(Title of class) | (Trading Symbol) | (Exchanges registered on) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
☒ | Smaller reporting company | ||||||||||
Emerging growth company |
Common Stock, $2 par value | shares |
PART II OTHER INFORMATION | |||||
March 31, 2024 | December 31, 2023 | |||||||
(Unaudited) | ||||||||
Assets | (Dollars in thousands) | |||||||
Cash and due from banks | $ | $ | ||||||
Federal funds sold and overnight deposits | ||||||||
Cash and cash equivalents | ||||||||
Interest bearing deposits in banks | ||||||||
Investment securities available-for-sale | ||||||||
Other investments | ||||||||
Total investments | ||||||||
Loans held for sale | ||||||||
Loans | ||||||||
Allowance for credit losses on loans | ( | ( | ||||||
Net deferred loan costs | ||||||||
Net loans | ||||||||
Premises and equipment, net | ||||||||
Other assets | ||||||||
Total assets | $ | $ | ||||||
Liabilities and Stockholders’ Equity | ||||||||
Liabilities | ||||||||
Deposits | ||||||||
Noninterest bearing | $ | $ | ||||||
Interest bearing | ||||||||
Time | ||||||||
Total deposits | ||||||||
Borrowed funds | ||||||||
Subordinated notes | ||||||||
Accrued interest and other liabilities | ||||||||
Total liabilities | ||||||||
Commitments and Contingencies | ||||||||
Stockholders’ Equity | ||||||||
Common stock, $ issued at March 31, 2024 and December 31, 2023 | ||||||||
Additional paid-in capital | ||||||||
Retained earnings | ||||||||
Treasury stock at cost; and | ( | ( | ||||||
Accumulated other comprehensive loss | ( | ( | ||||||
Total stockholders' equity | ||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
Interest and dividend income | (Dollars in thousands, except per share data) | |||||||
Interest and fees on loans | $ | $ | ||||||
Interest on debt securities: | ||||||||
Taxable | ||||||||
Tax exempt | ||||||||
Dividends | ||||||||
Interest on federal funds sold and overnight deposits | ||||||||
Interest on interest bearing deposits in banks | ||||||||
Total interest and dividend income | ||||||||
Interest expense | ||||||||
Interest on deposits | ||||||||
Interest on borrowed funds | ||||||||
Interest on subordinated notes | ||||||||
Total interest expense | ||||||||
Net interest income | ||||||||
Credit loss (benefit) expense, net | ( | |||||||
Net interest income after credit loss (benefit) expense | ||||||||
Noninterest income | ||||||||
Wealth management income | ||||||||
Service fees | ||||||||
Net gains on sales of loans held for sale | ||||||||
Net gains on other investments | ||||||||
Other income | ||||||||
Total noninterest income | ||||||||
Noninterest expenses | ||||||||
Salaries and wages | ||||||||
Employee benefits | ||||||||
Occupancy expense, net | ||||||||
Equipment expense | ||||||||
Other expenses | ||||||||
Total noninterest expenses | ||||||||
Income before provision for income taxes | ||||||||
Provision for income taxes | ||||||||
Net income | $ | $ | ||||||
Basic earnings per common share | $ | $ | ||||||
Diluted earnings per common share | $ | $ | ||||||
Weighted average number of common shares outstanding | ||||||||
Weighted average common and potential common shares for diluted EPS | ||||||||
Dividends per common share | $ | $ |
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
(Dollars in thousands) | ||||||||
Net income | $ | $ | ||||||
Other comprehensive (loss) income, net of tax: | ||||||||
Investment securities available-for-sale: | ||||||||
Net unrealized holding (losses) gains arising during the period on investment securities available-for-sale | ( | |||||||
Total other comprehensive (loss) income | ( | |||||||
Total comprehensive (loss) income | $ | ( | $ |
Three Month Periods Ended March 31, 2024 and 2023 | |||||||||||||||||||||||
Common Stock | Accumulated other comprehensive loss | ||||||||||||||||||||||
Shares, net of treasury | Amount | Additional paid-in capital | Retained earnings | Treasury stock | Total stockholders’ equity | ||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||
Balances, December 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ( | ||||||||||||||||
Dividend reinvestment plan | — | — | — | ||||||||||||||||||||
Cash dividends declared ($ | — | — | — | ( | — | — | ( | ||||||||||||||||
Stock based compensation expense | — | — | — | ||||||||||||||||||||
Balances, March 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||
Balances, December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||
— | — | — | — | — | |||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||
Dividend reinvestment plan | — | — | — | ||||||||||||||||||||
Cash dividends declared ($ | — | — | — | ( | — | — | ( | ||||||||||||||||
Stock based compensation expense | — | — | — | ||||||||||||||||||||
Purchase of treasury stock | ( | — | — | — | ( | — | ( | ||||||||||||||||
Balances, March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
Cash Flows From Operating Activities | (Dollars in thousands) | |||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | ||||||||
Credit loss (benefit) expense | ( | |||||||
Deferred income tax provision | ||||||||
Net amortization of premiums on investment securities | ||||||||
Equity in losses of limited partnerships | ||||||||
Stock based compensation expense | ||||||||
Net increase in unamortized loan costs | ( | ( | ||||||
Proceeds from sales of loans held for sale | ||||||||
Origination of loans held for sale | ( | ( | ||||||
Net gains on sales of loans held for sale | ( | ( | ||||||
Net gains on disposals of premises and equipment | ( | ( | ||||||
Net gains on other investments | ( | ( | ||||||
Increase in accrued interest receivable | ( | ( | ||||||
Amortization of debt issuance costs | ||||||||
(Increase) decrease in other assets | ( | |||||||
Increase (decrease) in other liabilities | ( | |||||||
Net cash provided by operating activities | ||||||||
Cash Flows From Investing Activities | ||||||||
Interest bearing deposits in banks | ||||||||
Proceeds from maturities and redemptions | ||||||||
Purchases | ( | ( | ||||||
Investment securities available-for-sale | ||||||||
Proceeds from maturities, calls and paydowns | ||||||||
Purchases | ( | ( | ||||||
Net purchases of other investments | ( | ( | ||||||
Net (increase) decrease in nonmarketable stock | ( | |||||||
Net increase in loans | ( | ( | ||||||
Recoveries of loans charged off | ||||||||
Net purchases of premises and equipment | ( | ( | ||||||
Investments in limited partnerships | ( | ( | ||||||
Proceeds from sales of premises and equipment | ||||||||
Net cash used in investing activities | ( | ( |
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
Cash Flows From Financing Activities | (Dollars in thousands) | |||||||
Advances on long-term borrowings | ||||||||
Repayment of long-term borrowings | ( | |||||||
Net increase (decrease) in short-term borrowings outstanding | ( | |||||||
Net decrease in noninterest bearing deposits | ( | ( | ||||||
Net decrease in interest bearing deposits | ( | ( | ||||||
Net increase in time deposits | ||||||||
Purchase of treasury stock | ( | |||||||
Dividends paid | ( | ( | ||||||
Net cash (used) provided by financing activities | ( | |||||||
Net decrease in cash and cash equivalents | ( | ( | ||||||
Cash and cash equivalents | ||||||||
Beginning of period | ||||||||
End of period | $ | $ | ||||||
Supplemental Disclosures of Cash Flow Information | ||||||||
Interest paid | $ | $ | ||||||
Supplemental Schedule of Noncash Investing Activities | ||||||||
Right-of-use operating lease assets obtained in exchange for operating lease liabilities | $ | $ | ||||||
Dividends paid on Common Stock: | ||||||||
Dividends declared | $ | $ | ||||||
Dividends reinvested | ( | ( | ||||||
$ | $ | |||||||
ACL: | Allowance for credit losses | HTM: | Held-to-maturity | ||||||||
AFS: | Available-for-sale | HUD: | U.S. Department of Housing and Urban Development | ||||||||
ASC: | Accounting Standards Codification | ICS: | Insured Cash Sweeps of IntraFi | ||||||||
ASU: | Accounting Standards Update | IntraFi: | IntraFi Network LLC | ||||||||
Board: | Board of Directors | MBS: | Mortgage-backed security | ||||||||
bp or bps: | Basis point(s) | MSRs: | Mortgage servicing rights | ||||||||
BTFP: | Bank Term Funding Program of the FRB | OAO: | Other assets owned | ||||||||
CDARS: | Certificate of Deposit Accounts Registry Service of IntraFi | OCI: | Other comprehensive income (loss) | ||||||||
Company: | Union Bankshares, Inc. and Subsidiary | OREO: | Other real estate owned | ||||||||
CECL: | Current expected credit losses | RD: | USDA Rural Development | ||||||||
DCF: | Discounted cash flow | RSU: | Restricted stock unit | ||||||||
DRIP: | Dividend Reinvestment Plan | SBA: | U.S. Small Business Administration | ||||||||
FASB: | Financial Accounting Standards Board | SEC: | U.S. Securities and Exchange Commission | ||||||||
FDIC: | Federal Deposit Insurance Corporation | TDR: | Troubled-debt restructuring | ||||||||
FHA: | U.S. Federal Housing Administration | Union: | Union Bank, the sole subsidiary of Union Bankshares, Inc | ||||||||
FHLB: | Federal Home Loan Bank of Boston | USDA: | U.S. Department of Agriculture | ||||||||
FRB: | Federal Reserve Board | VA: | U.S. Veterans Administration | ||||||||
FHLMC/Freddie Mac: | Federal Home Loan Mortgage Corporation | 2014 Equity Plan: | 2014 Equity Incentive Plan, as amended | ||||||||
GAAP: | Generally Accepted Accounting Principles in the United States | 2023 Annual Report: | Annual Report on Form 10-K for the year ended December 31, 2023 | ||||||||
For the Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
(Dollars in thousands, except per share data) | ||||||||
Net income | $ | $ | ||||||
Weighted average common shares outstanding for basic EPS | ||||||||
Dilutive effect of stock-based awards (1) | ||||||||
Weighted average common and potential common shares for diluted EPS | ||||||||
Earnings per common share: | ||||||||
Basic EPS | $ | $ | ||||||
Diluted EPS | $ | $ |
