VIRGINIA NATIONAL BANKSHARES CORP, 10-Q filed on 5/9/2025
Quarterly Report
v3.25.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2025
May 07, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2025  
Entity Registrant Name VIRGINIA NATIONAL BANKSHARES CORP  
Entity Central Index Key 0001572334  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   5,391,979
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity File Number 001-40305  
Entity Incorporation, State or Country Code VA  
Entity Tax Identification Number 46-2331578  
Entity Address, Address Line One 404 People Place  
Entity Address, City or Town Charlottesville  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 22911  
City Area Code 434  
Local Phone Number 817-8621  
Entity Shell Company false  
Document Quarterly Report true  
Document Transition Report false  
Title of 12(b) Security Common Stock  
Trading Symbol VABK  
Security Exchange Name NASDAQ  
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and due from banks $ 16,574 $ 5,311 [1]
Interest-bearing deposits in other banks 9,658 11,792 [1]
Federal funds sold 3,341
Securities:    
Available for sale, at fair value 262,923 263,537 [1]
Restricted securities, at cost 6,172 6,193 [1]
Total securities 269,095 269,730 [1]
Loans, net of deferred fees and costs 1,242,498 1,235,969 [1]
Allowance for credit losses (8,328) (8,455) [1]
Loans, net 1,234,170 1,227,514 [1]
Premises and equipment, net 12,479 15,383 [1]
Bank owned life insurance 40,352 40,059 [1]
Goodwill 7,768 7,768 [1]
Right of use asset, net 5,179 5,551 [1]
Deferred tax asset, net 14,469 15,407 [1]
Accrued interest receivable and other assets 17,443 14,519 [1]
Total assets 1,634,025 1,616,826 [1]
Demand deposits:    
Noninterest bearing 379,059 374,079 [1]
Interest bearing 283,704 303,405 [1]
Money market and savings deposit accounts 472,952 437,619 [1]
Certificates of deposit and other time deposits 298,498 308,443 [1]
Total deposits 1,434,213 1,423,546 [1]
Federal funds purchased 0 236 [1]
Borrowings 20,000 20,000 [1]
Junior subordinated debt, net 3,518 3,506 [1]
Lease liability 5,026 5,389 [1]
Accrued interest payable and other liabilities 4,487 3,847 [1]
Total liabilities 1,467,244 1,456,524 [1]
Commitments and contingent liabilities
Shareholders' equity:    
Preferred stock, $2.50 par value
Common stock, $2.50 par value 13,296 13,263 [1]
Capital surplus 106,609 106,394 [1]
Retained earnings 85,217 82,507 [1]
Accumulated other comprehensive loss (38,341) (41,862) [1]
Total shareholders' equity 166,781 160,302 [1]
Total liabilities and shareholders' equity $ 1,634,025 $ 1,616,826 [1]
Common stock, shares outstanding 5,391,979 5,370,912 [1]
Common stock, shares authorized 10,000,000 10,000,000 [1]
Preferred stock, shares outstanding 0 0 [1]
Preferred stock, shares authorized 2,000,000 2,000,000 [1]
Core Deposit [Member]    
Securities:    
Core deposit intangible, net $ 3,497 $ 3,792 [1]
[1] Derived from audited Consolidated Financial Statements
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value per share $ 2.5 $ 2.5
Common stock, par value per share $ 2.5 $ 2.5
v3.25.1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest and dividend income:    
Loans, including fees $ 17,033 $ 15,661
Federal funds sold 184 239
Other interest-bearing deposits 42 57
Investment securities:    
Taxable 1,309 2,159
Tax exempt 323 326
Dividends 115 118
Total interest and dividend income 19,006 18,560
Interest expense:    
Demand deposits 69 71
Money market and savings deposits 3,003 2,922
Certificates and other time deposits 3,054 4,050
Borrowings 509 486
Federal funds purchased 7 7
Junior subordinated debt 70 88
Total interest expense 6,712 7,624
Net interest income 12,294 10,936
Recovery of credit losses (160) (22)
Net interest income after recovery of credit losses 12,454 10,958
Noninterest income:    
Wealth management fees 229 426
Deposit account fees 307 387
Debit/credit card and ATM fees 370 488
Bank owned life insurance income 293 275
Gains on sale of assets, net 278 39
Gain on early redemption of debt   379
Loss on sales of AFS, net (0) (4)
Other 283 188
Total noninterest income 1,760 2,178
Noninterest expense:    
Salaries and employee benefits 3,936 4,152
Net occupancy 1,016 972
Equipment 186 171
Bank franchise tax 339 340
Computer software 256 208
Data processing 735 739
FDIC deposit insurance assessment 145 195
Marketing, advertising and promotion 254 248
Professional fees 256 252
Legal Fees 236 71
Core deposit intangible amortization 295 343
Other 1,170 1,128
Total noninterest expense 8,824 8,819
Income before income taxes 5,390 4,317
Provision for income taxes 901 671
Net income $ 4,489 $ 3,646
Net income per common share, basic $ 0.83 $ 0.68
Net income per common share, diluted $ 0.83 $ 0.68
Weighted average common shares outstanding, basic 5,378,871 5,366,890
Weighted average common shares outstanding, diluted 5,402,936 5,380,081
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 4,489 $ 3,646
Other comprehensive income (loss):    
Unrealized gains (losses) on securities, net of tax of $936 and ($668) for the three months ended March 31, 2025 and 2024, respectively. 3,521 (2,511)
Reclassification adjustment for realized losses on securities, net of tax of $0 and $1 for the three months ended March 31, 2025 and 2024, respectively   3
Total other comprehensive income (loss) 3,521 (2,508)
Total comprehensive income $ 8,010 $ 1,138
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Change in unrealized gains (losses) on available-for-sale securities, net of tax $ 936 $ (668)
Reclassification adjustment for realized losses on securities, net of tax $ 0 $ 1
v3.25.1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock [Member]
Capital Surplus [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2023 $ 153,040 $ 13,258 $ 106,045 $ 73,781 $ (40,044)
Stock option expense 24   24    
Restricted stock grant expense 171   171    
Vested stock grants   21 (21)    
Shares repurchased (26) (2) (24)    
Cash dividends declared (1,770)     (1,770)  
Net income 3,646     3,646  
Other comprehensive income (loss) (2,508)       (2,508)
Balance at Mar. 31, 2024 152,577 13,277 106,195 75,657 (42,552)
Balance at Dec. 31, 2024 160,302 [1] 13,263 106,394 82,507 (41,862)
Stock option expense 34   34    
Restricted stock grant expense 214   214    
Vested stock grants   33 (33)    
Cash dividends declared (1,779)     (1,779)  
Net income 4,489     4,489  
Other comprehensive income (loss) 3,521       3,521
Balance at Mar. 31, 2025 $ 166,781 $ 13,296 $ 106,609 $ 85,217 $ (38,341)
[1] Derived from audited Consolidated Financial Statements
v3.25.1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) (Unaudited) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Cash dividend declared, per share $ 0.33 $ 0.33
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 4,489 $ 3,646
Adjustments to reconcile net income to net cash provided by operating activities:    
Recovery of credit losses (160) (22)
Net accretion of certain acquisition-related adjustments (531) (576)
Amortization of intangible assets 295 343
Net amortization (accretion) of securities 200 (51)
Net losses on sale of AFS 0 4
Net gain on early redemption of debt 0 (379)
Net (gains) losses on sale of assets (278) (39)
Earnings on bank owned life insurance (293) (275)
Depreciation and other amortization 766 738
Stock option expense 34 24
Restricted stock expense 214 171
Net change in:    
Accrued interest receivable and other assets (2,923) (1,204)
Accrued interest payable and other liabilities 279 790
Net cash provided by operating activities 2,092 3,170
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net decrease in restricted investments 21 2,193
Proceeds from maturities, calls, sales and principal payments of available for sale securities 4,870 75,610
Net change in loans (5,953) (34,999)
Proceeds from sale of premises and equipment 3,047 44
Purchase of bank premises and equipment (259) (31)
Net cash provided by investing activities 1,726 42,817
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in demand deposits, money market and savings accounts 20,612 (8,102)
Net change in certificates of deposit and other time deposits (9,945) 30,976
Net change in Federal funds purchased (236) (3,462)
Net change in other borrowings 0 (46,500)
Repurchase of shares of stock 0 (26)
Cash dividends paid (1,779) (1,770)
Net cash provided by (used in) financing activities 8,652 (28,884)
NET INCREASE IN CASH AND CASH EQUIVALENTS 12,470 17,103
CASH AND CASH EQUIVALENTS:    
Beginning of period 17,103 28,390
End of period 29,573 45,493
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest 6,852 7,099
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Unrealized gains (losses) on available for sale securities 4,457 (3,175)
Initial right-of-use assets obtained in exchange for new operating lease liabilities $ 0 $ (281)
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 4,489 $ 3,646
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
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
Rule 10b5-1 Arrangement Modified false
Non-Rule 10b5-1 Arrangement Modified false
v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 1. Summary of Significant Accounting Policies

Principles of Consolidation: The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. The statements should be read in conjunction with the Notes to Consolidated Financial Statements included in the Company’s Form 10-K for the year ended December 31, 2024.

Nature of Operations: The accompanying unaudited consolidated financial statements include the accounts of the Company, and its subsidiaries Virginia National Bank and Masonry Capital Management, LLC, a registered investment advisor. Effective April 1, 2024, the Company sold the membership interests in Masonry Capital Management, LLC to an officer of the Company. Subsequent to the date of sale, the Company will receive an annual revenue-share amount for a period of six years. The Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including the fiduciary services of VNB Trust and Estate Services. All significant intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation: The preparation of financial statements in conformity with GAAP and the reporting guidelines prescribed by regulatory authorities requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the ACL, goodwill and core deposit intangible and fair value measurements. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Reclassifications: If needed, certain previously reported amounts have been reclassified to conform to current period presentation. No such reclassifications were considered material to shareholders' equity and net income.

Refer to Note 1, "Summary of Significant Accounting Policies" of the Notes to Consolidated Financial Statements included in the 2024 Annual Report on Form 10-K for a discussion of the Company's significant accounting policies. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not currently expected to have a material effect on the Company's financial position, results of operations or cash flows.

v3.25.1
Recent Significant Accounting Pronouncements
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Recent Significant Accounting Pronouncements

Note 2. Recent Significant Accounting Pronouncements

Disaggregation of Income Statement Expenses - In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The FASB subsequently issued ASU 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date”, which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in ASU 2024-03 in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its consolidated financial statements.

Income Tax Disclosures - In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense

(or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 was effective for the Company on January 1, 2025. There was no material impact to the Company upon adoption of this ASU and the Company will include the applicable and relevant required disclosures in the Annual Report on Form 10-K as of December 31, 2025.
v3.25.1
Securities
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Securities

Note 3. Securities

The amortized cost and fair values of securities available for sale as of March 31, 2025 and December 31, 2024 were as follows (dollars in thousands):

 

March 31, 2025

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

U.S. Government treasuries

 

$

1,500

 

 

$

-

 

 

$

(1

)

 

$

1,499

 

U.S. Government agencies

 

 

32,066

 

 

 

-

 

 

 

(4,369

)

 

 

27,697

 

Mortgage-backed/CMOs

 

 

157,143

 

 

 

24

 

 

 

(22,512

)

 

 

134,655

 

Corporate bonds

 

 

17,807

 

 

 

-

 

 

 

(107

)

 

 

17,700

 

Municipal bonds

 

 

102,939

 

 

 

-

 

 

 

(21,567

)

 

 

81,372

 

Total Securities Available for Sale

 

$

311,455

 

 

$

24

 

 

$

(48,556

)

 

$

262,923

 

 

December 31, 2024

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

U.S. Government treasuries

 

$

1,500

 

 

$

-

 

 

$

(7

)

 

$

1,493

 

U.S. Government agencies

 

 

34,998

 

 

 

-

 

 

 

(5,363

)

 

 

29,635

 

Mortgage-backed/CMOs

 

 

158,554

 

 

 

14

 

 

 

(25,757

)

 

 

132,811

 

Corporate bonds

 

 

17,782

 

 

 

-

 

 

 

(191

)

 

 

17,591

 

Municipal bonds

 

 

103,693

 

 

 

-

 

 

 

(21,686

)

 

 

82,007

 

Total Securities Available for Sale

 

$

316,527

 

 

$

14

 

 

$

(53,004

)

 

$

263,537

 

 

As of March 31, 2025, there were $260.4 million or 271 issues of individual securities, held in an unrealized loss position. These securities have an unrealized loss of $48.6 million and consist of 115 mortgage-backed/collateralized mortgage obligations, 127 municipal bonds, 19 agency bonds, 9 corporate bonds and 1 treasury bond.

Accrued interest receivable on AFS securities amounted to $1.4 million and $1.5 million as of March 31, 2025 and December 31, 2024, respectively.

The following tables summarize all securities with unrealized losses, segregated by length of time in a continuous unrealized loss position, for which no allowance for credit losses was recorded, at March 31, 2025, and December 31, 2024 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

March 31, 2025

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S. Government treasuries

 

$

-

 

 

$

-

 

 

$

1,499

 

 

$

(1

)

 

$

1,499

 

 

$

(1

)

U.S. Government agencies

 

 

-

 

 

 

-

 

 

 

27,630

 

 

 

(4,369

)

 

 

27,630

 

 

 

(4,369

)

Mortgage-backed/CMOs

 

 

-

 

 

 

-

 

 

 

132,159

 

 

 

(22,512

)

 

 

132,159

 

 

 

(22,512

)

Corporate bonds

 

 

-

 

 

 

-

 

 

 

17,700

 

 

 

(107

)

 

 

17,700

 

 

 

(107

)

Municipal bonds

 

 

3,355

 

 

 

(24

)

 

 

78,017

 

 

 

(21,543

)

 

 

81,372

 

 

 

(21,567

)

 

 

$

3,355

 

 

$

(24

)

 

$

257,005

 

 

$

(48,532

)

 

$

260,360

 

 

$

(48,556

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

December 31, 2024

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S. Government treasuries

 

$

-

 

 

$

-

 

 

$

1,493

 

 

$

(7

)

 

$

1,493

 

 

$

(7

)

U.S. Government agencies

 

 

-

 

 

 

-

 

 

 

29,551

 

 

 

(5,363

)

 

$

29,551

 

 

$

(5,363

)

Mortgage-backed/CMOs

 

 

-

 

 

 

-

 

 

 

130,128

 

 

 

(25,757

)

 

$

130,128

 

 

$

(25,757

)

Corporate bonds

 

 

-

 

 

 

-

 

 

 

17,591

 

 

 

(191

)

 

$

17,591

 

 

$

(191

)

Municipal bonds

 

 

2,284

 

 

 

(19

)

 

 

78,648

 

 

 

(21,667

)

 

$

80,932

 

 

$

(21,686

)

 

 

$

2,284

 

 

$

(19

)

 

$

257,411

 

 

$

(52,985

)

 

$

259,695

 

 

$

(53,004

)

The Company’s securities portfolio is primarily made up of fixed rate instruments, the prices of which move inversely with interest rates. Any unrealized losses are considered by management to be driven by increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the instruments approach their maturity date or repricing date or if market yields for such investments decline. At the end of any accounting period, the portfolio may have both unrealized gains and losses.

Impairment of debt securities occurs when the fair value of a security is less than its amortized cost. The Company has elected to exclude accrued interest receivable from the amortized cost basis. For debt securities AFS, impairment is recognized in its entirety in net income if either, (i) we intend to sell the security; or, (ii) it is more-likely-than-not that we will be required to sell the security before recovery of its amortized cost basis. If, however, the Company does not intend to sell the security and it is not more-likely-than-not that the Company will be required to sell the security before recovery, the Company evaluates unrealized losses to determine whether a decline in fair value below amortized cost basis is a result of a credit loss, which occurs when the amortized cost basis of the security exceeds the present value of the cash flows expected to be collected from the security, or other factors such as changes in market interest rates. If a credit loss exists, an ACL is recorded that reflects the amount of the impairment related to credit losses, limited by the amount by which the security’s amortized cost basis exceeds its fair value. Changes in the ACL are recorded in net income in the period of change and are included in the provision for credit losses. Changes in the fair value of debt securities AFS not resulting from credit losses are recorded in other comprehensive income (loss). The Company regularly reviews unrealized losses in its investments in securities and cash flows expected to be collected from impaired securities based on criteria including the extent to which market value is below amortized cost, the financial health of and specific prospects for the issuer, the Company’s intention with regard to holding the security to maturity and the likelihood that the Company would be required to sell the security before recovery.

Management does not believe any of the securities in an unrealized loss position are impaired due to credit quality. In addition, issuers have continued to make timely payments of principal and interest. Accordingly, as of March 31, 2025, management believes the impairments detailed in the table above are temporary, and no credit loss has been realized in the Company’s consolidated statements of income. Additionally, management has the ability to hold any security with an unrealized loss until maturity or until such time as the value of the security has recovered from its unrealized loss position.

Securities pledged as collateral to secure public deposits and to facilitate borrowing from the FRB had carrying values of $22.5 million and $21.9 million at March 31, 2025 and December 31, 2024, respectively.

There were no sales of AFS securities during the three months ended March 31, 2025. During the three months ended March 31, 2024, the Company sold AFS securities with a total book value of $39.6 million, incurring a pre-tax loss of $4 thousand. The sales were executed as the result of a strategic decision to reinvest proceeds into higher yielding assets.

Restricted securities are securities with limited marketability and consist of stock in the FRB, the Federal Home Loan Bank of Atlanta, CBB Financial Corporation (the holding company for Community Bankers' Bank) and an investment in an SBA loan fund. These restricted securities, totaling $6.2 million as of March 31, 2025 and December 31, 2024, are carried at cost.

The amortized cost and fair value of AFS debt securities at March 31, 2025 are presented below based upon contractual maturities, by major investment categories (dollars in thousands). Expected maturities may differ from contractual maturities because issuers have the right to call or prepay obligations.

 

 

 

Amortized Cost

 

 

Fair Value

 

U.S. Government treasuries

 

 

 

 

 

 

One year or less

 

$

1,500

 

 

$

1,499

 

 

$

1,500

 

 

$

1,499

 

U.S. Government agencies

 

 

 

 

 

 

After one year to five years

 

$

12,135

 

 

$

10,993

 

After five years to ten years

 

 

15,931

 

 

 

13,649

 

Ten years or more

 

 

4,000

 

 

 

3,055

 

 

$

32,066

 

 

$

27,697

 

Mortgage-backed/CMOs

 

 

 

 

 

 

One year or less

 

$

1,475

 

 

$

1,455

 

After one year to five years

 

 

6,272

 

 

 

5,913

 

After five years to ten years

 

 

3,439

 

 

 

3,256

 

Ten years or more

 

 

145,957

 

 

 

124,031

 

 

$

157,143

 

 

$

134,655

 

Corporate bonds

 

 

 

 

 

 

One year or less

 

$

9,998

 

 

$

9,964

 

After one year to five years

 

 

7,809

 

 

 

7,736

 

 

$

17,807

 

 

$

17,700

 

Municipal bonds

 

 

 

 

 

 

After one year to five years

 

$

5,624

 

 

$

5,489

 

After five years to ten years

 

 

22,890

 

 

 

20,757

 

Ten years or more

 

 

74,425

 

 

 

55,126

 

 

$

102,939

 

 

$

81,372

 

 

 

 

 

 

 

 

Total Debt Securities Available for Sale

 

$

311,455

 

 

$

262,923

 
v3.25.1
Loans
 3 Months Ended
Mar. 31, 2025
Loans and Leases Receivable Disclosure [Abstract]  
Loans

Note 4. Loans

The composition of the loan portfolio by major loan classifications at March 31, 2025 and December 31, 2024, stated at their face amount, net of deferred fees and costs and unamortized premiums and discounts, including fair value marks, appears below (dollars in thousands). The Company has elected to exclude accrued interest receivable, totaling $4.7 million and $4.9 million as of March 31, 2025 and December 31, 2024, respectively, from the amortized cost basis of loans.

 

 

 

March 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Commercial

 

$

254,066

 

 

$

257,671

 

Real estate construction and land

 

 

35,176

 

 

 

36,977

 

1-4 family residential mortgages

 

 

310,297

 

 

 

313,610

 

Commercial mortgages

 

 

610,835

 

 

 

593,496

 

Consumer

 

 

32,124

 

 

 

34,215

 

Total loans

 

 

1,242,498

 

 

 

1,235,969

 

Less: Allowance for credit losses

 

 

(8,328

)

 

 

(8,455

)

Net loans

 

$

1,234,170

 

 

$

1,227,514

 

 

As of March 31, 2025 and December 31, 2024, unamortized premiums from purchases of loans (excluding loans acquired during the Merger) were $10.1 million, and $10.3 million, respectively. Net deferred loan costs and fees totaled $3.0 million as of March 31, 2025 and $3.1 million as of December 31, 2024.

