortgage-commercial 1,737 46 Consumer: Home Equity — — Other — — $ 1,779 $ 47 |
Schedule of Loan Category and Aging Analysis of Loans | The following tables are by loan category and present loans past due and on non-accrual status as of March 31, 2023 and December 31, 2022: Schedule of Loan Category and Aging Analysis of Loans |
Loans (Details 5) | Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total March 31, 2023 Past Due Past Due Accruing Non-accrual Past Due Current Total Loans Commercial $ 11 $ — $ — $ 45 $ 56 $ 73,842 $ 73,898 Real estate: Construction — — — — — 84,442 84,442 Mortgage-residential — — — 32 32 68,951 68,983 Mortgage-commercial 63 — — 4,044 4,107 718,496 722,603 Consumer: Home equity — — — 4 4 29,520 29,524 Other 9 — — — 9 13,261 13,270 Total $ 83 $ — $ — $ 4,125 $ 4,208 $ 988,512 $ 992,720 Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total December 31, 2022 Past Due Past Due Accruing Non-accrual Past Due Current Total Loans Commercial $ 87 $ — $ — $ 29 $ 116 $ 72,293 $ 72,409 Real estate: Construction — — — — — 91,223 91,223 Mortgage-residential 327 — — 34 361 65,398 65,759 Mortgage-commercial 46 8 — 4,664 4,718 704,500 709,218 Consumer: Home equity — — — 168 168 28,555 28,723 Other 96 — 2 — 98 13,427 13,525 Total $ 556 $ 8 $ 2 $ 4,895 $ 5,461 $ 975,396 $ 980,857 |
Schedule of Nonaccrual Loans | The following table is a summary of the Company’s non-accrual loans by major categories for the periods indicated: Schedule of Nonaccrual Loans |
Loans (Details 6) | CECL Incurred Loss March 31, 2023 December 31, 2022 ($ in thousands) Non-accrual Non-accrual Total Non-accrual Loans Commercial, Financial & Agriculture $ — 45 45 29 Real Estate Construction — — — — Real Estate Mortgage Residential — 32 32 34 Real Estate Mortgage Commercial 3,882 162 4,044 4,664 Consumer Home Equity — 4 4 168 Consumer Other — — — — Total Loans $ 3,882 $ 243 $ 4,125 $ 4,895 |
Schedule of Amortized Cost of Collateral Dependent Loans | The following table details the amortized cost of collateral dependent loans: Schedule of Amortized Cost of Collateral Dependent Loans |
Loans (Details 7) | ($ in thousands) For the Three Months Commercial $ 45 Real Estate: Mortgage - Residential 32 Mortgage - Commercial 4,044 Consumer: Home Equity 4 Total Loans $ 4,125 |
Schedule of Unfunded Commitments | The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three months ended March 31, 2023 Schedule of Unfunded Commitments |
Loans (Details 8) | ($ in thousands) Total Allowance for Credit Balance, December 31, 2022 — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 398 Provision for (release of) unfunded commitments (16 ) Balance, March 31, 2023 $ 382 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 and December 31, 2022 are as follows: Fair Value, by Balance Sheet Grouping |
Fair Value Measurement | March 31, 2023 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 87,673 $ 87,673 $ 87,673 $ — $ — Available-for-sale securities 336,457 336,457 — 336,457 — Held-to-maturity securities 223,137 213,040 — 213,040 — Other investments, at cost 5,768 5,768 — — 5,768 Loans held for sale 1,312 1,312 — 1,312 — Net loans receivable 992,720 952,010 — — 952,010 Accrued interest 4,954 4,954 4,954 — — Financial liabilities: Non-interest bearing demand $ 458,882 $ 458,882 $ — $ 458,882 $ — Interest bearing demand deposits and money market accounts 675,732 675,732 — 675,732 — Savings 141,713 141,713 — 141,713 — Time deposits 143,830 143,811 — 143,811 — Total deposits 1,420,157 1,420,138 — 1,420,138 — Federal Home Loan Bank Advances 85,000 85,000 — 85,000 — Short term borrowings 76,975 76,975 — 76,975 — Junior subordinated debentures 14,964 12,301 — 12,301 — Accrued interest payable 916 916 916 — — December 31, 2022 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 37,401 $ 37,401 $ 37,401 $ — $ — Available-for-sale securities 331,862 331,862 — 331,862 — Held-to-maturity securities 228,701 213,613 — 213,613 — Other investments, at cost 4,191 4,191 — — 4,191 Loans held for sale 1,779 1,779 — 1,779 — Net loans receivable 969,521 943,498 — — 943,498 Accrued interest 5,217 5,217 5,217 — — Financial liabilities: Non-interest bearing demand $ 461,010 $ 461,010 $ — $ 461,010 $ — Interest bearing demand deposits and money market accounts 629,763 629,763 — 629,763 — Savings 161,770 161,770 — 161,770 — Time deposits 132,839 132,825 — 132,825 — Total deposits 1,385,382 1,385,368 — 1,385,368 — Federal Home Loan Bank Advances 50,000 50,000 — 50,000 — Short term borrowings 90,743 90,743 — 90,743 — Junior subordinated debentures 14,964 13,402 — 13,402 — Accrued interest payable 520 520 520 — — |
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, 2023 and December 31, 2022 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2023 or December 31, 2022 that are measured on a recurring basis. Fair Value, Assets Measured on Recurring Basis (Dollars in thousands) |
Fair Value Measurement (Details 2) | Description March 31, (Level 1) (Level 2) (Level 3) Available- for-sale securities US Treasury Securities $ 56,804 $ — $ 56,804 $ — Government Sponsored Enterprises 2,127 — 2,127 — Mortgage-backed securities 249,964 — 249,964 — Small Business Administration pools 19,534 — 19,534 — Corporate and other securities 8,028 — 8,028 — Total Available-for-sale securities 336,457 — 336,457 — Loans held for sale 1,312 — 1,312 — Total $ 337,769 $ — $ 337,769 $ — (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Available- for-sale securities US Treasury Securities $ 55,983 $ — $ 55,983 $ — Government Sponsored Enterprises 2,074 — 2,074 — Mortgage-backed securities 244,600 — 244,600 — Small Business Administration pools 21,087 — 21,087 — Corporate and other securities 8,118 — 8,118 — Total Available-for-sale securities 331,862 — 331,862 — Loans held for sale 1,779 — 1,779 — Total $ 333,641 $ — $ 333,641 $ — |
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, 2023 and December 31, 2022 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended March 31, 2023 and March 31, 2022 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) Collateral Dependent: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential — — — — Mortgage-commercial 3,882 — — 3,882 Total impaired 3,882 — — 3,882 Other real estate owned: Construction 412 — — 412 Mortgage-commercial 522 — — 522 Total other real estate owned 934 — — 934 Total $ 4,816 $ — $ — $ 4,816 (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Impaired loans: Real estate: Mortgage-residential $ 34 $ — $ — $ 34 Mortgage-commercial 4,752 — — 4,752 Consumer: Home equity 168 — — 168 Total impaired 4,954 — — 4,954 Other real estate owned: Construction 412 — — 412 Mortgage-commercial 522 — — 522 Total other real estate owned 934 — — 934 Total $ 5,888 $ — $ — $ 5,888 |
[custom:DisclosureFairValueMeasurementDetails3Abstract] | (Dollars in thousands) Description March 31, (Level 1) (Level 2) (Level 3) Collateral Dependent: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential — — — — Mortgage-commercial 3,882 — — 3,882 Total impaired 3,882 — — 3,882 Other real estate owned: Construction 412 — — 412 Mortgage-commercial 522 — — 522 Total other real estate owned 934 — — 934 Total $ 4,816 $ — $ — $ 4,816 (Dollars in thousands) Description December 31, (Level 1) (Level 2) (Level 3) Impaired loans: Real estate: Mortgage-residential $ 34 $ — $ — $ 34 Mortgage-commercial 4,752 — — 4,752 Consumer: Home equity 168 — — 168 Total impaired 4,954 — — 4,954 Other real estate owned: Construction 412 — — 412 Mortgage-commercial 522 — — 522 Total other real estate owned 934 — — 934 Total $ 5,888 $ — $ — $ 5,888 |
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, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Measurement Inputs and Valuation Techniques |
