UNITED BANCORP INC /OH/, 10-Q filed on 11/13/2024
Quarterly Report
v3.24.3
Document And Entity Information - shares
 9 Months Ended
Sep. 30, 2024
Nov. 08, 2024
Document And Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 0-16540  
Entity Registrant Name UNITED BANCORP, INC  
Entity Incorporation, State or Country Code OH  
Entity Tax Identification Number 34-1405357  
Entity Address, Address Line One 201 South Fourth Street  
Entity Address, City or Town Martins Ferry  
Entity Address, State or Province OH  
Entity Address, Postal Zip Code 43935-0010  
City Area Code 740  
Local Phone Number 633-0445  
Title of 12(b) Security Common Stock, Par Value $1.00  
Trading Symbol UBCP  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   5,788,893
Entity Central Index Key 0000731653  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets    
Cash and due from banks $ 7,818 $ 7,352
Interest-bearing demand deposits 29,960 33,418
Cash and cash equivalents 37,778 40,770
Available-for-sale securities, net of allowance of credit losses of $0 at September 30, 2024 and December 31, 2023 250,161 242,760
Loans, net of allowance for credit losses of $4,002 and $3,918 at September 30, 2024 and December 31, 2023, respectively 471,002 479,318
Premises and equipment 24,519 14,984
Federal Home Loan Bank stock 4,026 3,979
Foreclosed assets held for sale, net 3,381 3,377
Core deposit other intangible asset 160 260
Goodwill 682 682
Accrued interest receivable 3,846 4,098
Deferred federal income tax 2,716 2,409
Bank-owned life insurance 19,750 19,423
Other assets 7,461 7,389
Total assets 825,482 819,449
Deposits    
Demand 324,930 339,280
Savings 123,171 130,821
Time 167,718 151,358
Total deposits 615,819 621,459
Securities sold under repurchase agreements 36,123 26,781
Subordinated debentures 23,832 23,787
Advances Federal Home Loan Bank 75,000 75,000
Lease liability - finance lease 2,845 2,764
Interest payable and other liabilities 6,403 6,065
Total liabilities 760,022 755,856
Stockholders' Equity    
Preferred stock, no par value, authorized 2,000,000 shares; no shares issued 0 0
Common stock, $1 par value; authorized 10,000,000 shares; issued 6,203,141 shares at September 30, 2024, and 6,063,851 shares at December 31, 2023; outstanding - 5,788,893 and 5,702,685 shares at September 30, 2024 and December 31, 2023, respectively 6,203 6,064
Additional paid-in capital 26,204 25,913
Retained earnings 45,531 44,018
Stock held by deferred compensation plan; 177,385 and 181,803 shares at September 30, 2024 and December 31, 2023 (2,072) (2,363)
Accumulated other comprehensive loss (7,158) (7,478)
Treasury stock, at cost 236,863 and 179,363 shares- at September 30, 2024 and December 31, 2023, respectively (3,248) (2,561)
Total stockholders' equity 65,460 63,593
Total liabilities and stockholders' equity $ 825,482 $ 819,449
v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Condensed Consolidated Balance Sheets    
Available-for-sale securities, allowance for credit losses $ 0 $ 0
Loans, allowance for credit losses $ 4,002 $ 3,918
Preferred stock, no par value $ 0 $ 0
Preferred stock, authorized 2,000,000 2,000,000
Preferred stock, shares issued 0 0
Common stock, par value $ 1 $ 1
Common stock, authorized 10,000,000 10,000,000
Common stock, issued 6,203,141 6,063,851
Common shares, shares outstanding 5,788,893 5,702,685
Stock held by deferred compensation plan, shares 177,385 181,803
Treasury stock, shares 236,863 179,363
v3.24.3
Condensed Consolidated Statements of Income - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income        
Loans, including fees $ 7,232,000 $ 6,454,000 $ 20,980,000 $ 18,389,000
Taxable securities 484,000 707,000 1,557,000 2,068,000
Non-taxable securities 1,878,000 1,500,000 5,439,000 4,357,000
Federal funds sold 254,000 909,000 1,179,000 2,171,000
Dividends on Federal Home Loan Bank stock and other 96,000 81,000 288,000 160,000
Total interest and dividend income 9,944,000 9,651,000 29,443,000 27,145,000
Deposits        
Demand 434,000 493,000 1,333,000 1,445,000
Savings 30,000 33,000 91,000 101,000
Time 1,617,000 1,071,000 4,641,000 2,595,000
Borrowings 1,724,000 1,488,000 4,922,000 3,670,000
Total interest expense 3,805,000 3,085,000 10,987,000 7,811,000
Net interest income 6,139,000 6,566,000 18,456,000 19,334,000
Credit Loss Expense        
Provision for (reversal of) credit loss expense - loans 69,000 (154,000) 304,000 (300,000)
Provision for (reversal of) credit loss expense - off balance sheet commitments 0 0 (130,000)  
Provision for (reversal of) credit loss expense 69,000 (154,000) 174,000 (300,000)
Net interest income after provision for (reversal of) credit loss expense 6,070,000 6,720,000 18,282,000 19,634,000
Noninterest income        
Service charges on deposit accounts 767,000 704,000 2,187,000 2,202,000
Realized gains on sales of loans 168,000 1,000 363,000 8,000
Realized gains (losses) on sale of available-for-sale securities   0 (116,000) 0
Other income 280,000 258,000 831,000 815,000
Total noninterest income 1,215,000 963,000 3,265,000 3,025,000
Noninterest expense        
Salaries and employee benefits 2,757,000 2,480,000 7,219,000 7,814,000
Net occupancy and equipment expense 573,000 546,000 1,739,000 1,550,000
Professional services 398,000 371,000 1,465,000 1,100,000
Insurance 157,000 144,000 464,000 448,000
Deposit insurance premiums 108,000 96,000 324,000 267,000
Franchise and other taxes 148,000 139,000 441,000 417,000
Advertising 124,000 100,000 361,000 300,000
Stationery and office supplies 30,000 33,000 86,000 92,000
Amortization of core deposit premium 38,000 38,000 113,000 113,000
Other expenses 1,196,000 1,286,000 3,823,000 3,659,000
Total noninterest expense 5,529,000 5,233,000 16,035,000 15,760,000
Income before federal income taxes 1,756,000 2,450,000 5,512,000 6,899,000
Federal income taxes (benefit) (64,000) 58,000 (41,000) 339,000
Net income $ 1,820,000 $ 2,392,000 $ 5,553,000 $ 6,560,000
EARNINGS PER COMMON SHARE - Basic (in dollars per share) $ 0.31 $ 0.42 $ 0.95 $ 1.15
EARNINGS PER COMMON SHARE - Diluted (in dollars per share) 0.31 0.42 0.95 1.15
DIVIDENDS PER COMMON SHARE $ 0.1775 $ 0.1675 $ 0.6750 $ 0.6450
v3.24.3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Condensed Consolidated Statements of Comprehensive Income (Loss)        
Net Income (Loss) $ 1,820 $ 2,392 $ 5,553 $ 6,560
Net realized (gain) loss included in net income, net of taxes (benefits) of $0, $ 0, $24, and $ 0     92  
Unrealized holding gain (losses) on securities during the period, net of tax (benefit) of $1,080, ($1,940), $62 and ($2,043) for each respective period 4,061 (7,298) 228 (7,684)
Comprehensive income (loss) $ 5,881 $ (4,906) $ 5,873 $ (1,124)
v3.24.3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Condensed Consolidated Statements of Comprehensive Income (Loss)        
Net realized (gain) loss included in net income, net of taxes (benefits) $ 0 $ 0 $ 24 $ 0
Unrealized holding losses on securities during the period, net of tax (benefit) $ 1,080 $ (1,940) $ 62 $ (2,043)
v3.24.3
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Common Stock
Additional Paid-in Capital
Treasury Stock And Deferred Compensation
Retained Earnings
Cumulative effect of adoption of ASU 2016-13
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Cumulative effect of adoption of ASU 2016-13
Total
Beginning Balance at Dec. 31, 2022 $ 6,044 $ 24,814 $ (3,730)   $ 41,945 $ (9,336)   $ 59,737
Net Income (Loss)         6,560     6,560
Other comprehensive income (loss) before reclassification           (7,684)   (7,684)
Cash dividends         (3,788)     (3,788)
Deferred compensation plan activity   101 (101)          
Repurchase of common stock     (733)         (733)
Expense/shares repurchase related to share-based compensation plans 20 566           586
Ending Balance at Sep. 30, 2023 6,064 25,481 (4,564) $ (2,088) 42,629 (17,020) $ (2,088) 52,590
Beginning Balance at Jun. 30, 2023 6,044 25,328 (4,464)   41,223 (9,722)   58,409
Net Income (Loss)         2,392     2,392
Other comprehensive income (loss) before reclassification           (7,298)   (7,298)
Cash dividends         (986)     (986)
Deferred compensation plan activity   100 (100)          
Expense/shares repurchase related to share-based compensation plans 20 53           73
Ending Balance at Sep. 30, 2023 6,064 25,481 (4,564) $ (2,088) 42,629 (17,020) $ (2,088) 52,590
Beginning Balance at Dec. 31, 2023 6,064 25,913 (4,924)   44,018 (7,478)   63,593
Net Income (Loss)         5,553     5,553
Other comprehensive income (loss) before reclassification           320   320
Cash dividends         (4,040)     (4,040)
Deferred compensation plan activity     (687)         (687)
Repurchase of common stock 139 (139)            
Restricted stock issued   (291) 291          
Expense/shares repurchase related to share-based compensation plans   721           721
Ending Balance at Sep. 30, 2024 6,203 26,204 (5,320)   45,531 (7,158)   65,460
Beginning Balance at Jun. 30, 2024 6,188 26,219 (5,362)   44,771 (11,219)   60,597
Net Income (Loss)         1,820     1,820
Other comprehensive income (loss) before reclassification           4,061   4,061
Cash dividends         (1,060)     (1,060)
Deferred compensation plan activity   (42) 42          
Repurchase of common stock 15 (15)            
Expense/shares repurchase related to share-based compensation plans   42           42
Ending Balance at Sep. 30, 2024 $ 6,203 $ 26,204 $ (5,320)   $ 45,531 $ (7,158)   $ 65,460
v3.24.3
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Consolidated Statements of Stockholders' Equity        
Cash dividends per share $ 0.1775 $ 0.1675 $ 0.6750 $ 0.6450
v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net Income (Loss) $ 5,553,000 $ 6,560,000
Items not requiring (providing) cash    
Accretion of premiums and discounts on securities, net 329,000 271,000
Amortization of intangible asset 100,000 113,000
Depreciation and amortization 802,000 744,000
Expense related to share based compensation plans 721,000 586,000
Provision for (reversal of) credit loss expense and unfunded commitments 174,000 (300,000)
Increase in value of bank-owned life insurance (327,000) (320,000)
Gain on sale of loans (363,000) (8,000)
Proceeds from sale of loans held for sale 11,700,000 396,000
Originations of loans held for sale (11,337,000) (404,000)
Loss on sale of available-for-sale securities 116,000 0
Loss on sale or write down of foreclosed assets 7,000 62,000
Amortization of debt instrument costs 45,000 46,000
Net change in accrued interest receivable and other assets (579,000) (1,227,000)
Net change in accrued expenses and other liabilities 422,000 229,000
Net cash provided by operating activities 7,363,000 6,748,000
Investing Activities    
Maturities, prepayments and calls 10,040,000 2,275,000
Sales 27,431,000  
Purchases (44,911,000) (19,329,000)
Net change in loans 8,452,000 (5,524,000)
Purchase of FHLB stock (47,000) (3,149,000)
Redemption of Federal Home Loan Bank Stock   1,669,000
Purchases of premises and equipment (10,210,000) (952,000)
Proceeds from sale of foreclosed and fixed assets 42,000 16,000
Net cash provided by (used in) investing activities (9,203,000) (24,994,000)
Financing Activities    
Net change in deposits (5,640,000) (21,901,000)
Net change in securities sold under repurchase agreements 9,342,000 10,478,000
Proceeds from Federal Home Loan Bank advances   75,000,000
Repurchase of common stock (687,000) (733,000)
Finance lease payments (127,000)  
Cash dividends paid on common stock (4,040,000) (3,786,000)
Net (used in) cash provided by financing activities (1,152,000) 59,058,000
Increase (Decrease) in Cash and Cash Equivalents (2,992,000) 40,812,000
Cash and Cash Equivalents, Beginning of Period 40,770,000 30,080,000
Cash and Cash Equivalents, End of Period 37,778,000 70,892,000
Supplemental Cash Flows Information    
Interest paid on deposits and borrowings 10,979,000 7,604,000
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Transfers from loans to foreclosed assets held for sale $ 53,000 $ 13,000
v3.24.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies

Note 1:         Summary of Significant Accounting Policies

These interim financial statements are prepared without audit and reflect all adjustments which, in the opinion of management, are necessary to present fairly the financial position of United Bancorp, Inc. (“Company”) at September 30, 2024, and its results of operations and cash flows for the interim periods presented. All such adjustments are normal and recurring in nature. The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not purport to contain all the necessary financial disclosures required by accounting principles generally accepted in the United States of America that might otherwise be necessary in the circumstances and should be read in conjunction with the Company’s consolidated financial statements and related notes for the year ended December 31, 2023 included in its Annual Report on Form 10-K. Reference is made to the accounting policies of the Company described in the Notes to the Consolidated Financial Statements contained in its Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet of the Company as of December 31, 2023 has been derived from the audited consolidated balance sheet of the Company as of that date.

Principles of Consolidation

The consolidated financial statements include the accounts of United Bancorp, Inc. (“United” or “the Company”) and its wholly-owned subsidiary, Unified Bank of Martins Ferry, Ohio (“the Bank”). All intercompany transactions and balances have been eliminated in consolidation.

Nature of Operations

The Company’s revenues, operating income and assets are almost exclusively derived from banking. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Customers are mainly located in Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson and Tuscarawas Counties in Ohio and Marshall and Ohio Counties in West Virginia and the surrounding localities in northeastern, east-central and southeastern Ohio and include a wide range of individuals, businesses and other organizations. Unified Bank conducts its business through its main office in Martins Ferry, Ohio and branches in Bridgeport, Colerain, Dellroy, Dover, Glouster, Jewett, Lancaster Downtown, Lancaster East, Nelsonville, New Philadelphia, Powhatan Point, St. Clairsville East, St. Clairsville West, Sherrodsville, Strasburg, Tiltonsville, Ohio and Moundsville West Virginia.

The Company’s primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgage, commercial and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by both residential and commercial real estate. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances. The level of interest rates paid or received by the Company can be significantly influenced by a number of environmental factors, such as governmental monetary and fiscal policies, that are outside of management’s control.

Revenue Recognition

Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.

The majority of the Company’s revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as loans, investment securities, as well as revenue related to mortgage banking activities, as these activities are subject to other GAAP discussed elsewhere within the Company’s disclosures.

Descriptions of the Company’s revenue-generating activities that are within the scope of ASC 606, which are presented in the income statements as components of non-interest income are as follows:

Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when the performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied.

Use of Estimates

To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and future results could differ. The allowance for credit losses and fair values of financial instruments are particularly subject to change.

Investment Securities

Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date.

Investment securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Securities available for sale are carried at fair value. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. Unrealized gains or losses are reported as increases or decreases in other comprehensive income (loss), net of the deferred tax effect. Realized gains or losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities.

Allowance for Credit Losses – Available for Sale Securities

The Company measures expected credit losses on available-for-sale debt securities when the Company does not intend to sell, or when it is not more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Economic forecast data is utilized to calculate the present value of expected cash flows. The Company utilizes independent firms to evaluate the Company’s State and Municipal Obligations and Subordinated Notes to measure any expected credit losses. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income (loss).

The allowance for credit losses on available-for-sale debt securities is included within investment securities available-for-sale on the consolidated balance sheet. Changes in the allowance for credit losses are recorded within provision for credit losses on the consolidated statement of income. Losses are charged against the allowance when the Company believes the collectability of an available-for-sale security is in jeopardy or when either of the criteria regarding intent or requirement to sell is met.

Accrued interest receivable on available-for-sale debt securities totaled $2.5 million and $2.7 million at September 30, 2024 and December 31, 2023, respectively and is included within the line item accrued interest receivable on the consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. Available-for-sale debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed.

Loans

Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for credit losses and any deferred fees or costs. Accrued interest receivable totaled $1.2 million and $1.1 million at September 30, 2024 and December 31, 2023, respectively and was reported in the line item accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is amortizing these amounts over the contractual life of the loan. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method.

The loans receivable portfolio is segmented into commercial and industrial, which are typically utilized for general business purposes and commercial real estate, which are collaterized by real estate. Homogenouse loans consisting similar products that are smaller in amount and distributed over a large number of individual borrowers include residential real estate and consumer loans.

For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest generally is either applied against principal or reported as interest income on a cash basis, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months), and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past-due status of all classes of loans receivable is determined based on contractual due dates for loan payments.

Allowance for Credit Losses - Loans

The allowance for credit losses (“ACL”) is a valuation reserve established and maintained by charges against income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period.

The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share risk characteristics with other loans.

The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company uses the call report classification as its segment breakout and measures the allowance for credit losses using the Weighted Average Remaining Maturity method for all loan segments.

Historical credit loss experience is the basis for the estimation of expected credit losses. We apply historical loss rates to pools of loans with similar risk characteristics. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast adjustment is based on a 2 year unemployment forecast provided by Bloomberg and management judgment. For periods beyond our reasonable and supportable forecast, we revert back to historical annual loss rates for the remainder of the life of each pool after the forecast period. The qualitative adjustments for current conditions are based upon current level of inflation, changes in lending policies and practices, experience and ability of lending staff, quality of the Company’s loan review system, value of underlying collateral, the existence of and changes in concentrations and other external factors. These modified historical loss rates are multiplied by the outstanding principal balance of each loan to calculate a required reserve.

The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income.

The ACL for individual loans begins with the use of normal credit review procedures to identify whether a loan no longer shares similar risk characteristics with other pooled loans and therefore, should be individually assessed. We evaluate all commercial and industrial and commercial real estate loans, as well as residential and installment loans greater than $100,000 that meet the following criteria: 1) when it is determined that foreclosure is probable, 2) substandard, doubtful and nonperforming loans when repayment is expected to be provided substantially through the operation or sale of the collateral, 3) when it is determined by management that a loan does not share similar risk characteristics with other loans. Specific reserves are established based on the following three acceptable methods for measuring the ACL: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the loan is less than the loan balance.