March 31, 2024 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
(Dollars in thousands) | ||||||||||||||
U.S. Government-sponsored enterprises | $ | $ | $ | ( | $ | |||||||||
Agency mortgage-backed | ( | |||||||||||||
State and political subdivisions | ( | |||||||||||||
Corporate | ( | |||||||||||||
Total | $ | $ | $ | ( | $ | |||||||||
December 31, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
(Dollars in thousands) | ||||||||||||||
U.S. Government-sponsored enterprises | $ | $ | $ | ( | $ | |||||||||
Agency mortgage-backed | ( | |||||||||||||
State and political subdivisions | ( | |||||||||||||
Corporate | ( | |||||||||||||
Total | $ | $ | $ | ( | $ | |||||||||
Amortized Cost | Fair Value | |||||||
Available-for-sale | (Dollars in thousands) | |||||||
Due in one year or less | $ | $ | ||||||
Due from one to five years | ||||||||
Due from five to ten years | ||||||||
Due after ten years | ||||||||
Agency mortgage-backed | ||||||||
Total debt securities available-for-sale | $ | $ | ||||||
March 31, 2024 | Less Than 12 Months | 12 Months and over | Total | ||||||||||||||||||||||||||
Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
U.S. Government- sponsored enterprises | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Agency mortgage-backed | ( | ( | |||||||||||||||||||||||||||
State and political subdivisions | ( | ( | ( | ||||||||||||||||||||||||||
Corporate | ( | ( | |||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
December 31, 2023 | Less Than 12 Months | 12 Months and over | Total | ||||||||||||||||||||||||||
Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
U.S. Government- sponsored enterprises | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Agency mortgage-backed | ( | ( | |||||||||||||||||||||||||||
State and political subdivisions | ( | ( | ( | ||||||||||||||||||||||||||
Corporate | ( | ( | |||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
March 31, 2024 | December 31, 2023 | |||||||
Residential real estate | (Dollars in thousands) | |||||||
Non-revolving residential real estate | $ | $ | ||||||
Revolving residential real estate | ||||||||
Construction real estate | ||||||||
Commercial construction real estate | ||||||||
Residential construction real estate | ||||||||
Commercial real estate | ||||||||
Non-residential commercial real estate | ||||||||
Multi-family residential real estate | ||||||||
Commercial | ||||||||
Consumer | ||||||||
Municipal | ||||||||
Gross loans | ||||||||
ACL on loans | ( | ( | ||||||
Net deferred loan costs | ||||||||
Net loans | $ | $ |
For The Three Months Ended March 31, 2024 | Balance, December 31, 2023 | Charge-Offs | Recoveries | Credit Loss Expense (Benefit) | Balance, March 31, 2024 | ||||||||||||
(Dollars in thousands) | |||||||||||||||||
Non-revolving residential real estate | $ | $ | $ | $ | $ | ||||||||||||
Revolving residential real estate | |||||||||||||||||
Residential real estate | |||||||||||||||||
Commercial construction real estate | ( | ||||||||||||||||
Residential construction real estate | ( | ||||||||||||||||
Construction real estate | ( | ||||||||||||||||
Non-residential commercial real estate | |||||||||||||||||
Multi-family residential real estate | ( | ||||||||||||||||
Commercial real estate | |||||||||||||||||
Commercial | ( | ||||||||||||||||
Consumer | |||||||||||||||||
Municipal | |||||||||||||||||
Total | $ | $ | $ | $ | $ |
For The Three Months Ended March 31, 2023 | Balance, December 31, 2022 | Impact of Adoption of ASU No. 2016-13 | Charge-Offs | Recoveries | Credit Loss Expense (Benefit) | Balance, March 31, 2023 | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Non-revolving residential real estate | $ | $ | ( | $ | $ | $ | $ | |||||||||||||
Revolving residential real estate | ( | |||||||||||||||||||
Residential real estate | ( | |||||||||||||||||||
Commercial construction real estate | ||||||||||||||||||||
Residential construction real estate | ( | |||||||||||||||||||
Construction real estate | ||||||||||||||||||||
Non-residential commercial real estate | ( | |||||||||||||||||||
Multi-family residential real estate | ( | ( | ||||||||||||||||||
Commercial real estate | ( | |||||||||||||||||||
Commercial | ( | |||||||||||||||||||
Consumer | ( | |||||||||||||||||||
Municipal | ( | |||||||||||||||||||
Unallocated | ( | |||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ |
For The Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
ACL on Off-Balance Sheet Credit Exposures | (Dollars in thousands) | |||||||
Balance at beginning of period | $ | $ | ||||||
Impact of adoption of ASU No. 2016-13 | ||||||||
Credit loss benefit | ( | ( | ||||||
Balance at end of period | $ | $ |
March 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving | Total | ||||||||||||||||||
Residential Real Estate | (Dollars in thousands) | |||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-revolving residential real estate | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Revolving residential real estate | ||||||||||||||||||||||||||
Construction Real Estate | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Commercial construction real estate | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Residential construction real estate | ||||||||||||||||||||||||||
Commercial Real Estate | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-residential commercial real estate | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Multi-family residential real estate | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | ||||||||||||||||||
Residential Real Estate | (Dollars in thousands) | |||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-revolving residential real estate | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Revolving residential real estate | ||||||||||||||||||||||||||
Construction Real Estate | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Commercial construction real estate | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Residential construction real estate | ||||||||||||||||||||||||||
Commercial Real Estate | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-residential commercial real estate | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Multi-family residential real estate | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||
Satisfactory/Monitor | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2024 | 30-59 Days | 60-89 Days | 90 Days and Over | Total Past Due | Current | Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Residential real estate | ||||||||||||||||||||
Non-revolving residential real estate | $ | $ | $ | $ | $ | $ | ||||||||||||||
Revolving residential real estate | ||||||||||||||||||||
Construction real estate | ||||||||||||||||||||
Commercial construction real estate | ||||||||||||||||||||
Residential construction real estate | ||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Non-residential commercial real estate | ||||||||||||||||||||
Multi-family residential real estate | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
Municipal | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2023 | 30-59 Days | 60-89 Days | 90 Days and Over | Total Past Due | Current | Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Residential real estate | ||||||||||||||||||||
Non-revolving residential real estate | $ | $ | $ | $ | $ | $ | ||||||||||||||
Revolving residential real estate | ||||||||||||||||||||
Construction real estate | ||||||||||||||||||||
Commercial construction real estate | ||||||||||||||||||||
Residential construction real estate | ||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Non-residential commercial real estate | ||||||||||||||||||||
Multi-family residential real estate | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
Municipal | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
March 31, 2024 | Nonaccrual | Nonaccrual With No Allowance for Credit Losses | 90 Days and Over and Accruing | ||||||||
Residential real estate | (Dollars in thousands) | ||||||||||
Non-revolving residential real estate | $ | $ | $ | ||||||||
Revolving residential real estate | |||||||||||
Commercial real estate | |||||||||||
Non-residential commercial real estate | |||||||||||
Total | $ | $ | $ |
December 31, 2023 | Nonaccrual | Nonaccrual With No Allowance for Credit Losses | 90 Days and Over and Accruing | ||||||||
Residential real estate | (Dollars in thousands) | ||||||||||
Non-revolving residential real estate | $ | $ | $ | ||||||||
Revolving residential real estate | |||||||||||
Commercial real estate | |||||||||||
Non-residential commercial real estate | |||||||||||
Total | $ | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||
Real Estate | Real Estate | |||||||
(Dollars in thousands) | ||||||||
Non-residential commercial real estate | $ | $ | ||||||
Interest Rate Reduction | |||||||||||
Three Months Ended March 31, 2023 | Amortized Cost Basis | % of Loan Class | Financial Effect | ||||||||
(Dollars in thousands) | |||||||||||
Non-residential commercial real estate | $ | % | Reduced weighted average contractual interest rate from | ||||||||
Multi-family residential real estate | % | Reduced weighted average contractual interest rate from | |||||||||
March 31, 2024 | Current | Past Due 30-89 Days | Past Due 90 Days and Over | ||||||||
(Dollars in thousands) | |||||||||||
Non-residential commercial real estate | $ | $ | $ | ||||||||
Multi-family residential real estate | |||||||||||
Number of RSUs Granted | Weighted Average Grant Date Fair Value | Number of Unvested RSUs | |||||||||
2022 Award | |||||||||||
2023 Award | |||||||||||
2024 Award | |||||||||||
Total |
March 31, 2024 | December 31, 2023 | |||||||
(Dollars in thousands) | ||||||||
Net unrealized losses on investment securities AFS | $ | ( | $ | ( | ||||
Three Months Ended | ||||||||||||||||||||
March 31, 2024 | March 31, 2023 | |||||||||||||||||||
Before-Tax Amount | Tax Benefit | Net-of-Tax Amount | Before-Tax Amount | Tax Expense | Net-of-Tax Amount | |||||||||||||||