Fair Value Measurement (Details 4) | (Dollars in thousands) Fair Value as Valuation Technique Significant Significant OREO $ 934 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Collateral Dependent $ 4,125 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% (Dollars in thousands) Fair Value as Valuation Technique Significant Significant OREO $ 934 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 4,954 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Deposits | The Company’s total deposits are comprised of the following at the dates indicated: Schedule of Deposits |
Deposits | March 31, December 31, (Dollars in thousands) 2023 2022 Non-interest bearing demand deposits $ 458,882 $ 461,010 Interest bearing demand deposits 323,832 334,540 Money market accounts 351,900 295,223 Savings 141,713 161,770 Time deposits 143,830 132,839 Total deposits $ 1,420,157 $ 1,385,382 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 and March 31, 2022. Schedule of Company’s Reportable Segment Three months ended March 31, 2023 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking Non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 15,231 $ 651 $ — $ 1,320 $ (1,312 ) $ 15,890 Interest expense 3,133 129 — 271 — 3,533 Net interest income $ 12,098 $ 522 $ — $ 1,049 $ (1,312 ) $ 12,357 Provision for (release of) loan losses (1 ) 71 — — — 70 Noninterest income 1,351 157 1,067 — — 2,575 Noninterest expense 8,551 786 751 348 — 10,436 Net income before taxes $ 4,899 $ (178 ) $ 316 $ 701 $ (1,312 ) $ 4,426 Income tax provision (benefit) 1,093 — — (130 ) — 963 Net income $ 3,806 $ (178 ) $ 316 $ 831 $ (1,312 ) $ 3,463 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 $ 10,737 $ 455 $ — $ 1,084 $ (1,081 ) $ 11,195 Interest expense 358 — — 104 — 462 Net interest income $ 10,379 $ 455 $ — $ 980 $ (1,081 ) $ 10,733 Provision for loan losses (125 ) — — — — (125 ) Noninterest income 1,334 842 1,198 — — 3,374 Noninterest expense 8,016 991 763 184 — 9,954 Net income before taxes $ 3,822 $ 306 $ 435 $ 796 $ (1,081 ) $ 4,278 Income tax provision (benefit) 849 — — (60 ) — 789 Net income $ 2,973 $ 306 $ 435 $ 856 $ (1,081 ) $ 3,489 The table below shows total assets for the Company’s reportable business segments at March 31, 2023 and December 31, 2022. Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of March 31, 2023 $ 1,672,518 $ 61,764 $ — $ 165,985 $ (164,869 ) $ 1,735,398 Total Assets as of December 31, 2022 $ 1,616,173 $ 55,845 $ — $ 165,937 $ (165,009 ) $ 1,672,946 |
[custom:DisclosureReportableSegmentsDetailsAbstract] | Three months ended March 31, 2023 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking Non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 15,231 $ 651 $ — $ 1,320 $ (1,312 ) $ 15,890 Interest expense 3,133 129 — 271 — 3,533 Net interest income $ 12,098 $ 522 $ — $ 1,049 $ (1,312 ) $ 12,357 Provision for (release of) loan losses (1 ) 71 — — — 70 Noninterest income 1,351 157 1,067 — — 2,575 Noninterest expense 8,551 786 751 348 — 10,436 Net income before taxes $ 4,899 $ (178 ) $ 316 $ 701 $ (1,312 ) $ 4,426 Income tax provision (benefit) 1,093 — — (130 ) — 963 Net income $ 3,806 $ (178 ) $ 316 $ 831 $ (1,312 ) $ 3,463 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 $ 10,737 $ 455 $ — $ 1,084 $ (1,081 ) $ 11,195 Interest expense 358 — — 104 — 462 Net interest income $ 10,379 $ 455 $ — $ 980 $ (1,081 ) $ 10,733 Provision for loan losses (125 ) — — — — (125 ) Noninterest income 1,334 842 1,198 — — 3,374 Noninterest expense 8,016 991 763 184 — 9,954 Net income before taxes $ 3,822 $ 306 $ 435 $ 796 $ (1,081 ) $ 4,278 Income tax provision (benefit) 849 — — (60 ) — 789 Net income $ 2,973 $ 306 $ 435 $ 856 $ (1,081 ) $ 3,489 The table below shows total assets for the Company’s reportable business segments at March 31, 2023 and December 31, 2022. Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of March 31, 2023 $ 1,672,518 $ 61,764 $ — $ 165,985 $ (164,869 ) $ 1,735,398 Total Assets as of December 31, 2022 $ 1,616,173 $ 55,845 $ — $ 165,937 $ (165,009 ) $ 1,672,946 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Information | Schedule of Lease Information |
Leases | (dollars in thousands) March 31, December 31, Right-of-use assets $ 3,463 $ 2,702 Lease liabilities $ 3,602 $ 2,832 Weighted average remaining lease term 12.23 years 14.38 years Weighted average discount rate 4.28 % 4.37 % |
Leases (Details 2) | (Dollars in thousands) Three Months Ended March 31, 2023 2022 Operating lease cost $ 111.5 $ 80.8 Cash paid for amounts included in the measurement of lease liabilities $ 102.6 $ 75.3 |
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, 2023. Schedule of Future Undiscounted Operating Lease Payments |
Leases (Details 3) | (Dollars in thousands) Year Operating Leases 2023 $ 312 2024 425 2025 435 2026 445 2027 423 Thereafter 2,650 Total undiscounted lease payments $ 4,690 Less effect of discounting (1,088 ) Present value of estimated lease payments (lease liability) $ 3,602 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Loss | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in each component or accumulated other comprehensive loss net of tax, for the three months ended March 31, 2023. Schedule of Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss) | (Dollars in thousands) Securities Securities Accumulated Three Months Ending March 31, 2023 Balance at beginning of period (20,006 ) (12,380 ) (32,386 ) Other comprehensive income before reclassifications 2,593 — 2,593 Amortization of unrealized loss on securities transferred to held-to-maturity — 320 320 Net other comprehensive income during period 2,593 320 2,913 Balance at end of Period (17,413 ) (12,060 ) (29,473 ) |
Nature of Business and Basis _3
Nature of Business and Basis of Presentation (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Held to maturity securities, at amortized cost | $ 223,137 | $ 228,701 | |
Allowance for credit losses on held-to-maturity securities | (42) | ||
Loans, at amortized cost | 992,720 | 980,857 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Held to maturity securities, at amortized cost | 105,430 | 106,929 | |
Allowance for credit losses on held-to-maturity securities | $ (42) | $ (43) | |
Accounting Standards Update 2016-13 [Member] | |||
Held to maturity securities, at amortized cost | |||
Allowance for credit losses on held-to-maturity securities | 43 | ||
Loans, at amortized cost | |||
Allowance for credit losses on loans | (14) | ||
Allowance for credit losses for unfunded commitments | 398 | ||
Accounting Standards Update 2016-13 [Member] | Commercial Portfolio Segment [Member] | |||
Allowance for credit losses on loans | 193 | ||
Accounting Standards Update 2016-13 [Member] | Real Estate Construction [Member] | |||
Allowance for credit losses on loans | 1,075 | ||
Accounting Standards Update 2016-13 [Member] | Residential Portfolio Segment [Member] | |||
Allowance for credit losses on loans | 32 | ||
Accounting Standards Update 2016-13 [Member] | Real Estate Mortgage Commercial [Member] | |||
Allowance for credit losses on loans | (883) | ||
Accounting Standards Update 2016-13 [Member] | Consumer Home Equity [Member] | |||
Allowance for credit losses on loans | 166 | ||
Accounting Standards Update 2016-13 [Member] | Consumer Other [Member] | |||
Allowance for credit losses on loans | 39 | ||
Accounting Standards Update 2016-13 [Member] | Unallocated Financing Receivables [Member] | |||
Allowance for credit losses on loans | (636) | ||