Accounting Pronouncements Adopted in 2023

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and subsequent related updates. This ASU replaces the incurred loss methodology for recognizing credit losses and requires businesses and other organizations to measure the current expected credit losses (CECL) on financial assets measured at amortized cost, including loans and held-to-maturity securities, net investments in leases, off-balance sheet credit exposures such as unfunded commitments, and other financial instruments. In addition, ASC 326 requires credit losses on available-for-sale debt securities to be presented as an allowance rather than as a write-down when management does not intend to sell or believes that it is not more likely than not they will be required to sell. This guidance became effective on January 1, 2023 for the Company. The results reported for periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable accounting standards.

The Company adopted this guidance, and subsequent related updates, using the modified retrospective approach for all financial assets measured at amortized cost, including loans and available-for-sale debt securities and unfunded commitments. On January 1, 2023, the Company recorded a cumulative effect decrease to retained earnings of $2,088,000, net of tax, of which $1,911,000 related to loans, $177,000 related to unfunded commitments.

The Company adopted the provisions of ASC 326 related to presenting other-than-temporary impairment on available-for-sale debt securities prior to January 1, 2023 using the prospective transition approach, though no such charges had been recorded on the securities held by the Company as of the date of adoption. The Company did not change the segmentation from the incurred loss method upon adoption of ASC 326.

The impact of the change from the incurred loss model to the current expected credit loss model is detailed below.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 1, 2023

​

​

​

Loan Categories (in thousands)

    

Pre-adoption

    

Adoption Impact

    

As Reported

Commercial and Industrial

​

$

215

​

$

755

​

$

970

Commercial Real Estate

​

 

815

​

 

388

​

 

1,203

Residential Real Estate

​

 

816

​

 

1,379

​

 

2,195

Consumer

​

 

206

​

 

(103)

​

 

103

​

​

​

​

​

​

​

​

​

​

​

​

$

2,052

​

$

2,419

​

$

4,471

​

Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted through credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.

Earnings Per Share

Earnings per share (EPS) were computed as follows:

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended September 30, 2024

​

​

​

​

    

Weighted-

    

Per 

​

​

Net

​

Average 

​

Share

​

    

Income

    

Shares

    

 Amount

​

 

(In thousands)

​

​

​

​

​

Net income

​

$

1,820

 

​

 

​

​

Less allocated earnings on non-vested restricted stock

​

 

(35)

 

​

 

​

​

Less allocated dividends on non-vested restricted stock

​

​

(52)

​

​

​

​

​

Net income allocated to common stockholders

​

​

1,733

​

​

​

​

​

​

​

​

​

​

5,621,393

​

​

​

Basic and diluted earnings per share

​

 

  

 

​

​

$

0.31

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2023

​

​

​

​

​

Weighted-

​

 

​

​

Net

​

Average 

​

Per Share

​

    

Income

    

Shares

    

 Amount

​

 

(In thousands)

​

​

​

​

​

Net income

​

$

2,392

​

​

​

​

​

Less allocated earnings on non-vested restricted stock

​

 

(54)

 

​

​

​

​

Less allocated dividends on non-vested restricted stock

​

​

(38)

​

​

​

​

​

Net income allocated to common stockholders

​

​

2,300

​

​

​

​

​

​

​

​

​

​

5,488,995

​

​

​

Basic and diluted earnings per share

​

 

​

 

​

​

$

0.42

​

​

​

​

​

​

​

​

​

​

​

    

Nine Months Ended September 30, 2024

​

​

​

​

Weighted -

​

Per

​

​

Net

​

Average

​

Share

​

    

Income

    

Shares

    

Amount

​

​

(In thousands)

​

​

​

​

​

Net income

​

$

5,553

 

  

 

​

  

Less allocated earnings on non-vested restricted stock

​

 

(191)

 

  

 

​

  

Less allocated dividends on non-vested restricted stock

​

 

(61)

 

  

 

​

  

Net income allocated to common stockholders

​

 

5,301

 

  

 

​

  

​

​

​

​

 

5,584,250

​

​

​

Basic and diluted earnings per share

​

​

​

 

  

​

$

0.95

​

​

​

​

​

​

​

​

​

​

​

    

Nine Months Ended September 30, 2023

​

​

​

​

​

Weighted-

​

​

​

​

​

​

​

​

Average

​

Per Share

​

    

Net Income

    

Shares

    

Amount

​

​

(In thousands)

​

​

​

​

​

Net income

​

$

6,560

​

​

​

​

​

Less allocated earnings on non-vested restricted stock

​

 

(111)

​

​

​

​

​

Less dividends on non-vested restricted stock

​

 

(153)

​

​

​

​

​

Net income allocated to common stockholders

​

 

6,296

​

​

​

​

​

​

​

​

​

​

5,490,072

​

​

​

Basic and diluted earnings per share

​

​

​

​

​

​

$

1.15

​

Income Taxes

The Company is subject to income taxes in the U.S. federal jurisdiction, as well as various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before 2020.

v3.24.3
Securities
 9 Months Ended
Sep. 30, 2024
Securities  
Securities

Note 2:         Securities

The amortized cost and fair values, together with gross unrealized gains and losses of securities are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Gross

    

Gross

​

​

​

​

​

​

​

​

Unrealized

​

Unrealized

​

​

​

​

    

Amortized Cost

    

Gains

    

Losses

    

Fair Value

Available-for-sale Securities:

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024:

 

​

  

 

​

  

 

​

  

​

​

  

U.S. government agencies

​

$

17,500

​

$

—

​

$

(111)

​

$

17,389

State and municipal obligations

​

​

212,222

​

​

1,080

​

​

(6,438)

​

​

206,864

Subordinated notes

​

 

28,956

​

​

—

​

​

(3,048)

​

​

25,908

Total debt securities

​

$

258,678

​

$

1,080

​

$

(9,597)

​

$

250,161

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Gross

    

Gross

​

​

​

​

​

​

​

Unrealized

​

Unrealized

​

​

​

​

    

Amortized Cost

    

Gains

    

Losses

    

Fair Value

​

​

(In thousands)

Available-for-sale Securities:

​

 

  

​

 

  

​

 

  

​

 

  

December 31, 2023:

​

 

  

​

 

  

​

 

  

​

 

  

U.S. government agencies

​

$

45,000

​

$

—

​

$

(732)

​

$

44,268

State and municipal obligations

​

​

177,670

​

​

2,264

​

​

(5,742)

​

​

174,192

Subordinated note

​

​

29,013

​

​

—

​

​

(4,713)

​

​

24,300

Total debt securities

​

$

251,683

​

$

2,264

​

$

(11,187)

​

$

242,760

​

The amortized cost and fair value of available-for-sale securities at September 30, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

​

​

​

​

​

​

​

​

​

​

Amortized

​

Fair 

​

    

Cost

    

Value

​

​

(In thousands)

Under 1 year

​

$

5,000

​

$

4,993

One to five years

​

 

17,556

​

​

17,310

Five to ten years

​

 

27,067

​

​

24,021

Over ten years

​

 

209,055

​

​

203,837

Totals

​

$

258,678

​

$

250,161

​

The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $78.6 million and $72.8 million at September 30, 2024 and December 31, 2023, respectively.

Certain investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost. The total fair value of these investments at September 30, 2024 was $153.4 million, which represented 61% of the Company’s available-for-sale investment portfolio. The total fair value of these investments at December 31, 2023 was $123.1 million, which represented less than 51% of the Company’s available-for-sale.

Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary and are a result of an increase in longer term interest rates.

The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

​

Less than 12 Months

​

12 Months or More

​

Total

Description of

​

​

​

​

Unrealized

​

​

​

​

Unrealized

​

​

​

​

Unrealized

Securities

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

​

 

(In thousands)

U.S. Government agencies

​

$

—

​

$

—

​

$

17,389

​

$

(111)

​

$

17,389

​

$

(111)

State and municipal obligations

​

​

58,886

​

​

(603)

​

​

51,247

​

​

(5,835)

​

​

110,133

​

​

(6,438)

Subordinated notes

​

​

—

​

​

—

​

​

25,908

​

​

(3,048)

​

​

25,908

​

​

(3,048)

Total temporarily impaired securities

​

$

58,886

​

$

(603)

​

$

94,544

​

$

(8,994)

​

$

153,430

​

$

(9,597)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

​

Less than 12 Months

​

12 Months or More

​

Total

Description of

​

​

​

Unrealized

​

​

​

​

Unrealized

​

​

​

Unrealized

Securities

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

​

 

(In thousands)

US government agencies

​

$

—

​

$

—

​

$

44,268

​

$

(732)

​

$

44,268

​

$

(732)

State and municipal obligations

​

​

3,365

​

​

(12)

​

​

51,163

​

​

(5,730)

​

​

54,528

​

​

(5,742)

Subordinated notes

​

​

3,717

​

​

(799)

​

​

20,583

​

​

(3,914)

​

​

24,300

​

​

(4,713)

Total temporarily impaired securities

​

$

7,082

​

$

(811)

​

$

116,014

​

$

(10,376)

​

$

123,096

​

$

(11,187)

​

The unrealized losses on the Company’s 129 investments in available for sale securities were caused primarily by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be indicative of credit losses at September 30, 2024.

The Company recorded a loss of approximately $116,000 for the nine month ended September 30, 2024. The Company sold $20.3 million in securities for a loss of $228,000 and sold $7.2 million in securities for a gain of $112,000. The Company wanted to rebalance a portion of its security portfolio during the first half of 2024. There were no sales of investment securities for the three and nine months ended September 30, 2023.
v3.24.3
Loans and Allowance for Credit Losses
 9 Months Ended
Sep. 30, 2024
Loans and Allowance for Credit Losses  
Loans and Allowance for Credit Losses

Note 3:      Loans and Allowance for Credit Losses

Categories of loans include:

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2024

    

2023

​

​

(In thousands)

Commercial and Industrial

​

$

96,508

​

$

91,294

Commercial real estate

​

 

277,664

​

​

291,859

Residential real estate

​

 

91,277

​

​

93,364

Consumer loans

​

 

9,555

​

​

6,719

​

​

​

​

​

​

​

Total gross loans

​

 

475,004

​

​

483,236

​

​

​

​

​

​

​

Less allowance for credit losses

​

 

(4,002)

​

​

(3,918)

​

​

​

​

​

​

​

Total loans

​

$

471,002

​

$

479,318

​

The amount of deferred loan fees at September 30, 2024 was $51 and $41 at December 31, 2023. The risk characteristics of each loan portfolio segment are as follows:

Commercial and Industrial, and Commercial Real Estate

Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and may include a personal guarantee. Short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Company’s commercial real estate portfolio are diverse, but with geographic location almost entirely in the Company’s market area. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. In general, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level of owner-occupied commercial real estate versus nonowner-occupied loans.

Residential Real Estate and Consumer

Residential real estate and consumer loans consist of two segments - residential mortgage loans and personal loans. For residential mortgage loans that are secured by 1-4 family residences and are generally owner-occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and consumer personal loans are secured by consumer personal assets, such as automobiles or recreational vehicles. Some consumer personal loans are unsecured, such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

​

Allowance for Credit Losses and Recorded Investment in Loans

As of and for the three and nine month periods ended September 30, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and

​

Commercial

​

​

​

​

​

​

​

​

​

    

Industrial

    

Real Estate

    

Residential

    

Consumer

    

Total

​

​

(in thousands)

Allowance for credit losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, July 1, 2024

​

$

628

​

$

1,413

​

$

1,813

​

$

135

​

$

3,989

Provision (credit) for credit loss exposure

​

​

50

​

​

(23)

​

​

(12)

​

​

54

​

​

69

Losses charged off

​

​

—

​

​

—

​

​

(10)

​

​

(49)

​

​

(59)

Recoveries

​

​

—

​

​

—

​

​

—

​

​

3

​

​

3

Balance, September 30, 2024

​

$

678

​

$

1,390

​

$

1,791

​

$

143

​

$

4,002

Balance, January 1, 2024

​

$

573

​

$

1,408

​

$

1,843

​

$

94

​

$

3,918

Provision (credit) for credit loss exposure

​

​

179

​

​

(18)

​

​

(35)

​

​

178

​

​

304

Losses charged off

​

​

(75)

​

​

—

​

​

(17)

​

​

(151)

​

​

(243)

Recoveries

​

​

1

​

​

—

​

​

—

​

​

22

​

​

23

Balance, September 30, 2024

​

$

678

​

$

1,390

​

$

1,791

​

$

143

​

$

4,002

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allocation:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending balance: individually evaluated for credit losses

​

$

50

​

$

—

​

$

—

​

$

—

​

$

50

Ending balance: collectively evaluated for credit losses

​

$

628

​

$

1,390

​

$

1,791

​

$

143

​

$

3,952

Loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending balance: individually evaluated for credit losses

​

$

57

​

$

16

​

$

212

​

$

—

​

$

285

Ending balance: collectively evaluated for credit losses

​

$

96,451

​

$

277,648

​

$

91,065

​

$

9,555

​

$

474,719

​

Allowance for Credit Losses and Recorded Investment in Loans

As of and for the three and nine month periods ended September 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and

​

Commercial

​

​

​

​

​

​

​

​

​

​

    

Industrial

    

Real Estate

    

Residential

    

Consumer

    

Total

​

​

(in thousands)

Allowance for credit losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, July 1, 2023

​

$

902

​

$

1,079

​

$

2,092

​

$

208

​

$

4,281

Provision (credit) for credit loss exposure

​

​

(26)

​

​

11

​

​

(75)

​

​

(64)

​

​

(154)

Losses charged off

​

​

(1)

​

​

—

​

​

—

​

​

(32)

​

​

(33)

Recoveries

​

​

12

​

​

—

​

​

—

​

​

6

​

​

18

Balance, September 30, 2023

​

$

887

​

$

1,090

​

$

2,017

​

$

118

​

$

4,112

Balance, January 1, 2023

​

$

215

​

$

815

​

$

816

​

$

206

​

$

2,052

Impact of adopting ASC 326

​

​

755

​

​

388

​

​

1,379

​

​

(103)

​

​

2,419

Provision (credit) for credit loss exposure

​

​

(104)

​

​

(113)

​

​

(178)

​

​

95

​

​

(300)

Losses charged off

​

​

(1)

​

​

—

​

​

—

​

​

(94)

​

​

(95)

Recoveries

​

​

22

​

​

—

​

​

—

​

​

14

​

​

36

Balance, September 30, 2023

​

$

887

​

$

1,090

​

$

2,017

​

$

118

​

$

4,112

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allocation:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending balance: individually evaluated for credit losses

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Ending balance: collectively evaluated for credit losses

​

$

887

​

$

1,090

​

$

2,017

​

$

118

​

$

4,112

Loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending balance: individually evaluated for credit losses

​

$

—

​

$

24

​

$

—

​

$

—

​

$

24

Ending balance: collectively evaluated for credit losses

​

$

94,840

​

$

272,433

​

$

92,746

​

$

6,799

​

$

466,818

​

Allowance for Loan Losses and Recorded Investment in Loans

As of December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and

​

Commercial

​

​

​

​

​

​

​

​

​

​

    

Industrial

    

Real Estate

    

Residential

    

Consumer

    

Total

​

​

(In thousands)

Allowance for loan losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending balance: individually evaluated for impairment

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Ending balance: collectively evaluated for impairment

​

$

573

​

$

1,408

​

$

1,843

​

$

94

​

$

3,918

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans:

​

 

  

​

 

​

​

 

  

​

 

  

​

 

  

Ending balance: individually evaluated for impairment

​

$

—

​

$

8

​

$

318

​

$

—

​

$

326

Ending balance: collectively evaluated for impairment

​

$

91,294

​

$

291,851

​

$

93,046

​

$

6,719

​

$

482,910

​

The following tables show the portfolio quality indicators.

Based on the most recent analysis performed, the following table presents the recorded investment in non-homogeneous loans by internal risk rating system as of September 30, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

    

​

​

    

​

​

    

​

​

    

​

​

    

Revolving

    

Revolving

    

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

Loans

​

​

​

​

 

​

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Converted

​

​

​

September 30, 2024

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

​

Cost Basis

​

to Term

​

Total

Commercial and industrial

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

17,535

​

$

18,935

​

$

12,266

​

$

9,186

​

$

10,948

​

$

8,950

​

$

17,366

​

$

—

​

$

95,186

Special Mention

​

​

—

​

​

—

​

​

26

​

​

—

​

​

—

​

​

141

​

​

1,098

​

​

—

​

​

1,265

Substandard

​

​

—

​

​

57

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

57

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

17,535

​

$

18,992

​

$

12,292

​

$

9,186

​

$

10,948

​

$

9,091

​

$

18,464

​

$

—

​

$

96,508

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and industrial

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current period gross charge-offs

​

$

—

​

$

75

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

75

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

6,370

​

$

37,586

​

$

33,615

​

$

46,897

​

$

31,918

​

$

70,720

​

$

42,097

​

$

—

​

$

269,203

Special Mention

​

​

—

​

​

—

​

​

324

​

​

242

​

​

—

​

​

7,879

​

​

—

​

​

—

​

​

8,445

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

16

​

​

—

​

​

—

​

​

16

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

6,370

​

$

37,586

​

$

33,939

​

$

47,139

​

$

31,918

​

$

78,615

​

$

42,097

​

$

—

​

$

277,664

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current period gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

23,905

​

$

56,522

​

$

45,881

​

$

56,083

​

$

42,866

​

$

79,670

​

$

59,463

​

$

—

​

$

364,390

Special Mention

​

​

—

​

​

—

​

​

350

​

​

242

​

​

—

​

​

8,020

​

​

1,098

​

​

—

​

​

9,710

Substandard

​

​

—

​

​

56

​

​

—

​

​

—

​

​

—

​

​

16

​

​

—

​

​

—

​

​

72

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

23,905

​

$

52,578

​

$

46,231

​

$

56,325

​

$

42,866

​

$

87,706

​

$

60,561

​

$

—

​

$

374,172

Current period gross charge-offs

​

$

—

​

$

75

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

75

​

The Company monitors the credit risk profile by payment activity for residential and consumer loan classes. Loans past due 90 days or more and loans on nonaccrual status are considered nonperforming. Nonperforming loans are reviewed quarterly. The following table presents the amortized cost in residential and consumer loans based on payment activity (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

    

​

​

    

​

​

    

​

​

    

​

​

    

Revolving

    

Revolving

    

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

Loans

​

​

​

​

 

​

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Converted

​

​

​

September 30, 2024

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

​

Cost Basis

​

to Term

​

Total

Residential Real Estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Payment Performance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

