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Loans (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Major Classifications of Loans

Major classifications of loans at June 30, 2024 and December 31, 2023 were as follows (in thousands):

			June 30, 2024						December 31, 2023
Commercial & industrial			$	125,858					120,541
Commercial, secured by real estate:
Owner occupied			218,470						206,705
Non-owner occupied			522,001						501,108
Farmland			37,507						37,367
Multi-family			227,680						240,033
Construction loans secured by 1-4 family dwellings			13,020						9,058
Construction loans secured by other real estate			97,167						111,373
Residential real estate:
Secured by senior liens on 1-4 family dwellings			395,556						402,026
Secured by junior liens on 1-4 family dwellings			22,249						19,999
Home equity line-of-credit loans			42,324						38,579
Consumer			22,935						25,600
Agricultural			11,747						11,000
Other loans, including deposit overdrafts			233						82
Loans, gross			1,736,747						1,723,471
Less allowance for credit losses			11,270						10,525
Loans, net			$	1,725,477					1,712,946

Loans in the above table are shown net of deferred origination fees and costs. Deferred origination fees, net of related costs, were $533,000 and $181,000 at June 30, 2024 and December 31, 2023, respectively.

Non-accrual, Past Due, and Accruing Restructured Loans

Non-accrual loans by class of receivable as of June 30, 2024 and December 31, 2023 were as follows (in thousands):

			June 30, 2024																		December 31, 2023
			Non-accrual Loans with no Allowance for Credit Losses						Total Non-accrual Loans						Interest Income Recognized						Non-accrual Loans with no Allowance for Credit Losses						Total Non-accrual Loans						Interest Income Recognized
Commercial & industrial			$	—					—						—						—						—						—
Commercial, secured by real estate:
Owner occupied			—						—						—						—						—						—
Non-owner occupied			—						2,642						—						—						—						—
Farmland			52						52						16						51						51						26
Multi-family			—						—						—						—						—						—
Construction loans secured by 1-4 family dwellings			—						—						—						—						—						—
Construction loans secured by other real estate			—						—						—						—						—						—
Residential real estate:
Secured by senior liens on 1-4 family dwellings			80						80						2						29						29						—
Secured by junior liens on 1-4 family dwellings			—						—						—						—						—						—
Home equity line-of-credit loans			—						—						—						—						—						—
Consumer			—						—						—						—						—						—
Agricultural			70						70						—						—						—						—
Total			$	202					2,844						18						80						80						26

Allowance for Loan Losses and Recorded Investments in Loans

The following table presents activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2024 and 2023 (in thousands):

			Commercial & Industrial						Commercial, Secured by Real Estate						Residential Real Estate						Consumer						Agricultural						Other						Total
Three Months Ended June 30, 2024
Balance, beginning of period			$	967					6,486						2,852						232						18						2						10,557
Acquisition of Eagle Financial Bancorp, Inc. - PCD Loans			101						8						79						—						—						—						188
Provision for (recovery of) credit losses			449						(512)						(184)						(21)						20						28						(220)
Acquisition of Eagle Financial Bancorp, Inc. - provision for credit losses on non-PCD loans charged to expense			51						246						466						—						—						—						763
Losses charged off			—						—						—						(40)						—						(46)						(86)
Recoveries			—						—						9						41						—						18						68
Balance, end of period			$	1,568					6,228						3,222						212						38						2						11,270
Ratio of net charge-offs to average loans			—		%				—		%				0.01		%				0.02		%				—		%				(73.60)		%				—		%
Six Months Ended June 30, 2024
Balance, beginning of year			$	1,039					5,414						3,816						238						18						—						10,525
Acquisition of Eagle Financial Bancorp, Inc. - PCD Loans			101						8						79						—						—						—						188
Provision for (recovery of) credit losses			377						560						(1,148)						(32)						20						80						(143)
Acquisition of Eagle Financial Bancorp, Inc. - provision for credit losses on non-PCD loans charged to expense			51						246						466						—						—						—						763
Losses charged off			—						—						—						(43)						—						(121)						(164)
Recoveries			—						—						9						49						—						43						101
Balance, end of period			$	1,568					6,228						3,222						212						38						2						11,270
Ratio of net charge-offs (recoveries) to average loans			—		%				—		%				—		%				(0.05)		%				—		%				121.28		%				—		%
Three Months Ended June 30, 2023
Balance, beginning of period			$	1,047					4,927						1,351						526						7						—						7,858
Provision for (recovery of) credit losses			33						96						(25)						12						(2)						17						131
Losses charged off			(15)						—						—						(4)						—						(30)						(49)
Recoveries			—						—						—						1						—						15						16
Balance, end of period			$	1,065					5,023						1,326						535						5						2						7,956
Ratio of net charge-offs to average loans			0.05		%				—		%				—		%				0.04		%				—		%				91.85		%				0.01		%