Consumer loans include $42 thousand and $36 thousand of demand deposit overdrafts as of March 31, 2025 and December 31, 2024, respectively.

Loans acquired in business combinations are recorded in the consolidated balance sheets at fair value at the acquisition date under the acquisition method of accounting. The fair value mark as of the Effective Date was $23.1 million. The table above includes a remaining net fair value mark of $6.2 million as of March 31, 2025 on the Acquired Loans.

The following table shows the aging of the Company's loan portfolio, by class, at March 31, 2025 (dollars in thousands):

 

 

30-59 Days

 

 

60-89 Days

 

 

90 Days or More Past Due and Still Accruing

 

 

Nonaccrual Loans

 

 

Current Loans

 

 

Total Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

7,294

 

 

$

3,160

 

 

$

2,213

 

 

$

-

 

 

$

241,399

 

 

$

254,066

 

Real estate construction and land

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

35,176

 

 

 

35,176

 

1-4 family residential mortgages

 

 

480

 

 

 

-

 

 

 

-

 

 

 

2,764

 

 

 

307,053

 

 

 

310,297

 

Commercial mortgages

 

 

120

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

610,715

 

 

 

610,835

 

Consumer loans

 

 

56

 

 

 

54

 

 

 

61

 

 

 

-

 

 

 

31,953

 

 

 

32,124

 

Total Loans

 

$

7,950

 

 

$

3,214

 

 

$

2,274

 

 

$

2,764

 

 

$

1,226,296

 

 

$

1,242,498

 

 

The following table shows the aging of the Company's loan portfolio, by class, at December 31, 2024 (dollars in thousands):

 

 

30-59 Days

 

 

60-89 Days

 

 

90 Days or More

 

 

Nonaccrual Loans

 

 

Current Loans

 

 

Total Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

9,173

 

 

$

354

 

 

$

705

 

 

$

-

 

 

$

247,439

 

 

$

257,671

 

Real estate construction and land

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

36,977

 

 

 

36,977

 

1-4 family residential mortgages

 

 

1,131

 

 

 

317

 

 

 

-

 

 

 

2,267

 

 

 

309,895

 

 

 

313,610

 

Commercial mortgages

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

593,496

 

 

 

593,496

 

Consumer loans

 

 

66

 

 

 

90

 

 

 

49

 

 

 

-

 

 

 

34,010

 

 

 

34,215

 

Total Loans

 

$

10,370

 

 

$

761

 

 

$

754

 

 

$

2,267

 

 

$

1,221,817

 

 

$

1,235,969

 

The following tables show the Company's amortized cost basis of loans on nonaccrual status as of March 31, 2025 and December 31, 2024 (dollars in thousands). All nonaccrual loans are evaluated for an ACL on an individual basis. As of March 31, 2025, one nonaccrual loans required an ACL, in the amount of $4 thousand, due to collateral value shortfall. As of December 31, 2024, one nonaccrual loan required an ACL, in the amount of $28 thousand, due to collateral value shortfall.

 

 

March 31, 2025

 

 

 

Nonaccrual Loans with No Allowance

 

 

Nonaccrual Loans with an Allowance

 

 

Total Nonaccrual Loans

 

Commercial

 

$

-

 

 

$

-

 

 

$

-

 

Real estate construction and land

 

 

-

 

 

 

-

 

 

 

-

 

1-4 family residential mortgages

 

 

2,580

 

 

 

184

 

 

 

2,764

 

Commercial mortgages

 

 

-

 

 

 

-

 

 

 

-

 

Consumer

 

 

-

 

 

 

-

 

 

 

-

 

Total Nonaccrual Loans

 

$

2,580

 

 

$

184

 

 

$

2,764

 

 

 

 

December 31, 2024

 

 

 

Nonaccrual Loans with No Allowance

 

 

 

Nonaccrual Loans with an Allowance

 

 

Total Nonaccrual Loans

 

Commercial

 

$

-

 

 

 

$

-

 

 

$

-

 

Real estate construction and land

 

 

-

 

 

 

 

-

 

 

 

-

 

1-4 family residential mortgages

 

 

1,887

 

 

 

 

380

 

 

 

2,267

 

Commercial mortgages

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Consumer

 

 

-

 

 

 

 

-

 

 

 

-

 

Total Nonaccrual Loans

 

$

1,887

 

 

 

$

380

 

 

$

2,267

 

Troubled loan modifications - From time to time, the Company modifies loans to borrowers who are experiencing financial difficulties by providing term extensions, interest rate reductions or other-than-insignificant payment delays. As the effect of most modifications is already included in the ACL due to the measurement methodologies used in its estimate, the ACL is typically not adjusted upon modification. During the three months ended March 31, 2025, no loans were modified to borrowers experiencing financial difficulty. During the three months ended March 31, 2024, one 1-4 family residential mortgage loan was modified for a borrower experiencing financial difficulty, in the amount of $703 thousand and representing 0.002% of this loan segment as of March 31, 2024, by extending the interest-only term and maintaining the original interest rate.

The Company closely monitors the performance of all modified loans to understand the effectiveness of its modification efforts. Upon determination, if applicable, that all or a portion of a modified loan is uncollectible, that amount is charged against the ACL. One borrower with a TLM was in payment default during the three months ending March 31, 2025; all other TLMs were current as of March 31, 2025. There were no payment defaults during the three months ended March 31, 2024 of loans that were modified during the previous twelve months. All modified loans were current as of March 31, 2024.

Foreclosures - There was one loan totaling $183 thousand secured by 1-4 family residential property that was in the process of foreclosure at March 31, 2025, compared to none in the process of foreclosure as of December 31, 2024.
v3.25.1
Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2025
Allowance For Loan Losses [Abstract]  
Allowance for Credit Losses

Note 5. Allowance for Credit Losses

The ACL on the loan portfolio is a material estimate for the Company. The Company estimates is ACL on its loan portfolio on a quarterly basis. The Company utilizes two methodologies in its development of the ACL, discounted cash flow and remaining life.

•
Discounted Cash Flow
o
DCF models, being periodic in nature, allow for effective incorporation of a reasonable and supportable forecast in a directionally consistent and objective manner.
o
The analysis aligns well with other calculations/actions outside the ACL estimation, which will mitigate model risk in other areas and allow for symmetrical application. For example, fair value (exit price notion), profitability analysis, IRR calculations, ALM, stress testing, and other forms of cash flow analysis.
o
Peer data is available for certain inputs (Probability of Default, Loss Given Default) if first-party data is not available or meaningful. This is made possible by the periodic nature of the model.
o
The DCF methodology is utilized on the following pools: 1) Commercial & Industrial; 2) Construction; 3) Consumer; 4) CRE NonOwner Occupied; 5) CRE Owner Occupied; 6) HELOC & Junior Lien; 7) Residential 1st Lien; and 8) Multifamily.

•
Remaining Life
o
This methodology leverages a quarterly loss rate as well as future expectations of portfolio balances to calculate a reserve.
o
There are two main strengths of this methodology. First, it is fairly easy to execute and does not rely on large quantities of historical loan-level data. Second, it can satisfy the need to incorporate a reasonable and supportable forecast in a straightforward manner by either applying a forecast policy of “applicable history” or leveraging an actual econometric model for the analysis.
o
The remaining life methodology is utilized on the following pools: 1) Minute Lender; and 2) Student Loans.

Maximum Loss Rate - Management utilizes the same model to calculate maximum loss rates and expected loss rates for each segment. No additional models or methodologies were used to quantify the maximum loss rate, rather, a worst-case economic environment is utilized in the models. This process ensures symmetry between the maximum loss rate and the quantified loss rate. This process also leverages the well-documented regression models used in model development.

The process for deriving the maximum loss rate is outlined below:

•
The economic forecast reflects the worst economic environment observed for each economic factor. This is done by quantifying a rolling 1-year average for each economic factor. Then, the most pessimistic 1-year average observations are captured and utilized as economic forecast inputs within the application.
•
The economic forecast assumed is a ‘worst-case’ economic environment with inputs reflective of the great recession.
•
The economic forecast is used to quantify credit risk in the form of Loss Rate. The resulting periodic default and loss rates are applied to the prepayment adjusted amortization schedules for each segment.
•
The resulting ACL, which represents a lifetime reserve (symmetrical to the base model), is input into the qualitative framework’s maximum loss rate field. The difference between the expected model and the maximum model results are then allocated based on weight and risk assignment.

 

Qualitative Factors - ASC 326 requires an entity to adjust historical loss information to reflect the extent to which management expects reasonable and supportable forecasts to differ from the conditions that existed for the period over which historical information was evaluated. The adjustments for reasonable and supportable forecasts may be qualitative in nature and should reflect changes related to relevant data.

The Company utilizes a scorecard approach to assign qualitative factors. The scorecard approach is in alignment with the AICPA audit considerations for CECL which states:

These adjustments should be grounded in a methodology that is subject to appropriate governance, challenge, and periodic controlled reevaluation. Such methodology will generally require significant management judgment. The information used to support management’s adjustments may be publicly available information, information specifically developed for the entity via management’s specialist (internal or external), or other relevant and reliable information.

The purpose of the qualitative scorecard is to provide a qualitative estimate of the expected credit losses of the current loan portfolio in response to potential limitations of the quantitative model. It is used to aid in the assessment of the unquantifiable factors affecting expected credit losses in the loan portfolio. Benefits of the scorecard include directional consistency, objectivity, controls and quantification framework (auditable).

For each segment, the scorecard calculates the difference between the quantitative expected credit loss and the maximum loss rate. This difference represents all available qualitative adjustment that can be applied to that segment.

Individual Evaluation - In accordance with ASC 326, the Company will evaluate individual loans for expected credit losses when those loans do not share similar risk characteristics with loans evaluated using a collective (pooled) basis. Loans will not be included in both collective and individual analysis. Individual analysis will establish a specific reserve for each loan, using one of four methods: 1) Fair Value of Collateral Method (Collateral Relationship); 2) Cash Flow Method; 3) Advanced Cash Flow Method; or 4) Loan Pricing Method.

Management has elected to perform an individual evaluation on all loans in nonaccrual status. As of March 31, 2025, after reviewing each loan in nonaccrual status, a specific reserve of $4 thousand was established. As of December 31, 2024, a specific reserve of $28 thousand was established.

 

The ACL as a percentage of gross loans declined from 68 bps as of December 31, 2024 to 67 bps as of March 31, 2025. The primary driver in the change in reserves as a percentage of gross loans from December 31, 2024 to March 31, 2025 was due to declines in balances within loan pools that had higher loss rates.

The following table shows the ACL activity by loan portfolio for the three months ended March 31, 2025 (dollars in thousands):

 

 

Commercial
Loans

 

 

Real Estate
Construction
and Land

 

 

1-4 Family Residential Mortgages

 

 

Commercial Mortgages

 

 

Consumer
Loans

 

 

Total

 

Allowance for Credit Losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of beginning of year

 

$

760

 

 

$

737

 

 

$

2,551

 

 

$

3,533

 

 

$

874

 

 

$

8,455

 

   Charge-offs

 

 

(6

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(64

)

 

 

(70

)

   Recoveries

 

 

4

 

 

 

-

 

 

 

1

 

 

 

1

 

 

 

42

 

 

 

48

 

   Provision for (recovery of) credit losses

 

 

(66

)

 

 

(12

)

 

 

(36

)

 

 

39

 

 

 

(30

)

 

 

(105

)

Balance as of March 31, 2025

 

$

692

 

 

$

725

 

 

$

2,516

 

 

$

3,573

 

 

$

822

 

 

$

8,328

 

 

The following table shows the ACL activity by loan portfolio at December 31, 2024 (dollars in thousands):

 

 

 

Commercial
Loans

 

 

Real Estate
Construction
and Land

 

 

1-4 Family Residential Mortgages

 

 

Commercial
Mortgages

 

 

Consumer
Loans

 

 

Total

 

Allowance for Credit Losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of beginning of year

 

$

193

 

 

$

462

 

 

$

1,492

 

 

$

5,261

 

 

$

987

 

 

$

8,395

 

Charge-offs

 

 

(288

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(471

)

 

 

(759

)

Recoveries

 

 

723

 

 

 

-

 

 

 

11

 

 

 

573

 

 

 

230

 

 

 

1,537

 

Provision for (recovery of) credit losses

 

 

132

 

 

 

275

 

 

 

1,048

 

 

 

(2,301

)

 

 

128

 

 

 

(718

)

Ending Balance, December 31, 2024

 

$

760

 

 

$

737

 

 

$

2,551

 

 

$

3,533

 

 

$

874

 

 

$

8,455

 

 

The following table presents a breakdown of the provision for (recovery of) credit losses for the periods indicated (dollars in thousands):

 

 

Three Months Ended

 

 

March 31, 2025

 

 

March 31, 2024

 

Recovery of credit losses:

 

 

 

 

 

  Provision for (recovery of) loan losses

$

(105

)

 

$

11

 

  Recovery of unfunded commitments

 

(55

)

 

 

(33

)

Total

$

(160

)

 

$

(22

)

 

The following table presents the Company's amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to those loans as of the periods indicated (dollars in thousands):

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Real Estate Secured Loans

 

 

Allowance for Credit Losses - Loans

 

 

Real Estate Secured Loans

 

 

Allowance for Credit Losses - Loans

 

1-4 family residential mortgages

 

 

2,764

 

 

 

4

 

 

 

2,267

 

 

 

28

 

Total

 

$

2,764

 

 

$

4

 

 

$

2,267

 

 

$

28

 

 

 

Credit Quality Indicators

The Company utilizes the following credit quality indicators:

Pass

Loans with the following risk ratings are pooled by class and considered together as “Pass”:

Excellent – minimal risk loans secured by cash or fully guaranteed by a U.S. government agency

Good – low risk loans secured by marketable collateral within margin

Satisfactory – modest risk loans where the borrower has strong and liquid financial statements and more than adequate cash flow

Average – average risk loans where the borrower has reasonable debt service capacity

Marginal – acceptable risk loans where the borrower has acceptable financial statements but is leveraged

Watch

These loans have an acceptable risk but require more attention than normal servicing.

Special Mention

These potential problem loans are currently protected but are potentially weak.

Substandard

These problem loans are inadequately protected by the sound worth and paying capacity of the borrower and/or the value of any collateral pledged. If such loans are not accruing interest, they would be evaluated on an individual basis.

Doubtful

Loans with this rating have significant deterioration in the sound worth and paying capacity of the borrower and/or the value of any collateral pledged, making collection or liquidation of the loan in full highly questionable. These loans would be considered impaired and evaluated on an individual basis.

The following table presents the Company's recorded investment in loans by credit quality indicators by year of origination as of March 31, 2025 (dollars in thousands). Current period gross write-off amounts represent write-offs for the three months ended March 31, 2025 (dollars in thousands):

 

 

March 31, 2025

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Revolving Loans

 

 

Loans Converted to Term

 

 

Total

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

3,511

 

 

 

102,443

 

 

 

94,869

 

 

 

10,950

 

 

$

1,662

 

 

$

25,974

 

 

$

13,412

 

 

$

-

 

 

$

252,821

 

Watch

 

 

 

 

 

40

 

 

 

71

 

 

 

144

 

 

 

53

 

 

 

92

 

 

 

 

 

 

-

 

 

 

400

 

Special Mention

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5

 

 

 

-

 

 

 

-

 

 

 

5

 

Substandard

 

 

-

 

 

 

-

 

 

 

3

 

 

 

600

 

 

 

-

 

 

 

230

 

 

 

7

 

 

 

-

 

 

 

840

 

Total commercial

 

$

3,511

 

 

$

102,483

 

 

$

94,943

 

 

$

11,694

 

 

$

1,715

 

 

$

26,301

 

 

$

13,419

 

 

$

-

 

 

$

254,066

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

1

 

 

$

5

 

 

$

-

 

 

$

6

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate construction and land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

-

 

 

$

7,951

 

 

$

13,177

 

 

$

528

 

 

$

2,324

 

 

$

2,340

 

 

$

-

 

 

$

-

 

 

$

26,320

 

Watch

 

 

-

 

 

 

-

 

 

 

1,049

 

 

 

-

 

 

 

157

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,206

 

Special Mention

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

229

 

 

 

-

 

 

 

-

 

 

 

229

 

Substandard

 

 

-

 

 

 

791

 

 

 

-

 

 

 

6,121

 

 

 

-

 

 

 

509

 

 

 

-

 

 

 

-

 

 

 

7,421

 

Total real estate construction and land

 

$

-

 

 

$

8,742

 

 

$

14,226

 

 

$

6,649

 

 

$

2,481

 

 

$

3,078

 

 

$

-

 

 

$

-

 

 

$

35,176

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential mortgages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

1,499

 

 

$

21,680

 

 

$

17,399

 

 

$

10,094

 

 

$

48,300

 

 

$

165,626

 

 

$

16,216

 

 

$

-

 

 

$

280,814

 

Watch

 

 

-

 

 

 

322

 

 

 

4,764

 

 

 

2,112

 

 

 

3,246

 

 

 

1,692

 

 

 

1,036

 

 

 

-

 

 

 

13,172

 

Special Mention

 

 

-

 

 

 

198

 

 

 

-

 

 

 

808

 

 

 

2,337

 

 

 

5,471

 

 

 

-

 

 

 

-

 

 

 

8,814

 

Substandard

 

 

-

 

 

 

206

 

 

 

995

 

 

 

1,699

 

 

 

165

 

 

 

3,824

 

 

 

490

 

 

 

118

 

 

 

7,497

 

Total 1-4 family residential mortgage

 

$

1,499

 

 

$

22,406

 

 

$

23,158

 

 

$

14,713

 

 

$

54,048

 

 

$

176,613

 

 

$

17,742

 

 

$

118

 

 

$

310,297

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial mortgages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

22,215

 

 

$

99,065

 

 

$

108,230

 

 

$

38,548

 

 

$

39,003

 

 

$

271,765

 

 

$

1,106

 

 

$

-

 

 

$

579,932

 

Watch

 

 

-

 

 

 

-

 

 

 

2,761

 

 

 

-

 

 

 

-

 

 

 

11,678

 

 

 

-

 

 

 

-

 

 

 

14,439

 

Special Mention

 

 

-

 

 

 

80

 

 

 

-

 

 

 

1,499

 

 

 

1,394

 

 

 

11,086

 

 

 

-

 

 

 

-

 

 

 

14,059

 

Substandard

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,365

 

 

 

1,040

 

 

 

-

 

 

 

-

 

 

 

2,405

 

Total commercial mortgages

 

$

22,215

 

 

$

99,145

 

 

$

110,991

 

 

$

40,047

 

 

$

41,762

 

 

$

295,569

 

 

$

1,106

 

 

$

-

 

 

$

610,835

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

130

 

 

$

646

 

 

$

1,099

 

 

$

50

 

 

$

216

 

 

$

15,979

 

 

$

13,962

 

 

$

-

 

 

$

32,082

 

Watch

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

22

 

 

 

6

 

 

 

-

 

 

 

-

 

 

 

28

 

Special Mention

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8

 

 

 

-

 

 

 

-

 

 

 

8

 

Substandard

 

 

-

 

 

 

5

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6

 

Total consumer

 

$

130

 

 

$

651

 

 

$

1,100

 

 

$

50

 

 

$

238

 

 

$

15,993

 

 

$

13,962

 

 

$

-

 

 

$

32,124

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

64

 

 

$

-

 

 

$

-

 

 

$

64

 

 

The following table presents the Company's recorded investment in loans by credit quality indicators by year of origination as of December 31, 2024 (dollars in thousands). Current period gross write-off amounts represent write-offs for the twelve months ended December 31, 2024 (dollars in thousands):

 

 

 

December 31, 2024

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Revolving Loans

 

 

Loans Converted to Term

 

 

Total

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

102,378

 

 

$

99,341

 

 

$

11,116

 

 

$

1,770

 

 

$

2,818

 

 

$

23,171

 

 

$

15,821

 

 

$

3

 

 

$

256,418

 

Watch

 

 

41

 

 

 

74

 

 

 

154

 

 

 

57

 

 

 

104

 

 

 

28

 

 

 

-

 

 

 

-

 

 

 

458

 

Special Mention

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6

 

 

 

6

 

Substandard

 

 

-

 

 

 

5

 

 

 

294

 

 

 

-

 

 

 

20

 

 

 

132

 

 

 

7

 

 

 

331

 

 

 

789

 

Total commercial

 

$

102,419

 

 

$

99,420

 