6,409

​

$

11,032

​

$

17,316

​

$

15,458

​

$

17,620

​

$

23,140

​

$

—

​

$

—

​

$

90,975

Nonperforming

​

​

—

​

​

24

​

​

—

​

​

—

​

​

—

​

​

278

​

​

—

​

​

—

​

​

302

Total

​

$

6,409

​

$

11,056

​

$

17,316

​

$

15,458

​

$

17,620

​

$

23,418

​

$

—

​

$

—

​

$

91,277

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current period gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

17

​

$

—

​

$

—

​

$

17

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Payment Performance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

4,936

​

$

1,931

​

$

933

​

$

395

​

$

324

​

$

994

​

$

37

​

$

—

​

$

9,550

Nonperforming

​

​

—

​

​

5

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5

Total

​

$

4,936

​

$

1,936

​

$

933

​

$

395

​

$

324

​

$

994

​

$

37

​

$

—

​

$

9,555

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current period gross charge-offs

​

$

101

​

$

50

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

151

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Payment Performance

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

11,345

​

$

12,963

​

$

18,249

​

$

15,853

​

$

17,944

​

$

24,136

​

$

37

​

$

—

​

$

99,337

Nonperforming

​

​

—

​

​

29

​

​

—

​

​

—

​

​

—

​

​

278

​

​

—

​

​

—

​

​

208

Total

​

$

11,345

​

$

12,992

​

$

18,249

​

$

15,853

​

$

17,944

​

$

24,414

​

$

37

​

$

—

​

$

100,834

Current period gross charge-offs

​

$

101

​

$

50

​

$

—

​

$

—

​

$

—

​

$

17

​

$

—

​

$

—

​

$

168

​

​

Based on the most recent analysis performed, the following table presents the recorded investment in non-homogeneous loans by internal risk rating system as of December 31, 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

    

​

​

    

    

​

    

    

​

    

    

​

    

Revolving

    

Revolving

    

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Converted

​

​

​

December 31, 2023

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior

​

Cost Basis

​

to Term

​

Total

Commercial and industrial

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Risk Rating

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Pass

​

$

21,847

​

$

14,723

​

$

13,067

​

$

14,042

​

$

6,017

​

$

5,292

​

$

15,019

​

$

—

​

$

90,007

Special Mention

​

 

—

​

 

26

​

 

—

​

 

—

​

 

—

​

 

128

​

 

1,133

​

 

—

​

 

1,287

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

21,847

​

$

14,749

​

$

13,067

​

$

14,042

​

$

6,017

​

$

5,420

​

$

16,152

​

$

—

​

$

91,294

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and industrial

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Current period gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Risk Rating

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Pass

​

$

29,246

​

$

35,721

​

$

48,569

​

$

34,671

​

$

26,562

​

$

57,441

​

$

55,141

​

$

—

​

$

287,351

Special Mention

​

 

—

​

 

—

​

 

242

​

 

2,050

​

 

—

​

 

2,121

​

 

—

​

 

—

​

 

4,413

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

95

​

 

—

​

 

—

​

 

95

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

29,246

​

$

35,721

​

$

48,811

​

$

36,721

​

$

26,562

​

$

59,657

​

$

55,141

​

$

—

​

$

291,859

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Current period gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Pass

​

$

51,093

​

$

50,444

​

$

61,636

​

$

48,713

​

$

32,579

​

$

62,733

​

$

70,160

​

$

—

​

$

377,358

Special Mention

​

 

—

​

 

26

​

 

242

​

 

2,050

​

 

—

​

 

2,249

​

 

1,133

​

 

—

​

 

5,700

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

95

​

 

—

​

 

—

​

 

95

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

51,093

​

$

50,470

​

$

61,878

​

$

50,763

​

$

32,579

​

$

65,077

​

$

71,293

​

$

—

​

$

383,153

Current period gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

The Company monitors the credit risk profile by payment activity for residential and consumer loan classes. Loans past due 90 days or more and loans on nonaccrual status are considered nonperforming. Nonperforming loans are reviewed quarterly. The following table presents the amortized cost in residential and consumer loans based on payment activity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

    

    

​

    

    

​

    

    

​

    

    

​

    

    

​

    

Revolving

    

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Converted

December 31, 2023

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior

​

Cost Basis

​

to Term

​

Total

Residential Real Estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Payment Performance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

12,036

​

$

18,297

​

$

16,343

​

$

19,476

​

$

5,687

​

$

21,046

​

$

—

​

$

—

​

$

92,885

Nonperforming

​

 

—

​

 

—

​

 

—

​

 

38

​

 

—

​

 

441

​

 

—

​

 

—

​

 

479

Total

​

$

12,036

​

$

18,297

​

$

16,343

​

$

19,514

​

$

5,687

​

$

21,487

​

$

—

​

$

—

​

$

93,364

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Current period gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Payment Performance

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Performing

​

$

2,484

​

$

1,396

​

$

674

​

$

456

​

$

385

​

$

953

​

$

371

​

$

—

​

$

6,719

Nonperforming

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

2,484

​

$

1,396

​

$

674

​

$

456

​

$

385

​

$

953

​

$

371

​

$

—

​

$

6,719

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Current period gross charge-offs

​

$

138

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

138

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Payment Performance

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Performing

​

$

14,520

​

$

19,693

​

$

17,017

​

$

19,932

​

$

6,072

​

$

21,999

​

$

371

​

$

—

​

$

99,604

Nonperforming

​

 

—

​

 

—

​

 

—

​

 

38

​

 

—

​

 

441

​

 

—

​

 

—

​

 

479

Total

​

$

14,520

​

$

19,693

​

$

17,017

​

$

19,970

​

$

6,072

​

$

22,440

​

$

371

​

$

—

​

$

100,083

Current period gross charge-offs

​

$

138

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

138

​

To facilitate the monitoring of credit quality within the loan portfolio, and for purposes of analyzing historical loss rates used in the determination of the allowance for credit losses, the Company utilizes the following categories of credit grades: pass, special mention, substandard, and doubtful. The four categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter. Pass ratings, which are assigned to those borrowers that do not have identified potential or well defined weaknesses and for which there is a high likelihood of orderly repayment, are updated periodically based on the size and credit characteristics of the borrower. All other categories are updated on at least a quarterly basis.

The Company assigns a special mention rating to loans that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the loan or the Company’s credit position.

The Company assigns a substandard rating to loans that are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. Substandard loans have well defined weaknesses or weaknesses that could jeopardize the orderly repayment of the debt. Loans and leases in this grade also are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies noted are not addressed and corrected.

The Company assigns a doubtful rating to loans that have all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage of and strengthen the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceeding, capital injection, perfecting liens on additional collateral or refinancing plans.

The Company evaluates the loan risk grading system definitions and allowance for credit losses methodology on an ongoing basis. No significant changes were made to either during the past year to date period.

Loan Portfolio Aging Analysis

As of September 30, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

30-59 Days

​

60‑89 Days

​

Greater

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Past Due

​

Past Due

​

Than 90 Days 

​

​

​

​

Total Past

​

​

​

​

​

​

​

​

and

​

and

​

and

​

​

​

Due and

​

​

​

​

Total Loans

​

    

Accruing

    

Accruing

    

Accruing

    

Non Accrual

    

 Non Accrual

    

Current

    

Receivable

​

​

(In thousands)

Commercial and Industrial

​

$

—

​

$

44

​

$

168

​

$

57

​

$

269

​

$

96,239

​

$

96,508

Commercial real estate

​

 

—

​

​

—

​

​

242

​

​

16

​

​

258

​

​

277,406

​

​

277,664

Residential

​

 

98

​

​

48

​

​

—

​

​

302

​

​

448

​

​

90,829

​

​

91,277

Consumer

​

 

8

​

​

17

​

​

—

​

​

5

​

​

30

​

​

9,525

​

​

9,555

Total

​

$

106

​

$

109

​

$

410

​

$

380

​

$

1,005

​

$

473,999

​

$

475,004

​

As of September 30, 2024 $410,000 in loans greter than 90 days past due and still accruing interest are supported by a 100% government gurantee.

​

Loan Portfolio Aging Analysis

As of December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

30‑59 Days

​

60‑89 Days

​

Greater

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Past Due

​

Past Due

​

Than 90 Days 

​

​

​

​

Total Past

​

​

​

​

​

​

​

​

and

​

and

​

and

​

​

​

Due and

​

​

​

​

Total Loans

​

    

Accruing

    

Accruing

    

Accruing

    

Non Accrual

    

Non Accrual

    

Current

    

Receivable

​

​

(In thousands)

Commercial and Industrial

​

$

10

​

$

48

​

$

154

​

$

—

​

$

212

​

$

91,082

​

$

91,294

Commercial real estate

​

 

—

​

​

242

​

​

—

​

​

8

​

​

250

​

​

291,609

​

​

291,859

Residential

​

 

201

​

​

—

​

​

—

​

​

479

​

​

680

​

​

92,684

​

​

93,364

Installment

​

 

5

​

​

—

​

​

—

​

​

—

​

​

5

​

​

6,714

​

​

6,719

Total

​

$

216

​

$

290

​

$

154

​

$

487

​

$

1,147

​

$

482,089

​

$

483,236

​

Nonperforming Loans

The following table present the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing interest as of September 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

​

​

​

​

​

​

​

Loans Past

​

​

​

​

​

​

​

​

​

​

​

​

​

Due Over 90 Days

​

Total

​

​

Nonaccrual with no ACL

    

Nonaccrual with ACL

    

Total Nonaccrual

    

Still Accruing

    

Nonperforming

​

 

(In thousands)

Commercial and Industrial

​

$

—

​

$

57

​

$

57

​

$

168

​

$

225

Commercial real estate

​

 

16

​

​

—

​

​

16

​

​

242

​

​

258

Residential

​

 

302

​

​

—

​

​

302

​

​

—

​

​

302

Consumer

​

 

5

​

​

—

​

​

5

​

​

—

​

​

5

Total

​

$

323

​

$

57

​

$

380

​

$

410

​

$

790

​

The Company recognized approximately $0 and $19,000 interest income on nonaccrual loans during the three and nine month periods ended September 30, 2024.

​

The following table present the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing interest as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

    

​

    

​

​

    

Loans Past

    

​

​

​

​

​

​

​

​

​

​

​

​

​

Due Over 90 Days

​

Total

​

​

Nonaccrual with no ACL

​

Nonaccrual with ACL

​

Total Nonaccrual

​

Still Accruing

​

Nonperforming

​

 

(In thousands)

Commercial and Industrial

​

$

—

​

$

—

​

$

—

​

$

154

​

$

154

Commercial real estate

​

 

8

​

 

—

​

 

8

​

 

—

​

 

8

Residential

​

 

479

​

 

—

​

 

479

​

 

—

​

 

479

Consumer

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

487

​

$

—

​

$

487

​

$

154

​

$

641

​

The Company recognized approximately $0 and $13,000 interest income on nonaccrual loans during the three and nine months periods ended December 31, 2023.

​

Occasionally, the Bank modifies loans to borrowers in financial distress by providing term extension, other-than-significant payment delay or interest rate reduction. In some cases, the Bank provides multiple types of concessions on one loan. Typically, one type of concession, such as an interest rate reduction, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as term extension, may be granted.

​

For the three and nine months ended September 30, 2024 and 2023, the Bank did not grant any loan modifications to borrowers experiencing financial difficulty.

​

As of September 30, 2024 and December 31, 2023, the Bank has not initiated formal proceedings on any loans that have not been transferred into foreclosed assets.
v3.24.3
Benefit Plans
 9 Months Ended
Sep. 30, 2024
Benefit Plans  
Benefit Plans

Note 4:         Benefit Plans

Pension expense includes the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Nine months ended

​

​

September 30, 

​

September 30, 

​

    

2024

    

2023

    

2024

    

2023

​

​

(In thousands)

Service cost

​

$

81

​

$

76

​

$

243

​

$

228

Interest cost

​

 

81

​

​

78

​

​

243

​

​

234

Expected return on assets

​

 

(156)

​

​

(133)

​

​

(468)

​

​

(399)

Amortization (accretion) of prior service cost and net loss

​

 

(22)

​

​

(10)

​

​

(66)

​

​

(30)

​

​

 

​

​

​

​

​

​

​

​

​

​

Pension expense

​

$

(16)

​

$

11

​

$

(48)

​

$

33

​

All components of pension expense are reflected within the salaries and employee benefits line of the consolidated statements of income statement.
v3.24.3
Off-balance-sheet Activities
 9 Months Ended
Sep. 30, 2024
Off-balance-sheet Activities  
Off-balance-sheet Activities

Note 5:         Off-balance-sheet Activities

Some financial instruments, such as loan commitments, credit lines, letters of credit and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contracts are met, and usually have expiration dates. Commitments may expire without being used. Off-balance-sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment.

A summary of the notional or contractual amounts of financial instruments with off-balance-sheet risk at the indicated dates is as follows:

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

​

2024

​

2023

​

​

(In thousands)

Commercial loans unused lines of credit

​

$

74,869

​

$

93,773

Commitment to originate loans

​

 

73,393

​

 

91,710

Consumer open end lines of credit

​

 

35,412

​

 

37,024

Standby lines of credit

​

 

136

​

 

136

​

Allowance for Credit Losses on Off-Balance Sheet Commitments

The following table present the activity in the allowance for credit losses related to off-balance sheet commitments, that is included in interest payable and other liabilities on the consolidated balance sheets of financial condition for the three and nine months ended September 30, 2024 and 2023.

​

​

​

​

​

​

    

September 30,

​

​

2024

​

    

​

​

Balance – December 31, 2023

​

$

224

Provision for (reversal of) credit losses

​

 

(130)

Balance – June 30, 2024

​

$

94

Provision for (reversal of) credit losses

​

 

—

Balance – September 30, 2024

​

$

94

​

​

​

​

​

​

​

September 30,

​

​

2023

​

    

​

​

Balance – December 31, 2022

​

$

—

Impact of adopting ASC 326

​

 

224

Provision for (reversal of) credit losses

​

 

—

Balance – June 30, 2023

​

$

224

Provision for (reversal of) credit losses

​

 

—

Balance – September 30, 2023

​

$

224

​
v3.24.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss)  
Accumulated Other Comprehensive Income (Loss)

Note 6:         Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows:

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

​

2024

​

2023

​

​

(In thousands)

Net unrealized loss on securities available-for-sale

​

$

(8,517)

​

$

(8,922)

Net unrealized loss for unfunded status of defined benefit plan liability

​

 

(543)

​

​

(543)

​

​

​

(9,060)

​

​

(9,465)

Less: Tax effect

​

 

1,902

​

​

1,987

Net-of-tax amount

​

$

(7,158)

​

$

(7,478)

​

The changes in accumulated other comprehensive Income (loss) by componend shown of net of tax and parenthesis indicating debits as of September 30, 2024 and 2023.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Three months ended

​

​

September 30, 2024

​

September 30, 2023

​

​

Net unrealized

​

​

​

​

​

​

Net unrealized

​

​

​

​

​

​

​

(Loss)

​

Defined

​

​

​

​

(Loss)

​

Defined

​

​

​

​

    

Gain on Available

​

Benefit

    

​

​

    

Gain on Available

    

Benefit

    

​

​

​

​

For Sale Securities

    

Plan

​

Total

​

For Sale Securities

​

Plan

​

Total

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

(10,790)

​

$

(429)

​

$

(11,219)

​

$

(9,063)

​

$

(559)

​

$

(9,722)

Other comprehensivbe income (loss) before reclassification

​

 

4,061

​

 

—

​

 

4,061

​

 

(7,298)

​

 

—

​

 

(7,298)

Amounts reclassified from accumulated other comprehensive gain (loss)

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Net current -period other comprehensive income (loss)

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Ending balance

​

$

(6,729)

​

$

(429)

​

$

(7,158)

​

$

(16,361)

​

$

(659)

​

$

(17,020)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine months ended

​

Nine months ended

​

​

September 30, 2024

​

September 30, 2023

​

​

Net unrealized

​

​

​

​

​

​

Net unrealized

​

​

​

​

​

​

​

(Loss)

​

Defined

​

​

​

​

(Loss)

​

Defined

​

​

​

​

    

Gain on Available

​

Benefit

    

​

​

    

Gain on Available

    

Benefit

    

​

​

​

​

For Sale Securities

    

Plan

​

Total

​

For Sale Securities

​

Plan

​

Total

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

(7,049)

​

$

(429)

​

$

(7,478)

​

$

(8,677)

​

$

(659)

​

$

(9,336)

Other comprehensivbe income (loss) before reclassification

​

 

228

​

 

—

​

 

228

​

 

(7,684)

​

 

—

​

 

(7,684)

Amounts reclassified from accumulated other comprehensive gain (loss)

​

 

92

​

 

—

​

 

92

​

 

—

​

 

—

​

 

—

Net current -period other comprehensive income (loss)

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Ending balance

​

$

(6,729)

​

$

(429)

​

$

(7,158)

​

$

(16,361)

​

$

(659)

​

$

(17,020)

​
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Measurements  
Fair Value Measurements

Note 7:         Fair Value Measurements

The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company also utilizes 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 1

Quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date

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

Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Available-for-sale Securities

Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. The Company’s equity securities are classified within Level 1 of the hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy.

The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2024 and December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

    

​

​

    

Quoted Prices

    

​

​

    

​

​

​

​

​

​

​

in Active

​

Significant

​

​

​

​

​

​

​

​

Markets for

​

Other

​

Significant

​

​

​

​

​

Identical

​

Observable

​

Unobservable

​

​

​

​

​

Assets

​

Inputs

​

Inputs

​

​

Fair Value

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

​

(In thousands)

September 30, 2024

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government agencies

​

$

17,389

​

$

—

​

$

17,389

​

$

—

Subordinated notes

​

​

25,908

​

​

—

​

​

25,908

​

​

—

State and municipal obligations

​

​

206,864

​

​

—

​

​

206,864

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

 

​

​

​

​

​

​

​

​

 

  

U.S. government agencies

​

$

44,268

​

$

—

​

$

44,268

​

$

—

Subordinated notes

​

​

24,300

​

​

—

​

​

24,300

​

​

—

State and municipal obligations

​

​

174,192

​

​

—

​

​

174,192

​

​

—

​

​

Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.

Collateral Dependent

Collateral dependent loans consisted primarily of loans secured by nonresidential real estate. Management has determined fair value measurements on collateral dependent loans primarily through evaluations of appraisals performed. Due to the nature of the valuation inputs, collateral dependent loans are classified within Level 3 of the hierarchy.

The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the Company’s Chief Lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the Company’s Chief Lender by comparison to historical results.

Foreclosed Assets Held for Sale

Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value (based on current appraised value) at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Management has determined fair value measurements on other real estate owned primarily through evaluations of appraisals performed, and current and past offers for the other real estate under evaluation. Due to the nature of the valuation inputs, foreclosed assets held for sale are classified within Level 3 of the hierarchy.