Accounting Standards Update 2016-13 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Allowance for credit losses on held-to-maturity securities | 43 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Held to maturity securities, at amortized cost | 106,929 | ||
Allowance for credit losses on held-to-maturity securities | 43 | ||
Loans, at amortized cost | 980,857 | ||
Allowance for credit losses on loans | 11,322 | ||
Allowance for credit losses for unfunded commitments | 398 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Portfolio Segment [Member] | |||
Allowance for credit losses on loans | 1,042 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate Construction [Member] | |||
Allowance for credit losses on loans | 1,150 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Residential Portfolio Segment [Member] | |||
Allowance for credit losses on loans | 755 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate Mortgage Commercial [Member] | |||
Allowance for credit losses on loans | 7,686 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer Home Equity [Member] | |||
Allowance for credit losses on loans | 480 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer Other [Member] | |||
Allowance for credit losses on loans | 209 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Unallocated Financing Receivables [Member] | |||
Allowance for credit losses on loans | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Allowance for credit losses on held-to-maturity securities | $ 43 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Held to maturity securities, at amortized cost | 106,929 | ||
Allowance for credit losses on held-to-maturity securities | |||
Loans, at amortized cost | 980,857 | ||
Allowance for credit losses on loans | 11,336 | ||
Allowance for credit losses for unfunded commitments | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Portfolio Segment [Member] | |||
Allowance for credit losses on loans | 849 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Construction [Member] | |||
Allowance for credit losses on loans | 75 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | |||
Allowance for credit losses on loans | 723 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Mortgage Commercial [Member] | |||
Allowance for credit losses on loans | 8,569 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Home Equity [Member] | |||
Allowance for credit losses on loans | 314 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Other [Member] | |||
Allowance for credit losses on loans | 170 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unallocated Financing Receivables [Member] | |||
Allowance for credit losses on loans | 636 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Allowance for credit losses on held-to-maturity securities |
Earnings Per Common Share and_3
Earnings Per Common Share and Share based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Numerator (Net income available to common shareholders) | $ 3,463 | $ 3,489 |
Weighted average common shares outstanding for: | ||
Basic shares | 7,555,000 | 7,518,000 |
Dilutive securities: | ||
Deferred compensation | 32,000 | 33,000 |
Restricted stock - Treasury stock method | 57,000 | 44,000 |
Diluted shares | 7,644,000 | 7,595,000 |
Basic | $ 0.46 | $ 0.46 |
Diluted | 0.45 | 0.46 |
The average market price used in calculating assumed number of shares | $ 20.34 | $ 20.99 |
Earnings Per Common Share and_4
Earnings Per Common Share and Share based compensation (Details 2) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |||
Non-employee director deferred compensation plan accumulated share units | 97,126 | 93,488 | |
Accrued liability (dollars in thousands) | [1] | $ 1,331 | $ 1,260 |
[1]Recorded in “Nonvested restricted stock and stock units” |
Earnings Per Common Share and_5
Earnings Per Common Share and Share based compensation (Details 3) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Earnings Per Share [Abstract] | ||
Related director compensation expense | $ 59 | $ 153 |
Earnings Per Common Share and_6
Earnings Per Common Share and Share based compensation (Details 4) - shares shares in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Earnings Per Share [Abstract] | |||
Time-based restricted stock units – officer | 11,738 | 11,738 | |
Performance-based restricted stock units – officer | [1] | 16,750 | 11,738 |
Restricted stock – officer | |||
Restricted stock – director | 7,590 | 7,359 | |
[1]For 2023, 16,750 units represent the target payout with a maximum payout of 33,500 units. For 2022, 11,738 units represent the target payout with a maximum payout of 17,608 units. |
Earnings Per Common Share and_7
Earnings Per Common Share and Share based compensation (Details 5) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Earnings Per Share [Abstract] | |||
Time-based restricted stock units – officer | $ 255 | $ 246 | |
Performance-based restricted stock units – officer | [1] | 340 | 246 |
Restricted stock – officer | |||
Restricted stock – director | $ 154 | $ 154 | |
[1]For 2023, $340 thousand represents the target payout with a maximum payout of $680 thousand. For 2022, $246 thousand represents the target payout with a maximum payout of $369 thousand. |
Earnings Per Common Share and_8
Earnings Per Common Share and Share based compensation (Details 6) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Restricted stock and stock units – officer1 | $ 150 | $ 107 |
Restricted stock – director2 | $ 28 | $ 26 |
Earnings Per Common Share and_9
Earnings Per Common Share and Share based compensation (Details 7) shares in Thousands | 22 Months Ended | |
Mar. 31, 2023 shares | ||
Earnings Per Share [Abstract] | ||
Initial reserve – May 19, 2021 | 225,000 | |
Time-based restricted stock units – officer | (24,300) | |
Performance-based restricted stock units – officer | (51,108) | [1] |
Restricted stock – officer | (2,201) | |
Restricted stock – director | (22,539) | |
Remaining Reserve-March 31, 2023 | 124,852 | |
[1]Performance-based restricted stock units are initially granted and expensed at target levels; however, they are reserved at maximum levels. |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 358,498 | $ 357,185 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 423 | 82 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (22,464) | (25,405) |
Debt Securities, Available-for-Sale | 336,457 | 331,862 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 60,600 | 60,552 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (3,796) | (4,569) |
Debt Securities, Available-for-Sale | 56,804 | 55,983 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 2,500 | 2,500 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (373) | (426) |
Debt Securities, Available-for-Sale | 2,127 | 2,074 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 266,829 | 263,704 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 250 | 10 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (17,115) | (19,114) |
Debt Securities, Available-for-Sale | 249,964 | 244,600 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 19,798 | 21,657 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 162 | 60 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (426) | (630) |
Debt Securities, Available-for-Sale | 19,534 | 21,087 |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 8,771 | 8,772 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 11 | 12 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (754) | (666) |
Debt Securities, Available-for-Sale | $ 8,028 | $ 8,118 |
Investment Securities (Details
Investment Securities (Details 2) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 223,137 | $ 228,701 | |