			Commercial & Industrial						Commercial, Secured by Real Estate						Residential Real Estate						Consumer						Agricultural						Other						Total
Six Months Ended June 30, 2023
Balance, beginning of year, prior to adoption of ASC 326			$	1,300					3,609						624						86						22						5						5,646
Impact of adopting ASC 326			(512)						1,440						836						446						(9)						(5)						2,196
Provision for (recovery of) credit losses			292						(26)						(134)						9						(8)						30						163
Losses charged off			(15)						—						—						(9)						—						(61)						(85)
Recoveries			—						—						—						3						—						33						36
Balance, end of period			$	1,065					5,023						1,326						535						5						2						7,956
Ratio of net charge-offs to average loans			0.02		%				—		%				—		%				0.04		%				—		%				79.90		%				0.01		%

Schedule Of Collateral Dependent Individually Analyzed Financing Receivables

The following table presents the carrying value and related allowance of collateral dependent individually evaluated loans by class segment at the dates indicated (in thousands):

			June 30, 2024												December 31, 2023
			Carrying Value						Related Allowance						Carrying Value						Related Allowance
Commercial & industrial			$	—					—						—						—
Commercial, secured by real estate:
Owner occupied			56						—						72						—
Non-owner occupied			2,642						1,180						—						—
Farmland			52						—						51						—
Multi-family			—						—						—						—
Construction loans secured by 1-4 family dwellings			—						—						—						—
Construction loans secured by other real estate			—						—						—
Residential real estate:
Secured by senior liens on 1-4 family dwellings			52						31						—						—
Secured by junior liens on 1-4 family dwellings			—						—						—						—
Home equity line-of-credit loans			32						—						—						—
Consumer			—						—						—						—
Agricultural			70						19						—						—
Other loans, including deposit overdrafts			—						—						—						—
Total			$	2,904					1,230						123						—

Analysis of the Company's Loan Portfolio by Credit Quality Indicators

The following table presents the amortized cost basis of loans by vintage and credit quality indicators at June 30, 2024 and December 31, 2023 (in thousands):

			Term Loans by Origination Year
			2024						2023						2022						2021						2020						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
June 30, 2024
Commercial & industrial
Pass			$	8,547					16,206						33,901						28,334						10,049						7,065						17,340						—						121,442
OAEM			—						—						1,971						—						—						—						—						—						1,971
Substandard			—						—						1,819						22						94						111						399						—						2,445
Doubtful			—						—						—						—						—						—						—						—						—
Total			8,547						16,206						37,691						28,356						10,143						7,176						17,739						—						125,858
Gross charge-offs (1)			—						—						—						—						—						—						—						—						—
Commercial, secured by real estate
Pass			18,404						105,556						192,828						163,075						104,000						363,476						153,540						—						1,100,879
OAEM			—						—						2,692						—						—						891						—						—						3,583
Substandard			—						—						7,537						—						—						3,846						—						—						11,383
Doubtful			—						—						—						—						—						—						—						—						—
Total			18,404						105,556						203,057						163,075						104,000						368,213						153,540						—						1,115,845
Gross charge-offs (1)			—						—						—						—						—						—						—						—						—
Residential real estate
Pass			17,882						61,613						75,968						91,234						55,100						114,999						38,826						—						455,622
OAEM			—						—						—						—						—						241						—						—						241
Substandard			—						231						193						294						493						2,896						159						—						4,266
Doubtful			—						—						—						—						—						—						—						—						—
Total			17,882						61,844						76,161						91,528						55,593						118,136						38,985						—						460,129
Gross charge-offs (1)			—						—						—						—						—						—						—						—						—
Consumer
Pass			3,759						6,531						4,499						3,710						3,140						973						278						—						22,890
OAEM			—						—						—						—						—						—						—						—						—
Substandard			—						—						26						—						13						6						—						—						45
Doubtful			—						—						—						—						—						—						—						—						—
Total			3,759						6,531						4,525						3,710						3,153						979						278						—						22,935
Gross charge-offs (1)			—						1						39						3						—						—						—						—						43
Agricultural
Pass			59						1,494						411						156						395						28						9,134						—						11,677
OAEM			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						70						—						—						—						70
Doubtful			—						—						—						—						—						—						—						—						—
Total			59						1,494						411						156						465						28						9,134						—						11,747
Gross charge-offs (1)			—						—						—						—						—						—						—						—						—
Other
Pass			—						—						—						—						—						—						233						—						233
OAEM			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						—						—						—
Total			—						—						—						—						—						—						233						—						233
Gross charge-offs (1)			—						—						—						—						—						—						121						—						121
Total loans			$	48,651					191,631						321,845						286,825						173,354						494,532						219,909						—						1,736,747
(1) - for the six months ended June 30, 2024.