Appraisals of OREO are obtained when the real estate is acquired and subsequently as deemed necessary by the Company’s Chief lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender and are selected from the list of approved appraisers maintained by management.

​

The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2024 and December 31, 2023.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

    

​

​

    

Quoted Prices

    

​

​

    

​

​

​

​

​

​

​

in Active

​

Significant

​

​

​

​

​

​

​

​

Markets for

​

Other 

​

Significant

​

​

​

​

​

Identical

​

Observable

​

Unobservable

​

​

Fair

​

Assets

​

Inputs

​

Inputs

​

​

Value

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

​

(In thousands)

September 30, 2024

 

​

  

 

​

  

 

​

  

 

​

  

Collateral dependent loans

​

$

50

​

$

—

​

$

—

​

$

50

Foreclosed assets held for sale

​

 

120

​

 

—

​

 

—

​

 

120

​

​

 

  

​

 

​

​

 

  

​

 

  

December 31, 2023

​

 

  

​

 

  

​

 

  

​

 

  

Collateral dependent loans

​

$

—

​

$

—

​

$

—

​

$

—

Foreclosed assets held for sale

​

 

3,273

​

 

—

​

 

—

​

 

3,273

​

Unobservable (Level 3) Inputs

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value at

    

Valuation

    

Unobservable

    

​

 

​

    

9/30/24

    

Technique

    

Inputs

    

Range

 

​

​

(In thousands)

 

Collateral-dependent loans

​

$

50

 

Market comparable properties

 

Comparability adjustments

 

5% – 10

%

Foreclosed assets held for sale

​

 

120

 

Market comparable properties

 

Marketability discount

 

10% – 35

%

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value at

    

Valuation

    

Unobservable

    

​

​

​

12/31/23

​

Technique

​

Inputs

​

Range

​

​

(In thousands)

Collateral-dependent loans

​

$

—

 

Market comparable properties

 

Comparability adjustments

 

5% – 10%

Foreclosed assets held for sale

​

​

3,273

 

Market comparable properties

 

Marketability discount

 

10% – 35%

​

There were no significant changes in the valuation techniques used during 2024.

The following table presents estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

    

​

​

    

Quoted Prices

    

​

​

    

​

​

​

​

​

​

​

in Active

​

Significant

​

​

​

​

​

​

​

​

Markets for

​

Other

​

Significant

​

​

​

​

​

Identical

​

Observable 

​

Unobservable 

​

​

Carrying

​

Assets

​

Inputs

​

Inputs

​

​

Amount

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

​

(In thousands)

September 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial assets

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

37,778

​

$

37,778

​

$

—

​

$

—

Loans, net of allowance

​

 

471,002

​

​

—

​

​

—

​

​

452,077

Federal Home Loan Bank stock

​

 

4,026

​

​

—

​

​

4,026

​

​

—

Accrued interest receivable

​

 

3,846

​

​

—

​

​

3,846

​

​

—

​

​

 

​

​

​

​

​

​

​

​

​

​

Financial liabilities

​

 

​

​

​

​

​

​

​

​

​

​

Deposits

​

$

615,819

​

$

—

​

$

617,542

​

$

—

Securities sold under agreements to repurchase

​

​

36,123

​

​

—

​

​

36,123

​

​

—

Subordinated debentures

​

​

23,832

​

​

—

​

​

21,749

​

​

—

Advance Federal Home Loan Bank

​

​

75,000

​

​

—

​

​

75,836

​

​

—

Interest payable

​

 

587

​

​

—

​

​

587

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

    

​

​

    

Quoted Prices

    

​

    

​

​

​

​

​

​

in Active

​

Significant

​

​

​

​

​

​

​

Markets for

​

Other

​

Significant

​

​

​

​

​

Identical

​

Observable

​

Unobservable

​

​

Carrying

​

Assets

​

Inputs

​

Inputs

​

​

Amount

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

​

(In thousands)

December 31, 2023:

 

​

​

 

​

  

 

​

  

 

​

  

​

 

​

​

 

​

  

 

​

  

 

​

  

Financial assets

 

​

​

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

40,770

​

$

40,770

​

$

—

​

$

—

Loans, net of allowance

​

 

479,318

​

 

—

​

 

—

​

 

459,759

Federal Home Loan Bank stock

​

 

3,979

​

 

—

​

 

3,979

​

 

—

Accrued interest receivable

​

 

4,098

​

 

—

​

 

4,098

​

 

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities

​

 

​

​

 

​

​

 

​

​

 

​

Deposits

​

​

621,459

​

​

—

​

​

623,813

​

​

—

Short term borrowings

​

 

26,781

​

 

—

​

 

26,781

​

 

—

Subordinated debentures

​

 

23,787

​

 

—

​

 

22,146

​

 

—

Advance Federal Home Loan Bank

​

​

75,000

​

​

—

​

​

74,911

​

​

—

Interest payable

​

 

579

​

 

—

​

 

579

​

 

—

​

The following methods and assumptions were used to estimate the fair value of each class of financial instruments.

Cash and Cash Equivalents, Accrued Interest Receivable and Federal Home Loan Bank Stock

The carrying amounts approximate fair value.

Loans

Fair values of loans and leases are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors.

Deposits

Deposits include demand deposits, savings accounts, NOW accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities.

Interest Payable

The carrying amount approximates fair value.

Securities sold under agreements to repurchase, Federal Home Loan Bank Advances and Subordinated Debentures

Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt.

Commitments to Originate Loans, Letters of Credit and Lines of Credit

The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. Fair values of commitments were not material at September 30, 2024 and December 31, 2023.
v3.24.3
Repurchase Agreements
 9 Months Ended
Sep. 30, 2024
Repurchase Agreements  
Repurchase Agreements

Note 8:          Repurchase Agreements

Securities sold under agreements to repurchase (“repurchase agreements”) with customers represent funds deposited by customers, generally on an overnight basis that are collateralized by investment securities owned by the Company.

The following table presents the Company’s repurchase agreements accounted for as secured borrowings:

Remaining Contractual Maturity of the Agreement

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Overnight and

    

​

    

​

​

    

 Greater than

    

​

​

September 30, 2024

​

Continuous

​

Up to 30 Days

​

30‑90 Days

​

90 Days

​

Total

Repurchase Agreements

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

State and municipal obligations

​

$

36,123

​

$

—

​

$

—

​

$

—

​

$

36,123

Total

​

$

36,123

​

$

—

​

$

—

​

$

—

​

$

36,123

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Overnight and

    

​

​

    

​

​

    

Greater than

    

​

​

December 31, 2023

​

Continuous

​

Up to 30 Days

​

30‑90 Days

​

90 Days

​

Total

Repurchase Agreements

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

State and municipal obligations

​

$

26,781

​

$

—

​

$

—

​

$

—

​

$

26,781

Total

​

$

26,781

​

$

—

​

$

—

​

$

—

​

$

26,781

​

These borrowings were collateralized with state and municipal obligations with a carrying value of $49.0 million at September 30, 2024 and $41.1 million at December 31, 2023. Declines in the fair value would require the Company to pledge additional securities.
v3.24.3
Core Deposits and Intangible Assets
 9 Months Ended
Sep. 30, 2024
Core Deposits and Intangible Assets  
Core Deposits and Intangible Assets

Note 9:           Core Deposits and Intangible Assets

The following table shows the changes in the carrying amount of goodwill for September 30, 2023 and December 31, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

​

2024

​

2023

Balance beginning of year

​

$

682

​

$

682

Additions from acquisition

 

​

—

 

​

—

Balance, end of period

​

$

682

​

$

682

​

Intangible assets in the consolidated balance sheets at September 30, 2024 and December 31, 2023 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

Year Ended December 31, 2023

​

​

Gross

​

​

​

​

​

Gross

​

​

​

​

​

​

Intangible

​

Accumulated

​

Net Intangible

​

Intangible

​

Accumulated

​

Net Intangible

​

    

Assets

    

Amortization

    

Assets

    

Assets

    

Amortization

    

Assets

Core deposit intangibles

​

$

1,041

 

881

 

160

 

1,041

​

781

 

260

​

The estimated aggregate future amortization expense remaining as of September 30, 2024 is as follows (in thousands):

​

​

​

​

​

2024

    

​

33

2025

​

 

127

​

​

At each reporting date between annual goodwill impairment tests, the Company considers potential indicators of impairment. At the conclusion of the assessment, the Company determined that as of September 30, 2024 it was more likely than not that the fair value exceeded its carrying values. The Company will continue to monitor the overall economic conditions and any other triggering events or circumstances that may indicate an impairment of goodwill in the future.
v3.24.3
Advances from the Federal Home Loan Bank
 9 Months Ended
Sep. 30, 2024
Advances from the Federal Home Loan Bank  
Advances from the Federal Home Loan Bank

Note 10:           Advances from the Federal Home Loan Bank

At September 30, 2024 and December 31, 2023, advances from the Federal Home Loan Bank were $75 million.

At September 30, 2024, required annual payments on Federal Home Loan Bank advances were for year ending December 31, 2026 $20 million (4.39% fixed rate), December 31, 2027 $35 million (4.24% fixed rate) and December 31, 2028 $20 million (4.11% fixed rate).
v3.24.3
Premises and Equipment
 9 Months Ended
Sep. 30, 2024
Premises and Equipment  
Premises and Equipment

Note 11:           Premises and Equipment

​

Major classifications of premises and equipment, stated at cost, are as follows:

​

​

​

​

​

​

​

​

​

    

September 30,

    

December 31,

​

​

2024

​

2023

​

​

(In thousands)

Land, buildings and improvements

​

$

32,484

​

$

22,927

Furniture and equipment

​

 

16,075

​

 

15,398

Computer software

​

 

2,648

​

 

2,546

​

​

 

51,207

​

 

40,871

Less accumulated depreciation

​

 

(26,688)

​

 

(25,887)

Net premises and equipment

​

$

24,519

​

$

14,984

​

Depreciation and amortization charged to operations was $802,000 for the nine month ended September 30, 2024 and $744,000 for the nine months ended September 30, 2023.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 1,820 $ 2,392 $ 5,553 $ 6,560
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Summary of Significant Accounting Policies  
Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of United Bancorp, Inc. (“United” or “the Company”) and its wholly-owned subsidiary, Unified Bank of Martins Ferry, Ohio (“the Bank”). All intercompany transactions and balances have been eliminated in consolidation.
Nature of Operations

Nature of Operations

The Company’s revenues, operating income and assets are almost exclusively derived from banking. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Customers are mainly located in Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson and Tuscarawas Counties in Ohio and Marshall and Ohio Counties in West Virginia and the surrounding localities in northeastern, east-central and southeastern Ohio and include a wide range of individuals, businesses and other organizations. Unified Bank conducts its business through its main office in Martins Ferry, Ohio and branches in Bridgeport, Colerain, Dellroy, Dover, Glouster, Jewett, Lancaster Downtown, Lancaster East, Nelsonville, New Philadelphia, Powhatan Point, St. Clairsville East, St. Clairsville West, Sherrodsville, Strasburg, Tiltonsville, Ohio and Moundsville West Virginia.

The Company’s primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgage, commercial and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by both residential and commercial real estate. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances. The level of interest rates paid or received by the Company can be significantly influenced by a number of environmental factors, such as governmental monetary and fiscal policies, that are outside of management’s control.
Revenue Recognition

Revenue Recognition

Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.

The majority of the Company’s revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as loans, investment securities, as well as revenue related to mortgage banking activities, as these activities are subject to other GAAP discussed elsewhere within the Company’s disclosures.

Descriptions of the Company’s revenue-generating activities that are within the scope of ASC 606, which are presented in the income statements as components of non-interest income are as follows:

Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when the performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied.
Use of Estimates

Use of Estimates

To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and future results could differ. The allowance for credit losses and fair values of financial instruments are particularly subject to change.
Investment Securities

Investment Securities

Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date.

Investment securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Securities available for sale are carried at fair value. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. Unrealized gains or losses are reported as increases or decreases in other comprehensive income (loss), net of the deferred tax effect. Realized gains or losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities.
Allowance for Credit Losses - Available for Sale Securities

Allowance for Credit Losses – Available for Sale Securities

The Company measures expected credit losses on available-for-sale debt securities when the Company does not intend to sell, or when it is not more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Economic forecast data is utilized to calculate the present value of expected cash flows. The Company utilizes independent firms to evaluate the Company’s State and Municipal Obligations and Subordinated Notes to measure any expected credit losses. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income (loss).

The allowance for credit losses on available-for-sale debt securities is included within investment securities available-for-sale on the consolidated balance sheet. Changes in the allowance for credit losses are recorded within provision for credit losses on the consolidated statement of income. Losses are charged against the allowance when the Company believes the collectability of an available-for-sale security is in jeopardy or when either of the criteria regarding intent or requirement to sell is met.

Accrued interest receivable on available-for-sale debt securities totaled $2.5 million and $2.7 million at September 30, 2024 and December 31, 2023, respectively and is included within the line item accrued interest receivable on the consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. Available-for-sale debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed.
Loans

Loans

Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for credit losses and any deferred fees or costs. Accrued interest receivable totaled $1.2 million and $1.1 million at September 30, 2024 and December 31, 2023, respectively and was reported in the line item accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is amortizing these amounts over the contractual life of the loan. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method.

The loans receivable portfolio is segmented into commercial and industrial, which are typically utilized for general business purposes and commercial real estate, which are collaterized by real estate. Homogenouse loans consisting similar products that are smaller in amount and distributed over a large number of individual borrowers include residential real estate and consumer loans.

For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest generally is either applied against principal or reported as interest income on a cash basis, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months), and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past-due status of all classes of loans receivable is determined based on contractual due dates for loan payments.
Allowance for Credit Losses - Loans

Allowance for Credit Losses - Loans

The allowance for credit losses (“ACL”) is a valuation reserve established and maintained by charges against income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period.

The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share risk characteristics with other loans.

The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company uses the call report classification as its segment breakout and measures the allowance for credit losses using the Weighted Average Remaining Maturity method for all loan segments.

Historical credit loss experience is the basis for the estimation of expected credit losses. We apply historical loss rates to pools of loans with similar risk characteristics. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast adjustment is based on a 2 year unemployment forecast provided by Bloomberg and management judgment. For periods beyond our reasonable and supportable forecast, we revert back to historical annual loss rates for the remainder of the life of each pool after the forecast period. The qualitative adjustments for current conditions are based upon current level of inflation, changes in lending policies and practices, experience and ability of lending staff, quality of the Company’s loan review system, value of underlying collateral, the existence of and changes in concentrations and other external factors. These modified historical loss rates are multiplied by the outstanding principal balance of each loan to calculate a required reserve.

The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income.

The ACL for individual loans begins with the use of normal credit review procedures to identify whether a loan no longer shares similar risk characteristics with other pooled loans and therefore, should be individually assessed. We evaluate all commercial and industrial and commercial real estate loans, as well as residential and installment loans greater than $100,000 that meet the following criteria: 1) when it is determined that foreclosure is probable, 2) substandard, doubtful and nonperforming loans when repayment is expected to be provided substantially through the operation or sale of the collateral, 3) when it is determined by management that a loan does not share similar risk characteristics with other loans. Specific reserves are established based on the following three acceptable methods for measuring the ACL: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the loan is less than the loan balance.
Accounting Pronouncements Adopted in 2023

Accounting Pronouncements Adopted in 2023

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and subsequent related updates. This ASU replaces the incurred loss methodology for recognizing credit losses and requires businesses and other organizations to measure the current expected credit losses (CECL) on financial assets measured at amortized cost, including loans and held-to-maturity securities, net investments in leases, off-balance sheet credit exposures such as unfunded commitments, and other financial instruments. In addition, ASC 326 requires credit losses on available-for-sale debt securities to be presented as an allowance rather than as a write-down when management does not intend to sell or believes that it is not more likely than not they will be required to sell. This guidance became effective on January 1, 2023 for the Company. The results reported for periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable accounting standards.

The Company adopted this guidance, and subsequent related updates, using the modified retrospective approach for all financial assets measured at amortized cost, including loans and available-for-sale debt securities and unfunded commitments. On January 1, 2023, the Company recorded a cumulative effect decrease to retained earnings of $2,088,000, net of tax, of which $1,911,000 related to loans, $177,000 related to unfunded commitments.

The Company adopted the provisions of ASC 326 related to presenting other-than-temporary impairment on available-for-sale debt securities prior to January 1, 2023 using the prospective transition approach, though no such charges had been recorded on the securities held by the Company as of the date of adoption. The Company did not change the segmentation from the incurred loss method upon adoption of ASC 326.