Investment securities AFS: | (Dollars in thousands) | |||||||||||||||||||
Net unrealized holding (losses) gains arising during the period on investment securities AFS | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||
Total other comprehensive (loss) income | $ | ( | $ | $ | ( | $ | $ | ( | $ |
Fair Value Measurements | ||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
March 31, 2024: | (Dollars in thousands) | |||||||||||||
Debt securities AFS: | ||||||||||||||
U.S. Government-sponsored enterprises | $ | $ | $ | $ | ||||||||||
Agency mortgage-backed | ||||||||||||||
State and political subdivisions | ||||||||||||||
Corporate | ||||||||||||||
Total debt securities | $ | $ | $ | $ | ||||||||||
Other investments: | ||||||||||||||
Mutual funds | $ | $ | $ | $ | ||||||||||
December 31, 2023: | ||||||||||||||
Debt securities AFS: | ||||||||||||||
U.S. Government-sponsored enterprises | $ | $ | $ | $ | ||||||||||
Agency mortgage-backed | ||||||||||||||
State and political subdivisions | ||||||||||||||
Corporate | ||||||||||||||
Total debt securities | $ | $ | $ | $ | ||||||||||
Other investments: | ||||||||||||||
Mutual funds | $ | $ | $ | $ | ||||||||||
March 31, 2024 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||
Interest bearing deposits in banks | |||||||||||||||||
Investment securities | |||||||||||||||||
Loans held for sale | |||||||||||||||||
Loans, net | |||||||||||||||||
Residential real estate | |||||||||||||||||
Construction real estate | |||||||||||||||||
Commercial real estate | |||||||||||||||||
Commercial | |||||||||||||||||
Consumer | |||||||||||||||||
Municipal | |||||||||||||||||
Accrued interest receivable | |||||||||||||||||
Nonmarketable equity securities | N/A | N/A | N/A | N/A | |||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | |||||||||||||||||
Noninterest bearing | $ | $ | $ | $ | $ | ||||||||||||
Interest bearing | |||||||||||||||||
Time | |||||||||||||||||
Borrowed funds | |||||||||||||||||
Short-term | |||||||||||||||||
Long-term | |||||||||||||||||
Subordinated notes | |||||||||||||||||
Accrued interest payable |
December 31, 2023 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||
Interest bearing deposits in banks | |||||||||||||||||
Investment securities | |||||||||||||||||
Loans held for sale | |||||||||||||||||
Loans, net | |||||||||||||||||
Residential real estate | |||||||||||||||||
Construction real estate | |||||||||||||||||
Commercial real estate | |||||||||||||||||
Commercial | |||||||||||||||||
Consumer | |||||||||||||||||
Municipal | |||||||||||||||||
Accrued interest receivable | |||||||||||||||||
Nonmarketable equity securities | N/A | N/A | N/A | N/A | |||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | |||||||||||||||||
Noninterest bearing | $ | $ | $ | $ | $ | ||||||||||||
Interest bearing | |||||||||||||||||
Time | |||||||||||||||||
Borrowed funds | |||||||||||||||||
Short-term | |||||||||||||||||
Long-term | |||||||||||||||||
Subordinated notes | |||||||||||||||||
Accrued interest payable |
Three Months Ended or At March 31, | ||||||||
2024 | 2023 | |||||||
Return on average assets (1) | 0.68 | % | 0.89 | % | ||||
Return on average equity (1) | 15.08 | % | 20.90 | % | ||||
Net interest margin (1)(2) | 2.68 | % | 3.14 | % | ||||
Efficiency ratio (3) | 79.68 | % | 70.46 | % | ||||
Net interest spread (4) | 2.23 | % | 2.84 | % | ||||
Loan to deposit ratio | 88.56 | % | 79.55 | % | ||||
Net loan charge-offs to average loans not held for sale | — | % | — | % | ||||
ACL on loans to loans not held for sale | 0.64 | % | 0.71 | % | ||||
Nonperforming assets to total assets (5) | 0.13 | % | 0.17 | % | ||||
Equity to assets | 4.50 | % | 4.45 | % | ||||
Total capital to risk weighted assets | 13.36 | % | 13.69 | % | ||||
Book value per share | $ | 14.12 | $ | 13.44 | ||||
Basic earnings per share | $ | 0.53 | $ | 0.66 | ||||
Diluted earnings per share | $ | 0.53 | $ | 0.66 | ||||
Dividends paid per share | $ | 0.36 | $ | 0.36 | ||||
Dividend payout ratio (6) | 67.92 | % | 54.55 | % |
Three Months Ended March 31, | ||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||
Average Balance (1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance (1) | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Average Assets: | ||||||||||||||||||||
Federal funds sold and overnight deposits | $ | 34,891 | $ | 443 | 5.02 | % | $ | 15,008 | $ | 104 | 2.78 | % | ||||||||
Interest bearing deposits in banks | 14,247 | 115 | 3.26 | % | 17,122 | 107 | 2.52 | % | ||||||||||||
Investment securities (2), (3) | 303,889 | 1,611 | 2.19 | % | 310,293 | 1,587 | 2.15 | % | ||||||||||||
Loans, net (2), (4) | 1,023,474 | 13,372 | 5.31 | % | 962,525 | 11,205 | 4.75 | % | ||||||||||||
Nonmarketable equity securities | 5,058 | 80 | 6.36 | % | 2,579 | 41 | 6.49 | % | ||||||||||||
Total interest earning assets (2) | 1,381,559 | 15,621 | 4.60 | % | 1,307,527 | 13,044 | 4.09 | % | ||||||||||||
Cash and due from banks | 4,457 | 4,639 | ||||||||||||||||||
Premises and equipment | 20,906 | 20,406 | ||||||||||||||||||
Other assets | 18,790 | 9,587 | ||||||||||||||||||
Total assets | $ | 1,425,712 | $ | 1,342,159 | ||||||||||||||||
Average Liabilities and Stockholders' Equity: | ||||||||||||||||||||
Interest bearing checking accounts | $ | 312,336 | 1,038 | 1.34 | % | $ | 314,156 | 506 | 0.65 | % | ||||||||||
Savings/money market accounts | 406,391 | 1,653 | 1.64 | % | 428,438 | 696 | 0.66 | % | ||||||||||||
Time deposits | 263,665 | 2,548 | 3.89 | % | 195,772 | 1,241 | 2.57 | % | ||||||||||||
Borrowed funds and other liabilities | 118,296 | 1,231 | 4.12 | % | 41,532 | 484 | 4.66 | % | ||||||||||||
Subordinated notes | 16,242 | 143 | 3.53 | % | 16,209 | 142 | 3.56 | % | ||||||||||||
Total interest bearing liabilities | 1,116,930 | 6,613 | 2.37 | % | 996,107 | 3,069 | 1.25 | % | ||||||||||||
Noninterest bearing deposits | 227,866 | 273,971 | ||||||||||||||||||
Other liabilities | 16,794 | 15,096 | ||||||||||||||||||
Total liabilities | 1,361,590 | 1,285,174 | ||||||||||||||||||
Stockholders' equity | 64,122 | 56,985 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,425,712 | $ | 1,342,159 | ||||||||||||||||
Net interest income | $ | 9,008 | $ | 9,975 | ||||||||||||||||
Net interest spread (2) | 2.23 | % | 2.84 | % | ||||||||||||||||
Net interest margin (2) | 2.68 | % | 3.14 | % |
For The Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
(Dollars in thousands) | ||||||||
Net interest income, as presented | $ | 9,008 | $ | 9,975 | ||||
Effect of tax-exempt interest | ||||||||
Investment securities | 56 | 78 | ||||||
Loans | 137 | 80 | ||||||
Net interest income, tax equivalent | $ | 9,201 | $ | 10,133 |
Three Months Ended March 31, 2024 Compared to Three Months Ended March 31, 2023 Increase/(Decrease) Due to Change In | |||||||||||
Volume | Rate | Net | |||||||||
(Dollars in thousands) | |||||||||||
Interest earning assets: | |||||||||||
Federal funds sold and overnight deposits | $ | 211 | $ | 128 | $ | 339 | |||||
Interest bearing deposits in banks | (20) | 28 | 8 | ||||||||
Investment securities | (24) | 48 | 24 | ||||||||
Loans, net | 769 | 1,398 | 2,167 | ||||||||
Nonmarketable equity securities | 40 | (1) | 39 | ||||||||
Total interest earning assets | $ | 976 | $ | 1,601 | $ | 2,577 | |||||
Interest bearing liabilities: | |||||||||||
Interest bearing checking accounts | $ | (3) | $ | 535 | $ | 532 | |||||
Savings/money market accounts | (38) | 995 | 957 | ||||||||
Time deposits | 528 | 779 | 1,307 | ||||||||
Borrowed funds | 809 | (62) | 747 | ||||||||
Subordinated notes | 1 | — | 1 | ||||||||
Total interest bearing liabilities | $ | 1,297 | $ | 2,247 | $ | 3,544 | |||||
Net change in net interest income | $ | (321) | $ | (646) | $ | (967) |
For The Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
(Dollars in thousands) | ||||||||
Credit loss expense for loans | $ | 78 | $ | 90 | ||||
Credit loss benefit for off-balance sheet credit exposures | (308) | (16) | ||||||
Credit loss (benefit) expense, net | $ | (230) | $ | 74 |
For The Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | $ Variance | % Variance | |||||||||||
(Dollars in thousands) | ||||||||||||||
Wealth management income | $ | 255 | $ | 211 | $ | 44 | 20.9 | |||||||
Service fees | 1,662 | 1,694 | (32) | (1.9) | ||||||||||
Net gains on sales of loans held for sale | 287 | 194 | 93 | 47.9 | ||||||||||
Income from Company-owned life insurance | 117 | 107 | 10 | 9.3 | ||||||||||
Other income | 151 | 33 | 118 | 357.6 | ||||||||||
Net gains on other investments | 95 | 46 | 49 | 106.5 | ||||||||||
Total noninterest income | $ | 2,567 | $ | 2,285 | $ | 282 | 12.3 |
For The Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | $ Variance | % Variance | |||||||||||
(Dollars in thousands) | ||||||||||||||
Salaries and wages | $ | 3,553 | $ | 3,502 | $ | 51 | 1.5 | |||||||
Employee benefits | 1,489 | 1,377 | 112 | 8.1 | ||||||||||
Occupancy expense, net | 569 | 578 | (9) | (1.6) | ||||||||||
Equipment expense | 943 | 897 | 46 | 5.1 | ||||||||||
Professional fees | 299 | 269 | 30 | 11.2 | ||||||||||
FDIC insurance assessment | 242 | 184 | 58 | 31.5 | ||||||||||
Advertising and public relations | 178 | 143 | 35 | 24.5 | ||||||||||
Training and development | 72 | 50 | 22 | 44.0 | ||||||||||
Amortization of MSRs, net | 40 | 124 | (84) | (67.7) | ||||||||||
ATM and debit card expense | 302 | 273 | 29 | 10.6 | ||||||||||
Donations | 169 | 52 | 117 | 225.0 | ||||||||||
Other expenses | 1,367 | 1,301 | 66 | 5.1 | ||||||||||
Total noninterest expenses | $ | 9,223 | $ | 8,750 | $ | 473 | 5.4 |
March 31, 2024 | December 31, 2023 | |||||||||||||
Loan Class | Amount | Percent | Amount | Percent | ||||||||||
Residential real estate | (Dollars in thousands) | |||||||||||||
Non-revolving residential real estate | $ | 402,552 | 38.8 | $ | 397,409 | 38.5 | ||||||||
Revolving residential real estate | 19,489 | 1.9 | 18,902 | 1.8 | ||||||||||
Construction real estate | ||||||||||||||