 

$

11,564

 

 

$

1,827

 

 

$

2,942

 

 

$

23,331

 

 

$

15,828

 

 

$

340

 

 

$

257,671

 

Current period gross write-off

 

$

-

 

 

$

14

 

 

$

38

 

 

$

-

 

 

$

103

 

 

$

133

 

 

$

-

 

 

$

-

 

 

$

288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate construction and land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

6,613

 

 

$

14,844

 

 

$

2,445

 

 

$

2,364

 

 

$

1,615

 

 

$

1,476

 

 

$

-

 

 

$

-

 

 

$

29,357

 

Watch

 

 

-

 

 

 

1,057

 

 

 

-

 

 

 

159

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,216

 

Special Mention

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

243

 

 

 

-

 

 

 

-

 

 

 

243

 

Substandard

 

 

-

 

 

 

-

 

 

 

6,121

 

 

 

-

 

 

 

-

 

 

 

40

 

 

 

-

 

 

 

-

 

 

 

6,161

 

Total real estate construction and land

 

$

6,613

 

 

$

15,901

 

 

$

8,566

 

 

$

2,523

 

 

$

1,615

 

 

$

1,759

 

 

$

-

 

 

$

-

 

 

$

36,977

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential mortgages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

21,285

 

 

$

16,942

 

 

$

11,889

 

 

$

51,277

 

 

$

71,422

 

 

$

97,356

 

 

$

17,555

 

 

$

563

 

 

$

288,289

 

Watch

 

 

-

 

 

 

4,787

 

 

 

501

 

 

 

2,417

 

 

 

247

 

 

 

1,706

 

 

 

767

 

 

 

654

 

 

 

11,079

 

Special Mention

 

 

199

 

 

 

1,000

 

 

 

1,057

 

 

 

918

 

 

 

-

 

 

 

5,291

 

 

 

92

 

 

 

-

 

 

 

8,557

 

Substandard

 

 

-

 

 

 

-

 

 

 

1,434

 

 

 

54

 

 

 

1,292

 

 

 

2,293

 

 

 

397

 

 

 

215

 

 

 

5,685

 

Total 1-4 family residential mortgage

 

$

21,484

 

 

$

22,729

 

 

$

14,881

 

 

$

54,666

 

 

$

72,961

 

 

$

106,646

 

 

$

18,811

 

 

$

1,432

 

 

$

313,610

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial mortgages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

98,264

 

 

$

106,442

 

 

$

37,153

 

 

$

39,435

 

 

$

80,542

 

 

$

197,875

 

 

$

1,215

 

 

$

572

 

 

$

561,498

 

Watch

 

 

-

 

 

 

1,776

 

 

 

-

 

 

 

-

 

 

 

11,385

 

 

 

4,594

 

 

 

-

 

 

 

-

 

 

 

17,755

 

Special Mention

 

 

82

 

 

 

-

 

 

 

1,511

 

 

 

1,406

 

 

 

1,506

 

 

 

7,701

 

 

 

-

 

 

 

-

 

 

 

12,206

 

Substandard

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,750

 

 

 

287

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,037

 

Total commercial mortgages

 

$

98,346

 

 

$

108,218

 

 

$

38,664

 

 

$

42,591

 

 

$

93,720

 

 

$

210,170

 

 

$

1,215

 

 

$

572

 

 

$

593,496

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

698

 

 

$

1,104

 

 

$

67

 

 

$

243

 

 

$

134

 

 

$

16,603

 

 

$

15,135

 

 

$

3

 

 

$

33,987

 

Watch

 

 

-

 

 

 

-

 

 

 

-

 

 

 

23

 

 

 

-

 

 

 

59

 

 

 

-

 

 

 

-

 

 

 

82

 

Special Mention

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

89

 

 

 

-

 

 

 

-

 

 

 

89

 

Substandard

 

 

7

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

49

 

 

 

-

 

 

 

-

 

 

 

57

 

Total consumer

 

$

705

 

 

$

1,105

 

 

$

67

 

 

$

266

 

 

$

134

 

 

$

16,800

 

 

$

15,135

 

 

$

3

 

 

$

34,215

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

4

 

 

$

466

 

 

$

1

 

 

$

-

 

 

$

471

 

 
v3.25.1
Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

Note 6. Goodwill and Other Intangible Assets

The carrying amount of goodwill was $7.8 million at March 31, 2025, December 31, 2024 and March 31, 2024, resulting from the Merger.

The Company had $3.5 million, $3.8 million and $4.8 million of other intangible assets as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Other intangible assets were recognized in connection with the core deposits acquired from Fauquier in 2021. The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets (dollars in thousands):

 

March 31, 2025

 

 

December 31, 2024

 

 

March 31, 2024

 

 

Gross Carrying Amount

 

Accumulated Amortization

 

 

Gross Carrying Amount

 

Accumulated Amortization

 

 

Gross Carrying Amount

 

Accumulated Amortization

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Core deposit intangible

$

9,660

 

$

(6,163

)

 

$

9,660

 

$

(5,868

)

 

$

9,660

 

$

(4,910

)

Amortization expense was $295 thousand and $343 thousand for the three months ended March 31, 2025 and 2024, respectively.

Estimated future amortization expense as of March 31, 2025 is as follows (dollars in thousands):

 

Core

 

 

 

Deposit

 

 

 

Intangible

 

 

For the nine months ending December 31, 2025

$

815

 

 

For the year ending December 31, 2026

 

918

 

 

For the year ending December 31, 2027

 

726

 

 

For the year ending December 31, 2028

 

535

 

 

For the year ending December 31, 2029

 

343

 

 

Thereafter

 

160

 

 

Total

$

3,497

 

 
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases

Note 7. Leases

Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease for a term similar to the length of the lease, including any probable renewal options available. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor.

Lease payments for short-term leases are recognized as lease expense on a straight-line basis over the lease term. Payments for leases with terms longer than twelve months are included in the determination of the lease liability.

Each of the Company’s long-term lease agreements is classified as an operating lease. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations.

The following tables present information about the Company’s leases (dollars in thousands):

 

 

 

March 31, 2025

 

 

December 31, 2024

 

Lease liability

 

$

5,026

 

 

$

5,389

 

Right-of-use asset

 

$

5,179

 

 

$

5,551

 

Weighted average remaining lease term

 

4.51 years

 

 

5.14 years

 

Weighted average discount rate

 

 

2.75

%

 

 

3.02

%

 

 

 

Three Months Ended March 31,

 

Lease Expense:

 

2025

 

 

2024

 

Operating lease cost

 

$

426

 

 

$

429

 

Short-term lease expense

 

 

11

 

 

 

12

 

Total lease expense

 

$

437

 

 

$

441

 

Cash paid for amounts included in
   lease liabilities

 

$

403

 

 

$

388

 

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows (dollars in thousands):

Undiscounted Cash Flow

 

March 31, 2025

 

Nine months ending December 31, 2025

 

$

1,093

 

Twelve months ending December 31, 2026

 

 

1,159

 

Twelve months ending December 31, 2027

 

 

1,063

 

Twelve months ending December 31, 2028

 

 

942

 

Twelve months ending December 31, 2029

 

 

541

 

Thereafter

 

 

654

 

Total undiscounted cash flows

 

$

5,452

 

Less: Discount

 

 

(426

)

Lease liability

 

$

5,026

 
v3.25.1
Net Income Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Income Per Share

Note 8. Net Income Per Share

 

The table below shows the weighted average number of shares used in computing net income per common share and the effect of the weighted average number of shares of potential dilutive common stock for the three months ended March 31, 2025 and 2024. Diluted net income per share is computed based on the weighted average number of shares of common stock equivalents outstanding, to the extent dilutive. The Company’s common stock equivalents relate to outstanding common stock options. The recipients of unvested restricted shares have full voting and dividend rights, and as such, unvested restricted stock as of March 31, 2025 and March 31, 2024 is included in the calculation of basic and diluted net income per share (dollars below reported in thousands except per share data).

 

Three Months Ended

 

March 31, 2025

 

 

March 31, 2024

 

 

 

Net
Income

 

 

Weighted
Average
Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Weighted
Average
Shares

 

 

Per
Share
Amount

 

Basic net income per share

 

$

4,489

 

 

 

5,378,871

 

 

$

0.83

 

 

$

3,646

 

 

 

5,366,890

 

 

$

0.68

 

Effect of dilutive stock options

 

 

-

 

 

 

24,065

 

 

 

-

 

 

 

-

 

 

 

13,191

 

 

 

-

 

Diluted net income per share

 

$

4,489

 

 

 

5,402,936

 

 

$

0.83

 

 

$

3,646

 

 

 

5,380,081

 

 

$

0.68

 

 

For the three months ended March 31, 2025, there were 117,284 option shares considered anti-dilutive and excluded from this calculation. For the three months ended March 31, 2024, there were 117,601 option shares considered anti-dilutive and excluded from this calculation.
v3.25.1
Stock Incentive Plans
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Incentive Plans

Note 9. Stock Incentive Plans

At the Annual Shareholders Meeting on June 23, 2022, shareholders approved the Virginia National Bankshares Corporation 2022 Stock Incentive Plan. The 2022 Plan made available up to 150,000 shares of the Company’s common stock to be issued to plan participants. The 2022 Plan provides for granting of both incentive and nonqualified stock options, as well as restricted stock, unrestricted stock and other stock based awards. No new grants can be issued under the 2014 Stock Incentive Plan as that plan has expired.

For the 2022 Plan, the option price for any stock options cannot be less than the fair value of the Company’s stock on the grant date. In addition, 95% of the common stock authorized for issuance must have a vesting or exercise schedule of at least one year. For the 2014 Plan, the option price of incentive stock options cannot be less than the fair value of the stock at the time an option is granted and nonqualified stock options may be granted at prices established by the Board of Directors, including prices less than the fair value on the date of grant. Outstanding stock options generally expire ten years from the grant date. Stock options generally vest by the fourth or fifth anniversary of the date of the grant.

A summary of the shares issued and available under each of the Plans is shown below as of March 31, 2025. Share data and exercise price range per share have been adjusted to reflect previously issued stock dividends. Although the 2014 Plan has expired and no new grants will be issued under such plan, there were options issued before the plan expired that are still outstanding as shown below.

 

 

 

2022 Plan

 

 

2014 Plan

 

Aggregate shares issuable

 

 

150,000

 

 

 

275,625

 

Options issued, net of forfeited and expired
   options

 

 

(50,300

)

 

 

(174,006

)

Unrestricted stock issued

 

 

-

 

 

 

(11,635

)

Restricted stock grants issued, net of forfeited

 

 

(65,280

)

 

 

(83,653

)

Cancelled due to Plan expiration

 

 

-

 

 

 

(6,331

)

Remaining available for grant

 

 

34,420

 

 

 

-

 

 

 

 

 

 

 

Restricted stock grants issued and outstanding:

 

 

 

 

 

 

Total vested and unvested shares

 

 

65,280

 

 

 

95,888

 

Fully vested shares

 

 

11,053

 

 

 

76,630

 

 

 

 

 

 

 

 

Stock option grants issued and outstanding:

 

 

 

 

 

 

Total vested and unvested shares

 

 

50,300

 

 

 

173,084

 

Fully vested shares

 

 

-

 

 

 

148,603

 

 

 

 

 

 

 

 

Exercise price range

 

$28.82 to $33.20

 

 

$23.75 to $42.62

 

 

The Company accounts for all of its stock incentive plans under recognition and measurement accounting principles which require that the compensation cost relating to stock-based payment transactions be recognized in the financial statements. Stock-based compensation arrangements include stock options and restricted stock. All stock-based payments to employees are required to be valued at a fair value on the date of grant and expensed based on that fair value over the applicable vesting period.

Stock Options

Changes in the stock options outstanding related to the Plans are summarized below (dollars in thousands except per share data):

 

 

 

March 31, 2025

 

 

 

Number of Options

 

 

Weighted
Average
Exercise Price

 

 

Aggregate
Intrinsic Value

 

Outstanding at January 1, 2025

 

 

223,001

 

 

$

33.22

 

 

$

-

 

Issued

 

 

5,600

 

 

 

34.78

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited

 

 

(5,217

)

 

 

40.78

 

 

 

-

 

Expired

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding at March 31, 2025

 

 

223,384

 

 

$

33.08

 

 

$

1,091

 

 

 

 

 

 

 

 

 

 

Options exercisable at March 31, 2025

 

 

148,603

 

 

$

34.30

 

 

$

659

 

 

For the three months ended March 31, 2025 and 2024, the Company recognized $34 thousand and $24 thousand, respectively, in compensation expense for stock options. As of March 31, 2025, there was $359 thousand in unrecognized compensation expense remaining to be recognized in future reporting periods through 2030. The fair value of any stock option grant is estimated at the grant date using the Black-Scholes pricing model. There were 5,600 stock options grants issued during the three months ended March 31, 2025, and 8,400 stock option grants issued during the three months ended March 31, 2024.

Summary information pertaining to options outstanding at March 31, 2025 is shown below. Share and per share data have been adjusted to reflect the prior stock dividends issued.

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Exercise Price

 

Number of
Options
Outstanding

 

 

Weighted-
Average
Remaining
Contractual Life

 

Weighted-
Average
Exercise
Price

 

 

Number of
Options
Exercisable

 

 

Weighted-
Average
Exercise
Price

 

$23.75 to $30.00

 

 

101,300

 

 

6.6 Years

 

$

25.85

 

 

 

57,680

 

 

$

24.82

 

$30.01 to $40.00

 

 

68,540

 

 

6.9 Years

 

 

36.31

 

 

 

37,380

 

 

 

36.99

 

$40.01 to $42.62

 

 

53,544

 

 

3.1 Years

 

 

42.62

 

 

 

53,543

 

 

 

42.62

 

Total

 

 

223,384

 

 

5.9 Years

 

$

33.08

 

 

 

148,603

 

 

$

34.30

 

 

Stock Grants

Restricted stock grants – 9,004 and 12,064 shares of restricted stock were granted to an employee and non-employee directors, respectively, during the three months ended March 31, 2025, vesting over a four-year period. During the three months ended March 31, 2024,10,816 and 14,464 shares of restricted stock were granted to employees and non-employee directors, respectively, vesting over a four-year period. For the three months ended March 31, 2025 and 2024, $214 thousand and $171 thousand, respectively, were expensed as a result of restricted stock grants. As of March 31, 2025, there was $2.1 million in unrecognized compensation expense for all restricted stock grants remaining to be recognized in future reporting periods through 2029.

Changes in the restricted stock grants outstanding during the three months ended March 31, 2025 are summarized below (dollars in thousands except per share data):

 

 

 

March 31, 2025

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value
Per Share

 

 

Aggregate
Intrinsic Value

 

Nonvested as of January 1, 2025

 

 

65,889

 

 

$

31.96

 

 

$

2,377

 

Issued

 

 

21,068

 

 

 

36.09

 

 

 

760

 

Vested

 

 

(13,472

)

 

 

(31.86

)

 

 

(486

)

Forfeited

 

 

-

 

 

 

-

 

 

 

-

 

Nonvested at March 31, 2025

 

 

73,485

 

 

$

33.16

 

 

$

2,651

 

 

 

 

 

 

 

 

 

 
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 10. Fair Value Measurements

Determination of Fair Value

The Company follows ASC 820, “Fair Value Measurements and Disclosures,” to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. This codification clarifies that the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument.

The fair value guidance provides a consistent definition of fair value, which focuses on exit price in the principal or most advantageous market for the asset or liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions.

Fair Value Hierarchy

In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value:

 

 

Level 1 –

 

Valuation is based on quoted prices in active markets for identical assets and liabilities.

 

 

 

 

 

Level 2 –

 

Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market.

 

 

 

 

 

Level 3 –

 

Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market

 

The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the consolidated financial statements:

Securities available for sale

Securities AFS are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level 2).

The following tables present the balances measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 (dollars in thousands):

 

 

 

 

 

 

Fair Value Measurements at March 31, 2025 Using:

 

 

 

 

 

 

Quoted Prices
in Active
Markets for
Identical Assets

 

 

Significant
Other
Observable
Inputs

 

 

Significant
Unobservable
Inputs

 

Description

 

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government treasuries

 

$

1,499

 

 

$

-

 

 

$

1,499

 

 

$

-

 

U.S. Government agencies

 

 

27,697

 

 

 

-

 

 

 

27,697

 

 

 

-

 

Mortgage-backed/CMOs

 

 

134,655

 

 

 

-

 

 

 

134,655

 

 

 

-

 

Corporate bonds

 

 

17,700

 

 

 

-

 

 

 

17,700

 

 

 

-

 

Municipal bonds

 

 

81,372

 

 

 

-

 

 

 

81,372

 

 

 

-

 

Total securities available for sale

 

$

262,923

 

 

$

-

 

 

$

262,923

 

 

$

-

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2024 Using:

 

 

 

 

 

 

Quoted Prices
in Active
Markets for
Identical Assets

 

 

Significant
Other
Observable
Inputs

 

 

Significant
Unobservable
Inputs

 

Description

 

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government treasuries

 

$

1,493

 

 

$

-

 

 

$

1,493

 

 

$

-

 

U.S. Government agencies

 

 

29,635

 

 

 

-

 

 

 

29,635

 

 

 

-

 

Mortgage-backed/CMOs

 

 

132,811

 

 

 

-

 

 

 

132,811

 

 

 

-

 

Corporate bonds

 

 

17,591

 

 

 

-

 

 

 

17,591

 

 

 

 

Municipal bonds

 

 

82,007

 

 

 

-

 

 

 

82,007

 

 

 

-

 

Total securities available for sale

 

$

263,537

 

 

$

-

 

 

$

263,537

 

 

$

-

 

 

Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write downs of individual assets. The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the consolidated financial statements:

Collateral Dependent Loans with an ACL

In accordance with ASC 326, we may determine that an individual loan exhibits unique risk characteristics which differentiate it from other loans within our loan pools. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Specific allocations of the ACL are determined by analyzing the borrower's ability to repay amounts owed, collateral deficiencies, the relative risk grade of the loan and economic conditions affecting the borrower's industry, among other things. A loan is considered to be collateral dependent when, based upon management's assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In such cases, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. We reevaluate the fair value of collateral supporting collateral dependent loans on a quarterly basis. The fair value of real estate collateral supporting collateral dependent loans is evaluated by appraisal services using a methodology that is consistent with the Uniform Standards of Professional Appraisal Practice.

The following table presents the Company's assets that were measured at fair value on a nonrecurring basis as of March 31, 2025 and December 31, 2024:

 

 

 

 

 

Fair Value Measurements at March 31, 2025 Using:

 

 

 

 

 

 

Quoted Prices
in Active
Markets for
Identical Assets

 

 

Significant
Other
Observable
Inputs

 

 

Significant
Unobservable
Inputs

 

Description

 

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

$

180

 

 

$

-

 

 

$

-

 

 

$

180

 

 

 

Description

 

Fair Value

 

 

Valuation Technique

 

 

Unobservable Inputs

 

 

Discount Rate

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

$

180

 

 

Market comparables

 

 

Discount applied to recent appraisal

 

 

 

20.0

%

 

 

 

 

 

 

Fair Value Measurements at December 31, 2024 Using:

 

 

 

 

 

 

Quoted Prices
in Active
Markets for
Identical Assets

 

 

Significant
Other
Observable
Inputs

 

 

Significant
Unobservable
Inputs

 

Description

 

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

$

352

 

 

$

-

 

 

$

-

 

 

$

352

 

 

 

Description

 

Fair Value

 

 

Valuation Technique

 

 

Unobservable Inputs

 

 

Discount Rate

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

$

352

 

 

Market comparables

 

 

Discount applied to recent appraisal

 

 

 

20.0

%

ASC 825, “Financial Instruments,” requires disclosures about fair value of financial instruments for interim periods and excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.