The impact of the change from the incurred loss model to the current expected credit loss model is detailed below.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 1, 2023

​

​

​

Loan Categories (in thousands)

    

Pre-adoption

    

Adoption Impact

    

As Reported

Commercial and Industrial

​

$

215

​

$

755

​

$

970

Commercial Real Estate

​

 

815

​

 

388

​

 

1,203

Residential Real Estate

​

 

816

​

 

1,379

​

 

2,195

Consumer

​

 

206

​

 

(103)

​

 

103

​

​

​

​

​

​

​

​

​

​

​

​

$

2,052

​

$

2,419

​

$

4,471
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted through credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.
Earnings Per Share

Earnings Per Share

Earnings per share (EPS) were computed as follows:

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended September 30, 2024

​

​

​

​

    

Weighted-

    

Per 

​

​

Net

​

Average 

​

Share

​

    

Income

    

Shares

    

 Amount

​

 

(In thousands)

​

​

​

​

​

Net income

​

$

1,820

 

​

 

​

​

Less allocated earnings on non-vested restricted stock

​

 

(35)

 

​

 

​

​

Less allocated dividends on non-vested restricted stock

​

​

(52)

​

​

​

​

​

Net income allocated to common stockholders

​

​

1,733

​

​

​

​

​

​

​

​

​

​

5,621,393

​

​

​

Basic and diluted earnings per share

​

 

  

 

​

​

$

0.31

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2023

​

​

​

​

​

Weighted-

​

 

​

​

Net

​

Average 

​

Per Share

​

    

Income

    

Shares

    

 Amount

​

 

(In thousands)

​

​

​

​

​

Net income

​

$

2,392

​

​

​

​

​

Less allocated earnings on non-vested restricted stock

​

 

(54)

 

​

​

​

​

Less allocated dividends on non-vested restricted stock

​

​

(38)

​

​

​

​

​

Net income allocated to common stockholders

​

​

2,300

​

​

​

​

​

​

​

​

​

​

5,488,995

​

​

​

Basic and diluted earnings per share

​

 

​

 

​

​

$

0.42

​

​

​

​

​

​

​

​

​

​

​

    

Nine Months Ended September 30, 2024

​

​

​

​

Weighted -

​

Per

​

​

Net

​

Average

​

Share

​

    

Income

    

Shares

    

Amount

​

​

(In thousands)

​

​

​

​

​

Net income

​

$

5,553

 

  

 

​

  

Less allocated earnings on non-vested restricted stock

​

 

(191)

 

  

 

​

  

Less allocated dividends on non-vested restricted stock

​

 

(61)

 

  

 

​

  

Net income allocated to common stockholders

​

 

5,301

 

  

 

​

  

​

​

​

​

 

5,584,250

​

​

​

Basic and diluted earnings per share

​

​

​

 

  

​

$

0.95

​

​

​

​

​

​

​

​

​

​

​

    

Nine Months Ended September 30, 2023

​

​

​

​

​

Weighted-

​

​

​

​

​

​

​

​

Average

​

Per Share

​

    

Net Income

    

Shares

    

Amount

​

​

(In thousands)

​

​

​

​

​

Net income

​

$

6,560

​

​

​

​

​

Less allocated earnings on non-vested restricted stock

​

 

(111)

​

​

​

​

​

Less dividends on non-vested restricted stock

​

 

(153)

​

​

​

​

​

Net income allocated to common stockholders

​

 

6,296

​

​

​

​

​

​

​

​

​

​

5,490,072

​

​

​

Basic and diluted earnings per share

​

​

​

​

​

​

$

1.15

​
Income Taxes

Income Taxes

The Company is subject to income taxes in the U.S. federal jurisdiction, as well as various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before 2020.

v3.24.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2024
Summary of Significant Accounting Policies  
Schedule of impact of adoption of ASU 2016-13 on change from the incurred loss model to the current expected credit loss model

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 1, 2023

​

​

​

Loan Categories (in thousands)

    

Pre-adoption

    

Adoption Impact

    

As Reported

Commercial and Industrial

​

$

215

​

$

755

​

$

970

Commercial Real Estate

​

 

815

​

 

388

​

 

1,203

Residential Real Estate

​

 

816

​

 

1,379

​

 

2,195

Consumer

​

 

206

​

 

(103)

​

 

103

​

​

​

​

​

​

​

​

​

​

​

​

$

2,052

​

$

2,419

​

$

4,471
Schedule of earnings per share

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended September 30, 2024

​

​

​

​

    

Weighted-

    

Per 

​

​

Net

​

Average 

​

Share

​

    

Income

    

Shares

    

 Amount

​

 

(In thousands)

​

​

​

​

​

Net income

​

$

1,820

 

​

 

​

​

Less allocated earnings on non-vested restricted stock

​

 

(35)

 

​

 

​

​

Less allocated dividends on non-vested restricted stock

​

​

(52)

​

​

​

​

​

Net income allocated to common stockholders

​

​

1,733

​

​

​

​

​

​

​

​

​

​

5,621,393

​

​

​

Basic and diluted earnings per share

​

 

  

 

​

​

$

0.31

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2023

​

​

​

​

​

Weighted-

​

 

​

​

Net

​

Average 

​

Per Share

​

    

Income

    

Shares

    

 Amount

​

 

(In thousands)

​

​

​

​

​

Net income

​

$

2,392

​

​

​

​

​

Less allocated earnings on non-vested restricted stock

​

 

(54)

 

​

​

​

​

Less allocated dividends on non-vested restricted stock

​

​

(38)

​

​

​

​

​

Net income allocated to common stockholders

​

​

2,300

​

​

​

​

​

​

​

​

​

​

5,488,995

​

​

​

Basic and diluted earnings per share

​

 

​

 

​

​

$

0.42

​

​

​

​

​

​

​

​

​

​

​

    

Nine Months Ended September 30, 2024

​

​

​

​

Weighted -

​

Per

​

​

Net

​

Average

​

Share

​

    

Income

    

Shares

    

Amount

​

​

(In thousands)

​

​

​

​

​

Net income

​

$

5,553

 

  

 

​

  

Less allocated earnings on non-vested restricted stock

​

 

(191)

 

  

 

​

  

Less allocated dividends on non-vested restricted stock

​

 

(61)

 

  

 

​

  

Net income allocated to common stockholders

​

 

5,301

 

  

 

​

  

​

​

​

​

 

5,584,250

​

​

​

Basic and diluted earnings per share

​

​

​

 

  

​

$

0.95

​

​

​

​

​

​

​

​

​

​

​

    

Nine Months Ended September 30, 2023

​

​

​

​

​

Weighted-

​

​

​

​

​

​

​

​

Average

​

Per Share

​

    

Net Income

    

Shares

    

Amount

​

​

(In thousands)

​

​

​

​

​

Net income

​

$

6,560

​

​

​

​

​

Less allocated earnings on non-vested restricted stock

​

 

(111)

​

​

​

​

​

Less dividends on non-vested restricted stock

​

 

(153)

​

​

​

​

​

Net income allocated to common stockholders

​

 

6,296

​

​

​

​

​

​

​

​

​

​

5,490,072

​

​

​

Basic and diluted earnings per share

​

​

​

​

​

​

$

1.15
v3.24.3
Securities (Tables)
 9 Months Ended
Sep. 30, 2024
Securities  
Schedule of amortized cost and fair values, together with gross unrealized gains and losses of securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Gross

    

Gross

​

​

​

​

​

​

​

​

Unrealized

​

Unrealized

​

​

​

​

    

Amortized Cost

    

Gains

    

Losses

    

Fair Value

Available-for-sale Securities:

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024:

 

​

  

 

​

  

 

​

  

​

​

  

U.S. government agencies

​

$

17,500

​

$

—

​

$

(111)

​

$

17,389

State and municipal obligations

​

​

212,222

​

​

1,080

​

​

(6,438)

​

​

206,864

Subordinated notes

​

 

28,956

​

​

—

​

​

(3,048)

​

​

25,908

Total debt securities

​

$

258,678

​

$

1,080

​

$

(9,597)

​

$

250,161

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Gross

    

Gross

​

​

​

​

​

​

​

Unrealized

​

Unrealized

​

​

​

​

    

Amortized Cost

    

Gains

    

Losses

    

Fair Value

​

​

(In thousands)

Available-for-sale Securities:

​

 

  

​

 

  

​

 

  

​

 

  

December 31, 2023:

​

 

  

​

 

  

​

 

  

​

 

  

U.S. government agencies

​

$

45,000

​

$

—

​

$

(732)

​

$

44,268

State and municipal obligations

​

​

177,670

​

​

2,264

​

​

(5,742)

​

​

174,192

Subordinated note

​

​

29,013

​

​

—

​

​

(4,713)

​

​

24,300

Total debt securities

​

$

251,683

​

$

2,264

​

$

(11,187)

​

$

242,760

​
Schedule of amortized cost and fair value of available-for-sale securities by contractual maturity

​

​

​

​

​

​

​

​

​

​

Amortized

​

Fair 

​

    

Cost

    

Value

​

​

(In thousands)

Under 1 year

​

$

5,000

​

$

4,993

One to five years

​

 

17,556

​

​

17,310

Five to ten years

​

 

27,067

​

​

24,021

Over ten years

​

 

209,055

​

​

203,837

Totals

​

$

258,678

​

$

250,161

​
Schedule of investments' gross unrealized losses and fair value, aggregated by investment category and length of time

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

​

Less than 12 Months

​

12 Months or More

​

Total

Description of

​

​

​

​

Unrealized

​

​

​

​

Unrealized

​

​

​

​

Unrealized

Securities

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

​

 

(In thousands)

U.S. Government agencies

​

$

—

​

$

—

​

$

17,389

​

$

(111)

​

$

17,389

​

$

(111)

State and municipal obligations

​

​

58,886

​

​

(603)

​

​

51,247

​

​

(5,835)

​

​

110,133

​

​

(6,438)

Subordinated notes

​

​

—

​

​

—

​

​

25,908

​

​

(3,048)

​

​

25,908

​

​

(3,048)

Total temporarily impaired securities

​

$

58,886

​

$

(603)

​

$

94,544

​

$

(8,994)

​

$

153,430

​

$

(9,597)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

​

Less than 12 Months

​

12 Months or More

​

Total

Description of

​

​

​

Unrealized

​

​

​

​

Unrealized

​

​

​

Unrealized

Securities

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

​

 

(In thousands)

US government agencies

​

$

—

​

$

—

​

$

44,268

​

$

(732)

​

$

44,268

​

$

(732)

State and municipal obligations

​

​

3,365

​

​

(12)

​

​

51,163

​

​

(5,730)

​

​

54,528

​

​

(5,742)

Subordinated notes

​

​

3,717

​

​

(799)

​

​

20,583

​

​

(3,914)

​

​

24,300

​

​

(4,713)

Total temporarily impaired securities

​

$

7,082

​

$

(811)

​

$

116,014

​

$

(10,376)

​

$

123,096

​

$

(11,187)
v3.24.3
Loans and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2024
Loans and Allowance for Credit Losses  
Schedule of categories of loans

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2024

    

2023

​

​

(In thousands)

Commercial and Industrial

​

$

96,508

​

$

91,294

Commercial real estate

​

 

277,664

​

​

291,859

Residential real estate

​

 

91,277

​

​

93,364

Consumer loans

​

 

9,555

​

​

6,719

​

​

​

​

​

​

​

Total gross loans

​

 

475,004

​

​

483,236

​

​

​

​

​

​

​

Less allowance for credit losses

​

 

(4,002)

​

​

(3,918)

​

​

​

​

​

​

​

Total loans

​

$

471,002

​

$

479,318
Schedule of allowance for credit losses and recorded investment in loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and

​

Commercial

​

​

​

​

​

​

​

​

​

    

Industrial

    

Real Estate

    

Residential

    

Consumer

    

Total

​

​

(in thousands)

Allowance for credit losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, July 1, 2024

​

$

628

​

$

1,413

​

$

1,813

​

$

135

​

$

3,989

Provision (credit) for credit loss exposure

​

​

50

​

​

(23)

​

​

(12)

​

​

54

​

​

69

Losses charged off

​

​

—

​

​

—

​

​

(10)

​

​

(49)

​

​

(59)

Recoveries

​

​

—

​

​

—

​

​

—

​

​

3

​

​

3

Balance, September 30, 2024

​

$

678

​

$

1,390

​

$

1,791

​

$

143

​

$

4,002

Balance, January 1, 2024

​

$

573

​

$

1,408

​

$

1,843

​

$

94

​

$

3,918

Provision (credit) for credit loss exposure

​

​

179

​

​

(18)

​

​

(35)

​

​

178

​

​

304

Losses charged off

​

​

(75)

​

​

—

​

​

(17)

​

​

(151)

​

​

(243)

Recoveries

​

​

1

​

​

—

​

​

—

​

​

22

​

​

23

Balance, September 30, 2024

​

$

678

​

$

1,390

​

$

1,791

​

$

143

​

$

4,002

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allocation:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending balance: individually evaluated for credit losses

​

$

50

​

$

—

​

$

—

​

$

—

​

$

50

Ending balance: collectively evaluated for credit losses

​

$

628

​

$

1,390

​

$

1,791

​

$

143

​

$

3,952

Loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending balance: individually evaluated for credit losses

​

$

57

​

$

16

​

$

212

​

$

—

​

$

285

Ending balance: collectively evaluated for credit losses

​

$

96,451

​

$

277,648

​

$

91,065

​

$

9,555

​

$

474,719

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and

​

Commercial

​

​

​

​

​

​

​

​

​

​

    

Industrial

    

Real Estate

    

Residential

    

Consumer

    

Total

​

​

(in thousands)

Allowance for credit losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, July 1, 2023

​

$

902

​

$

1,079

​

$

2,092

​

$

208

​

$

4,281

Provision (credit) for credit loss exposure

​

​

(26)

​

​

11

​

​

(75)

​

​

(64)

​

​

(154)

Losses charged off

​

​

(1)

​

​

—

​

​

—

​

​

(32)

​

​

(33)

Recoveries

​

​

12

​

​

—

​

​

—

​

​

6

​

​

18

Balance, September 30, 2023

​

$

887

​

$

1,090

​

$

2,017

​

$

118

​

$

4,112

Balance, January 1, 2023

​

$

215

​

$

815

​

$

816

​

$

206

​

$

2,052

Impact of adopting ASC 326

​

​

755

​

​

388

​

​

1,379

​

​

(103)

​

​

2,419

Provision (credit) for credit loss exposure

​

​

(104)

​

​

(113)

​

​

(178)

​

​

95

​

​

(300)

Losses charged off

​

​

(1)

​

​

—

​

​

—

​

​

(94)

​

​

(95)

Recoveries

​

​

22

​

​

—

​

​

—

​

​

14

​

​

36

Balance, September 30, 2023

​

$

887

​

$

1,090

​

$

2,017

​

$

118

​

$

4,112

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allocation:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending balance: individually evaluated for credit losses

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Ending balance: collectively evaluated for credit losses

​

$

887

​

$

1,090

​

$

2,017

​

$

118

​

$

4,112

Loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending balance: individually evaluated for credit losses

​

$

—

​

$

24

​

$

—

​

$

—

​

$

24

Ending balance: collectively evaluated for credit losses

​

$

94,840

​

$

272,433

​

$

92,746

​

$

6,799

​

$

466,818

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and

​

Commercial

​

​

​

​

​

​

​

​

​

​

    

Industrial

    

Real Estate

    

Residential

    

Consumer

    

Total

​

​

(In thousands)

Allowance for loan losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending balance: individually evaluated for impairment

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Ending balance: collectively evaluated for impairment

​

$

573

​

$

1,408

​

$

1,843

​

$

94

​

$

3,918

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans:

​

 

  

​

 

​

​

 

  

​

 

  

​

 

  

Ending balance: individually evaluated for impairment

​

$

—

​

$

8

​

$

318

​

$

—

​

$

326

Ending balance: collectively evaluated for impairment

​

$

91,294

​

$

291,851

​

$

93,046

​

$

6,719

​

$

482,910
Schedule of portfolio quality indicators

Based on the most recent analysis performed, the following table presents the recorded investment in non-homogeneous loans by internal risk rating system as of September 30, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

    

​

​

    

​

​

    

​

​

    

​

​

    

Revolving

    

Revolving

    

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

Loans

​

​

​

​

 

​

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Converted

​

​

​

September 30, 2024

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

​

Cost Basis

​

to Term

​

Total

Commercial and industrial

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

17,535

​

$

18,935

​

$

12,266

​

$

9,186

​

$

10,948

​

$

8,950

​

$

17,366

​

$

—

​

$

95,186

Special Mention

​

​

—

​

​

—

​

​

26

​

​

—

​

​

—

​

​

141

​

​

1,098

​

​

—

​

​

1,265

Substandard

​

​

—

​

​

57

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

57

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

17,535

​

$

18,992

​

$

12,292

​

$

9,186

​

$

10,948

​

$

9,091

​

$

18,464

​

$

—

​

$

96,508

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and industrial

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current period gross charge-offs

​

$

—

​

$

75

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

75

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

6,370

​

$

37,586

​

$

33,615

​

$

46,897

​

$

31,918

​

$

70,720

​

$

42,097

​

$

—

​

$

269,203

Special Mention

​

​

—

​

​

—

​

​

324

​

​

242

​

​

—

​

​

7,879

​

​

—

​

​

—

​

​

8,445

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

16

​

​

—

​

​

—

​

​

16

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

6,370

​

$

37,586

​

$

33,939

​

$

47,139

​

$

31,918

​

$

78,615

​

$

42,097

​

$

—

​

$

277,664

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current period gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

23,905

​

$

56,522

​

$

45,881

​

$

56,083

​

$

42,866

​

$

79,670

​

$

59,463

​

$

—

​

$

364,390

Special Mention

​

​

—

​

​

—

​

​

350

​

​

242

​

​

—

​

​

8,020

​

​

1,098

​

​

—

​

​

9,710

Substandard

​

​

—

​

​

56

​

​

—

​

​

—

​

​

—

​

​

16

​

​

—

​

​

—

​

​

72

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

23,905

​

$

52,578

​

$

46,231

​

$

56,325

​

$

42,866

​

$

87,706

​

$

60,561

​

$

—

​

$

374,172

Current period gross charge-offs

​

$

—

​

$

75

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

75

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

    

​

​

    

​

​

    

​

​

    

​

​

    

Revolving

    

Revolving

    

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

Loans

​

​

​

​

 

​

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Converted

​

​

​

September 30, 2024

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

​

Cost Basis

​

to Term

​

Total

Residential Real Estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Payment Performance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

6,409

​

$

11,032

​

$

17,316

​

$

15,458

​

$

17,620

​

$

23,140

​

$

—

​

$

—

​

$

90,975

Nonperforming

​

​

—

​

​

24

​

​

—

​

​

—

​

​

—

​

​

278

​

​

—

​

​

—

​

​

302

Total

​

$

6,409

​

$

11,056

​

$

17,316

​

$

15,458

​

$

17,620

​

$

23,418

​

$

—

​

$

—

​

$

91,277

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current period gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

17

​

$

—

​

$

—

​

$

17

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Payment Performance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

4,936

​

$

1,931

​

$

933

​

$

395

​

$

324

​

$

994

​

$

37

​

$

—

​

$

9,550

Nonperforming

​

​

—

​

​

5

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5

Total

​

$

4,936

​

$

1,936

​

$

933

​

$

395

​

$

324

​

$

994

​

$

37

​

$

—

​

$

9,555

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current period gross charge-offs

​

$

101

​

$

50

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

151

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Payment Performance

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

11,345

​

$

12,963

​

$

18,249

​

$

15,853

​

$

17,944

​

$

24,136

​

$

37

​

$

—

​

$

99,337

Nonperforming

​

​

—

​

​

29

​

​

—

​

​

—

​

​

—

​

​

278

​

​

—

​

​

—

​

​

208

Total

​

$

11,345

​

$

12,992

​

$

18,249

​

$

15,853

​

$

17,944

​

$

24,414

​

$

37

​

$

—

​

$

100,834

Current period gross charge-offs

​

$

101

​

$

50

​

$

—

​

$

—

​

$

—

​

$

17

​

$

—

​

$

—

​

$

168

Based on the most recent analysis performed, the following table presents the recorded investment in non-homogeneous loans by internal risk rating system as of December 31, 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

    

​

​

    

    

​

    

    

​

    

    

​

    

Revolving

    

Revolving

    