Debt Securities, Held-to-Maturity, Fair Value | 213,040 | 213,613 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | (42) | ||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 174 | ||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | (10,271) | (15,088) | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Marketable Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 117,707 | 121,772 | |
Debt Securities, Held-to-Maturity, Fair Value | 111,016 | 113,116 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | |||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | |||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | (6,691) | (8,656) | |
US States and Political Subdivisions Debt Securities [Member] | |||
Marketable Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 105,430 | 106,929 | |
Debt Securities, Held-to-Maturity, Fair Value | 102,024 | 100,497 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | (42) | $ (43) | |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 174 | ||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | $ (3,580) | $ (6,432) |
Investment Securities (Detail_2
Investment Securities (Details 3) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 54,473 | $ 128,982 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,666 | 6,066 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 260,650 | 194,279 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 20,798 | 19,339 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 315,123 | 323,261 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 22,464 | 25,405 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 28,827 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,032 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 56,804 | 27,156 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,796 | 3,537 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 56,804 | 55,983 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 3,796 | 4,569 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,127 | 2,074 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 373 | 426 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 2,127 | 2,074 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 373 | 426 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 46,501 | 81,961 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,474 | 4,435 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 191,670 | 159,227 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 15,641 | 14,679 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 238,171 | 241,188 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 17,115 | 19,114 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 6,768 | 16,066 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 116 | 453 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 5,977 | 2,592 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 310 | 177 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 12,745 | 18,658 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 426 | 630 |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,204 | 2,128 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 76 | 146 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4,072 | 3,230 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 678 | 520 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 5,276 | 5,358 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ 754 | $ 666 |
Investment Securities (Detail_3
Investment Securities (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Jan. 01, 2023 | |
Marketable Securities [Line Items] | ||
Adjustment for adoption of ASU 2016-13 | $ (42) | |
Ending balance March 31, 2023 | (42) | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Beginning Balance | ||
Adjustment for adoption of ASU 2016-13 | ||
Provision for credit losses | ||
Ending balance March 31, 2023 | ||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Beginning Balance | ||
Adjustment for adoption of ASU 2016-13 | ||
Provision for credit losses | ||
Ending balance March 31, 2023 | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Beginning Balance | ||
Adjustment for adoption of ASU 2016-13 | (42) | (43) |
Provision for credit losses | 1 | |
Ending balance March 31, 2023 | (42) | |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Beginning Balance | ||
Adjustment for adoption of ASU 2016-13 | ||
Provision for credit losses | ||
Ending balance March 31, 2023 |
Investment Securities (Detail_4
Investment Securities (Details 5) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $ 30,718 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 29,960 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 67,008 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 65,062 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost | 230,023 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | 213,389 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 30,749 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 28,046 | |
Debt Securities, Available-for-Sale, Amortized Cost | 358,498 | $ 357,185 |
Debt Securities, Available-for-Sale | 336,457 | 331,862 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One | 4,603 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 4,568 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five | 39,730 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 38,713 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 5 through 10 | 131,226 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 125,418 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10 | 47,578 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | 44,341 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 223,137 | 228,701 |
Debt Securities, Held-to-Maturity, Fair Value | $ 213,040 | $ 213,613 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | $ 992,720 | $ 980,857 |
Commercial, Financial And Agricultural Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 73,898 | 72,409 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 84,442 | 91,223 |
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 68,983 | 65,759 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 722,603 | 709,218 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 29,524 | 28,723 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | $ 13,270 | $ 13,525 |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | $ 992,720 | $ 980,857 |
Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 974,218 | |
Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 557 | |
Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 6,082 | |
Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Commercial, Financial And Agricultural Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,954 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,913 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 26,415 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 12,852 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 2,334 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 10,530 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 17,900 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 73,898 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Current period gross charge-offs, Total | ||
Loans held-for-investment | 73,898 | 72,409 |
Commercial, Financial And Agricultural Loan [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,954 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,893 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 26,328 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 12,852 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 2,334 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 10,505 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 17,900 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 73,766 | |