Commercial construction real estate | 36,604 | 3.5 | 36,973 | 3.6 | ||||||||||
Residential construction real estate | 50,806 | 4.9 | 51,662 | 5.0 | ||||||||||
Commercial real estate | ||||||||||||||
Non-residential commercial real estate | 294,853 | 28.4 | 298,148 | 29.0 | ||||||||||
Multi-family residential real estate | 104,461 | 10.1 | 105,344 | 10.2 | ||||||||||
Commercial | 40,672 | 3.9 | 40,448 | 3.9 | ||||||||||
Consumer | 2,360 | 0.2 | 2,589 | 0.3 | ||||||||||
Municipal | 82,372 | 8.0 | 76,795 | 7.4 | ||||||||||
Loans held for sale | 3,415 | 0.3 | 3,070 | 0.3 | ||||||||||
Total loans | 1,037,584 | 100.0 | 1,031,340 | 100.0 | ||||||||||
ACL on loans | (6,645) | (6,566) | ||||||||||||
Unamortized net loan costs | 1,807 | 1,752 | ||||||||||||
Net loans and loans held for sale | $ | 1,032,746 | $ | 1,026,526 |
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
(Dollars in thousands) | |||||||||||
Nonaccrual loans | $ | 1,813 | $ | 1,858 | $ | 2,174 | |||||
Loans past due 90 days or more and still accruing interest | 60 | 162 | 175 | ||||||||
Total nonperforming assets | $ | 1,873 | $ | 2,020 | $ | 2,349 | |||||
Guarantees of U.S. or state government agencies on the above nonperforming loans | $ | — | $ | 73 | $ | 76 | |||||
ACL on loans | $ | 6,645 | $ | 6,566 | $ | 6,934 | |||||
Net charge-offs (recoveries) | $ | (1) | $ | 4 | $ | — | |||||
Total loans outstanding | $ | 1,037,584 | $ | 1,031,340 | $ | 975,258 | |||||
Total average loans outstanding | $ | 1,023,474 | $ | 993,959 | $ | 962,525 |
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
(Dollars in thousands) | |||||||||||
ACL on loans to total loans outstanding | 0.64 | % | 0.64 | % | 0.71 | % | |||||
ACL on loans to nonperforming loans | 354.78 | % | 325.05 | % | 295.19 | % | |||||
ACL on loans to nonaccrual loans | 366.52 | % | 353.39 | % | 318.95 | % | |||||
Nonperforming loans to total loans | 0.18 | % | 0.20 | % | 0.24 | % | |||||
Nonperforming assets to total assets | 0.13 | % | 0.14 | % | 0.17 | % | |||||
Nonaccrual loans to total loans | 0.17 | % | 0.18 | % | 0.22 | % | |||||
Delinquent loans (30 days to nonaccruing) to total loans | 0.43 | % | 0.55 | % | 0.36 | % | |||||
Net charge-offs (recoveries) to total average loans | — | % | — | % | — | % | |||||
Residential real estate | — | % | — | % | — | % | |||||
Net recoveries | $ | (1) | $ | (1) | $ | — | |||||
Total average loans | $ | 419,763 | $ | 380,755 | $ | 354,114 | |||||
Consumer | — | % | 0.21 | % | — | % | |||||
Net charge-offs | $ | — | $ | 5 | $ | — | |||||
Total average loans | $ | 2,521 | $ | 2,430 | $ | 2,235 | |||||
For the Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
(Dollars in thousands) | ||||||||
Balance at beginning of period | $ | 6,566 | $ | 8,339 | ||||
Impact of adoption of ASU No. 2016-13 | — | (1,495) | ||||||
Charge-offs | — | — | ||||||
Recoveries | 1 | — | ||||||
Net recoveries | 1 | — | ||||||
Credit loss expense | 78 | 90 | ||||||
Balance at end of period | $ | 6,645 | $ | 6,934 |
March 31, 2024 | December 31, 2023 | |||||||||||||
Amount | Percent | Amount | Percent | |||||||||||
Residential real estate | (Dollars in thousands) | |||||||||||||
Non-revolving residential real estate | $ | 2,845 | 38.9 | 2,361 | 38.6 | |||||||||
Revolving residential real estate | 247 | 1.9 | 159 | 1.8 | ||||||||||
Construction real estate | ||||||||||||||
Commercial construction real estate | 420 | 3.5 | 1,035 | 3.6 | ||||||||||
Residential construction real estate | 93 | 4.9 | 163 | 5.0 | ||||||||||
Commercial real estate | ||||||||||||||
Non-residential commercial real estate | 2,454 | 28.5 | 2,182 | 29.0 | ||||||||||
Multi-family residential real estate | 208 | 10.1 | 244 | 10.2 | ||||||||||
Commercial | 307 | 4.0 | 352 | 4.0 | ||||||||||
Consumer | 6 | 0.2 | 5 | 0.3 | ||||||||||
Municipal | 65 | 8.0 | 65 | 7.5 | ||||||||||
Total | $ | 6,645 | 100.0 | $ | 6,566 | 100.0 |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||||||||||||
Average Amount | Percent of Total Deposits | Average Rate | Average Amount | Percent of Total Deposits | Average Rate | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Nontime deposits: | ||||||||||||||||||||
Noninterest bearing deposits | $ | 227,866 | 18.8 | — | $ | 273,971 | 22.6 | — | ||||||||||||
Interest bearing checking accounts | 312,336 | 25.8 | 1.34 | % | 314,156 | 25.9 | 0.31 | % | ||||||||||||
Money market accounts | 259,265 | 21.4 | 2.54 | % | 249,195 | 20.5 | 0.62 | % | ||||||||||||
Savings accounts | 147,126 | 12.2 | 0.04 | % | 179,243 | 14.8 | 0.04 | % | ||||||||||||
Total nontime deposits | 946,593 | 78.2 | 1.14 | % | 1,016,565 | 83.8 | 0.24 | % | ||||||||||||
Total time deposits | 263,665 | 21.8 | 3.89 | % | 195,772 | 16.2 | 0.85 | % | ||||||||||||
Total deposits | $ | 1,210,258 | 100.0 | 1.74 | % | $ | 1,212,337 | 100.0 | 0.30 | % |
March 31, 2024 | December 31, 2023 | |||||||
(Dollars in thousands) | ||||||||
Within 3 months | $ | 10,830 | $ | 11,512 | ||||
3 to 6 months | 14,032 | 10,800 | ||||||
6 to 12 months | 20,252 | 19,872 | ||||||
Over 12 months | 302 | 622 | ||||||
$ | 45,416 | $ | 42,806 |
March 31, 2024 | December 31, 2023 | |||||||
(Dollars in thousands) | ||||||||
Commitments to originate loans | $ | 34,029 | $ | 35,193 | ||||
Unused lines of credit | 192,426 | 192,104 | ||||||
Standby and commercial letters of credit | 1,552 | 1,557 | ||||||
Credit card arrangements | 149 | 157 | ||||||
FHLB Mortgage Partnership Finance credit enhancement obligation, net | 781 | 744 | ||||||
Commitment to purchase investment in a real estate limited partnership | 2,000 | — | ||||||
Total | $ | 230,937 | $ | 229,755 |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||
As of March 31, 2024 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Company: | ||||||||||||||||||||
Total capital to risk weighted assets | $ | 120,308 | 13.36 | % | $ | 72,041 | 8.00 | % | N/A | N/A | ||||||||||
Tier I capital to risk weighted assets | 96,491 | 10.72 | % | 54,006 | 6.00 | % | N/A | N/A | ||||||||||||
Common Equity Tier 1 to risk weighted assets | 96,491 | 10.72 | % | 40,505 | 4.50 | % | N/A | N/A | ||||||||||||
Tier I capital to average assets | 96,491 | 6.58 | % | 58,657 | 4.00 | % | N/A | N/A | ||||||||||||
Union: | ||||||||||||||||||||
Total capital to risk weighted assets | $ | 120,014 | 13.34 | % | $ | 71,972 | 8.00 | % | $ | 89,966 | 10.00 | % | ||||||||
Tier I capital to risk weighted assets | 112,445 | 12.50 | % | 53,974 | 6.00 | % | 71,965 | 8.00 | % | |||||||||||
Common Equity Tier 1 to risk weighted assets | 112,445 | 12.50 | % | 40,480 | 4.50 | % | 58,471 | 6.50 | % | |||||||||||
Tier I capital to average assets | 112,445 | 7.67 | % | 58,641 | 4.00 | % | 73,302 | 5.00 | % |
31.1 | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||
31.2 | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||
32.1 | Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* | ||||
32.2 | Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* | ||||
101 | The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 formatted in Inline eXtensible Business Reporting Language (iXBRL): (i) the unaudited consolidated balance sheets, (ii) the unaudited consolidated statements of income for the three months ended March 31, 2024 and 2023, (iii) the unaudited consolidated statements of comprehensive income for the three months ended March 31, 2024 and 2023, (iv) the unaudited consolidated statements of changes in stockholders' equity, (iv) the unaudited consolidated statements of cash flows and (v) related notes. | ||||
104 | Cover page interactive data file (embedded within exhibit 101). |
Union Bankshares, Inc. | ||||||||
May 14, 2024 | /s/ David S. Silverman | |||||||
David S. Silverman | ||||||||
Director, President and Chief Executive Officer | ||||||||
May 14, 2024 | /s/ Karyn J. Hale | |||||||
Karyn J. Hale | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* | |||||
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* | |||||
101 | The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 formatted in Inline eXtensible Business Reporting Language (iXBRL): (i) the unaudited consolidated balance sheets, (ii) the unaudited consolidated statements of income for the three months ended March 31, 2024 and 2023, (iii) the unaudited consolidated statements of comprehensive income for the three months ended March 31, 2024 and 2023, (iv) the unaudited consolidated statements of changes in stockholders' equity, (iv) the unaudited consolidated statements of cash flows and (v) related notes. | ||||
104 | Cover page interactive data file (embedded within exhibit 101). |
/s/ David S. Silverman | |||||
David S. Silverman Director, President and Chief Executive Officer (Principal Executive Officer) |
/s/ Karyn J. Hale | |||||
Karyn J. Hale Chief Financial Officer (Principal Financial Officer) |
/s/ David S. Silverman | |||||
David S. Silverman Chief Executive Officer |
/s/ Karyn J. Hale | |||||
Karyn J. Hale Chief Financial Officer |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 2.00 | $ 2.00 |
Common stock, shares authorized (in shares) | 7,500,000 | 7,500,000 |
Common stock, shares issued (in shares) | 4,995,348 | 4,995,348 |
Treasury stock, shares (in shares) | 475,960 | 476,500 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 2,417 | $ 2,977 |
Investment securities available-for-sale: | ||
Net unrealized holding (losses) gains arising during the period on investment securities available-for-sale | (2,939) | 3,905 |
Total other comprehensive (loss) income | (2,939) | 3,905 |
Total comprehensive (loss) income | $ (522) | $ 6,882 |
Dividends per common share (in usd per share) | $ 0.36 | $ 0.36 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) |
3 Months Ended |
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Mar. 31, 2023
$ / shares
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Statement of Stockholders' Equity [Abstract] | |
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] |