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Converted

​

​

​

December 31, 2023

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior

​

Cost Basis

​

to Term

​

Total

Commercial and industrial

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Risk Rating

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Pass

​

$

21,847

​

$

14,723

​

$

13,067

​

$

14,042

​

$

6,017

​

$

5,292

​

$

15,019

​

$

—

​

$

90,007

Special Mention

​

 

—

​

 

26

​

 

—

​

 

—

​

 

—

​

 

128

​

 

1,133

​

 

—

​

 

1,287

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

21,847

​

$

14,749

​

$

13,067

​

$

14,042

​

$

6,017

​

$

5,420

​

$

16,152

​

$

—

​

$

91,294

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and industrial

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Current period gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Risk Rating

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Pass

​

$

29,246

​

$

35,721

​

$

48,569

​

$

34,671

​

$

26,562

​

$

57,441

​

$

55,141

​

$

—

​

$

287,351

Special Mention

​

 

—

​

 

—

​

 

242

​

 

2,050

​

 

—

​

 

2,121

​

 

—

​

 

—

​

 

4,413

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

95

​

 

—

​

 

—

​

 

95

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

29,246

​

$

35,721

​

$

48,811

​

$

36,721

​

$

26,562

​

$

59,657

​

$

55,141

​

$

—

​

$

291,859

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Current period gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Pass

​

$

51,093

​

$

50,444

​

$

61,636

​

$

48,713

​

$

32,579

​

$

62,733

​

$

70,160

​

$

—

​

$

377,358

Special Mention

​

 

—

​

 

26

​

 

242

​

 

2,050

​

 

—

​

 

2,249

​

 

1,133

​

 

—

​

 

5,700

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

95

​

 

—

​

 

—

​

 

95

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

51,093

​

$

50,470

​

$

61,878

​

$

50,763

​

$

32,579

​

$

65,077

​

$

71,293

​

$

—

​

$

383,153

Current period gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

    

    

​

    

    

​

    

    

​

    

    

​

    

    

​

    

Revolving

    

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Converted

December 31, 2023

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior

​

Cost Basis

​

to Term

​

Total

Residential Real Estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Payment Performance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

12,036

​

$

18,297

​

$

16,343

​

$

19,476

​

$

5,687

​

$

21,046

​

$

—

​

$

—

​

$

92,885

Nonperforming

​

 

—

​

 

—

​

 

—

​

 

38

​

 

—

​

 

441

​

 

—

​

 

—

​

 

479

Total

​

$

12,036

​

$

18,297

​

$

16,343

​

$

19,514

​

$

5,687

​

$

21,487

​

$

—

​

$

—

​

$

93,364

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Current period gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Payment Performance

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Performing

​

$

2,484

​

$

1,396

​

$

674

​

$

456

​

$

385

​

$

953

​

$

371

​

$

—

​

$

6,719

Nonperforming

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

2,484

​

$

1,396

​

$

674

​

$

456

​

$

385

​

$

953

​

$

371

​

$

—

​

$

6,719

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Current period gross charge-offs

​

$

138

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

138

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Payment Performance

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Performing

​

$

14,520

​

$

19,693

​

$

17,017

​

$

19,932

​

$

6,072

​

$

21,999

​

$

371

​

$

—

​

$

99,604

Nonperforming

​

 

—

​

 

—

​

 

—

​

 

38

​

 

—

​

 

441

​

 

—

​

 

—

​

 

479

Total

​

$

14,520

​

$

19,693

​

$

17,017

​

$

19,970

​

$

6,072

​

$

22,440

​

$

371

​

$

—

​

$

100,083

Current period gross charge-offs

​

$

138

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

138
Schedule of loan portfolio aging analysis

Loan Portfolio Aging Analysis

As of September 30, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

30-59 Days

​

60‑89 Days

​

Greater

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Past Due

​

Past Due

​

Than 90 Days 

​

​

​

​

Total Past

​

​

​

​

​

​

​

​

and

​

and

​

and

​

​

​

Due and

​

​

​

​

Total Loans

​

    

Accruing

    

Accruing

    

Accruing

    

Non Accrual

    

 Non Accrual

    

Current

    

Receivable

​

​

(In thousands)

Commercial and Industrial

​

$

—

​

$

44

​

$

168

​

$

57

​

$

269

​

$

96,239

​

$

96,508

Commercial real estate

​

 

—

​

​

—

​

​

242

​

​

16

​

​

258

​

​

277,406

​

​

277,664

Residential

​

 

98

​

​

48

​

​

—

​

​

302

​

​

448

​

​

90,829

​

​

91,277

Consumer

​

 

8

​

​

17

​

​

—

​

​

5

​

​

30

​

​

9,525

​

​

9,555

Total

​

$

106

​

$

109

​

$

410

​

$

380

​

$

1,005

​

$

473,999

​

$

475,004

​

As of September 30, 2024 $410,000 in loans greter than 90 days past due and still accruing interest are supported by a 100% government gurantee.

​

Loan Portfolio Aging Analysis

As of December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

30‑59 Days

​

60‑89 Days

​

Greater

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Past Due

​

Past Due

​

Than 90 Days 

​

​

​

​

Total Past

​

​

​

​

​

​

​

​

and

​

and

​

and

​

​

​

Due and

​

​

​

​

Total Loans

​

    

Accruing

    

Accruing

    

Accruing

    

Non Accrual

    

Non Accrual

    

Current

    

Receivable

​

​

(In thousands)

Commercial and Industrial

​

$

10

​

$

48

​

$

154

​

$

—

​

$

212

​

$

91,082

​

$

91,294

Commercial real estate

​

 

—

​

​

242

​

​

—

​

​

8

​

​

250

​

​

291,609

​

​

291,859

Residential

​

 

201

​

​

—

​

​

—

​

​

479

​

​

680

​

​

92,684

​

​

93,364

Installment

​

 

5

​

​

—

​

​

—

​

​

—

​

​

5

​

​

6,714

​

​

6,719

Total

​

$

216

​

$

290

​

$

154

​

$

487

​

$

1,147

​

$

482,089

​

$

483,236
Schedule of amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing interest

The following table present the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing interest as of September 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

​

​

​

​

​

​

​

Loans Past

​

​

​

​

​

​

​

​

​

​

​

​

​

Due Over 90 Days

​

Total

​

​

Nonaccrual with no ACL

    

Nonaccrual with ACL

    

Total Nonaccrual

    

Still Accruing

    

Nonperforming

​

 

(In thousands)

Commercial and Industrial

​

$

—

​

$

57

​

$

57

​

$

168

​

$

225

Commercial real estate

​

 

16

​

​

—

​

​

16

​

​

242

​

​

258

Residential

​

 

302

​

​

—

​

​

302

​

​

—

​

​

302

Consumer

​

 

5

​

​

—

​

​

5

​

​

—

​

​

5

Total

​

$

323

​

$

57

​

$

380

​

$

410

​

$

790

The following table present the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing interest as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

    

​

    

​

​

    

Loans Past

    

​

​

​

​

​

​

​

​

​

​

​

​

​

Due Over 90 Days

​

Total

​

​

Nonaccrual with no ACL

​

Nonaccrual with ACL

​

Total Nonaccrual

​

Still Accruing

​

Nonperforming

​

 

(In thousands)

Commercial and Industrial

​

$

—

​

$

—

​

$

—

​

$

154

​

$

154

Commercial real estate

​

 

8

​

 

—

​

 

8

​

 

—

​

 

8

Residential

​

 

479

​

 

—

​

 

479

​

 

—

​

 

479

Consumer

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

487

​

$

—

​

$

487

​

$

154

​

$

641
v3.24.3
Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Benefit Plans  
Schedule of pension expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Nine months ended

​

​

September 30, 

​

September 30, 

​

    

2024

    

2023

    

2024

    

2023

​

​

(In thousands)

Service cost

​

$

81

​

$

76

​

$

243

​

$

228

Interest cost

​

 

81

​

​

78

​

​

243

​

​

234

Expected return on assets

​

 

(156)

​

​

(133)

​

​

(468)

​

​

(399)

Amortization (accretion) of prior service cost and net loss

​

 

(22)

​

​

(10)

​

​

(66)

​

​

(30)

​

​

 

​

​

​

​

​

​

​

​

​

​

Pension expense

​

$

(16)

​

$

11

​

$

(48)

​

$

33
v3.24.3
Off-balance-sheet Activities (Tables)
 9 Months Ended
Sep. 30, 2024
Off-balance-sheet Activities  
Schedule of the notional or contractual amounts of financial instruments with off-balance-sheet risk

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

​

2024

​

2023

​

​

(In thousands)

Commercial loans unused lines of credit

​

$

74,869

​

$

93,773

Commitment to originate loans

​

 

73,393

​

 

91,710

Consumer open end lines of credit

​

 

35,412

​

 

37,024

Standby lines of credit

​

 

136

​

 

136
Schedule of allowance for credit losses related to off-balance sheet commitments

​

​

​

​

​

​

    

September 30,

​

​

2024

​

    

​

​

Balance – December 31, 2023

​

$

224

Provision for (reversal of) credit losses

​

 

(130)

Balance – June 30, 2024

​

$

94

Provision for (reversal of) credit losses

​

 

—

Balance – September 30, 2024

​

$

94

​

​

​

​

​

​

​

September 30,

​

​

2023

​

    

​

​

Balance – December 31, 2022

​

$

—

Impact of adopting ASC 326

​

 

224

Provision for (reversal of) credit losses

​

 

—

Balance – June 30, 2023

​

$

224

Provision for (reversal of) credit losses

​

 

—

Balance – September 30, 2023

​

$

224

​
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss)  
Schedule of components of accumulated other comprehensive income (loss), included in stockholders' equity

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

​

2024

​

2023

​

​

(In thousands)

Net unrealized loss on securities available-for-sale

​

$

(8,517)

​

$

(8,922)

Net unrealized loss for unfunded status of defined benefit plan liability

​

 

(543)

​

​

(543)

​

​

​

(9,060)

​

​

(9,465)

Less: Tax effect

​

 

1,902

​

​

1,987

Net-of-tax amount

​

$

(7,158)

​

$

(7,478)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Three months ended

​

​

September 30, 2024

​

September 30, 2023

​

​

Net unrealized

​

​

​

​

​

​

Net unrealized

​

​

​

​

​

​

​

(Loss)

​

Defined

​

​

​

​

(Loss)

​

Defined

​

​

​

​

    

Gain on Available

​

Benefit

    

​

​

    

Gain on Available

    

Benefit

    

​

​

​

​

For Sale Securities

    

Plan

​

Total

​

For Sale Securities

​

Plan

​

Total

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

(10,790)

​

$

(429)

​

$

(11,219)

​

$

(9,063)

​

$

(559)

​

$

(9,722)

Other comprehensivbe income (loss) before reclassification

​

 

4,061

​

 

—

​

 

4,061

​

 

(7,298)

​

 

—

​

 

(7,298)

Amounts reclassified from accumulated other comprehensive gain (loss)

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Net current -period other comprehensive income (loss)

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Ending balance

​

$

(6,729)

​

$

(429)

​

$

(7,158)

​

$

(16,361)

​

$

(659)

​

$

(17,020)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine months ended

​

Nine months ended

​

​

September 30, 2024

​

September 30, 2023

​

​

Net unrealized

​

​

​

​

​

​

Net unrealized

​

​

​

​

​

​

​

(Loss)

​

Defined

​

​

​

​

(Loss)

​

Defined

​

​

​

​

    

Gain on Available

​

Benefit

    

​

​

    

Gain on Available

    

Benefit

    

​

​

​

​

For Sale Securities

    

Plan

​

Total

​

For Sale Securities

​

Plan

​

Total

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

(7,049)

​

$

(429)

​

$

(7,478)

​

$

(8,677)

​

$

(659)

​

$

(9,336)

Other comprehensivbe income (loss) before reclassification

​

 

228

​

 

—

​

 

228

​

 

(7,684)

​

 

—

​

 

(7,684)

Amounts reclassified from accumulated other comprehensive gain (loss)

​

 

92

​

 

—

​

 

92

​

 

—

​

 

—

​

 

—

Net current -period other comprehensive income (loss)

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Ending balance

​

$

(6,729)

​

$

(429)

​

$

(7,158)

​

$

(16,361)

​

$

(659)

​

$

(17,020)

​
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Measurements  
Schedule of fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

    

​

​

    

Quoted Prices

    

​

​

    

​

​

​

​

​

​

​

in Active

​

Significant

​

​

​

​

​

​

​

​

Markets for

​

Other

​

Significant

​

​

​

​

​

Identical

​

Observable

​

Unobservable

​

​

​

​

​

Assets

​

Inputs

​

Inputs

​

​

Fair Value

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

​

(In thousands)

September 30, 2024

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government agencies

​

$

17,389

​

$

—

​

$

17,389

​

$

—

Subordinated notes

​

​

25,908

​

​

—

​

​

25,908

​

​

—

State and municipal obligations

​

​

206,864

​

​

—

​

​

206,864

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

 

​

​

​

​

​

​

​

​

 

  

U.S. government agencies

​

$

44,268

​

$

—

​

$

44,268

​

$

—

Subordinated notes

​

​

24,300

​

​

—

​

​

24,300

​

​

—

State and municipal obligations

​

​

174,192

​

​

—

​

​

174,192

​

​

—
Schedule of fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a non-recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

    

​

​

    

Quoted Prices

    

​

​

    

​

​

​

​

​

​

​

in Active

​

Significant

​

​

​

​

​

​

​

​

Markets for

​

Other 

​

Significant

​

​

​

​

​

Identical

​

Observable

​

Unobservable

​

​

Fair

​

Assets

​

Inputs

​

Inputs

​

​

Value

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

​

(In thousands)

September 30, 2024

 

​

  

 

​

  

 

​

  

 

​

  

Collateral dependent loans

​

$

50

​

$

—

​

$

—

​

$

50

Foreclosed assets held for sale

​

 

120

​

 

—

​

 

—

​

 

120

​

​

 

  

​

 

​

​

 

  

​

 

  

December 31, 2023

​

 

  

​

 

  

​

 

  

​

 

  

Collateral dependent loans

​

$

—

​

$

—

​

$

—

​

$

—

Foreclosed assets held for sale

​

 

3,273

​

 

—

​

 

—

​

 

3,273
Schedule of quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value at

    

Valuation

    

Unobservable

    

​

 

​

    

9/30/24

    

Technique

    

Inputs

    

Range

 

​

​

(In thousands)

 

Collateral-dependent loans

​

$

50

 

Market comparable properties

 

Comparability adjustments

 

5% – 10

%

Foreclosed assets held for sale

​

 

120

 

Market comparable properties

 

Marketability discount

 

10% – 35

%

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value at

    

Valuation

    

Unobservable

    

​

​

​

12/31/23

​

Technique

​

Inputs

​

Range

​

​

(In thousands)

Collateral-dependent loans

​

$

—

 

Market comparable properties

 

Comparability adjustments

 

5% – 10%

Foreclosed assets held for sale

​

​

3,273

 

Market comparable properties

 

Marketability discount

 

10% – 35%
Schedule of estimated fair values of company's financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

    

​

​

    

Quoted Prices

    

​

​

    

​

​

​

​

​

​

​

in Active

​

Significant

​

​

​

​

​

​

​

​

Markets for

​

Other

​

Significant

​

​

​

​

​

Identical

​

Observable 

​

Unobservable 

​

​

Carrying

​

Assets

​

Inputs

​

Inputs

​

​

Amount

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

​

(In thousands)

September 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial assets

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

37,778

​

$

37,778

​

$

—

​

$

—

Loans, net of allowance

​

 

471,002

​

​

—

​

​

—

​

​

452,077

Federal Home Loan Bank stock

​

 

4,026

​

​

—

​

​

4,026

​

​

—

Accrued interest receivable

​

 

3,846

​

​

—

​

​

3,846

​

​

—

​

​

 

​

​

​

​

​

​

​

​

​

​

Financial liabilities

​

 

​

​

​

​

​

​

​

​

​

​

Deposits

​

$

615,819

​

$

—

​

$

617,542

​

$

—

Securities sold under agreements to repurchase

​

​

36,123

​

​

—

​

​

36,123

​

​

—

Subordinated debentures

​

​

23,832

​

​

—

​

​

21,749

​

​

—

Advance Federal Home Loan Bank

​

​

75,000

​

​

—

​

​

75,836

​

​

—

Interest payable

​

 

587

​

​

—

​

​

587

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

    

​

​

    

Quoted Prices

    

​

    

​

​

​

​

​

​

in Active

​

Significant

​

​

​

​

​

​

​

Markets for

​

Other

​

Significant

​

​

​

​

​

Identical

​

Observable

​

Unobservable

​

​

Carrying

​

Assets

​

Inputs

​

Inputs

​

​

Amount

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

​

(In thousands)

December 31, 2023:

 

​

​

 

​

  

 

​

  

 

​

  

​

 

​

​

 

​

  

 

​

  

 

​

  

Financial assets

 

​

​

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

40,770

​

$

40,770

​

$

—

​

$

—

Loans, net of allowance

​

 

479,318

​

 

—

​

 

—

​

 

459,759

Federal Home Loan Bank stock

​

 

3,979

​

 

—

​

 

3,979

​

 

—

Accrued interest receivable

​

 

4,098

​

 

—

​

 

4,098

​

 

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities

​

 

​

​

 

​

​

 

​

​

 

​

Deposits

​

​

621,459

​

​

—

​

​

623,813

​

​

—

Short term borrowings

​

 

26,781

​

 

—

​

 

26,781

​

 

—

Subordinated debentures

​

 

23,787

​

 

—

​

 

22,146

​

 

—

Advance Federal Home Loan Bank

​

​

75,000

​

​

—

​

​

74,911

​

​

—

Interest payable

​

 

579

​

 

—

​

 

579

​

 

—
v3.24.3
Repurchase Agreements (Tables)
 9 Months Ended
Sep. 30, 2024
Repurchase Agreements  
Schedule of repurchase agreements

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Overnight and

    

​

    

​

​

    

 Greater than

    

​

​

September 30, 2024

​

Continuous

​

Up to 30 Days

​

30‑90 Days

​

90 Days

​

Total

Repurchase Agreements

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

State and municipal obligations

​

$

36,123

​

$

—

​

$

—

​

$

—

​

$

36,123

Total

​

$

36,123

​

$

—

​

$

—

​

$

—

​

$

36,123

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Overnight and

    

​

​

    

​

​

    

Greater than

    

​

​

December 31, 2023

​

Continuous

​

Up to 30 Days

​

30‑90 Days

​

90 Days

​

Total

Repurchase Agreements

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

State and municipal obligations

​

$

26,781

​

$

—

​

$

—

​

$

—

​

$

26,781

Total

​

$

26,781

​

$

—

​

$

—

​

$

—

​

$

26,781
v3.24.3
Core Deposits and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Core Deposits and Intangible Assets  
Schedule of changes in the carrying amount of goodwill