Loans held-for-investment | 72,333 | |
Commercial, Financial And Agricultural Loan [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 62 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 25 | |
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 87 | |
Loans held-for-investment | 47 | |
Commercial, Financial And Agricultural Loan [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 20 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 25 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 45 | |
Loans held-for-investment | 29 | |
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] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 8,543 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 12,629 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 17,328 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 32,263 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 4,896 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 212 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 8,571 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 84,442 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Current period gross charge-offs, Total | ||
Loans held-for-investment | 84,442 | 91,223 |
Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 8,543 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 12,629 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 17,328 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 32,263 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 4,896 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 212 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 8,571 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 84,442 | |
Loans held-for-investment | 91,223 | |
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 | ||
Construction Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 2,670 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 11,351 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 7,023 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 31,311 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 5,965 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 9,801 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 365 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 497 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 68,983 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Current period gross charge-offs, Total | ||
Loans held-for-investment | 68,983 | 65,759 |
Residential Mortgage [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 2,670 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 11,323 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 7,023 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 31,311 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 5,965 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 9,366 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 365 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 497 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 68,520 | |
Loans held-for-investment | 65,505 | |
Residential Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 28 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 403 | |
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 431 | |
Loans held-for-investment | 220 | |
Residential Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 32 | |
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 32 | |
Loans held-for-investment | 34 | |
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] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 49,718 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 93,745 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 136,731 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 194,651 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 13,548 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 222,093 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 12,117 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 722,603 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Current period gross charge-offs, Total | ||
Loans held-for-investment | 722,603 | 709,218 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 49,718 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 93,745 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 136,731 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 194,651 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 13,548 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 217,917 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 12,117 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 718,427 | |
Loans held-for-investment | 704,357 | |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 23 | |
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 23 | |
Loans held-for-investment | 80 | |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 4,153 | |
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 4,153 | |
Loans held-for-investment | 4,781 | |
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] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | 29,524 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 29,524 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Current period gross charge-offs, Total | ||
Loans held-for-investment | 29,524 | 28,723 |
Home Equity Line of Credit [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | 28,364 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 28,364 | |
Loans held-for-investment | 27,531 | |
Home Equity Line of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | 88 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 88 | |
Loans held-for-investment | 117 | |
Home Equity Line of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | 1,072 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,072 | |
Loans held-for-investment | 1,075 | |
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] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 484 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 736 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 892 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,154 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 669 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 973 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 6,362 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 13,270 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 2 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Current period gross charge-offs, Total | 2 | |
Loans held-for-investment | 13,270 | 13,525 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 484 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 726 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 892 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,154 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 669 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 965 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 6,362 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 13,252 | |
Loans held-for-investment | 13,269 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 10 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 8 | |
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 18 | |
Loans held-for-investment | 93 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | ||
Loans held-for-investment | 163 | |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2021 | $ 11,336 | $ 11,179 | |
Adjustment to allowance for adoption of ASU 2016-13 | $ (14) | ||
Charge-offs | (9) | (14) | |