Dividends per common share (in usd per share) | $ 0.36 |
Basis of Presentation |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements of Union Bankshares, Inc. and Subsidiary (together, the Company) as of March 31, 2024, and for the three months ended March 31, 2024 and 2023, have been prepared in conformity with GAAP for interim financial information, general practices within the banking industry, and the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Annual Report). The Company's sole subsidiary is Union Bank. In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments and disclosures necessary for a fair presentation of the information contained herein, have been made. This information should be read in conjunction with the Company’s 2023 Annual Report. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2024, or any future interim period. The Company is a “smaller reporting company” and as permitted under the rules and regulations of the SEC, has elected to provide its consolidated statements of income, comprehensive income, cash flows and changes in stockholders’ equity for a two year, rather than three year, period. The Company has also elected to provide certain other scaled disclosures in this report, as permitted for smaller reporting companies. Certain amounts in the 2023 consolidated financial statements have been reclassified to conform to the current year presentation. In addition to the definitions set forth elsewhere in this report, the acronyms, abbreviations and capitalized terms identified below are used throughout this Form 10-Q, including Part I. "Financial Information" and Part II. "Other Information". The following is provided to aid the reader and provide a reference page when reviewing this Form 10-Q.
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Legal Contingencies |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Contingencies | Legal Contingencies In the normal course of business, the Company is involved in various legal and other proceedings. In the opinion of management, any liability resulting from such proceedings is not expected to have a material adverse effect on the Company’s consolidated financial condition or results of operations.
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Per Share Information |
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Per Share Information | Per Share Information The following table presents the reconciliation between the calculation of basic EPS and diluted EPS for the three months ended March 31, 2024 and 2023:
(1)Dilutive effect of stock based awards represents the effect of assumed vesting of all outstanding equity compensation awards, which currently consist solely of restricted stock units to be settled in common stock. Unvested awards do not have dividend or dividend equivalent rights.
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Recent Accounting Pronouncements |
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Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and has issued subsequent amendments thereto, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The transition away from LIBOR is not expected to have a material impact on the Company's consolidated financial statements. In March 2023, the FASB issued ASU No. 2023-02, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. ASU No. 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, previously introduced the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met; however, this guidance limited the proportional amortization method to investments in low-income-housing tax credit (LIHTC) structures. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense (benefit). Equity investments in other tax credit structures are typically accounted for using the equity method, which results in investment income, gains and losses, and tax credits being presented gross on the income statement in their respective line items. The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments in this update are effective for the Company for fiscal years beginning after December 31, 2023, including interim periods within those fiscal years. The Company adopted this ASU as of January 1, 2024 and it did not have a material impact on the Company's consolidated financial statements.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities Debt securities AFS as of the balance sheet dates consisted of the following:
There were no investment securities HTM at March 31, 2024 or December 31, 2023. Investment securities AFS with fair value of $883 thousand and $926 thousand were pledged as collateral for public unit deposits or for other purposes as required or permitted by law at March 31, 2024 and December 31, 2023, respectively. Investment securities AFS pledged as collateral for the Discount Window and BTFP borrowings at the FRB consisted of U.S. government-sponsored enterprises and Agency MBS with a fair value of $39.8 million and $8.9 million at March 31, 2024 and December 31, 2023, respectively. The Company began utilizing BTFP as a source of liquidity during 2023. The BTFP ceased making new loans in March 2024. The amortized cost and estimated fair value of debt securities by contractual scheduled maturity as of March 31, 2024 were as follows:
Actual maturities may differ for certain debt securities that may be called by the issuer prior to the contractual maturity. Actual maturities usually differ from contractual maturities on agency MBS because the mortgages underlying the securities may be prepaid, usually without any penalties. Therefore, these agency MBS are shown separately and are not included in the contractual maturity categories in the above maturity summary. Information pertaining to all AFS debt securities with gross unrealized losses, for which an ACL has not been recorded, as of the balance sheet dates, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
AFS debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. For AFS debt securities in an unrealized loss position, management first assesses whether it intends to sell, or it is more likely than not that the Company will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For AFS debt securities that do not meet the above criteria, management evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, management compares the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an ACL is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. For AFS debt securities, any decline in fair value that has not been recorded through an ACL is recognized in other comprehensive income (loss), net of applicable taxes. No ACL for AFS debt securities was recorded at March 31, 2024 or December 31, 2023. Accrued interest receivable on AFS debt securities totaled $1.1 million and $1.4 million at March 31, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses. There were no sales of investment securities AFS for the three months ended March 31, 2024 and 2023.
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Loans |
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Loans | Loans Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their unpaid principal balances, adjusted for any charge-offs, the ACL, and any deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. Loan interest income is accrued daily on outstanding balances. The following accounting policies, related to accrual and nonaccrual loans, apply to all portfolio segments and loan classes, which the Company considers to be the same. The accrual of interest is normally discontinued when a loan is specifically determined to be impaired and/or management believes, after considering collection efforts and other factors, that the borrower's financial condition is such that collection of interest is doubtful. In general, loans that are 90 days or more past due are placed in nonaccrual, unless there are circumstances that cause management to believe the collection of interest is not doubtful. Generally, any unpaid interest previously accrued on those loans is reversed against current period interest income. A loan may be restored to accrual status when its financial status has significantly improved and there is no principal or interest past due. A loan may also be restored to accrual status if the borrower makes six consecutive monthly payments or the lump sum equivalent. Income on nonaccrual loans is generally not recognized unless a loan is returned to accrual status or after all principal has been collected. Interest payments received on such loans are generally applied as a reduction of the loan principal balance. Delinquency status is determined based on contractual terms for all portfolio segments and loan classes. Loans past due 30 days or more are considered delinquent. Loans are considered in process of foreclosure when a judgment of foreclosure has been issued by the court. Loan origination fees and direct loan origination costs are deferred and amortized as an adjustment of the related loan's yield using methods that approximate the interest method. The Company generally amortizes these amounts over the estimated average life of the related loans. The Company evaluates the risk characteristics of its loans based on regulatory call report code with segmentation based on the underlying collateral or purpose for certain loan types. The composition of Net loans as of the balance sheet dates, by regulatory call report code segmentation based on underlying collateral or purpose for certain loan types, was as follows:
Qualifying residential first mortgage loans and certain commercial real estate loans with an aggregate carrying value of $326.9 million and $343.7 million were pledged as collateral for borrowings from the FHLB under a blanket lien at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on loans totaled $4.6 million and $4.0 million at March 31, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses described in Note 7.