The Company uses the exit price notion in calculating the fair values of financial instruments not measured at fair value on a recurring basis. The carrying values and estimated fair values of the Company's financial instruments as of March 31, 2025 and December 31, 2024 are as follows (dollars in thousands):

 

 

 

 

 

 

Fair Value Measurements at March 31, 2025 Using:

 

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Unobservable Inputs

 

 

 

 

 

 

Carrying value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalent

 

$

29,573

 

 

$

29,573

 

 

$

-

 

 

$

-

 

 

$

29,573

 

Available for sale securities

 

 

262,923

 

 

 

-

 

 

 

262,923

 

 

 

-

 

 

 

262,923

 

Restricted securities

 

 

6,172

 

 

 

-

 

 

 

6,172

 

 

 

-

 

 

 

6,172

 

Loans, net

 

 

1,234,170

 

 

 

-

 

 

 

-

 

 

 

1,181,501

 

 

 

1,181,501

 

Bank owned life insurance

 

 

40,352

 

 

 

-

 

 

 

40,352

 

 

 

-

 

 

 

40,352

 

Accrued interest receivable

 

 

6,069

 

 

 

-

 

 

 

1,358

 

 

 

4,711

 

 

 

6,069

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits and interest-bearing transaction and money market accounts

 

$

1,135,715

 

 

$

-

 

 

$

1,135,715

 

 

$

-

 

 

$

1,135,715

 

Certificates of deposit

 

 

298,498

 

 

 

-

 

 

 

298,489

 

 

 

-

 

 

 

298,489

 

Borrowings

 

 

20,000

 

 

 

-

 

 

 

19,948

 

 

 

-

 

 

 

19,948

 

Junior subordinated debt, net

 

 

3,518

 

 

 

-

 

 

 

3,518

 

 

 

-

 

 

 

3,518

 

Accrued interest payable

 

 

1,609

 

 

 

-

 

 

 

1,609

 

 

 

-

 

 

 

1,609

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2024 Using:

 

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Unobservable Inputs

 

 

 

 

 

 

Carrying value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalent

 

$

17,103

 

 

$

17,103

 

 

$

-

 

 

$

-

 

 

$

17,103

 

Available for sale securities

 

 

263,537

 

 

 

-

 

 

 

263,537

 

 

 

-

 

 

 

263,537

 

Restricted securities

 

 

6,193

 

 

 

-

 

 

 

6,193

 

 

 

-

 

 

 

6,193

 

Loans, net

 

 

1,227,514

 

 

 

-

 

 

 

-

 

 

 

1,183,182

 

 

 

1,183,182

 

Bank owned life insurance

 

 

40,059

 

 

 

-

 

 

 

40,059

 

 

 

-

 

 

 

40,059

 

Accrued interest receivable

 

 

6,426

 

 

 

-

 

 

 

1,509

 

 

 

4,917

 

 

 

6,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits and interest-bearing transaction and money market accounts

 

$

1,115,103

 

 

$

-

 

 

$

1,115,103

 

 

$

-

 

 

$

1,115,103

 

Certificates of deposit

 

 

308,443

 

 

 

-

 

 

 

308,856

 

 

 

-

 

 

 

308,856

 

Federal funds purchased

 

 

236

 

 

 

236

 

 

 

-

 

 

 

-

 

 

 

236

 

Borrowings

 

 

20,000

 

 

 

-

 

 

 

20,000

 

 

 

-

 

 

 

20,000

 

Junior subordinated debt, net

 

 

3,506

 

 

 

-

 

 

 

3,506

 

 

 

-

 

 

 

3,506

 

Accrued interest payable

 

 

1,837

 

 

 

-

 

 

 

1,837

 

 

 

-

 

 

 

1,837

 

 

The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. Consequently, the fair values of the Company’s financial instruments will fluctuate when interest rate levels change, and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk; however, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk.
v3.25.1
Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2025
Other Comprehensive Income (Loss), Tax [Abstract]  
Other Comprehensive Income (Loss)

Note 11. Other Comprehensive Income (Loss)

The following table presents the changes in each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2025 and March 31, 2024 (dollars in thousands):

 

 

 

AFS Securities

 

 

Accumulated other comprehensive loss at December 31, 2024

 

$

(41,862

)

 

 

 

 

 

Other comprehensive gain arising during the period

 

 

4,457

 

 

Related income tax effects

 

 

(936

)

 

 

 

 

3,521

 

 

 

 

 

 

 

Accumulated other comprehensive loss at March 31, 2025

 

$

(38,341

)

 

 

 

 

 

 

 

 

AFS Securities

 

 

Accumulated other comprehensive loss at December 31, 2023

 

$

(40,044

)

 

 

 

 

 

Other comprehensive gain arising during the period

 

 

(3,179

)

 

Related income tax effects

 

 

668

 

 

 

 

 

(2,511

)

 

 

 

 

 

 

Reclassification into net income

 

 

4

 

 

Related income tax effects

 

 

(1

)

 

 

 

 

3

 

 

 

 

 

 

 

Accumulated other comprehensive loss at March 31, 2024

 

$

(42,552

)

 

 

 

 

 

 

Reclassification into net income and the related income tax effects are reflected in the line items for Loss on sale of AFS, net and Provision for income taxes, respectively, on the Consolidated Statements of Income.

v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

Note 12. Segment Reporting

For the financial periods noted in this report, the Company has three reportable segments. Each reportable segment is a strategic business unit that offers different products and services. They are managed separately, because each segment appeals to different markets and, accordingly, require different technology and marketing strategies. The accounting policies of the segments are the same as those described in the summary of significant accounting policies provided earlier in this report.

The three reportable segments are:

•
Bank - The commercial banking segment involves making loans and generating deposits from individuals, businesses and charitable organizations. Loan fee income, service charges from deposit accounts, and other non-interest-related fees, such as fees for debit cards and ATM usage and fees for treasury management services, generate additional income for the Bank segment.
•
VNB Trust & Estate Services – VNB Trust & Estate Services offers corporate trustee services, trust and estate administration, IRA administration and custody services. Revenue for this segment is generated from administration, service and custody fees, as well as management fees that are derived from Assets Under Management. Investment management services currently are offered through in-house and third-party managers.
•
Masonry Capital - Masonry Capital offers investment management services for separately managed accounts and a private investment fund employing a value-based, catalyst-driven investment strategy. Revenue for this segment is generated from management fees that are derived from Assets Under Management and incentive income that is based on the investment returns generated on performance-based Assets Under Management. Effective April 1, 2024, the Company sold the membership interests in Masonry Capital Management, LLC to an officer of the Company. Subsequent to the date of sale, the Company will receive an annual revenue-share amount for a period of six years. No expenses will be incurred by the Company related to Masonry Capital subsequent to the effective date of sale.

Segment information for the three months ended March 31, 2025 and 2024 is shown in the following tables (dollars in thousands). Note that asset information is not reported below, as the assets of VNB Trust & Estate Services are reported at the Bank level; also, assets specifically allocated to the lines of business other than the Bank are insignificant and are no longer provided to the chief operating decision maker.

Three months ended March 31, 2025

 

Bank

 

 

VNB Trust &
Estate
Services

 

 

Consolidated

 

 

Net interest income

 

$

12,294

 

 

$

-

 

 

$

12,294

 

 

Recovery of credit losses

 

 

(160

)

 

 

-

 

 

 

(160

)

 

Net interest income after recovery of credit losses

 

$

12,454

 

 

$

-

 

 

$

12,454

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

Wealth management fees

 

$

-

 

 

$

229

 

 

$

229

 

 

Deposit account fees

 

 

307

 

 

 

-

 

 

 

307

 

 

Debit/credit card and ATM fees

 

 

370

 

 

 

-

 

 

 

370

 

 

Bank owned life insurance income

 

 

293

 

 

 

-

 

 

 

293

 

 

Gains on sale of assets, net

 

 

278

 

 

 

-

 

 

 

278

 

 

Other

 

 

283

 

 

 

-

 

 

 

283

 

 

Total noninterest income

 

$

1,531

 

 

$

229

 

 

$

1,760

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

3,697

 

 

$

239

 

 

$

3,936

 

 

Net occupancy

 

 

984

 

 

 

32

 

 

 

1,016

 

 

Equipment

 

 

182

 

 

 

4

 

 

 

186

 

 

Bank franchise tax

 

 

339

 

 

 

-

 

 

 

339

 

 

Computer software

 

 

256

 

 

 

-

 

 

 

256

 

 

Data processing

 

 

696

 

 

 

39

 

 

 

735

 

 

FDIC deposit insurance assessment

 

 

145

 

 

 

-

 

 

 

145

 

 

Marketing, advertising and promotion

 

 

254

 

 

 

-

 

 

 

254

 

 

Professional fees

 

 

222

 

 

 

34

 

 

 

256

 

 

Legal fees

 

 

236

 

 

 

-

 

 

 

236

 

 

Core deposit intangible amortization

 

 

295

 

 

 

-

 

 

 

295

 

 

Other

 

 

1,162

 

 

 

8

 

 

 

1,170

 

 

Total noninterest expense

 

$

8,468

 

 

$

356

 

 

$

8,824

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

5,517

 

 

$

(127

)

 

$

5,390

 

 

Provision for (benefit of) income taxes

 

 

927

 

 

 

(26

)

 

 

901

 

 

Net income (loss)

 

$

4,590

 

 

$

(101

)

 

$

4,489

 

 

 

Three months ended March 31,2024

 

Bank

 

 

VNB Trust &
Estate
Services

 

 

Masonry
Capital

 

 

Consolidated

 

 

Net interest income

 

$

10,936

 

 

$

-

 

 

$

-

 

 

 

10,936

 

 

Recovery of credit losses

 

 

(22

)

 

 

-

 

 

 

-

 

 

 

(22

)

 

Net interest income after recovery of credit losses

 

$

10,958

 

 

$

-

 

 

$

-

 

 

 

10,958

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management fees

 

$

-

 

 

$

236

 

 

$

190

 

 

 

426

 

 

Deposit account fees

 

 

387

 

 

 

-

 

 

 

-

 

 

 

387

 

 

Debit/credit card and ATM fees

 

 

488

 

 

 

-

 

 

 

-

 

 

 

488

 

 

Bank owned life insurance income

 

 

275

 

 

 

-

 

 

 

-

 

 

 

275

 

 

Gains on sale of assets, net

 

 

39

 

 

 

-

 

 

 

-

 

 

 

39

 

 

Gain termination of interest rate swap

 

 

379

 

 

 

-

 

 

 

-

 

 

 

379

 

 

Losses on sales of AFS, net

 

 

(4

)

 

 

-

 

 

 

-

 

 

 

(4

)

 

Other

 

 

120

 

 

 

68

 

 

 

-

 

 

 

188

 

 

Total noninterest income

 

$

1,684

 

 

$

304

 

 

$

190

 

 

$

2,178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

3,775

 

 

$

239

 

 

$

138

 

 

 

4,152

 

 

Net occupancy

 

 

933

 

 

 

32

 

 

 

7

 

 

 

972

 

 

Equipment

 

 

160

 

 

 

5

 

 

 

6

 

 

 

171

 

 

Bank franchise tax

 

 

340

 

 

 

-

 

 

 

-

 

 

 

340

 

 

Computer software

 

 

208

 

 

 

-

 

 

 

-

 

 

 

208

 

 

Data processing

 

 

713

 

 

 

26

 

 

 

-

 

 

 

739

 

 

FDIC deposit insurance assessment

 

 

195

 

 

 

-

 

 

 

-

 

 

 

195

 

 

Marketing, advertising and promotion

 

 

247

 

 

 

1

 

 

 

-

 

 

 

248

 

 

Professional fees

 

 

185

 

 

 

40

 

 

 

27

 

 

 

252

 

 

Legal fees

 

 

71

 

 

 

-

 

 

 

-

 

 

 

71

 

 

Core deposit intangible amortization

 

 

343

 

 

 

-

 

 

 

-

 

 

 

343

 

 

Other

 

 

1,100

 

 

 

6

 

 

 

22

 

 

 

1,128

 

 

Total noninterest expense

 

$

8,270

 

 

$

349

 

 

$

200

 

 

$

8,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

4,372

 

 

$

(45

)

 

$

(10

)

 

$

4,317

 

 

Provision for (benefit of) income taxes

 

 

683

 

 

 

(10

)

 

 

(2

)

 

 

671

 

 

Net income (loss)

 

$

3,689

 

 

$

(35

)

 

$

(8

)

 

$

3,646

 

 
v3.25.1
Sale of Masonry Capital Management LLC
 3 Months Ended
Mar. 31, 2025
Sale of Masonry Capital Management LLC [Abstract]  
Sale of Masonry Capital Management LLC

Note 13. Sale of Masonry Capital Management, LLC

Effective April 1, 2024, the Company sold the membership interests in Masonry Capital Management, LLC to an officer of the Company. Subsequent to the date of sale, the Company will receive an annual revenue-share amount for a period of six years. No expenses will be incurred by the Company related to Masonry Capital subsequent to the effective date of sale. The sale of this business line did not meet the requirements for classification of discontinued operations, as the sale did not represent a strategic shift in the Company's operations or plans and will not have a major effect on the Company's future operations or financial results.
v3.25.1
Share Repurchase Plan
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Share Repurchase Plan

Note 14. Share Repurchase Plan

During the second quarter of 2023, the Board of Directors approved a share repurchase plan of up to 5% of outstanding common stock. Repurchases may be made through open market purchases or in privately negotiated transactions. The actual timing, number, and value of shares repurchased under the plan will be determined by a committee of the Board.

No shares were repurchased during the three months ended March 31, 2025. During the three months ended March 31, 2024, the Company repurchased 874 shares at an average price of $29.60 per share and during calendar year 2024, a total of 20,350 shares were repurchased at an average price of $27.42.

v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation Principles of Consolidation: The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. The statements should be read in conjunction with the Notes to Consolidated Financial Statements included in the Company’s Form 10-K for the year ended December 31, 2024.
Nature of Operations Nature of Operations: The accompanying unaudited consolidated financial statements include the accounts of the Company, and its subsidiaries Virginia National Bank and Masonry Capital Management, LLC, a registered investment advisor. Effective April 1, 2024, the Company sold the membership interests in Masonry Capital Management, LLC to an officer of the Company. Subsequent to the date of sale, the Company will receive an annual revenue-share amount for a period of six years. The Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including the fiduciary services of VNB Trust and Estate Services. All significant intercompany balances and transactions have been eliminated in consolidation.
Basis of Presentation Basis of Presentation: The preparation of financial statements in conformity with GAAP and the reporting guidelines prescribed by regulatory authorities requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the ACL, goodwill and core deposit intangible and fair value measurements. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
Reclassifications

Reclassifications: If needed, certain previously reported amounts have been reclassified to conform to current period presentation. No such reclassifications were considered material to shareholders' equity and net income.

Refer to Note 1, "Summary of Significant Accounting Policies" of the Notes to Consolidated Financial Statements included in the 2024 Annual Report on Form 10-K for a discussion of the Company's significant accounting policies. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not currently expected to have a material effect on the Company's financial position, results of operations or cash flows.

Recent Significant Accounting Pronouncements and Adoption of New Accounting Standards Recent Significant Accounting Pronouncements

Disaggregation of Income Statement Expenses - In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The FASB subsequently issued ASU 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date”, which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in ASU 2024-03 in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its consolidated financial statements.

Income Tax Disclosures - In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense

(or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 was effective for the Company on January 1, 2025. There was no material impact to the Company upon adoption of this ASU and the Company will include the applicable and relevant required disclosures in the Annual Report on Form 10-K as of December 31, 2025.
v3.25.1
Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Securities Available For Sale

The amortized cost and fair values of securities available for sale as of March 31, 2025 and December 31, 2024 were as follows (dollars in thousands):

 

March 31, 2025

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

U.S. Government treasuries

 

$

1,500

 

 

$

-

 

 

$

(1

)

 

$

1,499

 

U.S. Government agencies

 

 

32,066

 

 

 

-

 

 

 

(4,369

)

 

 

27,697

 

Mortgage-backed/CMOs

 

 

157,143

 

 

 

24

 

 

 

(22,512

)

 

 

134,655

 

Corporate bonds

 

 

17,807

 

 

 

-

 

 

 

(107

)

 

 

17,700

 

Municipal bonds

 

 

102,939

 

 

 

-

 

 

 

(21,567

)

 

 

81,372

 

Total Securities Available for Sale

 

$

311,455

 

 

$

24

 

 

$

(48,556

)

 

$

262,923

 

 

December 31, 2024

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

U.S. Government treasuries

 

$

1,500

 

 

$

-

 

 

$

(7

)

 

$

1,493

 

U.S. Government agencies

 

 

34,998

 

 

 

-

 

 

 

(5,363

)

 

 

29,635

 

Mortgage-backed/CMOs

 

 

158,554

 

 

 

14

 

 

 

(25,757

)

 

 

132,811

 

Corporate bonds

 

 

17,782

 

 

 

-

 

 

 

(191

)

 

 

17,591

 

Municipal bonds

 

 

103,693

 

 

 

-

 

 

 

(21,686

)

 

 

82,007

 

Total Securities Available for Sale

 

$

316,527

 

 

$

14

 

 

$

(53,004

)

 

$

263,537

 
Schedule of Unrealized Losses in the Bank's Securities Portfolio

The following tables summarize all securities with unrealized losses, segregated by length of time in a continuous unrealized loss position, for which no allowance for credit losses was recorded, at March 31, 2025, and December 31, 2024 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

March 31, 2025

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S. Government treasuries

 

$

-

 

 

$

-

 

 

$

1,499

 

 

$

(1

)

 

$

1,499

 

 

$

(1

)

U.S. Government agencies

 

 

-

 

 

 

-

 

 

 

27,630

 

 

 

(4,369

)

 

 

27,630

 

 

 

(4,369

)

Mortgage-backed/CMOs

 

 

-

 

 

 

-

 

 

 

132,159

 

 

 

(22,512

)

 

 

132,159

 

 

 

(22,512

)

Corporate bonds

 

 

-

 

 

 

-

 

 

 

17,700

 

 

 

(107

)

 

 

17,700

 

 

 

(107

)

Municipal bonds

 

 

3,355

 

 

 

(24

)

 

 

78,017

 

 

 

(21,543

)

 

 

81,372

 

 

 

(21,567

)

 

 

$

3,355

 

 

$

(24

)

 

$

257,005

 

 

$

(48,532

)

 

$

260,360

 

 

$

(48,556

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

December 31, 2024

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S. Government treasuries

 

$

-

 

 

$

-

 

 

$

1,493

 

 

$

(7

)

 

$

1,493

 

 

$

(7

)

U.S. Government agencies

 

 

-

 

 

 

-

 

 

 

29,551

 

 

 

(5,363

)

 

$

29,551

 

 

$

(5,363

)

Mortgage-backed/CMOs

 

 

-

 

 

 

-

 

 

 

130,128

 

 

 

(25,757

)

 

$

130,128

 

 

$

(25,757

)

Corporate bonds

 

 

-

 

 

 

-

 

 

 

17,591

 

 

 

(191

)

 

$

17,591

 

 

$

(191

)

Municipal bonds

 

 

2,284

 

 

 

(19

)

 

 

78,648

 

 

 

(21,667

)

 

$

80,932

 

 

$

(21,686

)

 

 

$

2,284

 

 

$

(19

)

 

$

257,411

 

 

$

(52,985

)

 

$

259,695

 

 

$

(53,004

)
Schedule of Amortized Cost and Fair Values of Securities Available For Sale Based upon Contractual Maturities and by Major Investment Categories

The amortized cost and fair value of AFS debt securities at March 31, 2025 are presented below based upon contractual maturities, by major investment categories (dollars in thousands). Expected maturities may differ from contractual maturities because issuers have the right to call or prepay obligations.

 

 

 

Amortized Cost

 

 

Fair Value

 

U.S. Government treasuries

 

 

 

 

 

 

One year or less

 

$

1,500

 

 

$

1,499

 

 

$

1,500

 

 

$

1,499

 

U.S. Government agencies

 

 

 

 

 

 

After one year to five years

 

$

12,135

 

 

$

10,993

 

After five years to ten years

 

 

15,931

 

 

 

13,649

 

Ten years or more

 

 

4,000

 

 

 

3,055

 

 

$

32,066

 

 

$

27,697

 

Mortgage-backed/CMOs

 

 

 

 

 

 

One year or less

 

$

1,475

 

 

$

1,455

 

After one year to five years

 

 

6,272

 

 

 

5,913

 

After five years to ten years

 

 

3,439

 

 

 

3,256

 

Ten years or more

 

 

145,957

 

 

 

124,031

 

 

$

157,143

 

 

$

134,655

 

Corporate bonds

 

 

 

 

 

 

One year or less

 

$

9,998

 

 

$

9,964

 

After one year to five years

 

 

7,809

 

 

 

7,736

 

 

$

17,807

 

 

$

17,700

 

Municipal bonds

 

 

 

 

 

 

After one year to five years

 

$

5,624

 

 

$

5,489

 

After five years to ten years

 

 

22,890

 

 

 

20,757

 

Ten years or more

 

 

74,425

 

 

 

55,126

 

 

$

102,939

 

 

$

81,372

 

 

 

 

 

 

 

 

Total Debt Securities Available for Sale

 

$

311,455

 

 

$

262,923

 
v3.25.1
Loans (Tables)
 3 Months Ended
Mar. 31, 2025
Loans and Leases Receivable Disclosure [Abstract]  
Schedule of Composition of Loan Portfolio by Major Loan Classifications

The composition of the loan portfolio by major loan classifications at March 31, 2025 and December 31, 2024, stated at their face amount, net of deferred fees and costs and unamortized premiums and discounts, including fair value marks, appears below (dollars in thousands). The Company has elected to exclude accrued interest receivable, totaling $4.7 million and $4.9 million as of March 31, 2025 and December 31, 2024, respectively, from the amortized cost basis of loans.