Recoveries | 20 | 23 | |
Provisions | 87 | (125) | |
Ending balance March 31, 2022 | 11,420 | 11,063 | |
Loans held-for-investment | 992,720 | 980,857 | |
Individually evaluated for impairment | 4,983 | ||
Collectively evaluated for impairment | 975,874 | ||
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2021 | 849 | 853 | |
Adjustment to allowance for adoption of ASU 2016-13 | 193 | ||
Charge-offs | |||
Recoveries | 2 | 11 | |
Provisions | (48) | (15) | |
Ending balance March 31, 2022 | 996 | 849 | |
Loans held-for-investment | 73,898 | 72,409 | |
Individually evaluated for impairment | 29 | ||
Collectively evaluated for impairment | 72,380 | ||
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2021 | 75 | 113 | |
Adjustment to allowance for adoption of ASU 2016-13 | 1,075 | ||
Charge-offs | |||
Recoveries | |||
Provisions | (70) | (22) | |
Ending balance March 31, 2022 | 1,080 | 91 | |
Loans held-for-investment | 84,442 | 91,223 | |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 91,223 | ||
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2021 | 723 | 560 | |
Adjustment to allowance for adoption of ASU 2016-13 | 32 | ||
Charge-offs | |||
Recoveries | |||
Provisions | 35 | (47) | |
Ending balance March 31, 2022 | 790 | 513 | |
Loans held-for-investment | 68,983 | 65,759 | |
Individually evaluated for impairment | 34 | ||
Collectively evaluated for impairment | 65,725 | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2021 | 8,569 | 8,570 | |
Adjustment to allowance for adoption of ASU 2016-13 | (883) | ||
Charge-offs | |||
Recoveries | 11 | 6 | |
Provisions | 230 | (68) | |
Ending balance March 31, 2022 | 7,927 | 8,508 | |
Loans held-for-investment | 722,603 | 709,218 | |
Individually evaluated for impairment | 4,752 | ||
Collectively evaluated for impairment | 704,466 | ||
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2021 | 314 | 333 | |
Adjustment to allowance for adoption of ASU 2016-13 | 166 | ||
Charge-offs | |||
Recoveries | 3 | 3 | |
Provisions | (59) | (5) | |
Ending balance March 31, 2022 | 424 | 331 | |
Loans held-for-investment | 29,524 | 28,723 | |
Individually evaluated for impairment | 168 | ||
Collectively evaluated for impairment | 28,555 | ||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2021 | 170 | 126 | |
Adjustment to allowance for adoption of ASU 2016-13 | 39 | ||
Charge-offs | (9) | (14) | |
Recoveries | 4 | 3 | |
Provisions | (1) | 35 | |
Ending balance March 31, 2022 | 203 | 150 | |
Loans held-for-investment | 13,270 | 13,525 | |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 13,525 | ||
Unallocated Financing Receivables [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Beginning balance December 31, 2021 | 636 | 624 | |
Adjustment to allowance for adoption of ASU 2016-13 | (636) | ||
Charge-offs | |||
Recoveries | |||
Provisions | (3) | ||
Ending balance March 31, 2022 | $ 621 | ||
Loans held-for-investment | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 4,983 | $ 1,779 |
Impaired Financing Receivable, Unpaid Principal Balance | 5,508 | 47 |
Impaired Financing Receivable, Related Allowance | ||
Commercial, Financial And Agricultural Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 29 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 29 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | ||
Impaired Financing Receivable, Recorded Investment | 29 | |
Impaired Financing Receivable, Unpaid Principal Balance | 29 | |
Impaired Financing Receivable, Related Allowance | ||
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 Related Allowance, Recorded Investment | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired Financing Receivable, Related Allowance | ||
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 34 | 42 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 51 | 1 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | ||
Impaired Financing Receivable, Recorded Investment | 34 | 42 |
Impaired Financing Receivable, Unpaid Principal Balance | 51 | 1 |
Impaired Financing Receivable, Related Allowance | ||
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,752 | 1,737 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,260 | 46 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | ||
Impaired Financing Receivable, Recorded Investment | 4,752 | 1,737 |
Impaired Financing Receivable, Unpaid Principal Balance | 5,260 | 46 |
Impaired Financing Receivable, Related Allowance | ||
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 168 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 168 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | ||
Impaired Financing Receivable, Recorded Investment | 168 | |
Impaired Financing Receivable, Unpaid Principal Balance | 168 | |
Impaired Financing Receivable, Related Allowance | ||
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 Related Allowance, Recorded Investment | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired Financing Receivable, Related Allowance |
Loans (Details 5)
Loans (Details 5) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | $ 992,720 | $ 980,857 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 83 | 556 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 8 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 2 | |
Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 4,125 | 4,895 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 4,208 | 5,461 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 988,512 | 975,396 |
Commercial, Financial And Agricultural Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 73,898 | 72,409 |
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 | 11 | 87 |
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 | ||
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 | 45 | 29 |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 56 | 116 |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 73,842 | 72,293 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 84,442 | 91,223 |
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 | 84,442 | 91,223 |
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 68,983 | 65,759 |
Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 327 | |
Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
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 | ||
Residential Mortgage [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 32 | 34 |
Residential Mortgage [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 32 | 361 |
Residential Mortgage [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 68,951 | 65,398 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 722,603 | 709,218 |
Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 63 | 46 |
Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 8 | |
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 | 4,044 | 4,664 |
Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 4,107 | 4,718 |
Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 718,496 | 704,500 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 29,524 | 28,723 |
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 | ||
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 | ||
Home Equity Line of Credit [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 4 | 168 |
Home Equity Line of Credit [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 4 | 168 |
Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 29,520 | 28,555 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 13,270 | 13,525 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 9 | 96 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
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 | 2 | |