			Term Loans by Origination Year
			2023						2022						2021						2020						2019						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
December 31, 2023
Commercial & industrial
Pass			$	17,169					30,518						29,587						11,426						2,732						5,641						16,919						113						114,105
OAEM			—						—						1,474						—						—						—						—						—						1,474
Substandard			—						1,813						—						105						1,592						137						1,315						—						4,962
Doubtful			—						—						—						—						—						—						—						—						—
Total			17,169						32,331						31,061						11,531						4,324						5,778						18,234						113						120,541
Gross charge-offs (2)			—						—						—						—						—						15						—						—						15
Commercial, secured by real estate
Pass			99,055						200,735						156,865						109,810						92,895						283,564						141,354						6,056						1,090,334
OAEM			—						7,671						—						—						—						3,004						—						—						10,675
Substandard			—						—						—						—						1,648						2,987						—						—						4,635
Doubtful			—						—						—						—						—						—						—						—						—
Total			99,055						208,406						156,865						109,810						94,543						289,555						141,354						6,056						1,105,644
Gross charge-offs (2)			—						—						—						—						—						—						—						—						—
Residential real estate
Pass			55,232						83,511						107,120						62,177						19,208						95,643						33,800						—						456,691
OAEM			—						—						—						—						—						18						—						—						18
Substandard			—						446						—						217						—						3,062						170						—						3,895
Doubtful			—						—						—						—						—						—						—						—						—
Total			55,232						83,957						107,120						62,394						19,208						98,723						33,970						—						460,604
Gross charge-offs (2)			—						—						—						—						4						—						—						—						4
Consumer
Pass			8,087						5,820						4,868						4,671						1,382						304						460						—						25,592
OAEM			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						8						—						—						—						8
Doubtful			—						—						—						—						—						—						—						—						—
Total			8,087						5,820						4,868						4,671						1,390						304						460						—						25,600
Gross charge-offs (2)			—						—						62						21						—						—						—						—						83
Agricultural
Pass			1,883						464						197						694						46						31						7,685						—						11,000
OAEM			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						—						—						—
Total			1,883						464						197						694						46						31						7,685						—						11,000
Gross charge-offs (2)			—						—						—						—						—						—						—						—						—
Other
Pass			—						—						—						—						—						—						82						—						82
OAEM			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						—						—						—
Total			—						—						—						—						—						—						82						—						82
Gross charge-offs (2)			—						—						—						—						—						—						166						—						166
Total loans			$	181,426					330,978						300,111						189,100						119,511						394,391						201,785						6,169						1,723,471
(2) - for the year ended December 31, 2023.