 

 

 

March 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Commercial

 

$

254,066

 

 

$

257,671

 

Real estate construction and land

 

 

35,176

 

 

 

36,977

 

1-4 family residential mortgages

 

 

310,297

 

 

 

313,610

 

Commercial mortgages

 

 

610,835

 

 

 

593,496

 

Consumer

 

 

32,124

 

 

 

34,215

 

Total loans

 

 

1,242,498

 

 

 

1,235,969

 

Less: Allowance for credit losses

 

 

(8,328

)

 

 

(8,455

)

Net loans

 

$

1,234,170

 

 

$

1,227,514

 
Schedule of Aging of Past Due Loans

The following table shows the aging of the Company's loan portfolio, by class, at March 31, 2025 (dollars in thousands):

 

 

30-59 Days

 

 

60-89 Days

 

 

90 Days or More Past Due and Still Accruing

 

 

Nonaccrual Loans

 

 

Current Loans

 

 

Total Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

7,294

 

 

$

3,160

 

 

$

2,213

 

 

$

-

 

 

$

241,399

 

 

$

254,066

 

Real estate construction and land

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

35,176

 

 

 

35,176

 

1-4 family residential mortgages

 

 

480

 

 

 

-

 

 

 

-

 

 

 

2,764

 

 

 

307,053

 

 

 

310,297

 

Commercial mortgages

 

 

120

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

610,715

 

 

 

610,835

 

Consumer loans

 

 

56

 

 

 

54

 

 

 

61

 

 

 

-

 

 

 

31,953

 

 

 

32,124

 

Total Loans

 

$

7,950

 

 

$

3,214

 

 

$

2,274

 

 

$

2,764

 

 

$

1,226,296

 

 

$

1,242,498

 

 

The following table shows the aging of the Company's loan portfolio, by class, at December 31, 2024 (dollars in thousands):

 

 

30-59 Days

 

 

60-89 Days

 

 

90 Days or More

 

 

Nonaccrual Loans

 

 

Current Loans

 

 

Total Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

9,173

 

 

$

354

 

 

$

705

 

 

$

-

 

 

$

247,439

 

 

$

257,671

 

Real estate construction and land

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

36,977

 

 

 

36,977

 

1-4 family residential mortgages

 

 

1,131

 

 

 

317

 

 

 

-

 

 

 

2,267

 

 

 

309,895

 

 

 

313,610

 

Commercial mortgages

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

593,496

 

 

 

593,496

 

Consumer loans

 

 

66

 

 

 

90

 

 

 

49

 

 

 

-

 

 

 

34,010

 

 

 

34,215

 

Total Loans

 

$

10,370

 

 

$

761

 

 

$

754

 

 

$

2,267

 

 

$

1,221,817

 

 

$

1,235,969

 
Schedule of Impaired Loans Classified as Non-Accruals by Class The following tables show the Company's amortized cost basis of loans on nonaccrual status as of March 31, 2025 and December 31, 2024 (dollars in thousands).

 

 

March 31, 2025

 

 

 

Nonaccrual Loans with No Allowance

 

 

Nonaccrual Loans with an Allowance

 

 

Total Nonaccrual Loans

 

Commercial

 

$

-

 

 

$

-

 

 

$

-

 

Real estate construction and land

 

 

-

 

 

 

-

 

 

 

-

 

1-4 family residential mortgages

 

 

2,580

 

 

 

184

 

 

 

2,764

 

Commercial mortgages

 

 

-

 

 

 

-

 

 

 

-

 

Consumer

 

 

-

 

 

 

-

 

 

 

-

 

Total Nonaccrual Loans

 

$

2,580

 

 

$

184

 

 

$

2,764

 

 

 

 

December 31, 2024

 

 

 

Nonaccrual Loans with No Allowance

 

 

 

Nonaccrual Loans with an Allowance

 

 

Total Nonaccrual Loans

 

Commercial

 

$

-

 

 

 

$

-

 

 

$

-

 

Real estate construction and land

 

 

-

 

 

 

 

-

 

 

 

-

 

1-4 family residential mortgages

 

 

1,887

 

 

 

 

380

 

 

 

2,267

 

Commercial mortgages

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Consumer

 

 

-

 

 

 

 

-

 

 

 

-

 

Total Nonaccrual Loans

 

$

1,887

 

 

 

$

380

 

 

$

2,267

 
v3.25.1
Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2025
Allowance For Loan Losses [Abstract]  
Summary of Transactions in Allowance for Loan Losses by Major Loan Portfolio Segment

The following table shows the ACL activity by loan portfolio for the three months ended March 31, 2025 (dollars in thousands):

 

 

Commercial
Loans

 

 

Real Estate
Construction
and Land

 

 

1-4 Family Residential Mortgages

 

 

Commercial Mortgages

 

 

Consumer
Loans

 

 

Total

 

Allowance for Credit Losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of beginning of year

 

$

760

 

 

$

737

 

 

$

2,551

 

 

$

3,533

 

 

$

874

 

 

$

8,455

 

   Charge-offs

 

 

(6

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(64

)

 

 

(70

)

   Recoveries

 

 

4

 

 

 

-

 

 

 

1

 

 

 

1

 

 

 

42

 

 

 

48

 

   Provision for (recovery of) credit losses

 

 

(66

)

 

 

(12

)

 

 

(36

)

 

 

39

 

 

 

(30

)

 

 

(105

)

Balance as of March 31, 2025

 

$

692

 

 

$

725

 

 

$

2,516

 

 

$

3,573

 

 

$

822

 

 

$

8,328

 

 

The following table shows the ACL activity by loan portfolio at December 31, 2024 (dollars in thousands):

 

 

 

Commercial
Loans

 

 

Real Estate
Construction
and Land

 

 

1-4 Family Residential Mortgages

 

 

Commercial
Mortgages

 

 

Consumer
Loans

 

 

Total

 

Allowance for Credit Losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of beginning of year

 

$

193

 

 

$

462

 

 

$

1,492

 

 

$

5,261

 

 

$

987

 

 

$

8,395

 

Charge-offs

 

 

(288

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(471

)

 

 

(759

)

Recoveries

 

 

723

 

 

 

-

 

 

 

11

 

 

 

573

 

 

 

230

 

 

 

1,537

 

Provision for (recovery of) credit losses

 

 

132

 

 

 

275

 

 

 

1,048

 

 

 

(2,301

)

 

 

128

 

 

 

(718

)

Ending Balance, December 31, 2024

 

$

760

 

 

$

737

 

 

$

2,551

 

 

$

3,533

 

 

$

874

 

 

$

8,455

 
Summary of Provision for (Recovery of) Credit Losses

The following table presents a breakdown of the provision for (recovery of) credit losses for the periods indicated (dollars in thousands):

 

 

Three Months Ended

 

 

March 31, 2025

 

 

March 31, 2024

 

Recovery of credit losses:

 

 

 

 

 

  Provision for (recovery of) loan losses

$

(105

)

 

$

11

 

  Recovery of unfunded commitments

 

(55

)

 

 

(33

)

Total

$

(160

)

 

$

(22

)
Summary of Amortized Cost Basis of Collateral Dependent Loans Individually Evaluated to Determine Expected Credit Losses, and Related ACL Allocated to Loans

The following table presents the Company's amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to those loans as of the periods indicated (dollars in thousands):

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Real Estate Secured Loans

 

 

Allowance for Credit Losses - Loans

 

 

Real Estate Secured Loans

 

 

Allowance for Credit Losses - Loans

 

1-4 family residential mortgages

 

 

2,764

 

 

 

4

 

 

 

2,267

 

 

 

28

 

Total

 

$

2,764

 

 

$

4

 

 

$

2,267

 

 

$

28

 
Summary of Credit Quality Indicators

The following table presents the Company's recorded investment in loans by credit quality indicators by year of origination as of March 31, 2025 (dollars in thousands). Current period gross write-off amounts represent write-offs for the three months ended March 31, 2025 (dollars in thousands):

 

 

March 31, 2025

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Revolving Loans

 

 

Loans Converted to Term

 

 

Total

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

 

3,511

 

 

 

102,443

 

 

 

94,869

 

 

 

10,950

 

 

$

1,662

 

 

$

25,974

 

 

$

13,412

 

 

$

-

 

 

$

252,821

 

Watch

 

 

 

 

 

40

 

 

 

71

 

 

 

144

 

 

 

53

 

 

 

92

 

 

 

 

 

 

-

 

 

 

400

 

Special Mention

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5

 

 

 

-

 

 

 

-

 

 

 

5

 

Substandard

 

 

-

 

 

 

-

 

 

 

3

 

 

 

600

 

 

 

-

 

 

 

230

 

 

 

7

 

 

 

-

 

 

 

840

 

Total commercial

 

$

3,511

 

 

$

102,483

 

 

$

94,943

 

 

$

11,694

 

 

$

1,715

 

 

$

26,301

 

 

$

13,419

 

 

$

-

 

 

$

254,066

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

1

 

 

$

5

 

 

$

-

 

 

$

6

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate construction and land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

-

 

 

$

7,951

 

 

$

13,177

 

 

$

528

 

 

$

2,324

 

 

$

2,340

 

 

$

-

 

 

$

-

 

 

$

26,320

 

Watch

 

 

-

 

 

 

-

 

 

 

1,049

 

 

 

-

 

 

 

157

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,206

 

Special Mention

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

229

 

 

 

-

 

 

 

-

 

 

 

229

 

Substandard

 

 

-

 

 

 

791

 

 

 

-

 

 

 

6,121

 

 

 

-

 

 

 

509

 

 

 

-

 

 

 

-

 

 

 

7,421

 

Total real estate construction and land

 

$

-

 

 

$

8,742

 

 

$

14,226

 

 

$

6,649

 

 

$

2,481

 

 

$

3,078

 

 

$

-

 

 

$

-

 

 

$

35,176

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential mortgages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

1,499

 

 

$

21,680

 

 

$

17,399

 

 

$

10,094

 

 

$

48,300

 

 

$

165,626

 

 

$

16,216

 

 

$

-

 

 

$

280,814

 

Watch

 

 

-

 

 

 

322

 

 

 

4,764

 

 

 

2,112

 

 

 

3,246

 

 

 

1,692

 

 

 

1,036

 

 

 

-

 

 

 

13,172

 

Special Mention

 

 

-

 

 

 

198

 

 

 

-

 

 

 

808

 

 

 

2,337

 

 

 

5,471

 

 

 

-

 

 

 

-

 

 

 

8,814

 

Substandard

 

 

-

 

 

 

206

 

 

 

995

 

 

 

1,699

 

 

 

165

 

 

 

3,824

 

 

 

490

 

 

 

118

 

 

 

7,497

 

Total 1-4 family residential mortgage

 

$

1,499

 

 

$

22,406

 

 

$

23,158

 

 

$

14,713

 

 

$

54,048

 

 

$

176,613

 

 

$

17,742

 

 

$

118

 

 

$

310,297

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial mortgages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

22,215

 

 

$

99,065

 

 

$

108,230

 

 

$

38,548

 

 

$

39,003

 

 

$

271,765

 

 

$

1,106

 

 

$

-

 

 

$

579,932

 

Watch

 

 

-

 

 

 

-

 

 

 

2,761

 

 

 

-

 

 

 

-

 

 

 

11,678

 

 

 

-

 

 

 

-

 

 

 

14,439

 

Special Mention

 

 

-

 

 

 

80

 

 

 

-

 

 

 

1,499

 

 

 

1,394

 

 

 

11,086

 

 

 

-

 

 

 

-

 

 

 

14,059

 

Substandard

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,365

 

 

 

1,040

 

 

 

-

 

 

 

-

 

 

 

2,405

 

Total commercial mortgages

 

$

22,215

 

 

$

99,145

 

 

$

110,991

 

 

$

40,047

 

 

$

41,762

 

 

$

295,569

 

 

$

1,106

 

 

$

-

 

 

$

610,835

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

130

 

 

$

646

 

 

$

1,099

 

 

$

50

 

 

$

216

 

 

$

15,979

 

 

$

13,962

 

 

$

-

 

 

$

32,082

 

Watch

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

22

 

 

 

6

 

 

 

-

 

 

 

-

 

 

 

28

 

Special Mention

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8

 

 

 

-

 

 

 

-

 

 

 

8

 

Substandard

 

 

-

 

 

 

5

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6

 

Total consumer

 

$

130

 

 

$

651

 

 

$

1,100

 

 

$

50

 

 

$

238

 

 

$

15,993

 

 

$

13,962

 

 

$

-

 

 

$

32,124

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

64

 

 

$

-

 

 

$

-

 

 

$

64

 

 

The following table presents the Company's recorded investment in loans by credit quality indicators by year of origination as of December 31, 2024 (dollars in thousands). Current period gross write-off amounts represent write-offs for the twelve months ended December 31, 2024 (dollars in thousands):

 

 

 

December 31, 2024

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Revolving Loans

 

 

Loans Converted to Term

 

 

Total

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

102,378

 

 

$

99,341

 

 

$

11,116

 

 

$

1,770

 

 

$

2,818

 

 

$

23,171

 

 

$

15,821

 

 

$

3

 

 

$

256,418

 

Watch

 

 

41

 

 

 

74

 

 

 

154

 

 

 

57

 

 

 

104

 

 

 

28

 

 

 

-

 

 

 

-

 

 

 

458

 

Special Mention

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6

 

 

 

6

 

Substandard

 

 

-

 

 

 

5

 

 

 

294

 

 

 

-

 

 

 

20

 

 

 

132

 

 

 

7

 

 

 

331

 

 

 

789

 

Total commercial

 

$

102,419

 

 

$

99,420

 

 

$

11,564

 

 

$

1,827

 

 

$

2,942

 

 

$

23,331

 

 

$

15,828

 

 

$

340

 

 

$

257,671

 

Current period gross write-off

 

$

-

 

 

$

14

 

 

$

38

 

 

$

-

 

 

$

103

 

 

$

133

 

 

$

-

 

 

$

-

 

 

$

288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate construction and land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

6,613

 

 

$

14,844

 

 

$

2,445

 

 

$

2,364

 

 

$

1,615

 

 

$

1,476

 

 

$

-

 

 

$

-

 

 

$

29,357

 

Watch

 

 

-

 

 

 

1,057

 

 

 

-

 

 

 

159

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,216

 

Special Mention

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

243

 

 

 

-

 

 

 

-

 

 

 

243

 

Substandard

 

 

-

 

 

 

-

 

 

 

6,121

 

 

 

-

 

 

 

-

 

 

 

40

 

 

 

-

 

 

 

-

 

 

 

6,161

 

Total real estate construction and land

 

$

6,613

 

 

$

15,901

 

 

$

8,566

 

 

$

2,523

 

 

$

1,615

 

 

$

1,759

 

 

$

-

 

 

$

-

 

 

$

36,977

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential mortgages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

21,285

 

 

$

16,942

 

 

$

11,889

 

 

$

51,277

 

 

$

71,422

 

 

$

97,356

 

 

$

17,555

 

 

$

563

 

 

$

288,289

 

Watch

 

 

-

 

 

 

4,787

 

 

 

501

 

 

 

2,417

 

 

 

247

 

 

 

1,706

 

 

 

767

 

 

 

654

 

 

 

11,079

 

Special Mention

 

 

199

 

 

 

1,000

 

 

 

1,057

 

 

 

918

 

 

 

-

 

 

 

5,291

 

 

 

92

 

 

 

-

 

 

 

8,557

 

Substandard

 

 

-

 

 

 

-

 

 

 

1,434

 

 

 

54

 

 

 

1,292

 

 

 

2,293

 

 

 

397

 

 

 

215

 

 

 

5,685

 

Total 1-4 family residential mortgage

 

$

21,484

 

 

$

22,729

 

 

$

14,881

 

 

$

54,666

 

 

$

72,961

 

 

$

106,646

 

 

$

18,811

 

 

$

1,432

 

 

$

313,610

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial mortgages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

98,264

 

 

$

106,442

 

 

$

37,153

 

 

$

39,435

 

 

$

80,542

 

 

$

197,875

 

 

$

1,215

 

 

$

572

 

 

$

561,498

 

Watch

 

 

-

 

 

 

1,776

 

 

 

-

 

 

 

-

 

 

 

11,385

 

 

 

4,594

 

 

 

-

 

 

 

-

 

 

 

17,755

 

Special Mention

 

 

82

 

 

 

-

 

 

 

1,511

 

 

 

1,406

 

 

 

1,506

 

 

 

7,701

 

 

 

-

 

 

 

-

 

 

 

12,206

 

Substandard

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,750

 

 

 

287

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,037

 

Total commercial mortgages

 

$

98,346

 

 

$

108,218

 

 

$

38,664

 

 

$

42,591

 

 

$

93,720

 

 

$

210,170

 

 

$

1,215

 

 

$

572

 

 

$

593,496

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

698

 

 

$

1,104

 

 

$

67

 

 

$

243

 

 

$

134

 

 

$

16,603

 

 

$

15,135

 

 

$

3

 

 

$

33,987

 

Watch

 

 

-

 

 

 

-

 

 

 

-

 

 

 

23

 

 

 

-

 

 

 

59

 

 

 

-

 

 

 

-

 

 

 

82

 

Special Mention

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

89

 

 

 

-

 

 

 

-

 

 

 

89

 

Substandard

 

 

7

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

49

 

 

 

-

 

 

 

-

 

 

 

57

 

Total consumer

 

$

705

 

 

$

1,105

 

 

$

67

 

 

$

266

 

 

$

134

 

 

$

16,800

 

 

$

15,135

 

 

$

3

 

 

$

34,215

 

Current period gross write-off

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

4

 

 

$

466

 

 

$

1

 

 

$

-

 

 

$

471

 

 
v3.25.1
Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Gross Carrying Amounts and Accumulated Amortization of Other Intangible Assets The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets (dollars in thousands):

 

March 31, 2025

 

 

December 31, 2024

 

 

March 31, 2024

 

 

Gross Carrying Amount

 

Accumulated Amortization

 

 

Gross Carrying Amount

 

Accumulated Amortization

 

 

Gross Carrying Amount

 

Accumulated Amortization

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Core deposit intangible

$

9,660

 

$

(6,163

)

 

$

9,660

 

$

(5,868

)

 

$

9,660

 

$

(4,910

)
Schedule of Estimated Future Amortization Expense

Estimated future amortization expense as of March 31, 2025 is as follows (dollars in thousands):

 

Core

 

 

 

Deposit

 

 

 

Intangible

 

 

For the nine months ending December 31, 2025

$

815

 

 

For the year ending December 31, 2026

 

918

 

 

For the year ending December 31, 2027

 

726

 

 

For the year ending December 31, 2028

 

535

 

 

For the year ending December 31, 2029

 

343

 

 

Thereafter

 

160

 

 

Total

$

3,497

 

 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Lease Liability, Right-of-use Asset, Weighted Average Remaining Lease Term and Discount Rate

The following tables present information about the Company’s leases (dollars in thousands):

 

 

 

March 31, 2025

 

 

December 31, 2024

 

Lease liability

 

$

5,026

 

 

$

5,389

 

Right-of-use asset

 

$

5,179

 

 

$

5,551

 

Weighted average remaining lease term

 

4.51 years

 

 

5.14 years

 

Weighted average discount rate

 

 

2.75

%

 

 

3.02

%

 
Schedule of Operating Lease Expense

 

 

Three Months Ended March 31,

 

Lease Expense:

 

2025

 

 

2024

 

Operating lease cost

 

$

426

 

 

$

429

 

Short-term lease expense

 

 

11

 

 

 

12

 

Total lease expense

 

$

437

 

 

$

441

 

Cash paid for amounts included in
   lease liabilities

 

$

403

 

 

$

388

 
Schedule of Operating Lease Liabilities and Reconciliation of Undiscounted Cash Flows

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows (dollars in thousands):

Undiscounted Cash Flow

 

March 31, 2025

 

Nine months ending December 31, 2025

 

$

1,093

 

Twelve months ending December 31, 2026

 

 

1,159

 

Twelve months ending December 31, 2027

 

 

1,063

 

Twelve months ending December 31, 2028

 

 

942

 

Twelve months ending December 31, 2029

 

 

541

 

Thereafter

 

 

654

 

Total undiscounted cash flows

 

$

5,452

 

Less: Discount

 

 

(426

)

Lease liability

 

$

5,026

 
v3.25.1
Net Income Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of weighted average number of shares used in computing earnings per share

The table below shows the weighted average number of shares used in computing net income per common share and the effect of the weighted average number of shares of potential dilutive common stock for the three months ended March 31, 2025 and 2024. Diluted net income per share is computed based on the weighted average number of shares of common stock equivalents outstanding, to the extent dilutive. The Company’s common stock equivalents relate to outstanding common stock options. The recipients of unvested restricted shares have full voting and dividend rights, and as such, unvested restricted stock as of March 31, 2025 and March 31, 2024 is included in the calculation of basic and diluted net income per share (dollars below reported in thousands except per share data).