The following table shows the changes in the carrying amount of goodwill for September 30, 2023 and December 31, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

​

2024

​

2023

Balance beginning of year

​

$

682

​

$

682

Additions from acquisition

 

​

—

 

​

—

Balance, end of period

​

$

682

​

$

682
Schedule of intangible assets

Intangible assets in the consolidated balance sheets at September 30, 2024 and December 31, 2023 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

Year Ended December 31, 2023

​

​

Gross

​

​

​

​

​

Gross

​

​

​

​

​

​

Intangible

​

Accumulated

​

Net Intangible

​

Intangible

​

Accumulated

​

Net Intangible

​

    

Assets

    

Amortization

    

Assets

    

Assets

    

Amortization

    

Assets

Core deposit intangibles

​

$

1,041

 

881

 

160

 

1,041

​

781

 

260
Schedule of estimated aggregate future amortization expense

The estimated aggregate future amortization expense remaining as of September 30, 2024 is as follows (in thousands):

​

​

​

​

​

2024

    

​

33

2025

​

 

127
v3.24.3
Premises and Equipment (Tables)
 9 Months Ended
Sep. 30, 2024
Premises and Equipment  
Schedule of major classifications of premises and equipment

​

​

​

​

​

​

​

​

​

    

September 30,

    

December 31,

​

​

2024

​

2023

​

​

(In thousands)

Land, buildings and improvements

​

$

32,484

​

$

22,927

Furniture and equipment

​

 

16,075

​

 

15,398

Computer software

​

 

2,648

​

 

2,546

​

​

 

51,207

​

 

40,871

Less accumulated depreciation

​

 

(26,688)

​

 

(25,887)