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Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures | Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures The level of the ACL on loans represents management's estimate of expected credit losses over the expected life of the loans at the balance sheet date. For all loan segments, loan losses are charged against the ACL on loans when management believes the loan balance is uncollectible or in accordance with federal guidelines. Subsequent recoveries, if any, are credited to the ACL on loans. The ACL on loans is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. The ACL on loans is comprised of reserves measured on a collective (pool) basis based on a lifetime loss-rate model when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated on an individual basis, generally larger non-accruing commercial loans. The Company uses the DCF method to estimate expected credit losses for all loan pools. For each of the loan segments, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, and loss rates. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical benchmark data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime loss rates. This analysis also determines how expected loss rates will react to forecasted levels of the loss drivers. For all loan pools utilizing the DCF method, management utilizes and forecasts national unemployment as a loss driver. For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level that represents the sum of expected losses to determine the estimated ACL on loans. The ACL on loans evaluation also considers various qualitative factors, including changes in policy and/or underwriting standards, actual or expected changes in economic trends and conditions, changes in the nature and volume of the portfolio, changes in credit and lending staff/administration, problem loan trends, credit risk concentrations, loan review results, changes in the value of underlying collateral for loans, and changes in the regulatory and business environment. Certain loans are individually evaluated for estimated credit losses, including those greater than $500 thousand that are classified as substandard or doubtful and are on nonaccrual or that have other unique characteristics differing from the segment. Specific reserves are established when appropriate for such loans based on the present value of expected future cash flows of the loan or the estimated realizable value of the collateral, if any. Risk characteristics relevant to each portfolio segment are as follows: •Residential real estate - Loans in this segment are collateralized by owner-occupied 1-4 family residential real estate, second and vacation homes, 1-4 family investment properties, home equity and second mortgage loans. Repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, could have an effect on the credit quality of this segment. •Construction real estate - Loans in this segment include residential and commercial construction properties, commercial real estate development loans (while in the construction phase of the projects), land and land development loans. Repayment is dependent on the credit quality of the individual borrower and/or the underlying cash flows generated by the properties being constructed. The overall health of the economy, including unemployment rates, housing prices, vacancy rates and material costs, could have an effect on the credit quality of this segment. •Commercial real estate - Loans in this segment are primarily properties occupied by businesses or income-producing properties. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by a general slowdown in business or increased vacancy rates which, in turn, could have an effect on the credit quality of this segment. Management requests business financial statements at least annually and monitors the cash flows of these loans. •Commercial - Loans in this segment are made to businesses and are generally secured by non-real estate assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer or business spending, could have an effect on the credit quality of this segment. •Consumer - Loans in this segment are made to individuals for personal expenditures, such as automobile purchases, and include unsecured loans. Repayment is primarily dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment, could have an effect on the credit quality of this segment. •Municipal - Loans in this segment are made to municipalities located within the Company's service area. Repayment is primarily dependent on taxes or other funds collected by the municipalities. Management considers there to be minimal risk surrounding the credit quality of this segment. Changes in the ACL on loans, by segment of loans, for the three months ended March 31, 2024 and 2023 were as follows:
The Company's ACL on off-balance sheet credit exposures is recognized as a liability within Accrued interest and other liabilities on the consolidated balance sheets, with adjustments to the ACL recognized in Credit loss (benefit) expense in the consolidated statements of income. The Company's activity in the ACL on off-balance sheet credit exposures for the three months ended March 31, 2024 and 2023 were as follows
Risk and collateral ratings are assigned to loans and are subject to ongoing monitoring by lending and credit personnel, with such ratings updated annually or more frequently if warranted. The following is an overview of the Company's loan rating system: 1-3 Rating - Pass Risk-rating grades "1" through "3" comprise those loans ranging from those with lower than average credit risk, defined as borrowers with high liquidity, excellent financial condition, strong management, favorable industry trends or loans secured by highly liquid assets, through those with marginal credit risk, defined as borrowers that, while creditworthy, exhibit some characteristics requiring special attention by the account officer. 4-4.5 Rating - Satisfactory/Monitor Borrowers exhibit potential credit weaknesses or downward trends warranting management's attention. While potentially weak, these borrowers are currently marginally acceptable; no loss of principal or interest is envisioned. When warranted, these credits may be monitored on the watch list. 5-7 Rating - Substandard Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. The loan may be inadequately protected by the net worth and paying capacity of the obligor and/or the underlying collateral is inadequate. The following tables summarize the Company's loans by year of origination and by loan ratings applied by management to the Company's loans by segment as of March 31, 2024 and December 31, 2023:
There were no gross charge-offs for the three months ended March 31, 2024 or 2023. A summary of current and past due loans as of March 31, 2024 and December 31, 2023 follows:
A summary of nonaccrual loans as of March 31, 2024 and December 31, 2023 follows:
There was one non-revolving residential real estate loan totaling $60 thousand and one revolving residential real estate loan totaling $17 thousand in process of foreclosure at March 31, 2024 and one revolving residential real estate loan totaling $17 thousand in process of foreclosure at December 31, 2023. Aggregate interest on nonaccrual loans not recognized was $166 thousand as of March 31, 2024 and $143 thousand as of December 31, 2023. Loans that do not share risk characteristics are evaluated on an individual basis. Loans that are individually evaluated and collateral dependent represent loans that the Company has determined foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the sale of the collateral. For these loans, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan at the measurement date. The following table presents collateral dependent loans to borrowers experiencing financial difficulty by loan class and collateral type as of the balance sheet dates:
Collateral dependent loans are loans for which the repayment is expected to be provided substantially by the underlying collateral and there are no other available and reliable sources of repayment. Occasionally, the Company modifies loans to borrowers experiencing financial difficulty by providing interest rate reductions, term extensions, payment deferrals or principal forgiveness. When principal forgiveness is provided, the amount of forgiveness is charged off against the ACL on loans. There were no loan modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2024. The following table summarizes loan modifications to borrowers experiencing financial difficulty by loan class, type of modification and the financial effect of the modifications as of and for the three months ended March 31, 2023:
The following table presents the performance of loans as of March 31, 2024 that have been modified in the last twelve months:
There were no loans to borrowers experiencing financial difficulty that were modified within the previous twelve months that had subsequently defaulted during the three months ended March 31, 2024. Loans are considered defaulted at 90 days past due. At March 31, 2024, the Company was not committed to lend any additional funds to borrowers experiencing financial difficulty for which the Company modified the terms of the loans in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension.
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Stock Based Compensation |
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Stock Based Compensation | Stock Based Compensation Under the Union Bankshares, Inc. 2014 Equity Incentive Plan, as amended in May 2022, a total of 150,000 shares of the Company’s common stock have been reserved since inception of the Plan for equity awards of incentive stock options, nonqualified stock options, restricted stock and RSUs to eligible officers and (except for awards of incentive stock options) nonemployee directors. Shares available for issuance of awards under the 2014 Equity Plan consist of unissued shares of the Company’s common stock and/or shares held in treasury. As of March 31, 2024, there were outstanding grants of RSUs under the 2014 Equity Plan as noted in the table below. RSUs. Each outstanding RSU represents the right to receive one share of the Company's common stock upon satisfaction of applicable vesting conditions. The general terms of the awards are described in the Company's 2023 Annual Report. Prior to vesting, the RSUs do not earn dividends or dividend equivalents, nor do they bear any voting rights. The following table summarizes the RSUs awarded to Company executives in 2022, 2023 and 2024, and the number of such RSUs remaining unvested as of March 31, 2024:
Unrecognized compensation expense related to the unvested RSUs as of March 31, 2024 and 2023 was $680 thousand and $700 thousand, respectively, and $344 thousand as of December 31, 2023. On May 17, 2023, the Company's board of directors, as a component of total director compensation, granted an aggregate of 3,872 RSUs to the Company's non-employee directors. Each RSU represents the right to receive one share of the Company's common stock upon satisfaction of applicable vesting conditions. The RSUs will vest in May 2024, subject to continued board service through the vesting date, other than in the case of the director's death or disability. Prior to vesting, the RSUs do not earn dividends or dividend equivalents, nor do they bear any voting rights. Unrecognized director compensation expense related to the unvested RSUs as of March 31, 2024 was $13 thousand.
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Subordinated Notes |
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Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Subordinated Notes | Subordinated Notes In August 2021, the Company completed the private placement of $16.5 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2031 (the "Notes") to certain qualified institutional buyers and accredited investors. The Notes initially bear interest, payable semi-annually, at the rate of 3.25% per annum, until September 1, 2026. From and including September 1, 2026, the interest rate applicable to the outstanding principal amount due will reset quarterly to the then current three-month secured overnight financing rate (SOFR) plus 263 basis points. At its option, the Company may redeem the Notes, in whole or in part, beginning with the interest payment date of September 1, 2026 but not generally prior thereto, and on any scheduled interest payment date thereafter. The Notes qualify as Tier 2 capital instruments for the Company under bank holding company regulatory capital guidelines. The Company used the proceeds primarily to provide additional Tier 1 capital to the Company's wholly-owned subsidiary, Union Bank, to support its growth and for other general corporate purposes. The unamortized issuance costs of the Notes were $253 thousand and $261 thousand at March 31, 2024 and December 31, 2023, respectively. The Company recorded $8 thousand of issuance costs in interest expense for the three months ended March 31, 2024 and 2023. The Notes are presented net of unamortized issuance costs in the consolidated balance sheets.
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Other Comprehensive (Loss) Income |
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Other Comprehensive (Loss) Income | Other Comprehensive (Loss) Income Accounting principles generally require recognized revenue, expenses, gains and losses be included in net income or loss. Certain changes in assets and liabilities, such as the after tax effect of unrealized gains and losses on investment securities AFS that have not been recorded through an ACL are not reflected in the consolidated statements of income. The cumulative effect of such items, net of tax effect, is reported as a separate component of the equity section of the consolidated balance sheets (Accumulated OCI). OCI, along with net income, comprises the Company's total comprehensive income or loss. As of the balance sheet dates, the components of Accumulated OCI, net of tax, were:
The following table discloses the tax effects allocated to each component of OCI for the three months ended March 31:
There were no reclassification adjustments from OCI for the three months ended March 31, 2024 and 2023.