 

Three Months Ended

 

March 31, 2025

 

 

March 31, 2024

 

 

 

Net
Income

 

 

Weighted
Average
Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Weighted
Average
Shares

 

 

Per
Share
Amount

 

Basic net income per share

 

$

4,489

 

 

 

5,378,871

 

 

$

0.83

 

 

$

3,646

 

 

 

5,366,890

 

 

$

0.68

 

Effect of dilutive stock options

 

 

-

 

 

 

24,065

 

 

 

-

 

 

 

-

 

 

 

13,191

 

 

 

-

 

Diluted net income per share

 

$

4,489

 

 

 

5,402,936

 

 

$

0.83

 

 

$

3,646

 

 

 

5,380,081

 

 

$

0.68

 

 
v3.25.1
Stock Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Shares Issued and Available Under Each Plans

A summary of the shares issued and available under each of the Plans is shown below as of March 31, 2025. Share data and exercise price range per share have been adjusted to reflect previously issued stock dividends. Although the 2014 Plan has expired and no new grants will be issued under such plan, there were options issued before the plan expired that are still outstanding as shown below.

 

 

 

2022 Plan

 

 

2014 Plan

 

Aggregate shares issuable

 

 

150,000

 

 

 

275,625

 

Options issued, net of forfeited and expired
   options

 

 

(50,300

)

 

 

(174,006

)

Unrestricted stock issued

 

 

-

 

 

 

(11,635

)

Restricted stock grants issued, net of forfeited

 

 

(65,280

)

 

 

(83,653

)

Cancelled due to Plan expiration

 

 

-

 

 

 

(6,331

)

Remaining available for grant

 

 

34,420

 

 

 

-

 

 

 

 

 

 

 

Restricted stock grants issued and outstanding:

 

 

 

 

 

 

Total vested and unvested shares

 

 

65,280

 

 

 

95,888

 

Fully vested shares

 

 

11,053

 

 

 

76,630

 

 

 

 

 

 

 

 

Stock option grants issued and outstanding:

 

 

 

 

 

 

Total vested and unvested shares

 

 

50,300

 

 

 

173,084

 

Fully vested shares

 

 

-

 

 

 

148,603

 

 

 

 

 

 

 

 

Exercise price range

 

$28.82 to $33.20

 

 

$23.75 to $42.62

 
Summary of Stock Option Activity

Changes in the stock options outstanding related to the Plans are summarized below (dollars in thousands except per share data):

 

 

 

March 31, 2025

 

 

 

Number of Options

 

 

Weighted
Average
Exercise Price

 

 

Aggregate
Intrinsic Value

 

Outstanding at January 1, 2025

 

 

223,001

 

 

$

33.22

 

 

$

-

 

Issued

 

 

5,600

 

 

 

34.78

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited

 

 

(5,217

)

 

 

40.78

 

 

 

-

 

Expired

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding at March 31, 2025

 

 

223,384

 

 

$

33.08

 

 

$

1,091

 

 

 

 

 

 

 

 

 

 

Options exercisable at March 31, 2025

 

 

148,603

 

 

$

34.30

 

 

$

659

 
Schedule of Options Outstanding and Exercisable, by Exercise Price Range

Summary information pertaining to options outstanding at March 31, 2025 is shown below. Share and per share data have been adjusted to reflect the prior stock dividends issued.

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Exercise Price

 

Number of
Options
Outstanding

 

 

Weighted-
Average
Remaining
Contractual Life

 

Weighted-
Average
Exercise
Price

 

 

Number of
Options
Exercisable

 

 

Weighted-
Average
Exercise
Price

 

$23.75 to $30.00

 

 

101,300

 

 

6.6 Years

 

$

25.85

 

 

 

57,680

 

 

$

24.82

 

$30.01 to $40.00

 

 

68,540

 

 

6.9 Years

 

 

36.31

 

 

 

37,380

 

 

 

36.99

 

$40.01 to $42.62

 

 

53,544

 

 

3.1 Years

 

 

42.62

 

 

 

53,543

 

 

 

42.62

 

Total

 

 

223,384

 

 

5.9 Years

 

$

33.08

 

 

 

148,603

 

 

$

34.30

 
Summary of Changes in the Restricted Stock Grants Outstanding

Changes in the restricted stock grants outstanding during the three months ended March 31, 2025 are summarized below (dollars in thousands except per share data):

 

 

 

March 31, 2025

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value
Per Share

 

 

Aggregate
Intrinsic Value

 

Nonvested as of January 1, 2025

 

 

65,889

 

 

$

31.96

 

 

$

2,377

 

Issued

 

 

21,068

 

 

 

36.09

 

 

 

760

 

Vested

 

 

(13,472

)

 

 

(31.86

)

 

 

(486

)

Forfeited

 

 

-

 

 

 

-

 

 

 

-

 

Nonvested at March 31, 2025

 

 

73,485

 

 

$

33.16

 

 

$

2,651

 

 

 

 

 

 

 

 

 

 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Available for Sale Securities Measured at Fair Value on a Recurring Basis

The following tables present the balances measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 (dollars in thousands):

 

 

 

 

 

 

Fair Value Measurements at March 31, 2025 Using:

 

 

 

 

 

 

Quoted Prices
in Active
Markets for
Identical Assets

 

 

Significant
Other
Observable
Inputs

 

 

Significant
Unobservable
Inputs

 

Description

 

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government treasuries

 

$

1,499

 

 

$

-

 

 

$

1,499

 

 

$

-

 

U.S. Government agencies

 

 

27,697

 

 

 

-

 

 

 

27,697

 

 

 

-

 

Mortgage-backed/CMOs

 

 

134,655

 

 

 

-

 

 

 

134,655

 

 

 

-

 

Corporate bonds

 

 

17,700

 

 

 

-

 

 

 

17,700

 

 

 

-

 

Municipal bonds

 

 

81,372

 

 

 

-

 

 

 

81,372

 

 

 

-

 

Total securities available for sale

 

$

262,923

 

 

$

-

 

 

$

262,923

 

 

$

-

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2024 Using:

 

 

 

 

 

 

Quoted Prices
in Active
Markets for
Identical Assets

 

 

Significant
Other
Observable
Inputs

 

 

Significant
Unobservable
Inputs

 

Description

 

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government treasuries

 

$

1,493

 

 

$

-

 

 

$

1,493

 

 

$

-

 

U.S. Government agencies

 

 

29,635

 

 

 

-

 

 

 

29,635

 

 

 

-

 

Mortgage-backed/CMOs

 

 

132,811

 

 

 

-

 

 

 

132,811

 

 

 

-

 

Corporate bonds

 

 

17,591

 

 

 

-

 

 

 

17,591

 

 

 

 

Municipal bonds

 

 

82,007

 

 

 

-

 

 

 

82,007

 

 

 

-

 

Total securities available for sale

 

$

263,537

 

 

$

-

 

 

$

263,537

 

 

$

-

 
Summary of Assets Measured at Fair Value on a Nonrecurring Basis

The following table presents the Company's assets that were measured at fair value on a nonrecurring basis as of March 31, 2025 and December 31, 2024:

 

 

 

 

 

Fair Value Measurements at March 31, 2025 Using:

 

 

 

 

 

 

Quoted Prices
in Active
Markets for
Identical Assets

 

 

Significant
Other
Observable
Inputs

 

 

Significant
Unobservable
Inputs

 

Description

 

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

$

180

 

 

$

-

 

 

$

-

 

 

$

180

 

 

 

Description

 

Fair Value

 

 

Valuation Technique

 

 

Unobservable Inputs

 

 

Discount Rate

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

$

180

 

 

Market comparables

 

 

Discount applied to recent appraisal

 

 

 

20.0

%

 

 

 

 

 

 

Fair Value Measurements at December 31, 2024 Using:

 

 

 

 

 

 

Quoted Prices
in Active
Markets for
Identical Assets

 

 

Significant
Other
Observable
Inputs

 

 

Significant
Unobservable
Inputs

 

Description

 

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

$

352

 

 

$

-

 

 

$

-

 

 

$

352

 

 

 

Description

 

Fair Value

 

 

Valuation Technique

 

 

Unobservable Inputs

 

 

Discount Rate

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

$

352

 

 

Market comparables

 

 

Discount applied to recent appraisal

 

 

 

20.0

%
Schedule of the Carrying Values and Estimated Fair Values of the Bank's Financial Instruments The carrying values and estimated fair values of the Company's financial instruments as of March 31, 2025 and December 31, 2024 are as follows (dollars in thousands):

 

 

 

 

 

 

Fair Value Measurements at March 31, 2025 Using:

 

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Unobservable Inputs

 

 

 

 

 

 

Carrying value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalent

 

$

29,573

 

 

$

29,573

 

 

$

-

 

 

$

-

 

 

$

29,573

 

Available for sale securities

 

 

262,923

 

 

 

-

 

 

 

262,923

 

 

 

-

 

 

 

262,923

 

Restricted securities

 

 

6,172

 

 

 

-

 

 

 

6,172

 

 

 

-

 

 

 

6,172

 

Loans, net

 

 

1,234,170

 

 

 

-

 

 

 

-

 

 

 

1,181,501

 

 

 

1,181,501

 

Bank owned life insurance

 

 

40,352

 

 

 

-

 

 

 

40,352

 

 

 

-

 

 

 

40,352

 

Accrued interest receivable

 

 

6,069

 

 

 

-

 

 

 

1,358

 

 

 

4,711

 

 

 

6,069

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits and interest-bearing transaction and money market accounts

 

$

1,135,715

 

 

$

-

 

 

$

1,135,715

 

 

$

-

 

 

$

1,135,715

 

Certificates of deposit

 

 

298,498

 

 

 

-

 

 

 

298,489

 

 

 

-

 

 

 

298,489

 

Borrowings

 

 

20,000

 

 

 

-

 

 

 

19,948

 

 

 

-

 

 

 

19,948

 

Junior subordinated debt, net

 

 

3,518

 

 

 

-

 

 

 

3,518

 

 

 

-

 

 

 

3,518

 

Accrued interest payable

 

 

1,609

 

 

 

-

 

 

 

1,609

 

 

 

-

 

 

 

1,609

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2024 Using:

 

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Unobservable Inputs

 

 

 

 

 

 

Carrying value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalent

 

$

17,103

 

 

$

17,103

 

 

$

-

 

 

$

-

 

 

$

17,103

 

Available for sale securities

 

 

263,537

 

 

 

-

 

 

 

263,537

 

 

 

-

 

 

 

263,537

 

Restricted securities

 

 

6,193

 

 

 

-

 

 

 

6,193

 

 

 

-

 

 

 

6,193

 

Loans, net

 

 

1,227,514

 

 

 

-

 

 

 

-

 

 

 

1,183,182

 

 

 

1,183,182

 

Bank owned life insurance

 

 

40,059

 

 

 

-

 

 

 

40,059

 

 

 

-

 

 

 

40,059

 

Accrued interest receivable

 

 

6,426

 

 

 

-

 

 

 

1,509

 

 

 

4,917

 

 

 

6,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits and interest-bearing transaction and money market accounts

 

$

1,115,103

 

 

$

-

 

 

$

1,115,103

 

 

$

-

 

 

$

1,115,103

 

Certificates of deposit

 

 

308,443

 

 

 

-

 

 

 

308,856

 

 

 

-

 

 

 

308,856

 

Federal funds purchased

 

 

236

 

 

 

236

 

 

 

-

 

 

 

-

 

 

 

236

 

Borrowings

 

 

20,000

 

 

 

-

 

 

 

20,000

 

 

 

-

 

 

 

20,000

 

Junior subordinated debt, net

 

 

3,506

 

 

 

-

 

 

 

3,506

 

 

 

-

 

 

 

3,506

 

Accrued interest payable

 

 

1,837

 

 

 

-

 

 

 

1,837

 

 

 

-

 

 

 

1,837

 
v3.25.1
Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2025
Other Comprehensive Income (Loss), Tax [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2025 and March 31, 2024 (dollars in thousands):

 

 

 

AFS Securities

 

 

Accumulated other comprehensive loss at December 31, 2024

 

$

(41,862

)

 

 

 

 

 

Other comprehensive gain arising during the period

 

 

4,457

 

 

Related income tax effects

 

 

(936

)

 

 

 

 

3,521

 

 

 

 

 

 

 

Accumulated other comprehensive loss at March 31, 2025

 

$

(38,341

)

 

 

 

 

 

 

 

 

AFS Securities

 

 

Accumulated other comprehensive loss at December 31, 2023

 

$

(40,044

)

 

 

 

 

 

Other comprehensive gain arising during the period

 

 

(3,179

)

 

Related income tax effects

 

 

668

 

 

 

 

 

(2,511

)

 

 

 

 

 

 

Reclassification into net income

 

 

4

 

 

Related income tax effects

 

 

(1

)

 

 

 

 

3

 

 

 

 

 

 

 

Accumulated other comprehensive loss at March 31, 2024

 

$

(42,552

)

 

 

 

 

 

 
v3.25.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of segment reporting information

Segment information for the three months ended March 31, 2025 and 2024 is shown in the following tables (dollars in thousands). Note that asset information is not reported below, as the assets of VNB Trust & Estate Services are reported at the Bank level; also, assets specifically allocated to the lines of business other than the Bank are insignificant and are no longer provided to the chief operating decision maker.

Three months ended March 31, 2025

 

Bank

 

 

VNB Trust &
Estate
Services

 

 

Consolidated

 

 

Net interest income

 

$

12,294

 

 

$

-

 

 

$

12,294

 

 

Recovery of credit losses

 

 

(160

)

 

 

-

 

 

 

(160

)

 

Net interest income after recovery of credit losses

 

$

12,454

 

 

$

-

 

 

$

12,454

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

Wealth management fees

 

$

-

 

 

$

229

 

 

$

229

 

 

Deposit account fees

 

 

307

 

 

 

-

 

 

 

307

 

 

Debit/credit card and ATM fees

 

 

370

 

 

 

-

 

 

 

370

 

 

Bank owned life insurance income

 

 

293

 

 

 

-

 

 

 

293

 

 

Gains on sale of assets, net

 

 

278

 

 

 

-

 

 

 

278

 

 

Other

 

 

283

 

 

 

-

 

 

 

283

 

 

Total noninterest income

 

$

1,531

 

 

$

229

 

 

$

1,760

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

3,697

 

 

$

239

 

 

$

3,936

 

 

Net occupancy

 

 

984

 

 

 

32

 

 

 

1,016

 

 

Equipment

 

 

182

 

 

 

4

 

 

 

186

 

 

Bank franchise tax

 

 

339

 

 

 

-

 

 

 

339

 

 

Computer software

 

 

256

 

 

 

-

 

 

 

256

 

 

Data processing

 

 

696

 

 

 

39

 

 

 

735

 

 

FDIC deposit insurance assessment

 

 

145

 

 

 

-

 

 

 

145

 

 

Marketing, advertising and promotion

 

 

254

 

 

 

-

 

 

 

254

 

 

Professional fees

 

 

222

 

 

 

34

 

 

 

256

 

 

Legal fees

 

 

236

 

 

 

-

 

 

 

236

 

 

Core deposit intangible amortization

 

 

295

 

 

 

-

 

 

 

295

 

 

Other

 

 

1,162

 

 

 

8

 

 

 

1,170

 

 

Total noninterest expense

 

$

8,468

 

 

$

356

 

 

$

8,824

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

5,517

 

 

$

(127

)

 

$

5,390

 

 

Provision for (benefit of) income taxes

 

 

927

 

 

 

(26

)

 

 

901

 

 

Net income (loss)

 

$

4,590

 

 

$

(101

)

 

$

4,489

 

 

 

Three months ended March 31,2024

 

Bank

 

 

VNB Trust &
Estate
Services

 

 

Masonry
Capital

 

 

Consolidated

 

 

Net interest income

 

$

10,936

 

 

$

-

 

 

$

-

 

 

 

10,936

 

 

Recovery of credit losses

 

 

(22

)

 

 

-

 

 

 

-

 

 

 

(22

)

 

Net interest income after recovery of credit losses

 

$

10,958

 

 

$

-

 

 

$

-

 

 

 

10,958

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management fees

 

$

-

 

 

$

236

 

 

$

190

 

 

 

426

 

 

Deposit account fees

 

 

387

 

 

 

-

 

 

 

-

 

 

 

387

 

 

Debit/credit card and ATM fees

 

 

488

 

 

 

-

 

 

 

-

 

 

 

488

 

 

Bank owned life insurance income

 

 

275

 

 

 

-

 

 

 

-

 

 

 

275

 

 

Gains on sale of assets, net

 

 

39

 

 

 

-

 

 

 

-

 

 

 

39

 

 

Gain termination of interest rate swap

 

 

379

 

 

 

-

 

 

 

-

 

 

 

379

 

 

Losses on sales of AFS, net

 

 

(4

)

 

 

-

 

 

 

-

 

 

 

(4

)

 

Other

 

 

120

 

 

 

68

 

 

 

-

 

 

 

188

 

 

Total noninterest income

 

$

1,684

 

 

$

304

 

 

$

190

 

 

$

2,178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

3,775

 

 

$

239

 

 

$

138

 

 

 

4,152

 

 

Net occupancy

 

 

933

 

 

 

32

 

 

 

7

 

 

 

972

 

 

Equipment

 

 

160

 

 

 

5

 

 

 

6

 

 

 

171

 

 

Bank franchise tax

 

 

340

 

 

 

-

 

 

 

-

 

 

 

340

 

 

Computer software

 

 

208

 

 

 

-

 

 

 

-

 

 

 

208

 

 

Data processing

 

 

713

 

 

 

26

 

 

 

-

 

 

 

739

 

 

FDIC deposit insurance assessment

 

 

195

 

 

 

-

 

 

 

-

 

 

 

195

 

 

Marketing, advertising and promotion

 

 

247

 

 

 

1

 

 

 

-

 

 

 

248

 

 

Professional fees

 

 

185

 

 

 

40

 

 

 

27

 

 

 

252

 

 

Legal fees

 

 

71

 

 

 

-

 

 

 

-

 

 

 

71

 

 

Core deposit intangible amortization

 

 

343

 

 

 

-

 

 

 

-

 

 

 

343

 

 

Other

 

 

1,100

 

 

 

6

 

 

 

22

 

 

 

1,128

 

 

Total noninterest expense

 

$

8,270

 

 

$

349

 

 

$

200

 

 

$

8,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

4,372

 

 

$

(45

)

 

$

(10

)

 

$

4,317

 

 

Provision for (benefit of) income taxes

 

 

683

 

 

 

(10

)

 

 

(2

)

 

 

671

 

 

Net income (loss)

 

$

3,689

 

 

$

(35

)

 

$

(8

)

 

