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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Segment Revenue, Profit or Loss, Significant Segment Expenses and Other Segment Items |
Segment revenue, profit or loss, significant segment expenses and other segment items | December 31, 2024 | December 31, 2023 | December 31, 2022
(in thousands)
Community banking segment: |  |  |
Interest income | $ | 141,273 |  | $ | 139,494 |  | $ | 130,041 |
Non-interest income | (23,780) |  | 2,844 |  | 8,678 |
Reconciliation of income |  |  |
All other income 1 | 2,420 |  | 2,145 |  | 2,227 |
Total consolidated income | 119,913 |  | 144,483 |  | 140,946 |
Less:2 |  |  |
Total interest expense | 46,613 |  | 36,733 |  | 2,549 |
Provision for (reversal of) credit losses on loans | 5,550 |  | 2,575 |  | (63) |
Reversal of credit losses on unfunded loan commitments | (233) |  | (342) |  | (318) |
Non-interest expense |  |  |
Salaries and employee benefits | 43,794 |  | 42,671 |  | 41,235 |
Occupancy and equipment | 8,240 |  | 8,304 |  | 7,819 |
Professional services | 4,562 |  | 3,086 |  | 2,688 |
Data processing | 4,032 |  | 3,879 |  | 4,480 |
Deposit network fees | 3,526 |  | 2,783 |  | 258 |
Federal Deposit Insurance Corporation insurance | 1,863 |  | 1,878 |  | 1,179 |
Information technology | 1,686 |  | 1,569 |  | 2,197 |
Depreciation and amortization | 1,465 |  | 2,097 |  | 1,839 |
Directors' expense | 1,213 |  | 1,212 |  | 1,107 |
Amortization of core deposit intangible | 975 |  | 1,350 |  | 1,489 |
Charitable contributions | 677 |  | 717 |  | 709 |
Other real estate owned | — |  | 48 |  | 359 |
Other expense | 8,068 |  | 8,357 |  | 8,255 |
Segment (loss) income | (12,118) |  | 27,566 |  | 65,164 |
Reconciliation of segment (loss) income |  |  |
All other loss 1 | (1,717) |  | (1,530) |  | (1,655) |
Loss before income taxes | $ | (13,835) |  | $ | 26,036 |  | $ | 63,509 |
1 Other income and loss from segment below the quantitative thresholds are attributable to one operating segment of the Bank, the Wealth Management and Trust Services, which does not meet the quantitative thresholds for presenting reportable segments. Expenses of Wealth Management and Trust Services are comprised of salary and employee benefits, professional services, data processing, occupancy and equipment and other expenses totaling $1.7 million.
2 The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | At December 31, 2024, the future estimated amortization expense for the CDI arising from our past acquisitions was as follows:
(in thousands) | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Total
Core deposit intangible amortization | $ | 875 |  | $ | 773 |  | $ | 634 |  | $ | 242 |  | $ | 165 |  | $ | 103 |  | $ | 2,792 |
Schedule of Earnings Per Share Reconciliation | The following table shows: 1) weighted average basic shares, 2) potentially dilutive weighted average common shares related to stock options and unvested restricted stock awards, and 3) weighted average diluted shares. Basic EPS are calculated by dividing net income by the weighted average number of common shares outstanding during each annual period, excluding unvested restricted stock awards. Diluted EPS are calculated using the weighted average number of potentially dilutive common shares. The number of potentially dilutive common shares included in year-to-date diluted EPS is a year-to-date weighted average of potentially dilutive common shares included in each quarterly diluted EPS computation. In computing diluted EPS, we exclude anti-dilutive shares such as options whose exercise prices exceed the current common stock price, as they would not reduce EPS under the treasury stock method. We have two forms of outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Under the two-class method, the difference in EPS is nominal for these participating securities.
(in thousands, except per share data) | 2024 | 2023 | 2022
Weighted average basic common shares outstanding | 16,042 |  | 16,012 |  | 15,921 |
Potentially dilutive common shares related to: |  |  |
Stock options | — |  | 3 |  | 31 |
Unvested restricted stock awards | — |  | 11 |  | 17 |
Weighted average diluted common shares outstanding | 16,042 |  | 16,026 |  | 15,969 |
Net income | $ | (8,409) |  | $ | 19,895 |  | $ | 46,586 |
Basic EPS | $ | (0.52) |  | $ | 1.24 |  | $ | 2.93 |
Diluted EPS | $ | (0.52) |  | $ | 1.24 |  | $ | 2.92 |
Weighted average anti-dilutive common shares not included in the calculation of diluted EPS | 368 |  | 364 |  | 211 |

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