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement The Company utilizes FASB ASC Topic 820, Fair Value Measurement, as guidance for accounting for assets and liabilities carried at fair value. This standard defines fair value as the price that would be received, without adjustment for transaction costs, to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance in FASB ASC Topic 820 establishes a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are: •Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; •Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following is a description of the valuation methodologies used for the Company’s assets that are measured on a recurring basis at estimated fair value: Investment securities AFS: Certain U.S. Treasury notes have been valued using unadjusted quoted prices from active markets and therefore have been classified as Level 1. However, the majority of the Company’s AFS securities have been valued utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. Mutual funds: Mutual funds have been valued using unadjusted quoted prices from active markets and therefore have been classified as Level 1. Assets measured at fair value on a recurring basis at March 31, 2024 and December 31, 2023, segregated by fair value hierarchy level, are summarized below:
There were no transfers in or out of Levels 1 and 2 during the three months ended March 31, 2024 or the year ended December 31, 2023, nor were there any Level 3 assets at any time during these periods. Certain other assets and liabilities are measured at fair value on a nonrecurring basis, that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Assets and liabilities measured at fair value on a nonrecurring basis in periods after initial recognition, such as collateral dependent individually evaluated loans, MSRs and OREO, were not considered material at March 31, 2024 or December 31, 2023. The Company has not elected to apply the fair value method to any financial assets or liabilities other than those situations where other accounting pronouncements require fair value measurements. FASB ASC Topic 825, Financial Instruments, requires disclosure of the estimated fair value of financial instruments. 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. Management’s estimates and assumptions are inherently subjective and involve uncertainties and matters of significant judgment. Changes in assumptions could dramatically affect the estimated fair values. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Certain financial instruments and all nonfinancial instruments may be excluded from disclosure requirements. Thus, the aggregate fair value amounts presented may not necessarily represent the actual underlying fair value of such instruments of the Company. As of the balance sheet dates, the estimated fair values and related carrying amounts of the Company's significant financial instruments were as follows:
The carrying amounts in the preceding tables are included in the consolidated balance sheets under the applicable captions. Accrued interest receivable and nonmarketable equity securities are included in Other assets in the consolidated balance sheets.
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent events represent events or transactions occurring after the balance sheet date but before the financial statements are issued. Financial statements are considered “issued” when they are widely distributed to shareholders and others for general use and reliance in a form and format that complies with GAAP. Events occurring subsequent to March 31, 2024 have been evaluated as to their potential impact to the consolidated financial statements. On April 17, 2024, the Company declared a regular quarterly cash dividend of $0.36 per share, payable May 2, 2024, to stockholders of record on April 27, 2024.
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Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements of Union Bankshares, Inc. and Subsidiary (together, the Company) as of March 31, 2024, and for the three months ended March 31, 2024 and 2023, have been prepared in conformity with GAAP for interim financial information, general practices within the banking industry, and the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Annual Report). The Company's sole subsidiary is Union Bank. In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments and disclosures necessary for a fair presentation of the information contained herein, have been made. This information should be read in conjunction with the Company’s 2023 Annual Report. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2024, or any future interim period. The Company is a “smaller reporting company” and as permitted under the rules and regulations of the SEC, has elected to provide its consolidated statements of income, comprehensive income, cash flows and changes in stockholders’ equity for a two year, rather than three year, period. The Company has also elected to provide certain other scaled disclosures in this report, as permitted for smaller reporting companies. Certain amounts in the 2023 consolidated financial statements have been reclassified to conform to the current year presentation.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and has issued subsequent amendments thereto, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The transition away from LIBOR is not expected to have a material impact on the Company's consolidated financial statements. In March 2023, the FASB issued ASU No. 2023-02, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. ASU No. 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, previously introduced the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met; however, this guidance limited the proportional amortization method to investments in low-income-housing tax credit (LIHTC) structures. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense (benefit). Equity investments in other tax credit structures are typically accounted for using the equity method, which results in investment income, gains and losses, and tax credits being presented gross on the income statement in their respective line items. The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments in this update are effective for the Company for fiscal years beginning after December 31, 2023, including interim periods within those fiscal years. The Company adopted this ASU as of January 1, 2024 and it did not have a material impact on the Company's consolidated financial statements.
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Loans | Loans Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their unpaid principal balances, adjusted for any charge-offs, the ACL, and any deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. Loan interest income is accrued daily on outstanding balances. The following accounting policies, related to accrual and nonaccrual loans, apply to all portfolio segments and loan classes, which the Company considers to be the same. The accrual of interest is normally discontinued when a loan is specifically determined to be impaired and/or management believes, after considering collection efforts and other factors, that the borrower's financial condition is such that collection of interest is doubtful. In general, loans that are 90 days or more past due are placed in nonaccrual, unless there are circumstances that cause management to believe the collection of interest is not doubtful. Generally, any unpaid interest previously accrued on those loans is reversed against current period interest income. A loan may be restored to accrual status when its financial status has significantly improved and there is no principal or interest past due. A loan may also be restored to accrual status if the borrower makes six consecutive monthly payments or the lump sum equivalent. Income on nonaccrual loans is generally not recognized unless a loan is returned to accrual status or after all principal has been collected. Interest payments received on such loans are generally applied as a reduction of the loan principal balance. Delinquency status is determined based on contractual terms for all portfolio segments and loan classes. Loans past due 30 days or more are considered delinquent. Loans are considered in process of foreclosure when a judgment of foreclosure has been issued by the court. Loan origination fees and direct loan origination costs are deferred and amortized as an adjustment of the related loan's yield using methods that approximate the interest method. The Company generally amortizes these amounts over the estimated average life of the related loans.
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Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures | Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures The level of the ACL on loans represents management's estimate of expected credit losses over the expected life of the loans at the balance sheet date. For all loan segments, loan losses are charged against the ACL on loans when management believes the loan balance is uncollectible or in accordance with federal guidelines. Subsequent recoveries, if any, are credited to the ACL on loans. The ACL on loans is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. The ACL on loans is comprised of reserves measured on a collective (pool) basis based on a lifetime loss-rate model when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated on an individual basis, generally larger non-accruing commercial loans. The Company uses the DCF method to estimate expected credit losses for all loan pools. For each of the loan segments, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, and loss rates. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical benchmark data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime loss rates. This analysis also determines how expected loss rates will react to forecasted levels of the loss drivers. For all loan pools utilizing the DCF method, management utilizes and forecasts national unemployment as a loss driver. For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level that represents the sum of expected losses to determine the estimated ACL on loans. The ACL on loans evaluation also considers various qualitative factors, including changes in policy and/or underwriting standards, actual or expected changes in economic trends and conditions, changes in the nature and volume of the portfolio, changes in credit and lending staff/administration, problem loan trends, credit risk concentrations, loan review results, changes in the value of underlying collateral for loans, and changes in the regulatory and business environment. Certain loans are individually evaluated for estimated credit losses, including those greater than $500 thousand that are classified as substandard or doubtful and are on nonaccrual or that have other unique characteristics differing from the segment. Specific reserves are established when appropriate for such loans based on the present value of expected future cash flows of the loan or the estimated realizable value of the collateral, if any. Risk characteristics relevant to each portfolio segment are as follows: •Residential real estate - Loans in this segment are collateralized by owner-occupied 1-4 family residential real estate, second and vacation homes, 1-4 family investment properties, home equity and second mortgage loans. Repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, could have an effect on the credit quality of this segment. •Construction real estate - Loans in this segment include residential and commercial construction properties, commercial real estate development loans (while in the construction phase of the projects), land and land development loans. Repayment is dependent on the credit quality of the individual borrower and/or the underlying cash flows generated by the properties being constructed. The overall health of the economy, including unemployment rates, housing prices, vacancy rates and material costs, could have an effect on the credit quality of this segment. •Commercial real estate - Loans in this segment are primarily properties occupied by businesses or income-producing properties. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by a general slowdown in business or increased vacancy rates which, in turn, could have an effect on the credit quality of this segment. Management requests business financial statements at least annually and monitors the cash flows of these loans. •Commercial - Loans in this segment are made to businesses and are generally secured by non-real estate assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer or business spending, could have an effect on the credit quality of this segment. •Consumer - Loans in this segment are made to individuals for personal expenditures, such as automobile purchases, and include unsecured loans. Repayment is primarily dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment, could have an effect on the credit quality of this segment. •Municipal - Loans in this segment are made to municipalities located within the Company's service area. Repayment is primarily dependent on taxes or other funds collected by the municipalities. Management considers there to be minimal risk surrounding the credit quality of this segment.
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Other Comprehensive (Loss) Income | Other Comprehensive (Loss) Income Accounting principles generally require recognized revenue, expenses, gains and losses be included in net income or loss. Certain changes in assets and liabilities, such as the after tax effect of unrealized gains and losses on investment securities AFS that have not been recorded through an ACL are not reflected in the consolidated statements of income. The cumulative effect of such items, net of tax effect, is reported as a separate component of the equity section of the consolidated balance sheets (Accumulated OCI). OCI, along with net income, comprises the Company's total comprehensive income or loss.
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Fair Value Measurement | Fair Value Measurement The Company utilizes FASB ASC Topic 820, Fair Value Measurement, as guidance for accounting for assets and liabilities carried at fair value. This standard defines fair value as the price that would be received, without adjustment for transaction costs, to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance in FASB ASC Topic 820 establishes a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are: •Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; •Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
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Fair Value Measurement | The following is a description of the valuation methodologies used for the Company’s assets that are measured on a recurring basis at estimated fair value: Investment securities AFS: Certain U.S. Treasury notes have been valued using unadjusted quoted prices from active markets and therefore have been classified as Level 1. However, the majority of the Company’s AFS securities have been valued utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. Mutual funds: Mutual funds have been valued using unadjusted quoted prices from active markets and therefore have been classified as Level 1.
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Basis of Presentation (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acronyms, Abbreviations and Capitalized Terms | In addition to the definitions set forth elsewhere in this report, the acronyms, abbreviations and capitalized terms identified below are used throughout this Form 10-Q, including Part I. "Financial Information" and Part II. "Other Information". The following is provided to aid the reader and provide a reference page when reviewing this Form 10-Q.