$

3,646

 

 
v3.25.1
Summary of Significant Accounting Policies (Narrative) (Details)
Apr. 01, 2024
Accounting Policies [Abstract]  
Annual revenue share amount period 6 years
v3.25.1
Recent Significant Accounting Pronouncements (Narrative) (Details) - 2023-09
Mar. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Change in Accounting Principle, Accounting Standards Update, Adoption Date Jan. 01, 2025
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] true
v3.25.1
Securities (Amortized Cost and Fair Values of Securities Available for Sale) (Details)) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 311,455 $ 316,527
Gross Unrealized Gains 24 14
Gross Unrealized (Losses) (48,556) (53,004)
Available for Sale, Fair Value 262,923 263,537 [1]
U.S. Government Treasuries [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,500 1,500
Gross Unrealized (Losses) (1) (7)
Available for Sale, Fair Value 1,499 1,493
U.S. Government Agencies [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 32,066 34,998
Gross Unrealized (Losses) (4,369) (5,363)
Available for Sale, Fair Value 27,697 29,635
Mortgage-backed/CMOs [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 157,143 158,554
Gross Unrealized Gains 24 14
Gross Unrealized (Losses) (22,512) (25,757)
Available for Sale, Fair Value 134,655 132,811
Corporate Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 17,807 17,782
Gross Unrealized (Losses) (107) (191)
Available for Sale, Fair Value 17,700 17,591
Municipal Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 102,939 103,693
Gross Unrealized (Losses) (21,567) (21,686)
Available for Sale, Fair Value $ 81,372 $ 82,007
[1] Derived from audited Consolidated Financial Statements
v3.25.1
Securities (Narrative) (Details)
 3 Months Ended
Mar. 31, 2025
USD ($)
Item
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Schedule of Investments [Line Items]      
Available-for-sale securities, continuous unrealized loss position, fair value $ 260,360,000   $ 259,695,000
Number of securities designated as available for sale securities having unrealized loss | Item 271    
Accrued interest receivable $ 4,700,000   4,900,000
Unrealized loss of available for sale securities 48,556,000   53,004,000
Securities, allowance for credit losses 0   0
Proceeds from the sales of securities 0 $ 39,600,000  
Available for sale securities pre-tax loss   $ 4,000  
Restricted securities, at cost 6,172,000   6,193,000 [1]
Mortgage-backed Securities/CMOs [Member]      
Schedule of Investments [Line Items]      
Available-for-sale securities, continuous unrealized loss position, fair value $ 132,159,000   130,128,000
Number of securities designated as available for sale securities having unrealized loss | Item 115    
Unrealized loss of available for sale securities $ 22,512,000   25,757,000
U.S. Government Agencies [Member]      
Schedule of Investments [Line Items]      
Available-for-sale securities, continuous unrealized loss position, fair value $ 27,630,000   29,551,000
Number of securities designated as available for sale securities having unrealized loss | Item 19    
Unrealized loss of available for sale securities $ 4,369,000   5,363,000
Corporate Bonds [Member]      
Schedule of Investments [Line Items]      
Available-for-sale securities, continuous unrealized loss position, fair value $ 17,700,000   17,591,000
Number of securities designated as available for sale securities having unrealized loss | Item 9    
Unrealized loss of available for sale securities $ 107,000   191,000
Treasury bond [Member]      
Schedule of Investments [Line Items]      
Number of securities designated as available for sale securities having unrealized loss | Item 1    
Asset Pledged as Collateral without Right [Member] | Public Deposits [Member]      
Schedule of Investments [Line Items]      
Securities pledged to secure deposits and facilitate borrowing $ 22,500,000   21,900,000
Municipal Bonds [Member]      
Schedule of Investments [Line Items]      
Available-for-sale securities, continuous unrealized loss position, fair value $ 81,372,000   80,932,000
Number of securities designated as available for sale securities having unrealized loss | Item 127    
Unrealized loss of available for sale securities $ 21,567,000   21,686,000
AFS Securities [Member]      
Schedule of Investments [Line Items]      
Accrued interest receivable $ 1,400,000   $ 1,500,000
[1] Derived from audited Consolidated Financial Statements
v3.25.1
Securities (Schedule of Unrealized Losses) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Continuous Unrealized Loss Position of Less Than 12 Months, Estimated Fair value $ 3,355 $ 2,284
Continuous Unrealized Loss Position of Less Than 12 Months, Unrealized losses (24) (19)
Continuous Unrealized Loss Position of 12 Months or More, Estimated Fair value 257,005 257,411
Continuous Unrealized Loss Position of 12 Months or More, Unrealized losses (48,532) (52,985)
Total, Estimated Fair value 260,360 259,695
Total, Unrealized losses (48,556) (53,004)
U.S. Government Treasuries [Member]    
Debt Securities, Available-for-sale [Line Items]    
Continuous Unrealized Loss Position of 12 Months or More, Estimated Fair value 1,499 1,493
Continuous Unrealized Loss Position of 12 Months or More, Unrealized losses (1) (7)
Total, Estimated Fair value 1,499 1,493
Total, Unrealized losses (1) (7)
U.S. Government Agencies [Member]    
Debt Securities, Available-for-sale [Line Items]    
Continuous Unrealized Loss Position of Less Than 12 Months, Estimated Fair value 0  
Continuous Unrealized Loss Position of 12 Months or More, Estimated Fair value 27,630 29,551
Continuous Unrealized Loss Position of 12 Months or More, Unrealized losses (4,369) (5,363)
Total, Estimated Fair value 27,630 29,551
Total, Unrealized losses (4,369) (5,363)
Mortgage-backed/CMOs [Member]    
Debt Securities, Available-for-sale [Line Items]    
Continuous Unrealized Loss Position of 12 Months or More, Estimated Fair value 132,159 130,128
Continuous Unrealized Loss Position of 12 Months or More, Unrealized losses (22,512) (25,757)
Total, Estimated Fair value 132,159 130,128
Total, Unrealized losses (22,512) (25,757)
Corporate Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Continuous Unrealized Loss Position of 12 Months or More, Estimated Fair value 17,700 17,591
Continuous Unrealized Loss Position of 12 Months or More, Unrealized losses (107) (191)
Total, Estimated Fair value 17,700 17,591
Total, Unrealized losses (107) (191)
Municipal Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Continuous Unrealized Loss Position of Less Than 12 Months, Estimated Fair value 3,355 2,284
Continuous Unrealized Loss Position of Less Than 12 Months, Unrealized losses (24) (19)
Continuous Unrealized Loss Position of 12 Months or More, Estimated Fair value 78,017 78,648
Continuous Unrealized Loss Position of 12 Months or More, Unrealized losses (21,543) (21,667)
Total, Estimated Fair value 81,372 80,932
Total, Unrealized losses $ (21,567) $ (21,686)
v3.25.1
Securities (Schedule of Amortized Cost and Fair Values of Securities Available For Sale Based upon Contractual Maturities and by Major Investment Categories) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Amortized Cost    
Amortized Cost $ 311,455 $ 316,527
Fair Value    
Total Securities Available for Sale 262,923  
U.S. Government Treasuries [Member]    
Amortized Cost    
One year or less 1,500  
Amortized Cost 1,500 1,500
Fair Value    
One year or less 1,499  
Total Securities Available for Sale 1,499  
U.S. Government Agencies [Member]    
Amortized Cost    
After one year to five years 12,135  
After five years to ten years 15,931  
Ten years or more 4,000  
Amortized Cost 32,066 34,998
Fair Value    
After one year to five years 10,993  
After five years to ten years 13,649  
Ten years or more 3,055  
Total Securities Available for Sale 27,697  
Mortgage-backed/CMOs [Member]    
Amortized Cost    
One year or less 1,475  
After one year to five years 6,272  
After five years to ten years 3,439  
Ten years or more 145,957  
Amortized Cost 157,143 158,554
Fair Value    
One year or less 1,455  
After one year to five years 5,913  
After five years to ten years 3,256  
Ten years or more 124,031  
Total Securities Available for Sale 134,655  
Corporate Bonds [Member]    
Amortized Cost    
One year or less 9,998  
After one year to five years 7,809  
Amortized Cost 17,807 17,782
Fair Value    
One year or less 9,964  
After one year to five years 7,736  
Total Securities Available for Sale 17,700  
Municipal Bonds [Member]    
Amortized Cost    
After one year to five years 5,624  
After five years to ten years 22,890  
Ten years or more 74,425  
Amortized Cost 102,939 $ 103,693
Fair Value    
After one year to five years 5,489  
After five years to ten years 20,757  
Ten years or more 55,126  
Total Securities Available for Sale $ 81,372  
v3.25.1
Loans (Narrative) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
Loan
Mar. 31, 2024
USD ($)
Loan
Dec. 31, 2024
USD ($)
Loan
Apr. 01, 2021
USD ($)
Loans And Leases Receivable Disclosure [Line Items]        
Accrued interest receivable $ 4,700   $ 4,900  
Unamortized premium 10,100   10,300  
Net deferred loan costs and fees (3,000)   (3,100)  
Deposit account overdrafts 42   36  
Due to collateral value shortfall $ 4   $ 28  
Number of non accrual loans required allowance of credit loss | Loan 1   1  
Number of loan modified for a borrower | Loan 0      
Number of secured loans | Loan     0  
Purchased Impaired Loan [Member] | Fauquier Bankshares, Inc [Member]        
Loans And Leases Receivable Disclosure [Line Items]        
Loan receivable at fair value net $ 6,200     $ 23,100
1-4 Family Residential Mortgages [Member]        
Loans And Leases Receivable Disclosure [Line Items]        
Number of loan modified for a borrower | Loan   1    
Number of secured loans | Loan 1      
Total balance in process of foreclosure $ 183      
Post-Modification Recorded Balance   $ 703    
Loan receivable experiencing financial difficulties, percentage on loans   0.002%    
v3.25.1
Loans (Schedule of Composition of Loan Portfolio by Major Loan Classifications) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans $ 1,242,498 $ 1,235,969 [1]  
Less: Allowance for credit losses (8,328) (8,455) [1] $ (8,395)
Loans, net 1,234,170 1,227,514 [1]  
Commercial [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans 254,066 257,671  
Less: Allowance for credit losses (692) (760) (193)
Real Estate Construction and Land [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans 35,176 36,977  
1-4 Family Residential Mortgages [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans 310,297 313,610  
Less: Allowance for credit losses (2,516) (2,551) (1,492)
Commercial mortgages [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans 610,835 593,496  
Less: Allowance for credit losses (3,573) (3,533) $ (5,261)
Consumer [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans $ 32,124 $ 34,215  
[1] Derived from audited Consolidated Financial Statements
v3.25.1
Loans (Schedule of Aging of Past Due Loans) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable Recorded Investment Past Due [Line Items]    
90 Days Past Due and Accruing $ 2,274 $ 754
Nonaccrual Loans 2,764 2,267
Term Loans Amortized Cost Basis by Origination Year, Total 1,242,498 1,235,969 [1]
30-59 Days [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 7,950 10,370
60-89 Days [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 3,214 761
Current [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 1,226,296 1,221,817
Commercial [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
90 Days Past Due and Accruing 2,213 705
Term Loans Amortized Cost Basis by Origination Year, Total 254,066 257,671
Commercial [Member] | 30-59 Days [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 7,294 9,173
Commercial [Member] | 60-89 Days [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 3,160 354
Commercial [Member] | Current [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 241,399 247,439
Real Estate Construction and Land [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Total 35,176 36,977
Real Estate Construction and Land [Member] | Current [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 35,176 36,977
1-4 Family Residential Mortgages [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Nonaccrual Loans 2,764 2,267
Term Loans Amortized Cost Basis by Origination Year, Total 310,297 313,610
1-4 Family Residential Mortgages [Member] | 30-59 Days [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 480 1,131
1-4 Family Residential Mortgages [Member] | 60-89 Days [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due   317
1-4 Family Residential Mortgages [Member] | Current [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 307,053 309,895
Commercial Mortgages [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Total 610,835 593,496
Commercial Mortgages [Member] | 30-59 Days [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 120 0
Commercial Mortgages [Member] | Current [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 610,715 593,496
Consumer Loans [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
90 Days Past Due and Accruing 61 49
Term Loans Amortized Cost Basis by Origination Year, Total 32,124 34,215
Consumer Loans [Member] | 30-59 Days [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 56 66
Consumer Loans [Member] | 60-89 Days [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due 54 90
Consumer Loans [Member] | Current [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Total Past Due $ 31,953 $ 34,010
[1] Derived from audited Consolidated Financial Statements
v3.25.1
Loans (Non-Accrual Loans by Loan Classification) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Nonaccrual Loans with No Allowance $ 2,580 $ 1,887
Nonaccrual Loans with an Allowance 184 380
Total Nonaccrual Loans 2,764 2,267
1-4 Family Residential Mortgages [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Nonaccrual Loans with No Allowance 2,580 1,887
Nonaccrual Loans with an Allowance 184 380
Total Nonaccrual Loans $ 2,764 $ 2,267
v3.25.1
Allowance for Credit Losses (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Allowance For Loan Losses [Abstract]    
ACL gross loans bps 0.67% 0.68%
Specific reserve for nonaccrual status $ 4 $ 28
v3.25.1
Allowance for Credit Losses (Summary of Transactions in Allowance for Loan Losses by Major Loan Portfolio Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Allowance for Loan Losses:      
Beginning Balance $ 8,455 [1] $ 8,395 $ 8,395
Charge-offs (70)   (759)
Recoveries 48   1,537
Provision for (recovery of) credit losses (105) 11 (718)
Ending Balance 8,328   8,455 [1]
Commercial Loans [Member]      
Allowance for Loan Losses:      
Beginning Balance 760 193 193
Charge-offs (6)   (288)
Recoveries 4   723
Provision for (recovery of) credit losses (66)   132
Ending Balance 692   760
Real Estate Construction and Land [Member]      
Allowance for Loan Losses:      
Beginning Balance 737 462 462
Provision for (recovery of) credit losses (12)   275
Ending Balance 725   737
1-4 Family Residential Mortgages [Member]      
Allowance for Loan Losses:      
Beginning Balance 2,551 1,492 1,492
Recoveries 1   11
Provision for (recovery of) credit losses (36)   1,048
Ending Balance 2,516   2,551
Commercial Mortgages [Member]      
Allowance for Loan Losses:      
Beginning Balance 3,533 5,261 5,261
Recoveries 1   573
Provision for (recovery of) credit losses 39   (2,301)
Ending Balance 3,573   3,533
Consumer Loans [Member]      
Allowance for Loan Losses:      
Beginning Balance 874 $ 987 987
Charge-offs (64)   (471)
Recoveries 42   230
Provision for (recovery of) credit losses (30)   128
Ending Balance $ 822   $ 874
[1] Derived from audited Consolidated Financial Statements
v3.25.1
Allowance for Credit Losses (Summary of Provision for (Recovery of) Credit Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Recovery of credit losses:      
Provision for (recovery of) loan losses $ (105) $ 11 $ (718)
Recovery of unfunded commitments (55) (33)  
Total $ (160) $ (22)  
v3.25.1
Allowance for Credit Losses (Summary of Amortized Cost Basis of Collateral Dependent Loans Individually Evaluated to Determine Expected Credit Losses, and Related ACL Allocated to Loans) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]      
Real Estate Secured Loans $ 1,242,498 $ 1,235,969 [1]  
Allowance for Credit Losses - Loans 8,328 8,455 [1] $ 8,395
Collateral Dependent Loans [Member]      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Real Estate Secured Loans 2,764 2,267  
Allowance for Credit Losses - Loans 4 28  
1-4 Family Residential Mortgages [Member]      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Real Estate Secured Loans 310,297 313,610  
Allowance for Credit Losses - Loans 2,516 2,551 $ 1,492
1-4 Family Residential Mortgages [Member] | Collateral Dependent Loans [Member]      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Real Estate Secured Loans 2,764 2,267  
Allowance for Credit Losses - Loans $ 4 $ 28  
[1] Derived from audited Consolidated Financial Statements
v3.25.1
Allowance for Credit Losses (Summary of Investment in Loans by Credit Quality Indicators by Year of Origination) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Total $ 1,242,498 $ 1,235,969 [1]
Commercial [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Total 254,066 257,671
Real Estate Construction and Land [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024   6,613
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 8,742 15,901
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 14,226 8,566
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 6,649 2,523
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 2,481 1,615
Term Loans Amortized Cost Basis by Origination Year, Prior 3,078 1,759
Term Loans Amortized Cost Basis by Origination Year, Total 35,176 36,977
Real Estate Construction and Land [Member] | Pass [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024   6,613
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 7,951 14,844
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 13,177 2,445
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 528 2,364
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 2,324 1,615
Term Loans Amortized Cost Basis by Origination Year, Prior 2,340 1,476
Term Loans Amortized Cost Basis by Origination Year, Total 26,320 29,357
Real Estate Construction and Land [Member] | Watch [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2024/2023   1,057
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 1,049  
Term Loans Amortized Cost Basis by Origination Year, 2022/2021   159
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 157  
Term Loans Amortized Cost Basis by Origination Year, Total 1,206 1,216
Real Estate Construction and Land [Member] | Special Mention [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Prior 229 243
Term Loans Amortized Cost Basis by Origination Year, Total 229 243
Real Estate Construction and Land [Member] | Substandard [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 791  
Term Loans Amortized Cost Basis by Origination Year, 2023/2022   6,121
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 6,121  
Term Loans Amortized Cost Basis by Origination Year, Prior 509 40
Term Loans Amortized Cost Basis by Origination Year, Total 7,421 6,161
1-4 Family Residential Mortgages [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024 1,499 21,484
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 22,406 22,729
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 23,158 14,881
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 14,713 54,666
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 54,048 72,961
Term Loans Amortized Cost Basis by Origination Year, Prior 176,613 106,646
Term Loans Amortized Cost Basis by Origination Year, Revolving Loans 17,742 18,811
Term Loans Amortized Cost Basis by Origination Year, Loans Converted to Term 118 1,432
Term Loans Amortized Cost Basis by Origination Year, Total 310,297 313,610
1-4 Family Residential Mortgages [Member] | Pass [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024 1,499 21,285
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 21,680 16,942
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 17,399 11,889
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 10,094 51,277
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 48,300 71,422
Term Loans Amortized Cost Basis by Origination Year, Prior 165,626 97,356
Term Loans Amortized Cost Basis by Origination Year, Revolving Loans 16,216 17,555
Term Loans Amortized Cost Basis by Origination Year, Loans Converted to Term   563
Term Loans Amortized Cost Basis by Origination Year, Total 280,814 288,289
1-4 Family Residential Mortgages [Member] | Watch [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 322 4,787
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 4,764 501
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 2,112 2,417
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 3,246 247
Term Loans Amortized Cost Basis by Origination Year, Prior 1,692 1,706
Term Loans Amortized Cost Basis by Origination Year, Revolving Loans 1,036 767
Term Loans Amortized Cost Basis by Origination Year, Loans Converted to Term   654
Term Loans Amortized Cost Basis by Origination Year, Total 13,172 11,079
1-4 Family Residential Mortgages [Member] | Special Mention [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024   199
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 198 1,000
Term Loans Amortized Cost Basis by Origination Year, 2023/2022   1,057
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 808 918
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 2,337  
Term Loans Amortized Cost Basis by Origination Year, Prior 5,471 5,291
Term Loans Amortized Cost Basis by Origination Year, Revolving Loans   92
Term Loans Amortized Cost Basis by Origination Year, Total 8,814 8,557
1-4 Family Residential Mortgages [Member] | Substandard [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 206  
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 995 1,434
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 1,699 54
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 165 1,292
Term Loans Amortized Cost Basis by Origination Year, Prior 3,824 2,293
Term Loans Amortized Cost Basis by Origination Year, Revolving Loans 490 397
Term Loans Amortized Cost Basis by Origination Year, Loans Converted to Term 118 215
Term Loans Amortized Cost Basis by Origination Year, Total 7,497 5,685
Commercial Mortgages [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024 22,215 98,346
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 99,145 108,218
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 110,991 38,664
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 40,047 42,591
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 41,762 93,720
Term Loans Amortized Cost Basis by Origination Year, Prior 295,569 210,170
Term Loans Amortized Cost Basis by Origination Year, Revolving Loans 1,106 1,215
Term Loans Amortized Cost Basis by Origination Year, Loans Converted to Term   572
Term Loans Amortized Cost Basis by Origination Year, Total 610,835 593,496
Commercial Mortgages [Member] | Pass [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024 22,215 98,264
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 99,065 106,442
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 108,230 37,153
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 38,548 39,435
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 39,003 80,542
Term Loans Amortized Cost Basis by Origination Year, Prior 271,765 197,875
Term Loans Amortized Cost Basis by Origination Year, Revolving Loans 1,106 1,215
Term Loans Amortized Cost Basis by Origination Year, Loans Converted to Term   572
Term Loans Amortized Cost Basis by Origination Year, Total 579,932 561,498
Commercial Mortgages [Member] | Watch [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2024/2023   1,776
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 2,761  
Term Loans Amortized Cost Basis by Origination Year, 2021/2020   11,385
Term Loans Amortized Cost Basis by Origination Year, Prior 11,678 4,594
Term Loans Amortized Cost Basis by Origination Year, Total 14,439 17,755
Commercial Mortgages [Member] | Special Mention [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024   82