Loan Portfolio Aging Analysis

A loan portfolio aging analysis by class segment at June 30, 2024 and December 31, 2023 is as follows (in thousands):

			30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due						Total Past Due						Current						Total Loans Receivable						90 Days or More Past Due and Accruing
June 30, 2024
Commercial & industrial			$	—					—						—						—						125,858						125,858						—
Commercial, secured by real estate:
Owner occupied			—						—						—						—						218,470						218,470						—
Non-owner occupied			245						—						2,642						2,887						519,114						522,001						—
Farmland			—						—						—						—						37,507						37,507						—
Multi-family			—						—						—						—						227,680						227,680						—
Construction loans secured by 1-4 family dwellings			—						—						—						—						13,020						13,020						—
Construction loans secured by other real estate			—						—						—						—						97,167						97,167						—
Residential real estate:
Secured by senior liens on 1-4 family dwellings			321						107						127						555						395,001						395,556						127
Secured by junior liens on 1-4 family dwellings			26						—						—						26						22,223						22,249						—
Home equity line-of-credit loans			520						51						32						603						41,721						42,324						32
Consumer			55						13						—						68						22,867						22,935						—
Agricultural			—						—						70						70						11,677						11,747						—
Other			233						—						—						233						—						233						—
Total			$	1,400					171						2,871						4,442						1,732,305						1,736,747						159
December 31, 2023
Commercial & industrial			$	—					—						—						—						120,541						120,541						—
Commercial, secured by real estate:
Owner occupied			—						—						72						72						206,633						206,705						72
Non-owner occupied			2,645						—						—						2,645						498,463						501,108						—
Farms			—						—						—						—						37,367						37,367						—
Multi-family			—						—						—						—						240,033						240,033						—
Construction loans secured by 1-4 family dwellings			—						—						—						—						9,058						9,058						—
Construction loans secured by other real estate			—						—						—						—						111,373						111,373						—
Residential real estate
Secured by senior liens on 1-4 family dwellings			1,020						414						29						1,463						400,563						402,026						—
Secured by junior liens on 1-4 family dwellings			27						—						—						27						19,972						19,999						—
Home equity line-of-credit loans			174						30						—						204						38,375						38,579						—
Consumer			136						—						—						136						25,464						25,600						—
Agricultural			—						—						—						—						11,000						11,000						—
Other			82						—						—						82						—						82						—
Total			$	4,084					444						101						4,629						1,718,842						1,723,471						72

Schedule of Troubled Debt Restructurings, Modification Type

The following table presents the amortized cost basis at June 30, 2024 of loan modifications made to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted (in thousands):

			Interest Rate Reduction						Extended Maturity						Principal Forgiveness						Payment Deferral												Total Modifications						Percent of Total Class
Three Months Ended June 30, 2024
Commercial & industrial			$	—					—						—						1,813												1,813						1.44		%
Commercial, secured by real estate, non-owner occupied			—						—						—						—												—						—		%
Residential real estate, secured by senior liens on 1-4 family dwellings			—						—						—						—												—						—		%
Total			$	—					—						—						1,813												1,813
Six Months Ended June 30, 2024
Commercial & industrial			$	—					1,793						—						1,813												3,606						2.87		%
Commercial, secured by real estate, non-owner occupied			—						2,642						—						—												2,642						0.51		%
Residential real estate, secured by senior liens on 1-4 family dwellings			$	—					—						—						—												—						—		%
Total			$	—					4,435						—						1,813												6,248
Three Months Ended June 30, 2023
Commercial & industrial			$	—					—						—						—												—						—		%
Commercial, secured by real estate, non-owner occupied			—						—						—						—												—						—		%
Residential real estate, secured by senior liens on 1-4 family dwellings			—						—						—						325												325						0.12		%
Total			$	—					—						—						325												325
Six Months Ended June 30, 2023
Commercial & industrial			$	—					—						—						—												—						—		%
Commercial, secured by real estate, non-owner occupied			—						—						—						—												—						—		%
Residential real estate, secured by senior liens on 1-4 family dwellings			—						—						—						325												325						0.12		%
Total			$	—					—						—						325												325

X

- Definition

Schedule Of Collateral Dependent Individually Analyzed Financing Receivables

+ References

No definition available.

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X

- Definition

Tabular disclosure of troubled debt restructurings including the principal changes in terms.

+ References

No definition available.

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X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

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X

- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
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