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Per Share Information (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Basic EPS and Diluted EPS | The following table presents the reconciliation between the calculation of basic EPS and diluted EPS for the three months ended March 31, 2024 and 2023:
(1)Dilutive effect of stock based awards represents the effect of assumed vesting of all outstanding equity compensation awards, which currently consist solely of restricted stock units to be settled in common stock. Unvested awards do not have dividend or dividend equivalent rights.
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Investment Securities (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Securities, Available-for-Sale | Debt securities AFS as of the balance sheet dates consisted of the following:
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Schedule of Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities by contractual scheduled maturity as of March 31, 2024 were as follows:
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Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | Information pertaining to all AFS debt securities with gross unrealized losses, for which an ACL has not been recorded, as of the balance sheet dates, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
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Loans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Composition of Net Loans | The composition of Net loans as of the balance sheet dates, by regulatory call report code segmentation based on underlying collateral or purpose for certain loan types, was as follows:
The following table presents collateral dependent loans to borrowers experiencing financial difficulty by loan class and collateral type as of the balance sheet dates:
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Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Allowance For Loan Losses, By Class | Changes in the ACL on loans, by segment of loans, for the three months ended March 31, 2024 and 2023 were as follows:
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Schedule of Fair Value, off-Balance-Sheet Risks | The Company's activity in the ACL on off-balance sheet credit exposures for the three months ended March 31, 2024 and 2023 were as follows
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Schedule Of Financing Receivable Credit Quality Indicators | The following tables summarize the Company's loans by year of origination and by loan ratings applied by management to the Company's loans by segment as of March 31, 2024 and December 31, 2023:
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Schedule of Financing Receivable, Nonaccrual | A summary of current and past due loans as of March 31, 2024 and December 31, 2023 follows:
A summary of nonaccrual loans as of March 31, 2024 and December 31, 2023 follows:
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Schedule Of Composition of Net Loans | The composition of Net loans as of the balance sheet dates, by regulatory call report code segmentation based on underlying collateral or purpose for certain loan types, was as follows:
The following table presents collateral dependent loans to borrowers experiencing financial difficulty by loan class and collateral type as of the balance sheet dates:
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Schedule of Financing Receivable, Modified | The following table summarizes loan modifications to borrowers experiencing financial difficulty by loan class, type of modification and the financial effect of the modifications as of and for the three months ended March 31, 2023:
The following table presents the performance of loans as of March 31, 2024 that have been modified in the last twelve months:
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Stock Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share Based Compensation, Summary of RSUs | The following table summarizes the RSUs awarded to Company executives in 2022, 2023 and 2024, and the number of such RSUs remaining unvested as of March 31, 2024:
|
Other Comprehensive (Loss) Income - (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | As of the balance sheet dates, the components of Accumulated OCI, net of tax, were:
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Schedule of Comprehensive Income (Loss) | The following table discloses the tax effects allocated to each component of OCI for the three months ended March 31:
|
Fair Value Measurement (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis at March 31, 2024 and December 31, 2023, segregated by fair value hierarchy level, are summarized below:
|
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Schedule of Fair Values and Carrying Amounts, Significant Financial Instruments | As of the balance sheet dates, the estimated fair values and related carrying amounts of the Company's significant financial instruments were as follows:
|
Per Share Information - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Earnings Per Share [Abstract] | ||
Net income | $ 2,417 | $ 2,977 |
Weighted average common shares outstanding for basic EPS (in shares) | 4,519,209 | 4,509,099 |
Dilutive effect of stock-based awards (in shares) | 17,972 | 28,528 |
Weighted average common and potential common shares for diluted EPS (in shares) | 4,537,181 | 4,537,627 |
Earnings per common share: | ||
Basic EPS (in usd per share) | $ 0.53 | $ 0.66 |
Diluted EPS (in usd per share) | $ 0.53 | $ 0.66 |
Investment Securities - Schedule of Debt Securities, Available-for-sale (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Available-for-sale | ||
Amortized Cost | $ 302,368 | $ 305,333 |
Gross Unrealized Gains | 322 | 483 |
Gross Unrealized Losses | (45,040) | (41,433) |
Fair Value | 257,650 | 264,383 |
U.S. Government-sponsored enterprises | ||
Available-for-sale | ||
Amortized Cost | 43,822 | 44,153 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (5,036) | (4,802) |
Fair Value | 38,786 | 39,351 |
Agency mortgage-backed | ||
Available-for-sale | ||
Amortized Cost | 179,231 | 182,568 |
Gross Unrealized Gains | 23 | 88 |
Gross Unrealized Losses | (32,403) | (30,272) |
Fair Value | 146,851 | 152,384 |
State and political subdivisions | ||
Available-for-sale | ||
Amortized Cost | 73,454 | 72,254 |
Gross Unrealized Gains | 299 | 395 |
Gross Unrealized Losses | (7,444) | (6,210) |
Fair Value | 66,309 | 66,439 |
Corporate | ||
Available-for-sale | ||
Amortized Cost | 5,861 | 6,358 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (157) | (149) |
Fair Value | $ 5,704 | $ 6,209 |
Investment Securities - Narrative (Details) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Investment securities HTM | $ 0 | $ 0 |
Financing receivable, allowance for credit loss | 0 | 0 |
Accrued interest receivable on securities | 1,100,000 | 1,400,000 |
U.S. Government-sponsored enterprises | ||
Variable Interest Entity [Line Items] | ||
Investment securities AFS | 39,800,000 | 8,900,000 |
Asset Pledged as Collateral without Right | ||
Variable Interest Entity [Line Items] | ||
Investment securities AFS | $ 883,000 | $ 926,000 |
Investment Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 1,012 | |
Due from one to five years | 30,979 | |
Due from five to ten years | 19,509 | |
Due after ten years | 71,637 | |
Debt securities with single maturity date, amortized cost | 123,137 | |
Agency mortgage-backed | 179,231 | |
Total debt securities available-for-sale | 302,368 | |
Fair Value | ||
Due in one year or less | 999 | |
Due from one to five years | 28,309 | |
Due from five to ten years | 17,566 | |
Due after ten years | 63,925 | |
Debt securities with single maturity date, fair value | 110,799 | |
Agency mortgage-backed | 146,851 | |
Total debt securities available-for-sale | $ 257,650 | $ 264,383 |
Loans - Narrative (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
payment
|
Dec. 31, 2023
USD ($)
|
---|---|---|
Variable Interest Entity [Line Items] | ||
Number of payments | payment | 6 | |
Total | $ 1,034,169 | $ 1,028,270 |
Accrued interest receivable | 4,600 | 4,000 |
Asset Pledged as Collateral without Right | ||
Variable Interest Entity [Line Items] | ||
Total | $ 326,900 | $ 343,700 |
Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
ACL on Off-Balance Sheet Credit Exposures | ||
Balance at beginning of period | $ 1,233 | $ 0 |
Credit loss benefit | (308) | (16) |
Balance at ending of period | 925 | 1,442 |
Impact of adoption of ASU No. 2016-13 | ||
ACL on Off-Balance Sheet Credit Exposures | ||
Balance at beginning of period | $ 0 | $ 1,458 |
Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures - Schedule of Collateral Dependent Loans (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 1,034,169 | $ 1,028,270 |
Real Estate | Non-residential commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 1,796 | $ 1,841 |
Stock Based Compensation - Narrative (Details) - 2014 Equity Plan - USD ($) $ in Thousands |
May 17, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
May 31, 2022 |
---|---|---|---|---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized for equity awards (in shares) | 150,000 | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares common stock upon satisfaction of applicable vesting conditions (in shares) | 1 | ||||
Unrecognized compensation expense, unvested RSUs | $ 680 | $ 344 | $ 700 | ||
Restricted Stock Units (RSUs) | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares common stock upon satisfaction of applicable vesting conditions (in shares) | 1 | ||||
Awards granted in period (in shares) | 3,872 | ||||
Cost not yet recognized | $ 13 |
Subordinated Notes (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Aug. 31, 2021 |
|
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ 253 | $ 261 | ||
Amortization of debt issuance costs | $ 8 | $ 8 | ||
Subordinated Notes Due 2031 | Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 16,500 | |||
Interest rate | 3.25% | |||
Subordinated Notes Due 2031 | Subordinated Debt | SOFR | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.63% |
Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Stockholders' Equity Note [Abstract] | ||
Net unrealized losses on investment securities AFS | $ (34,894) | $ (31,955) |
Other Comprehensive (Loss) Income - Tax Effects Allocated to Each Component of Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Before-Tax Amount | ||
Net unrealized holding (losses) gains arising during the period on investment securities AFS | $ (3,767) | $ 4,943 |
Total other comprehensive (loss) income | (3,767) | 4,943 |
Tax Benefit | ||
Net unrealized holding losses arising during the period on investment securities AFS | 828 | (1,038) |
Total other comprehensive (loss) income | 828 | (1,038) |
Net-of-Tax Amount | ||
Net unrealized holding losses arising during the period on investment securities AFS | (2,939) | 3,905 |
Total other comprehensive (loss) income | $ (2,939) | $ 3,905 |
Other Comprehensive (Loss) Income - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | $ 2,417 | $ 2,977 |
Reclassification out of Accumulated Other Comprehensive Income | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | $ 0 | $ 0 |
Other Comprehensive (Loss) Income - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net gains on sales of investment securities AFS | $ (2,582) | $ (3,436) |
Provision for income taxes | 165 | 459 |
Net income | (2,417) | (2,977) |
Reclassification out of Accumulated Other Comprehensive Income | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | $ 0 | $ 0 |
Subsequent Events - Narrative (Details) - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
May 02, 2024 |
Apr. 17, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Subsequent Event [Line Items] | ||||
Dividends per common share (in usd per share) | $ 0.36 | $ 0.36 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends cash paid (in usd per share) | $ 0.36 | |||
Dividends per common share (in usd per share) | $ 0.36 |
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