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 80  
Term Loans Amortized Cost Basis by Origination Year, 2023/2022   1,511
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 1,499 1,406
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 1,394 1,506
Term Loans Amortized Cost Basis by Origination Year, Prior 11,086 7,701
Term Loans Amortized Cost Basis by Origination Year, Total 14,059 12,206
Commercial Mortgages [Member] | Substandard [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2022/2021   1,750
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 1,365 287
Term Loans Amortized Cost Basis by Origination Year, Prior 1,040  
Term Loans Amortized Cost Basis by Origination Year, Total 2,405 2,037
Consumer [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024 130 705
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 651 1,105
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 1,100 67
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 50 266
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 238 134
Term Loans Amortized Cost Basis by Origination Year, Prior 15,993 16,800
Term Loans Amortized Cost Basis by Origination Year, Revolving Loans 13,962 15,135
Term Loans Amortized Cost Basis by Origination Year, Loans Converted to Term   3
Term Loans Amortized Cost Basis by Origination Year, Total 32,124 34,215
Current period gross write-off, 2021/2020   4
Current period gross write-off, Prior 64 466
Current period gross write-off, Revolving Loans   1
Current period gross write-off 64 471
Consumer [Member] | Pass [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024 130 698
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 646 1,104
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 1,099 67
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 50 243
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 216 134
Term Loans Amortized Cost Basis by Origination Year, Prior 15,979 16,603
Term Loans Amortized Cost Basis by Origination Year, Revolving Loans 13,962 15,135
Term Loans Amortized Cost Basis by Origination Year, Loans Converted to Term   3
Term Loans Amortized Cost Basis by Origination Year, Total 32,082 33,987
Consumer [Member] | Watch [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2022/2021   23
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 22  
Term Loans Amortized Cost Basis by Origination Year, Prior 6 59
Term Loans Amortized Cost Basis by Origination Year, Total 28 82
Consumer [Member] | Special Mention [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Prior 8 89
Term Loans Amortized Cost Basis by Origination Year, Total 8 89
Consumer [Member] | Substandard [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024   7
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 5 1
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 1  
Term Loans Amortized Cost Basis by Origination Year, Prior   49
Term Loans Amortized Cost Basis by Origination Year, Total 6 57
Term Loans [Member] | Commercial [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024 3,511 102,419
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 102,483 99,420
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 94,943 11,564
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 11,694 1,827
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 1,715 2,942
Term Loans Amortized Cost Basis by Origination Year, Prior 26,301 23,331
Term Loans Amortized Cost Basis by Origination Year, Revolving Loans 13,419 15,828
Term Loans Amortized Cost Basis by Origination Year, Loans Converted to Term   340
Term Loans Amortized Cost Basis by Origination Year, Total 254,066 257,671
Current period gross write-off, 2024/2023   14
Current period gross write-off, 2023/2022   38
Current period gross write-off, 2021/2020   103
Current period gross write-off, Prior 1 133
Current period gross write-off, Revolving Loans 5  
Current period gross write-off 6 288
Term Loans [Member] | Commercial [Member] | Pass [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024 3,511 102,378
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 102,443 99,341
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 94,869 11,116
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 10,950 1,770
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 1,662 2,818
Term Loans Amortized Cost Basis by Origination Year, Prior 25,974 23,171
Term Loans Amortized Cost Basis by Origination Year, Revolving Loans 13,412 15,821
Term Loans Amortized Cost Basis by Origination Year, Loans Converted to Term   3
Term Loans Amortized Cost Basis by Origination Year, Total 252,821 256,418
Term Loans [Member] | Commercial [Member] | Watch [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2025/2024   41
Term Loans Amortized Cost Basis by Origination Year, 2024/2023 40 74
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 71 154
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 144 57
Term Loans Amortized Cost Basis by Origination Year, 2021/2020 53 104
Term Loans Amortized Cost Basis by Origination Year, Prior 92 28
Term Loans Amortized Cost Basis by Origination Year, Total 400 458
Term Loans [Member] | Commercial [Member] | Special Mention [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Prior 5  
Term Loans Amortized Cost Basis by Origination Year, Loans Converted to Term   6
Term Loans Amortized Cost Basis by Origination Year, Total 5 6
Term Loans [Member] | Commercial [Member] | Substandard [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, 2024/2023   5
Term Loans Amortized Cost Basis by Origination Year, 2023/2022 3 294
Term Loans Amortized Cost Basis by Origination Year, 2022/2021 600  
Term Loans Amortized Cost Basis by Origination Year, 2021/2020   20
Term Loans Amortized Cost Basis by Origination Year, Prior 230 132
Term Loans Amortized Cost Basis by Origination Year, Revolving Loans 7 7
Term Loans Amortized Cost Basis by Origination Year, Loans Converted to Term   331
Term Loans Amortized Cost Basis by Origination Year, Total $ 840 $ 789
[1] Derived from audited Consolidated Financial Statements
v3.25.1
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 7,768 $ 7,800 $ 7,768 [1]
Other intangible assets 3,500 4,800 $ 3,800
Amortization of intangible assets $ 295 $ 343  
[1] Derived from audited Consolidated Financial Statements
v3.25.1
Goodwill and Other Intangible Assets - Schedule of Gross Carrying Amounts and Accumulated Amortization of Other Intangible Assets (Details) - Core Deposit [Member] - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 9,660 $ 9,660 $ 9,660
Accumulated Amortization $ (6,163) $ (5,868) $ (4,910)
v3.25.1
Goodwill and Other Intangible Assets - Schedule of Estimated Future Amortization Expense (Details) - Core Deposit Intangible [Member]
$ in Thousands
Mar. 31, 2025
USD ($)
Schedule of Estimated Future Amortization Expense [Line Items]  
For the nine months ending December 31, 2025 $ 815
For the year ending December 31, 2026 918
For the year ending December 31, 2027 726
For the year ending December 31, 2028 535
For the year ending December 31, 2029 343
Thereafter 160
Total $ 3,497
v3.25.1
Leases (Narrative) (Details)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Lessee, operating lease, existence of option to extend true
Lease term 12 months
v3.25.1
Leases (Schedule of Lease Liability, Right-of-use Asset, Weighted Average Remaining Lease Term and Discount Rate) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Lease liability $ 5,026 $ 5,389
Right-of-use asset $ 5,179 $ 5,551 [1]
Weighted average remaining lease term 4 years 6 months 3 days 5 years 1 month 20 days
Weighted average discount rate 2.75% 3.02%
[1] Derived from audited Consolidated Financial Statements
v3.25.1
Leases (Schedule of Operating Lease Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Operating lease cost $ 426 $ 429
Short-term lease expense 11 12
Total lease expense 437 441
Cash paid for amounts included in lease liabilities $ 403 $ 388
v3.25.1
Leases (Schedule of Operating Lease Liabilities and Reconciliation of Undiscounted Cash Flows) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Undiscounted Cash Flow    
Nine months ending December 31, 2025 $ 1,093  
Twelve months ending December 31, 2026 1,159  
Twelve months ending December 31, 2027 1,063  
Twelve months ending December 31, 2028 942  
Twelve months ending December 31, 2029 541  
Thereafter 654  
Total undiscounted cash flows 5,452  
Less: Discount (426)  
Lease liability $ 5,026 $ 5,389
v3.25.1
Net Income Per Share (Schedule of Weighted Average Number of Shares) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Basic net income per share    
Net income $ 4,489 $ 3,646
Basic, Weighted Average Shares 5,378,871 5,366,890
Basic, Per Share Amount $ 0.83 $ 0.68
Effect of dilutive stock options, Weighted Average Shares 24,065 13,191
Diluted net income per share    
Net income $ 4,489 $ 3,646
Diluted, Weighted Average Shares 5,402,936 5,380,081
Diluted, Per Share Amount $ 0.83 $ 0.68
v3.25.1
Net Income Per Share (Narrative) (Details) - shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity Option [Member]    
Earnings Per Share [Line Items]    
Securities considered to be anti-dilutive and excluded from earnings per share calculation 117,284 117,601
v3.25.1
Stock Incentive Plans (Plan duration - Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Jun. 23, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock grant expense $ 214 $ 171  
Employee Stock Option [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 34 $ 24  
Unrecognized compensation expense related to the non-vested awards $ 359    
Unrecognized compensation expense related to the non-vested awards, final year of recognition 2030    
Option Issued 5,600 8,400  
Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation expense related to the non-vested awards $ 2,100    
Unrecognized compensation expense related to the non-vested awards, final year of recognition 2029    
Stock grants awarded 21,068    
Stock grant expense $ 214 $ 171  
Restricted Stock [Member] | Employees [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock grants awarded 9,004 10,816  
Restricted Stock [Member] | Non Employee Directors [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock grants awarded 12,064 14,464  
Restricted Stock [Member] | Employee And Non Employee Directors [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 4 years 4 years  
Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Plan duration 10 years    
2022 Stock Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock authorized for issuance 150,000   150,000
Common stock available for grant 34,420    
Percentage of common stock authorized for issuance 95.00%    
2014 Stock Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock authorized for issuance 275,625    
Common stock available for grant 0   0
v3.25.1
Stock Incentive Plans (Summary of Shares Issued and Available Under Each Plans) (Details) - $ / shares
 3 Months Ended
Mar. 31, 2025
Jun. 23, 2022
2022 Stock Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate shares issuable 150,000 150,000
Options issued, net of forfeited and expired options (50,300)  
Remaining available for grant 34,420  
2022 Stock Plan [Member] | Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock grants issued (65,280)  
Total vested and unvested shares 65,280  
Fully vested shares 11,053  
2022 Stock Plan [Member] | Employee Stock Option [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total vested and unvested shares 50,300  
2022 Stock Plan [Member] | Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercise price range $ 28.82  
2022 Stock Plan [Member] | Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercise price range $ 33.2  
2014 Stock Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate shares issuable 275,625  
Options issued, net of forfeited and expired options (174,006)  
Cancelled due to Plan expiration (6,331)  
Remaining available for grant 0 0
2014 Stock Plan [Member] | Unrestricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock grants issued (11,635)  
2014 Stock Plan [Member] | Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock grants issued (83,653)  
Total vested and unvested shares 95,888  
Fully vested shares 76,630  
2014 Stock Plan [Member] | Employee Stock Option [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total vested and unvested shares 173,084  
Fully vested shares 148,603  
2014 Stock Plan [Member] | Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercise price range $ 23.75  
2014 Stock Plan [Member] | Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercise price range $ 42.62  
v3.25.1
Stock Incentive Plans (Changes in the Stock Options Outstanding) (Details) - Employee Stock Option [Member] - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Number of Options    
Outstanding, at the beginning 223,001  
Issued 5,600 8,400
Forfeited (5,217)  
Outstanding, at the end 223,384  
Options Exercisable 148,603  
Weighted Average Exercise Price    
Outstanding, at the beginning $ 33.22  
Issued 34.78  
Forfeited 40.78  
Outstanding, at the end 33.08  
Exercisable $ 34.3  
Aggregate Intrinsic Value    
Outstanding, Aggregate Intrinsic Value $ 1,091  
Exercisable $ 659  
v3.25.1
Stock Incentive Plans (Summary Information Pertaining to Options Outstanding) (Details)
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Options Outstanding | shares 223,384
Weighted-Average Remaining Contractual Life 5 years 10 months 24 days
Weighted Average Exercise Price $ 33.08
Options Exercisable | shares 148,603
Weighted-Average Exercise Price $ 34.3
$23.75 to $30.00 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Minimum 23.75
Exercise Price, Maximum $ 30
Options Outstanding | shares 101,300
Weighted-Average Remaining Contractual Life 6 years 7 months 6 days
Weighted Average Exercise Price $ 25.85
Options Exercisable | shares 57,680
Weighted-Average Exercise Price $ 24.82
$30.01 to $40.00 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Minimum 30.01
Exercise Price, Maximum $ 40
Options Outstanding | shares 68,540
Weighted-Average Remaining Contractual Life 6 years 10 months 24 days
Weighted Average Exercise Price $ 36.31
Options Exercisable | shares 37,380
Weighted-Average Exercise Price $ 36.99
$40.01 to $42.62 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Minimum 40.01
Exercise Price, Maximum $ 42.62
Options Outstanding | shares 53,544
Weighted-Average Remaining Contractual Life 3 years 1 month 6 days
Weighted Average Exercise Price $ 42.62
Options Exercisable | shares 53,543
Weighted-Average Exercise Price $ 42.62
v3.25.1
Stock Incentive Plans (Changes in the Restricted Stock Grants Outstanding) (Details) - Restricted Stock [Member]
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
shares
Number of Shares/Options  
Non-vested Outstanding, at the beginning | shares 65,889
Issued | shares 21,068
Vested | shares (13,472)
Forfeited | shares 0
Non-vested Outstanding, at the end | shares 73,485
Weighted Average Grant Date Fair Value Per Share/Exercise Price  
Non-vested Outstanding, at the beginning | $ / shares $ 31.96
Issued | $ / shares 36.09
Vested | $ / shares (31.86)
Forfeited | $ / shares 0
Non-vested Outstanding, at the end | $ / shares $ 33.16
Aggregate Intrinsic Value  
Non-vested Outstanding, at the beginning | $ $ 2,377
Issued | $ 760
Vested | $ (486)
Forfeited | $ 0
Non-vested Outstanding, Aggregate Intrinsic Value | $ $ 2,651
v3.25.1
Fair Value Measurements (Assets Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total securities available for sale $ 262,923 $ 263,537
Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total securities available for sale 262,923 263,537
U.S. Government Treasuries [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total securities available for sale 1,499 1,493
U.S. Government Treasuries [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total securities available for sale 1,499 1,493
U.S. Government Agencies [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total securities available for sale 27,697 29,635
U.S. Government Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total securities available for sale 27,697 29,635
Mortgage-backed/CMOs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total securities available for sale 134,655 132,811
Mortgage-backed/CMOs [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total securities available for sale 134,655 132,811
Corporate Bonds [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total securities available for sale 17,700 17,591
Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total securities available for sale 17,700 17,591
Municipal Bonds [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total securities available for sale 81,372 82,007
Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total securities available for sale $ 81,372 $ 82,007
v3.25.1
Fair Value Measurements (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Fair Value, Nonrecurring [Member] - Individually Evaluated Loans [Member] - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value $ 180 $ 352
Valuation, Market Approach [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 180 352
Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value $ 180 $ 352
v3.25.1
Fair Value Measurements (Quantitative Information About Level 3 Fair Value Measurements) (Details) - Market Comparables [Member] - Individually Evaluated Loans [Member] - Fair Value, Nonrecurring [Member] - Significant Unobservable Inputs (Level 3) [Member]
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unobservable Inputs Discount applied to recent appraisal Discount applied to recent appraisal
Discount Rate 20 20
v3.25.1
Fair Value Measurements (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Restricted securities $ 6,172 $ 6,193 [1]
Fair Value, Nonrecurring [Member] | Carrying Value [Member]    
Assets    
Cash and cash equivalent 29,573 17,103
Available for sale securities 262,923 263,537
Restricted securities 6,172 6,193
Loans, net 1,234,170 1,227,514
Bank owned life insurance 40,352 40,059
Accrued interest receivable 6,069 6,426
Liabilities    
Demand deposits and interest-bearing transaction, money market, and savings accounts 1,135,715 1,115,103
Certificates of deposit 298,498 308,443
Federal funds purchased   236
Borrowings 20,000 20,000
Junior subordinated debt, net 3,518 3,506
Accrued interest payable 1,609 1,837
Fair Value, Nonrecurring [Member] | Fair Value [Member]    
Assets    
Cash and cash equivalent 29,573 17,103
Available for sale securities 262,923 263,537
Restricted securities 6,172 6,193
Loans, net 1,181,501 1,183,182
Bank owned life insurance 40,352 40,059
Accrued interest receivable 6,069 6,426
Liabilities    
Demand deposits and interest-bearing transaction, money market, and savings accounts 1,135,715 1,115,103
Certificates of deposit 298,489 308,856
Federal funds purchased   236
Borrowings 19,948 20,000
Junior subordinated debt, net 3,518 3,506
Accrued interest payable 1,609 1,837
Fair Value, Nonrecurring [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Assets    
Cash and cash equivalent 29,573 17,103
Liabilities    
Federal funds purchased   236
Fair Value, Nonrecurring [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Assets    
Available for sale securities 262,923 263,537
Restricted securities 6,172 6,193
Bank owned life insurance 40,352 40,059
Accrued interest receivable 1,358 1,509
Liabilities    
Demand deposits and interest-bearing transaction, money market, and savings accounts 1,135,715 1,115,103
Certificates of deposit 298,489 308,856
Borrowings 19,948 20,000
Junior subordinated debt, net 3,518 3,506
Accrued interest payable 1,609 1,837
Fair Value, Nonrecurring [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Assets    
Loans, net 1,181,501 1,183,182
Accrued interest receivable $ 4,711 $ 4,917
[1] Derived from audited Consolidated Financial Statements
v3.25.1
Other Comprehensive Income (Loss) - Schedule of Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Accumulated other comprehensive income (loss), Beginning Balance [1] $ (41,862)  
Accumulated other comprehensive income (loss), Ending Balance (38,341)  
AFS Securities [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Accumulated other comprehensive income (loss), Beginning Balance (41,862) $ (40,044)
Other comprehensive gain arising during the period 4,457 (3,179)
Related income tax effects (936) 668
Total other comprehensive loss before reclassification 3,521 (2,511)
Reclassification into net income   4
Related income tax effects   (1)
Reclassification into net income net of tax   3
Accumulated other comprehensive income (loss), Ending Balance $ (38,341) $ (42,552)
[1] Derived from audited Consolidated Financial Statements
v3.25.1
Segment Reporting (Narrative) (Details) - Segment
 3 Months Ended
Apr. 01, 2024
Mar. 31, 2025
Segment Reporting [Abstract]    
Number of reportable segments   3
Annual revenue share amount period 6 years  
v3.25.1
Segment Reporting (Schedule of Segment Reporting Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Net interest income $ 12,294 $ 10,936
Recovery of credit losses (160) (22)
Net interest income after recovery of credit losses 12,454 10,958
Noninterest income:    
Wealth management fees 229 426
Deposit account fees 307 387
Debit/credit card and ATM fees 370 488
Bank owned life insurance income 293 275
Gains on sale of assets, net 278 39
Gain on termination of interest swap   379
Losses on sales of AFS, net (0) (4)
Other 283 188
Total noninterest income 1,760 2,178
Noninterest expense:    
Salaries and employee benefits 3,936 4,152
Net occupancy 1,016 972
Equipment 186 171
Bank franchise tax 339 340
Computer software 256 208
Data processing 735 739
FDIC deposit insurance assessment 145 195
Marketing, advertising and promotion 254 248
Professional fees 256 252
Legal fees 236 71
Core deposit intangible amortization 295 343
Other 1,170 1,128
Total noninterest expense 8,824 8,819
Income before income taxes 5,390 4,317
Provision for (benefit from) income taxes 901 671
Net income 4,489 3,646
Bank [Member]    
Segment Reporting Information [Line Items]    
Net interest income 12,294 10,936
Recovery of credit losses (160) (22)
Net interest income after recovery of credit losses 12,454 10,958
Noninterest income:    
Deposit account fees 307 387
Debit/credit card and ATM fees 370 488
Bank owned life insurance income 293 275
Gains on sale of assets, net 278 39
Gain on termination of interest swap   379
Losses on sales of AFS, net   (4)
Other 283 120
Total noninterest income 1,531 1,684
Noninterest expense:    
Salaries and employee benefits 3,697 3,775
Net occupancy 984 933
Equipment 182 160
Bank franchise tax 339 340
Computer software 256 208
Data processing 696 713
FDIC deposit insurance assessment 145 195
Marketing, advertising and promotion 254 247
Professional fees 222 185
Legal fees 236 71
Core deposit intangible amortization 295 343
Other 1,162 1,100
Total noninterest expense 8,468 8,270
Income before income taxes 5,517 4,372
Provision for (benefit from) income taxes 927 683
Net income 4,590 3,689
VNB Trust & Estate Services [Member]    
Noninterest income:    
Wealth management fees 229 236
Other   68
Total noninterest income 229 304
Noninterest expense:    
Salaries and employee benefits 239 239
Net occupancy 32 32
Equipment 4 5
Data processing 39 26
Marketing, advertising and promotion   1
Professional fees 34 40
Other 8 6
Total noninterest expense 356 349
Income before income taxes (127) (45)
Provision for (benefit from) income taxes (26) (10)
Net income $ (101) (35)
Masonry Capital [Member]    
Noninterest income:    
Wealth management fees   190
Total noninterest income   190
Noninterest expense:    
Salaries and employee benefits   138
Net occupancy   7
Equipment   6
Professional fees   27
Other   22
Total noninterest expense   200
Income before income taxes   (10)
Provision for (benefit from) income taxes   (2)
Net income   $ (8)
v3.25.1
Sale of Masonry Capital Management, LLC (Narrative) (Details)
Apr. 01, 2024
Sale of Masonry Capital Management LLC [Abstract]  
Annual revenue share amount period 6 years
v3.25.1
Share Repurchase Plan (Narrative) (Details) - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Jun. 30, 2023
Dec. 31, 2024
Equity [Abstract]        
Percentage of Common stock outstanding percentage     5.00%  
Share repurchased 0 874   20,350
Average Price   $ 29.6   $ 27.42