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 | 9 | 98 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | $ 13,261 | $ 13,427 |
Loans (Details 6)
Loans (Details 6) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 3,882 | |
Financing Receivable, Nonaccrual, Allowance | 243 | |
Financing Receivable, Nonaccrual | 4,125 | $ 4,895 |
Commercial, Financial And Agricultural Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | 45 | |
Financing Receivable, Nonaccrual | 45 | 29 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | ||
Financing Receivable, Nonaccrual | ||
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | 32 | |
Financing Receivable, Nonaccrual | 32 | 34 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 3,882 | |
Financing Receivable, Nonaccrual, Allowance | 162 | |
Financing Receivable, Nonaccrual | 4,044 | 4,664 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | 4 | |
Financing Receivable, Nonaccrual | 4 | 168 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | ||
Financing Receivable, Nonaccrual |
Loans (Details 7)
Loans (Details 7) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | $ 4,125 | $ 4,895 |
Commercial, Financial And Agricultural Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 45 | 29 |
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 32 | 34 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 4,044 | 4,664 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | $ 4 | $ 168 |
Loans (Details 8)
Loans (Details 8) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jan. 01, 2023 | |
Financing Receivable, Past Due [Line Items] | |||
Balance, December 31, 2022 | $ (14) | ||
Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 | |||
Provision for (release of) unfunded commitments | 70 | $ (125) | |
Unfunded Loan Commitment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Balance, December 31, 2022 | |||
Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 | 382 | $ 398 | |
Provision for (release of) unfunded commitments | (16) | ||
Balance, March 31, 2023 | $ 382 |
Loans (Details Narrative)
Loans (Details Narrative) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Receivables [Abstract] | |
Financing Receivable, Nonaccrual, Interest Income | $ 85,500 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Available-for-sale securities | $ 336,457 | $ 331,862 |
Held-to-maturity securities | 223,137 | 228,701 |
Other investments, at cost | 5,768 | 4,191 |
Financial liabilities: | ||
Non-interest bearing demand | 458,882 | 461,010 |
Interest bearing demand deposits and money market accounts | 323,832 | 334,540 |
Savings | 141,713 | 161,770 |
Time deposits | 143,830 | 132,839 |
Federal Home Loan Bank Advances | 85,000 | 50,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and short term investments | 87,673 | 37,401 |
Available-for-sale securities | ||
Held-to-maturity securities | ||
Other investments, at cost | ||
Loans held for sale | ||
Net loans receivable | ||
Accrued interest | 4,954 | 5,217 |
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 | 916 | 520 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Available-for-sale securities | 336,457 | 331,862 |
Held-to-maturity securities | 213,040 | 213,613 |
Other investments, at cost | ||
Loans held for sale | 1,312 | 1,779 |
Net loans receivable | ||
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | 458,882 | 461,010 |
Interest bearing demand deposits and money market accounts | 675,732 | 629,763 |
Savings | 141,713 | 161,770 |
Time deposits | 143,811 | 132,825 |
Total deposits | 1,420,138 | 1,385,368 |
Federal Home Loan Bank Advances | 85,000 | 50,000 |
Short term borrowings | 76,975 | 90,743 |
Junior subordinated debentures | 12,301 | 13,402 |
Accrued interest payable | ||
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Available-for-sale securities | ||
Held-to-maturity securities | ||
Other investments, at cost | 5,768 | 4,191 |
Loans held for sale | ||
Net loans receivable | 952,010 | 943,498 |
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 | 87,673 | 37,401 |
Available-for-sale securities | 336,457 | 331,862 |
Held-to-maturity securities | 223,137 | 228,701 |
Other investments, at cost | 5,768 | 4,191 |
Loans held for sale | 1,312 | 1,779 |
Net loans receivable | 992,720 | 969,521 |
Accrued interest | 4,954 | 5,217 |
Financial liabilities: | ||
Non-interest bearing demand | 458,882 | 461,010 |
Interest bearing demand deposits and money market accounts | 675,732 | 629,763 |
Savings | 141,713 | 161,770 |
Time deposits | 143,830 | 132,839 |
Total deposits | 1,420,157 | 1,385,382 |
Federal Home Loan Bank Advances | 85,000 | 50,000 |
Short term borrowings | 76,975 | 90,743 |
Junior subordinated debentures | 14,964 | 14,964 |
Accrued interest payable | 916 | 520 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and short term investments | 87,673 | 37,401 |
Available-for-sale securities | 336,457 | 331,862 |
Held-to-maturity securities | 213,040 | 213,613 |
Other investments, at cost | 5,768 | 4,191 |
Loans held for sale | 1,312 | 1,779 |
Net loans receivable | 952,010 | 943,498 |
Accrued interest | 4,954 | 5,217 |
Financial liabilities: | ||
Non-interest bearing demand | 458,882 | 461,010 |
Interest bearing demand deposits and money market accounts | 675,732 | 629,763 |
Savings | 141,713 | 161,770 |
Time deposits | 143,811 | 132,825 |
Total deposits | 1,420,138 | 1,385,368 |
Federal Home Loan Bank Advances | 85,000 | 50,000 |
Short term borrowings | 76,975 | 90,743 |
Junior subordinated debentures | 12,301 | 13,402 |
Accrued interest payable | $ 916 | $ 520 |
Fair Value Measurement (Detai_2
Fair Value Measurement (Details 2) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 336,457 | $ 331,862 |
Loans held for sale | 1,312 | 1,779 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 336,457 | 331,862 |
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 | 336,457 | 331,862 |
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 | ||
Loans held for sale | ||
Total | ||
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 | 336,457 | 331,862 |
Loans held for sale | 1,312 | 1,779 |
Total | 337,769 | 333,641 |
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 | 336,457 | 331,862 |
Loans held for sale | 1,312 | 1,779 |
Total | 337,769 | 333,641 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 56,804 | 55,983 |
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 | ||
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 | 56,804 | 55,983 |
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 | 56,804 | 55,983 |
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 | 2,127 | 2,074 |
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 | 2,127 | 2,074 |
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 | 2,127 | 2,074 |
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 | ||
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 | 249,964 | 244,600 |
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 | 249,964 | 244,600 |
Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 19,534 | 21,087 |
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 | 19,534 | 21,087 |
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 | 19,534 | 21,087 |
Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 8,028 | 8,118 |
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 | ||
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 | 8,028 | 8,118 |
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 | $ 8,028 | $ 8,118 |
Fair Value Measurement (Detai_3
Fair Value Measurement (Details 3) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | $ 4,983 | $ 1,779 | |
Total other real estate owned | $ 934 | 934 | |