Net premises and equipment

​

$

24,519

​

$

14,984
v3.24.3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Jan. 01, 2023
Summary of Significant Accounting Policies      
Accrued interest receivable on available-for-sale debt securities $ 2,500 $ 2,700  
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Interest Receivable Interest Receivable  
Accrued interest receivable on loans receivable $ 1,200 $ 1,100  
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Interest Receivable Interest Receivable  
Amount of loans evaluated for determination of allowance for credit losses $ 100,000    
Retained earnings 45,531 $ 44,018  
Loans, net of allowance $ 471,002 $ 479,318  
Cumulative effect of adoption of ASU 2016-13 | ASU No. 2016-13      
Summary of Significant Accounting Policies      
Retained earnings     $ 2,088,000
Cumulative effect of adoption of ASU 2016-13 | ASU No. 2016-13 | Loans other than unfunded loan commitments      
Summary of Significant Accounting Policies      
Loans, net of allowance     1,911,000
Cumulative effect of adoption of ASU 2016-13 | ASU No. 2016-13 | Unfunded loan commitments      
Summary of Significant Accounting Policies      
Loans, net of allowance     $ 177,000
v3.24.3
Summary of Significant Accounting Policies - Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans (Details) - ASU No. 2016-13
$ in Thousands
Jan. 01, 2023
USD ($)
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses $ 2,052
Commercial and Industrial  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses 215
Commercial Real Estate  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses 815
Residential Real Estate  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses 816
Consumer  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses 206
Adoption Impact  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses 2,419
Adoption Impact | Commercial and Industrial  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses 755
Adoption Impact | Commercial Real Estate  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses 388
Adoption Impact | Residential Real Estate  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses 1,379
Adoption Impact | Consumer  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses (103)
As Reported  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses 4,471
As Reported | Commercial and Industrial  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses 970
As Reported | Commercial Real Estate  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses 1,203
As Reported | Residential Real Estate  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses 2,195
As Reported | Consumer  
Impact of adoption of ASU 2016-13 on allowance for credit Losses on loans  
Loans, allowance for credit losses $ 103
v3.24.3
Summary of Significant Accounting Policies - Earnings per share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share        
Net income $ 1,820 $ 2,392 $ 5,553 $ 6,560
Less allocated earnings on non-vested restricted stock (35) (54) (191) (111)
Less allocated dividends on non-vested restricted stock (52) (38) (61) (153)
Net income allocated to common stockholders $ 1,733 $ 2,300 $ 5,301 $ 6,296
Weighted Average Shares, Basic 5,621,393 5,488,995 5,584,250 5,490,072
Weighted Average Shares, Diluted 5,621,393 5,488,995 5,584,250 5,490,072
Basic earnings per share (in dollars per share) $ 0.31 $ 0.42 $ 0.95 $ 1.15
Diluted earnings per share (in dollars per share) $ 0.31 $ 0.42 $ 0.95 $ 1.15
v3.24.3
Securities - Amortized cost and fair values, together with gross unrealized gains and losses of securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Securities    
Amortized Cost $ 258,678 $ 251,683
Gross Unrealized Gains 1,080 2,264
Gross Unrealized Losses (9,597) (11,187)
Fair Value 250,161 242,760
U.S. government agencies    
Securities    
Amortized Cost 17,500 45,000
Gross Unrealized Gains 0  
Gross Unrealized Losses (111) (732)
Fair Value 17,389 44,268
State and municipal obligations    
Securities    
Amortized Cost 212,222 177,670
Gross Unrealized Gains 1,080 2,264
Gross Unrealized Losses (6,438) (5,742)
Fair Value 206,864 174,192
Subordinated notes    
Securities    
Amortized Cost 28,956 29,013
Gross Unrealized Gains 0  
Gross Unrealized Losses (3,048) (4,713)
Fair Value $ 25,908 $ 24,300
v3.24.3
Securities - Schedule of amortized cost and fair value of available-for-sale securities by contractual maturity (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Available-for-sale, Amortized Cost    
Under 1 year $ 5,000  
One to five years 17,556  
Five to ten year 27,067  
Over ten years 209,055  
Totals 258,678 $ 251,683
Available-for-sale, Fair Value    
Under 1 year 4,993  
One to five years 17,310  
Five to ten year 24,021  
Over ten years 203,837  
Totals $ 250,161 $ 242,760
v3.24.3
Securities - Schedule of company's investments' gross unrealized losses and fair value, aggregated by investment category and length of time (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Securities    
Less than 12 Months, Fair Value $ 58,886 $ 7,082
Less than 12 Months, Unrealized Losses (603) (811)
12 Months or More, Fair Value 94,544 116,014
12 Months or More, Unrealized Losses (8,994) (10,376)
Total, Fair Value 153,430 123,096
Total, Unrealized Losses (9,597) (11,187)
U.S. Government agencies    
Securities    
Less than 12 Months, Fair Value 0 0
Less than 12 Months, Unrealized Losses 0 0
12 Months or More, Fair Value 17,389 44,268
12 Months or More, Unrealized Losses (111) (732)
Total, Fair Value 17,389 44,268
Total, Unrealized Losses (111) (732)
State and municipal obligations    
Securities    
Less than 12 Months, Fair Value 58,886 3,365
Less than 12 Months, Unrealized Losses (603) (12)
12 Months or More, Fair Value 51,247 51,163
12 Months or More, Unrealized Losses (5,835) (5,730)
Total, Fair Value 110,133 54,528
Total, Unrealized Losses (6,438) (5,742)
Subordinated notes    
Securities    
Less than 12 Months, Fair Value 0 3,717
Less than 12 Months, Unrealized Losses 0 (799)
12 Months or More, Fair Value 25,908 20,583
12 Months or More, Unrealized Losses (3,048) (3,914)
Total, Fair Value 25,908 24,300
Total, Unrealized Losses $ (3,048) $ (4,713)
v3.24.3
Securities - Additional Information (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Securities        
Allowance for credit losses   $ 0   $ 0
Proceeds from sale of available-for-sale securities   27,431,000    
Realized gains (losses) on sale of available-for-sale securities $ 0 (116,000) $ 0  
Carrying value of securities pledged   78,600,000   72,800,000
Fair value of investment in debt securities   $ 153,400,000   $ 123,100,000
Percentage of fair value of investment in debt   61.00%   51.00%
Tranche One        
Securities        
Proceeds from sale of available-for-sale securities   $ 20,300,000    
Loss on the sale of available-for-sale securities   228,000,000    
Tranche Two        
Securities        
Proceeds from sale of available-for-sale securities   7,200,000    
Gain on sale of available-for-sale securities   $ 112,000,000    
v3.24.3
Loans and Allowance for Credit Losses - Schedule of Categories of Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Categories of loans            
Total gross loans $ 475,004   $ 483,236      
Less allowance for credit losses (4,002) $ (3,989) (3,918) $ (4,112) $ (4,281) $ (2,052)
Total loans 471,002   479,318      
Deferred loan fee 51   41      
Commercial and Industrial            
Categories of loans            
Total gross loans 96,508   91,294      
Less allowance for credit losses (678) (628) (573) (887) (902) (215)
Commercial real estate            
Categories of loans            
Total gross loans 277,664   291,859      
Less allowance for credit losses (1,390) (1,413) (1,408) (1,090) (1,079) (815)
Residential real estate            
Categories of loans            
Total gross loans 91,277   93,364      
Less allowance for credit losses (1,791) (1,813) (1,843) (2,017) (2,092) (816)
Consumer loans            
Categories of loans            
Total gross loans 9,555   6,719      
Less allowance for credit losses $ (143) $ (135) $ (94) $ (118) $ (208) $ (206)
v3.24.3
Loans and Allowance for Credit Losses - Schedule of Allowance for Credit Losses and Recorded Investment in Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Allowance for credit losses:          
Balance, beginning of period $ 3,989 $ 4,281 $ 3,918 $ 2,052 $ 2,052
Provision (credit) for credit loss exposure 69 (154) 304 (300)  
Losses charged off (59) (33) (243) (95)  
Recoveries 3 18 23 36  
Balance, end of period 4,002 4,112 4,002 4,112 3,918
Allocation:          
Ending balance: individually evaluated for credit losses 50   50    
Ending balance: collectively evaluated for credit losses 3,952 4,112 3,952 4,112  
Ending balance: collectively evaluated for impairment         3,918
Loans:          
Ending balance: individually evaluated for credit losses 285 24 285 24  
Ending balance: collectively evaluated for credit losses 474,719 466,818 474,719 466,818  
Ending balance: individually evaluated for impairment         326
Ending balance: collectively evaluated for impairment         482,910
ASU No. 2016-13 | Adoption Impact          
Allowance for credit losses:          
Balance, end of period   2,419   2,419  
Commercial and Industrial          
Allowance for credit losses:          
Balance, beginning of period 628 902 573 215 215
Provision (credit) for credit loss exposure 50 (26) 179 (104)  
Losses charged off   (1) (75) (1)  
Recoveries   12 1 22  
Balance, end of period 678 887 678 887 573
Allocation:          
Ending balance: individually evaluated for credit losses 50   50    
Ending balance: collectively evaluated for credit losses 628 887 628 887  
Ending balance: collectively evaluated for impairment         573
Loans:          
Ending balance: individually evaluated for credit losses 57   57    
Ending balance: collectively evaluated for credit losses 96,451 94,840 96,451 94,840  
Ending balance: collectively evaluated for impairment         91,294
Commercial and Industrial | ASU No. 2016-13 | Adoption Impact          
Allowance for credit losses:          
Balance, end of period   755   755  
Commercial Real Estate          
Allowance for credit losses:          
Balance, beginning of period 1,413 1,079 1,408 815 815
Provision (credit) for credit loss exposure (23) 11 (18) (113)  
Balance, end of period 1,390 1,090 1,390 1,090 1,408
Allocation:          
Ending balance: collectively evaluated for credit losses 1,390 1,090 1,390 1,090  
Ending balance: individually evaluated for impairment         0
Ending balance: collectively evaluated for impairment         1,408
Loans:          
Ending balance: individually evaluated for credit losses 16 24 16 24  
Ending balance: collectively evaluated for credit losses 277,648 272,433 277,648 272,433  
Ending balance: individually evaluated for impairment         8
Ending balance: collectively evaluated for impairment         291,851
Commercial Real Estate | ASU No. 2016-13 | Adoption Impact          
Allowance for credit losses:          
Balance, end of period   388   388  
Residential          
Allowance for credit losses:          
Balance, beginning of period 1,813 2,092 1,843 816 816
Provision (credit) for credit loss exposure (12) (75) (35) (178)  
Losses charged off (10)   (17)    
Balance, end of period 1,791 2,017 1,791 2,017 1,843
Allocation:          
Ending balance: collectively evaluated for credit losses 1,791 2,017 1,791 2,017  
Ending balance: collectively evaluated for impairment         1,843
Loans:          
Ending balance: individually evaluated for credit losses 212   212    
Ending balance: collectively evaluated for credit losses 91,065 92,746 91,065 92,746  
Ending balance: individually evaluated for impairment         318
Ending balance: collectively evaluated for impairment         93,046
Residential | ASU No. 2016-13 | Adoption Impact          
Allowance for credit losses:          
Balance, end of period   1,379   1,379  
Consumer          
Allowance for credit losses:          
Balance, beginning of period 135 208 94 206 206
Provision (credit) for credit loss exposure 54 (64) 178 95  
Losses charged off (49) (32) (151) (94) (138)
Recoveries 3 6 22 14  
Balance, end of period 143 118 143 118 94
Allocation:          
Ending balance: collectively evaluated for credit losses 143 118 143 118  
Ending balance: collectively evaluated for impairment         94
Loans:          
Ending balance: collectively evaluated for credit losses $ 9,555 6,799 $ 9,555 6,799  
Ending balance: collectively evaluated for impairment         $ 6,719
Consumer | ASU No. 2016-13 | Adoption Impact          
Allowance for credit losses:          
Balance, end of period   $ (103)   $ (103)  
v3.24.3
Loans and Allowance for Credit Losses - Schedule of Portfolio Quality Indicators (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Total gross loans          
Total $ 475,004   $ 475,004   $ 483,236
Current period gross charge-offs          
Total 59 $ 33 243 $ 95  
Commercial and Industrial          
Total gross loans          
Year 1 23,905   23,905   51,093
Year 2 52,578   52,578   50,470
Year 3 46,231   46,231   61,878
Year 4 56,325   56,325   50,763
Year 5 42,866   42,866   32,579
Prior 87,706   87,706   65,077
Revolving Loans Amortized Cost Basis 60,561   60,561   71,293
Total 374,172   374,172   383,153
Current period gross charge-offs          
Current period gross charge-offs, year 1         138
Current period gross charge-offs, year 2     75    
Total     75   138
Commercial and Industrial | Performing          
Total gross loans          
Year 1         14,520
Year 2         19,693
Year 3         17,017
Year 4         19,932
Year 5         6,072
Prior         21,999
Revolving Loans Amortized Cost Basis         371
Total         99,604
Commercial and Industrial | Nonperforming          
Total gross loans          
Year 4         38
Prior         441
Total         479
Commercial and Industrial          
Total gross loans          
Year 1 17,535   17,535   21,847
Year 2 18,992   18,992   14,749
Year 3 12,292   12,292   13,067
Year 4 9,186   9,186   14,042
Year 5 10,948   10,948   6,017
Prior 9,091   9,091   5,420
Revolving Loans Amortized Cost Basis 18,464   18,464   16,152
Total 96,508   96,508   91,294
Current period gross charge-offs          
Current period gross charge-offs, year 2     75    
Total   1 75 1  
Commercial Real Estate          
Total gross loans          
Year 1 6,370   6,370   29,246
Year 2 37,586   37,586   35,721
Year 3 33,939   33,939   48,811
Year 4 47,139   47,139   36,721
Year 5 31,918   31,918   26,562
Prior 78,615   78,615   59,657
Revolving Loans Amortized Cost Basis 42,097   42,097   55,141
Total 277,664   277,664   291,859
Residential Real Estate and Consumer, Total          
Total gross loans          
Year 1 11,345   11,345   14,520
Year 2 12,992   12,992   19,693
Year 3 18,249   18,249   17,017
Year 4 15,853   15,853   19,970
Year 5 17,944   17,944   6,072
Prior 24,414   24,414   22,440
Revolving Loans Amortized Cost Basis 37   37   371
Total 100,834   100,834   100,083
Current period gross charge-offs          
Current period gross charge-offs, year 1     101    
Current period gross charge-offs, year 2     50    
Prior     17    
Total     168    
Residential Real Estate and Consumer, Total | Performing          
Total gross loans          
Year 1 11,345   11,345    
Year 2 12,963   12,963    
Year 3 18,249   18,249    
Year 4 15,853   15,853    
Year 5 17,944   17,944    
Prior 24,136   24,136    
Revolving Loans Amortized Cost Basis 37   37    
Total 99,337   99,337    
Residential Real Estate and Consumer, Total | Nonperforming          
Total gross loans          
Year 2 29   29    
Prior 278   278    
Total 208   208    
Residential          
Total gross loans          
Year 1 6,409   6,409   12,036
Year 2 11,056   11,056   18,297
Year 3 17,316   17,316   16,343
Year 4 15,458   15,458   19,514
Year 5 17,620   17,620   5,687
Prior 23,418   23,418   21,487
Total 91,277   91,277   93,364
Current period gross charge-offs          
Prior     17    
Total 10   17    
Residential | Performing          
Total gross loans          
Year 1 6,409   6,409   12,036
Year 2 11,032   11,032   18,297
Year 3 17,316   17,316   16,343
Year 4 15,458   15,458   19,476
Year 5 17,620   17,620   5,687
Prior 23,140   23,140   21,046
Total 90,975   90,975   92,885
Residential | Nonperforming          
Total gross loans          
Year 2 24   24    
Year 4         38
Prior 278   278   441
Total 302   302   479
Consumer          
Total gross loans          
Year 1 4,936   4,936   2,484
Year 2 1,936   1,936   1,396
Year 3 933   933   674
Year 4 395   395   456
Year 5 324   324   385
Prior 994   994   953
Revolving Loans Amortized Cost Basis 37   37   371
Total 9,555   9,555   6,719
Current period gross charge-offs          
Current period gross charge-offs, year 1     101   138
Current period gross charge-offs, year 2     50    
Total 49 $ 32 151 $ 94 138
Consumer | Performing          
Total gross loans          
Year 1 4,936   4,936   2,484
Year 2 1,931   1,931   1,396
Year 3 933   933   674
Year 4 395   395   456
Year 5 324   324   385
Prior 994   994   953
Revolving Loans Amortized Cost Basis 37   37   371
Total 9,550   9,550   6,719
Consumer | Nonperforming          
Total gross loans          
Year 2 5   5    
Total 5   5    
Pass Grade          
Total gross loans          
Year 1         51,093
Year 2         50,444
Year 3         61,636
Year 4         48,713
Year 5         32,579
Prior         62,733
Revolving Loans Amortized Cost Basis         70,160
Total         377,358
Pass Grade | Commercial and Industrial          
Total gross loans          
Year 1 23,905   23,905    
Year 2 56,522   56,522    
Year 3 45,881   45,881    
Year 4 56,083   56,083    
Year 5 42,866   42,866    
Prior 79,670   79,670    
Revolving Loans Amortized Cost Basis 59,463   59,463    
Total 364,390   364,390    
Pass Grade | Commercial and Industrial          
Total gross loans          
Year 1 17,535   17,535   21,847
Year 2 18,935   18,935   14,723
Year 3 12,266   12,266   13,067
Year 4 9,186   9,186   14,042
Year 5 10,948   10,948   6,017
Prior 8,950   8,950   5,292
Revolving Loans Amortized Cost Basis 17,366   17,366   15,019
Total 95,186   95,186   90,007
Pass Grade | Commercial Real Estate          
Total gross loans          
Year 1 6,370   6,370   29,246
Year 2 37,586   37,586   35,721
Year 3 33,615   33,615   48,569
Year 4 46,897   46,897   34,671
Year 5 31,918   31,918   26,562
Prior 70,720   70,720   57,441
Revolving Loans Amortized Cost Basis 42,097   42,097   55,141
Total 269,203   269,203   287,351
Special Mention          
Total gross loans          
Year 2         26
Year 3         242
Year 4         2,050
Prior         2,249
Revolving Loans Amortized Cost Basis         1,133
Total         5,700
Special Mention | Commercial and Industrial          
Total gross loans          
Year 3 350   350    
Year 4 242   242    
Prior 8,020   8,020    
Revolving Loans Amortized Cost Basis 1,098   1,098    
Total 9,710   9,710    
Special Mention | Commercial and Industrial          
Total gross loans          
Year 2         26
Year 3 26   26    
Prior 141   141   128
Revolving Loans Amortized Cost Basis 1,098   1,098   1,133
Total 1,265   1,265   1,287
Special Mention | Commercial Real Estate          
Total gross loans          
Year 3 324   324   242
Year 4 242   242   2,050
Prior 7,879   7,879   2,121
Total 8,445   8,445   4,413
Substandard          
Total gross loans          
Prior         95
Total         95
Substandard | Commercial and Industrial          
Total gross loans          
Year 2 56   56    
Prior 16   16    
Total 72   72    
Substandard | Commercial and Industrial          
Total gross loans          
Year 2 57   57    
Total 57   57    
Substandard | Commercial Real Estate          
Total gross loans          
Prior 16   16   95
Total $ 16   $ 16   $ 95
v3.24.3
Loans and Allowance for Credit Losses - Schedule of Loan Portfolio Aging Analysis (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2024
Dec. 31, 2023
Loans and Allowance for Loan Losses        
Non Accrual $ 380,000 $ 487,000 $ 380,000 $ 487,000
Total gross loans 475,004,000 483,236,000 475,004,000 483,236,000
Interest income on nonaccrual loans 0 0 19,000,000 13,000,000
30 to 59 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 106,000 216,000 106,000 216,000
60 to 89 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 109,000 290,000 109,000 290,000
Greater Than 90 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 410,000 154,000 $ 410,000 154,000
Percentage of government guarantee     100.00%  
Financial Asset, Past Due        
Loans and Allowance for Loan Losses        
Total gross loans 1,005,000 1,147,000 $ 1,005,000 1,147,000
Financial Asset, Not Past Due        
Loans and Allowance for Loan Losses        
Total gross loans 473,999,000 482,089,000 473,999,000 482,089,000
Commercial and Industrial        
Loans and Allowance for Loan Losses        
Non Accrual 57,000 0 57,000 0
Total gross loans 96,508,000 91,294,000 96,508,000 91,294,000
Commercial and Industrial | 30 to 59 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 0 10,000 0 10,000
Commercial and Industrial | 60 to 89 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 44,000 48,000 44,000 48,000
Commercial and Industrial | Greater Than 90 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 168,000 154,000 168,000 154,000
Commercial and Industrial | Financial Asset, Past Due        
Loans and Allowance for Loan Losses        
Total gross loans 269,000 212,000 269,000 212,000
Commercial and Industrial | Financial Asset, Not Past Due        
Loans and Allowance for Loan Losses        
Total gross loans 96,239,000 91,082,000 96,239,000 91,082,000
Commercial Real Estate        
Loans and Allowance for Loan Losses        
Non Accrual 16,000 8,000 16,000 8,000
Total gross loans 277,664,000 291,859,000 277,664,000 291,859,000
Commercial Real Estate | 30 to 59 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 0 0 0 0
Commercial Real Estate | 60 to 89 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 0 242,000 0 242,000
Commercial Real Estate | Greater Than 90 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 242,000 0 242,000 0
Commercial Real Estate | Financial Asset, Past Due        
Loans and Allowance for Loan Losses        
Total gross loans 258,000 250,000 258,000 250,000
Commercial Real Estate | Financial Asset, Not Past Due        
Loans and Allowance for Loan Losses        
Total gross loans 277,406,000 291,609,000 277,406,000 291,609,000
Residential        
Loans and Allowance for Loan Losses        
Non Accrual 302,000 479,000 302,000 479,000
Total gross loans 91,277,000 93,364,000 91,277,000 93,364,000
Residential | 30 to 59 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 98,000 201,000 98,000 201,000
Residential | 60 to 89 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 48,000 0 48,000 0
Residential | Greater Than 90 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 0 0 0 0
Residential | Financial Asset, Past Due        
Loans and Allowance for Loan Losses        
Total gross loans 448,000 680,000 448,000 680,000
Residential | Financial Asset, Not Past Due        
Loans and Allowance for Loan Losses        
Total gross loans 90,829,000 92,684,000 90,829,000 92,684,000
Installment        
Loans and Allowance for Loan Losses        
Non Accrual   0   0
Total gross loans   6,719,000   6,719,000
Installment | 30 to 59 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans   5,000   5,000
Installment | 60 to 89 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans   0   0
Installment | Greater Than 90 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans   0   0
Installment | Financial Asset, Past Due        
Loans and Allowance for Loan Losses        
Total gross loans   5,000   5,000
Installment | Financial Asset, Not Past Due        
Loans and Allowance for Loan Losses        
Total gross loans   6,714,000   6,714,000
Consumer        
Loans and Allowance for Loan Losses        
Non Accrual 5,000   5,000  
Total gross loans 9,555,000 $ 6,719,000 9,555,000 $ 6,719,000
Consumer | 30 to 59 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 8,000   8,000  
Consumer | 60 to 89 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 17,000   17,000  
Consumer | Greater Than 90 Days Past Due and Accruing        
Loans and Allowance for Loan Losses        
Total gross loans 0   0  
Consumer | Financial Asset, Past Due        
Loans and Allowance for Loan Losses        
Total gross loans 30,000   30,000  
Consumer | Financial Asset, Not Past Due        
Loans and Allowance for Loan Losses        
Total gross loans $ 9,525,000   $ 9,525,000  
v3.24.3
Loans and Allowance for Credit Losses - Schedule of Impaired Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Financing Receivable, Impaired [Line Items]    
Nonaccrual with no ACL $ 323 $ 487
Nonaccrual with ACL 57  
Total Nonaccrual 380 487
Loans Past Due Over 90 Days Still Accruing 410 154
Total Nonperforming 790 641
Commercial and Industrial    
Financing Receivable, Impaired [Line Items]    
Nonaccrual with ACL 57  
Total Nonaccrual 57 0
Loans Past Due Over 90 Days Still Accruing 168 154
Total Nonperforming 225 154
Commercial Real Estate    
Financing Receivable, Impaired [Line Items]    
Nonaccrual with no ACL 16 8
Total Nonaccrual 16 8
Loans Past Due Over 90 Days Still Accruing 242  
Total Nonperforming 258 8
Residential    
Financing Receivable, Impaired [Line Items]    
Nonaccrual with no ACL 302 479
Total Nonaccrual 302 479
Total Nonperforming 302 $ 479
Consumer    
Financing Receivable, Impaired [Line Items]    
Nonaccrual with no ACL 5  
Total Nonaccrual 5  
Total Nonperforming $ 5  
v3.24.3
Benefit Plans - (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Components of net periodic benefit cost        
Service cost $ 81 $ 76 $ 243 $ 228
Interest cost 81 78 243 234
Expected return on plan assets (156) (133) (468) (399)
Amortization (accretion) of prior service cost and net loss (22) (10) (66) (30)
Pension (contra expense) expense $ (16) $ 11 $ (48) $ 33
v3.24.3
Off-balance-sheet Activities (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Commercial loans unused lines of credit    
Off-balance-sheet Activities    
Fair value amount of financial instruments with off-balance-sheet risk $ 74,869 $ 93,773
Commitment to originate loans    
Off-balance-sheet Activities    
Fair value amount of financial instruments with off-balance-sheet risk 73,393 91,710
Consumer open end lines of credit    
Off-balance-sheet Activities    
Fair value amount of financial instruments with off-balance-sheet risk 35,412 37,024
Standby lines of credit    
Off-balance-sheet Activities    
Fair value amount of financial instruments with off-balance-sheet risk $ 136 $ 136
v3.24.3
Off-balance-sheet Activities - Activity in the allowance for credit losses related to off-balance sheet commitments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Sep. 30, 2024
Allowance for credit losses related to off-balance sheet commitments          
Beginning balance $ 94 $ 224 $ 224 $ 0 $ 224
Provision for (reversal of) credit losses 0 0 (130) 0 (130)
Ending balance $ 94 $ 224 $ 94 224 $ 94
ASU No. 2016-13          
Allowance for credit losses related to off-balance sheet commitments          
Beginning balance       $ 224  
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss)    
Net unrealized loss on securities available-for-sale $ (8,517) $ (8,922)
Net unrealized loss for unfunded status of defined benefit plan liability (543) (543)
Accumulated other comprehensive income (loss), before taxes, total (9,060) (9,465)
Less: Tax effect 1,902 1,987
Net-of-tax amount $ (7,158) $ (7,478)
v3.24.3
Accumulated Other Comprehensive Income (Loss) - Net of tax (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Beginning Balance $ 60,597 $ 58,409 $ 63,593 $ 59,737
Other comprehensive income (loss) before reclassification 4,061 (7,298) 320 (7,684)
Ending Balance 65,460 52,590 65,460 52,590
Net unrealized (Loss) Gain on Available For Sale Securities        
Beginning Balance (10,790) (9,063) (7,049) (8,677)
Other comprehensive income (loss) before reclassification 4,061 (7,298)    
Other comprehensive income (loss) before reclassification     228 (7,684)
Amounts reclassified from accumulated other comprehensive gain (loss)     92  
Ending Balance (6,729) (16,361) (6,729) (16,361)
Defined Benefit Plan        
Beginning Balance (429) (559) (429) (659)
Ending Balance (429) (659) (429) (659)
Accumulated Other Comprehensive Income (Loss)        
Beginning Balance (11,219) (9,722) (7,478) (9,336)
Other comprehensive income (loss) before reclassification 4,061 (7,298) 320 (7,684)
Other comprehensive income (loss) before reclassification     228 (7,684)
Amounts reclassified from accumulated other comprehensive gain (loss)     92  
Ending Balance $ (7,158) $ (17,020) $ (7,158) $ (17,020)
v3.24.3
Fair Value Measurements - Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Recurring Basis (Details) - Recurring basis - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
U.S. government agencies    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair Value $ 17,389 $ 44,268
Subordinated notes    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair Value 25,908 24,300
State and municipal obligations    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair Value 206,864 174,192
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agencies    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair Value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Subordinated notes    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair Value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | State and municipal obligations    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair Value 0 0
Significant Other Observable Inputs (Level 2) | U.S. government agencies    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair Value 17,389 44,268
Significant Other Observable Inputs (Level 2) | Subordinated notes    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair Value 25,908 24,300
Significant Other Observable Inputs (Level 2) | State and municipal obligations    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair Value 206,864 174,192
Significant Unobservable Inputs (Level 3) | U.S. government agencies    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair Value 0 0
Significant Unobservable Inputs (Level 3) | Subordinated notes    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair Value 0 0
Significant Unobservable Inputs (Level 3) | State and municipal obligations    
Fair Value, Assets and Liabilities Measured on Recurring Basis    
Fair Value $ 0 $ 0
v3.24.3
Fair Value Measurements - Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring basis - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Collateral dependent loans $ 50 $ 0
Foreclosed assets held for sale 120 3,273
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Collateral dependent loans 0 0
Foreclosed assets held for sale 0 0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Collateral dependent loans 0 0
Foreclosed assets held for sale 0 0
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Collateral dependent loans 50 0
Foreclosed assets held for sale $ 120 $ 3,273
v3.24.3
Fair Value Measurements - Quantitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Collateral-dependent loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair Value $ 50 $ 0
Valuation Technique Market comparable properties Market comparable properties
Unobservable Inputs Comparability adjustments Comparability adjustments
Collateral-dependent loans | Minimum | Market comparable properties | Comparability adjustments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Range 5.00% 5.00%
Collateral-dependent loans | Maximum | Market comparable properties | Comparability adjustments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Range 10.00% 10.00%
Foreclosed assets held for sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair Value $ 120 $ 3,273
Valuation Technique Market comparable properties Market comparable properties
Unobservable Inputs Marketability discount Marketability discount
Foreclosed assets held for sale | Minimum | Market comparable properties | Marketability discount    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Range 10.00% 10.00%
Foreclosed assets held for sale | Maximum | Market comparable properties | Marketability discount    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Range 35.00% 35.00%
v3.24.3
Fair Value Measurements - Estimated Fair Values of Company's Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Financial assets    
Cash and cash equivalents $ 37,778 $ 40,770
Loans, net of allowance 471,002 479,318
Federal Home Loan Bank stock 4,026 3,979
Accrued interest receivable 3,846 4,098
Financial liabilities    
Deposits 615,819 621,459
Securities sold under agreements to repurchase 36,123 26,781
Subordinated debentures 23,832 23,787
Advances Federal Home Loan Bank 75,000 75,000
Interest payable 587 579
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Financial assets    
Cash and cash equivalents 37,778 40,770
Loans, net of allowance 0 0
Federal Home Loan Bank stock 0 0
Accrued interest receivable 0 0
Financial liabilities    
Deposits 0 0
Securities sold under agreements to repurchase 0 0
Subordinated debentures 0 0
Advances Federal Home Loan Bank 0 0
Interest payable 0 0
Significant Other Observable Inputs (Level 2)    
Financial assets    
Cash and cash equivalents 0 0
Loans, net of allowance 0 0
Federal Home Loan Bank stock 4,026 3,979
Accrued interest receivable 3,846 4,098
Financial liabilities    
Deposits 617,542 623,813
Securities sold under agreements to repurchase 36,123 26,781
Subordinated debentures 21,749 22,146
Advances Federal Home Loan Bank 75,836 74,911
Interest payable 587 579
Significant Unobservable Inputs (Level 3)    
Financial assets    
Cash and cash equivalents 0 0
Loans, net of allowance 452,077 459,759
Federal Home Loan Bank stock 0 0
Accrued interest receivable 0 0
Financial liabilities    
Deposits 0 0
Securities sold under agreements to repurchase 0 0
Subordinated debentures 0 0
Advances Federal Home Loan Bank 0 0
Interest payable $ 0 $ 0
v3.24.3
Repurchase Agreements - Remaining Contractual Maturity of the Agreement (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Repurchase Agreements    
Securities sold under agreements to repurchase $ 36,123 $ 26,781
State and municipal obligations    
Repurchase Agreements    
Securities sold under agreements to repurchase 36,123 26,781
Overnight and Continuous    
Repurchase Agreements    
Securities sold under agreements to repurchase 36,123 26,781
Overnight and Continuous | State and municipal obligations    
Repurchase Agreements    
Securities sold under agreements to repurchase 36,123 26,781
Up to 30 Days    
Repurchase Agreements    
Securities sold under agreements to repurchase 0 0
Up to 30 Days | State and municipal obligations    
Repurchase Agreements    
Securities sold under agreements to repurchase 0 0
30-90 Days    
Repurchase Agreements    
Securities sold under agreements to repurchase 0 0
30-90 Days | State and municipal obligations    
Repurchase Agreements    
Securities sold under agreements to repurchase 0 0
Greater than 90 Days    
Repurchase Agreements    
Securities sold under agreements to repurchase 0 0
Greater than 90 Days | State and municipal obligations    
Repurchase Agreements    
Securities sold under agreements to repurchase $ 0 $ 0
v3.24.3
Repurchase Agreements - Additional Information (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
State and municipal obligations    
Repurchase agreements borrowings $ 49.0 $ 41.1
v3.24.3
Core Deposits and Intangible Assets (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Changes in the carrying amount of goodwill    
Balance beginning of year $ 682 $ 682
Additions from acquisition 0 0
Balance, end of period $ 682 $ 682
v3.24.3
Core Deposits and Intangible Assets - Intangible assets (Details) - Core deposit intangibles - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Intangible assets    
Gross Intangible Assets $ 1,041 $ 1,041
Accumulated Amortization 881 781
Net Intangible Assets $ 160 $ 260
v3.24.3
Core Deposits and Intangible Assets - Future amortization expense (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Estimated aggregate future amortization expense  
2024 $ 33
2025 $ 127
v3.24.3
Advances from the Federal Home Loan Bank (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Advances from the Federal Home Loan Bank    
Advances Federal Home Loan Bank $ 75,000 $ 75,000
Required annual payments, for year ending December 31, 2026 $ 20,000  
Fixed interest rate, for year ending December 31, 2026 4.39%  
Required annual payments, for year ending December 31, 2027 $ 35,000  
Fixed interest rate, for year ending December 31, 2027 4.24%  
Required annual payments, for year ending December 31, 2028 $ 20,000  
Fixed interest rate, for year ending December 31, 2028 4.11%  
v3.24.3
Premises and Equipment (Details) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Property, Plant and Equipment      
Property, plant and equipment, gross $ 51,207,000   $ 40,871,000
Less accumulated depreciation (26,688,000)   (25,887,000)
Net premises and equipment 24,519,000   14,984,000
Depreciation and amortization 802,000 $ 744,000  
Land, buildings and improvements      
Property, Plant and Equipment      
Property, plant and equipment, gross 32,484,000   22,927,000
Furniture and equipment      
Property, Plant and Equipment      
Property, plant and equipment, gross 16,075,000   15,398,000
Computer software      
Property, Plant and Equipment      
Property, plant and equipment, gross $ 2,648,000   $ 2,546,000