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 | 3,882 | 4,954 | |
Total other real estate owned | 934 | 934 | |
Total | 4,816 | 5,888 | |
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 | 3,882 | 4,954 | |
Total other real estate owned | 934 | 934 | |
Total | 4,816 | 5,888 | |
Commercial, Financial And Agricultural Loan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 29 | ||
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 | 34 | 42 | |
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 | 34 | ||
Total other real estate owned | 522 | ||
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 | 34 | ||
Total other real estate owned | 522 | ||
Commercial Real Estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 4,752 | 1,737 | |
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 | 3,882 | 4,752 | |
Total other real estate owned | 522 | ||
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 | 3,882 | 4,752 | |
Total other real estate owned | 522 | ||
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 | 412 | 412 | |
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 | $ 412 | 412 | |
Home Equity Line of Credit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired | 168 | ||
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 | 168 | ||
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 | $ 168 |
Fair Value Measurement (Detai_4
Fair Value Measurement (Details 4) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 934 | $ 934 | |
Impaired Financing Receivable, Recorded Investment | $ 1,779 | 4,983 | |
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 | $ 934 | 934 | |
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% | 6% | |
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% | 16% | |
Impaired Loans [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% | 6% | |
Impaired Loans [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% | 16% | |
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 | $ 4,125 | $ 4,954 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Non-interest bearing demand deposits | $ 458,882 | $ 461,010 |
Interest bearing demand deposits | 323,832 | 334,540 |
Money market accounts | 351,900 | 295,223 |
Savings | 141,713 | 161,770 |
Time deposits | 143,830 | 132,839 |
Total deposits | $ 1,420,157 | $ 1,385,382 |
Deposits (Details Narrative)
Deposits (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Guarantor Obligations [Line Items] | ||
Time deposits FDIC insurance limit of $250 thousand | $ 27,600 | $ 25,000 |
Time deposits FDIC insurance limit of $250 thousand | 9,600 | 9,500 |
Deposit Liability, Uninsured | 434,400 | 411,300 |
Collateralized Public Fund [Member] | ||
Guarantor Obligations [Line Items] | ||
Deposit Liability, Uninsured | $ 74,700 | $ 59,500 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Dividend and Interest Income | $ 15,890 | $ 11,195 | |
Interest expense | 3,533 | 462 | |
Net interest income | 12,357 | 10,733 | |
Provision for (release of) credit losses | 70 | (125) | |
Noninterest income | 2,575 | 3,374 | |
Noninterest expense | 10,436 | 9,954 | |
Net income before taxes | 4,426 | 4,278 | |
Income tax provision (benefit) | 963 | 789 | |
Net income | 3,463 | 3,489 | |
Provision for loan losses | 87 | (125) | |
Total Assets as of December 31, 2022 | 1,735,398 | $ 1,672,946 | |
Consolidation, Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Dividend and Interest Income | (1,312) | (1,081) | |
Interest expense | |||
Net interest income | (1,312) | (1,081) | |
Provision for (release of) credit losses | |||
Noninterest income | |||
Noninterest expense | |||
Net income before taxes | (1,312) | (1,081) | |
Income tax provision (benefit) | |||
Net income | (1,312) | (1,081) | |
Provision for loan losses | |||
Total Assets as of December 31, 2022 | (164,869) | (165,009) | |
Mortgage Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Dividend and Interest Income | 651 | 455 | |
Interest expense | 129 | ||
Net interest income | 522 | 455 | |
Provision for (release of) credit losses | 71 | ||
Noninterest income | 157 | 842 | |
Noninterest expense | 786 | 991 | |
Net income before taxes | (178) | 306 | |
Income tax provision (benefit) | |||
Net income | (178) | 306 | |
Provision for loan losses | |||
Total Assets as of December 31, 2022 | 61,764 | 55,845 | |
Commercial And Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Dividend and Interest Income | 15,231 | 10,737 | |
Interest expense | 3,133 | 358 | |
Net interest income | 12,098 | 10,379 | |
Provision for (release of) credit losses | (1) | ||
Noninterest income | 1,351 | 1,334 | |
Noninterest expense | 8,551 | 8,016 | |
Net income before taxes | 4,899 | 3,822 | |
Income tax provision (benefit) | 1,093 | 849 | |
Net income | 3,806 | 2,973 | |
Provision for loan losses | (125) | ||
Total Assets as of December 31, 2022 | 1,672,518 | 1,616,173 | |
Investment Advisory And Non Deposit [Member] | |||
Segment Reporting Information [Line Items] | |||
Dividend and Interest Income | |||
Interest expense | |||
Net interest income | |||
Provision for (release of) credit losses | |||
Noninterest income | 1,067 | 1,198 | |
Noninterest expense | 751 | 763 | |
Net income before taxes | 316 | 435 | |
Income tax provision (benefit) | |||
Net income | 316 | 435 | |
Provision for loan losses | |||
Total Assets as of December 31, 2022 | |||
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Dividend and Interest Income | 1,320 | 1,084 | |
Interest expense | 271 | 104 | |
Net interest income | 1,049 | 980 | |
Provision for (release of) credit losses | |||
Noninterest income | |||
Noninterest expense | 348 | 184 | |
Net income before taxes | 701 | 796 | |
Income tax provision (benefit) | (130) | (60) | |
Net income | 831 | 856 | |
Provision for loan losses | |||
Total Assets as of December 31, 2022 | $ 165,985 | $ 165,937 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Right-of-use assets | $ 3,463 | $ 2,702 |
Lease liabilities | $ 3,602 | $ 2,832 |
Operating Lease, Weighted Average Remaining Lease Term | 12 years 2 months 23 days | 14 years 4 months 17 days |
Weighted average discount rate | 4.28% | 4.37% |
Leases (Details 2)
Leases (Details 2) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 111,500 | $ 80,800 |
Cash paid for amounts included in the measurement of lease liabilities | $ 102,600 | $ 75,300 |
Leases (Details 3)
Leases (Details 3) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2023 | $ 312 | |
2024 | 425 | |
2025 | 435 | |
2026 | 445 | |
2027 | 423 | |
Thereafter | 2,650 | |
Total undiscounted lease payments | 4,690 | |
Less effect of discounting | (1,088) | |
Present value of estimated lease payments (lease liability) | $ 3,602 | $ 2,832 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of period | $ (32,386) | |
Other comprehensive income before reclassifications | 2,593 | |
Amortization of unrealized loss on securities transferred to held-to-maturity | 320 | |
Net other comprehensive income during period | 2,913 | $ (18,288) |
Balance at end of Period | (29,473) | |
Available-for-Sale Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of period | (20,006) | |
Other comprehensive income before reclassifications | 2,593 | |
Amortization of unrealized loss on securities transferred to held-to-maturity | ||
Net other comprehensive income during period | 2,593 | |
Balance at end of Period | (17,413) | |
Held-to-Maturity Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of period | (12,380) | |
Other comprehensive income before reclassifications | ||
Amortization of unrealized loss on securities transferred to held-to-maturity | 320 | |
Net other comprehensive income during period | 320 | |
Balance at end of Period | $ (12,060) |