0001558370-24-015500 | 10-Q | XBRL Viewer | Orange County Bancorp INC DE

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss).

Accumulated Other Comprehensive Income (Loss)

Note 7 — Accumulated Other Comprehensive Income (Loss)

The following is changes in the accumulated other comprehensive income (loss) by component, net of tax, for the three and nine months ended September 30, 2024 and 2023.


	Three Months Ended September 30, 2024
	Unrealized
	Gains and
	Losses on				Deferred
	Available-for-		Defined Benefit		Compensation
	Sale Securities		Pension Items		Liability		Total
Beginning balance	$	(59,920)	$	(7,618)	$	105	$	(67,433)
Other comprehensive income/(loss) before reclassification, net		12,812		237		(2)		13,047
Credit loss expense		—		—		—		—
Less amounts reclassified from accumulated other comprehensive income		—		—		—		—
Net current period other comprehensive income/(loss)		12,812		237		(2)		13,047
Ending balance	$	(47,108)	$	(7,381)	$	103	$	(54,386)


	Nine Months Ended September 30, 2024
	Unrealized
	Gains and
	Losses on				Deferred
	Available-for-		Defined Benefit		Compensation
	Sale Securities		Pension Items		Liability		Total
Beginning balance	$	(56,127)	$	(8,092)	$	111	$	(64,108)
Other comprehensive income/(loss) before reclassification		9,019		711		(8)		9,722
Credit loss expense		—				—		—
Less amounts reclassified from accumulated other comprehensive income		—		—		—		—
Net current period other comprehensive income/(loss)		9,019		711		(8)		9,722
Ending balance	$	(47,108)	$	(7,381)	$	103	$	(54,386)


	Three Months Ended September 30, 2023
	Unrealized
	Gains and
	Losses on				Deferred
	Available-for-		Defined Benefit		Compensation
	Sale Securities		Pension Items		Liability		Total
Beginning balance	$	(59,477)	$	(7,099)	$	117	$	(66,459)
Other comprehensive income/(loss) before reclassification		(12,626)		395		(3)		(12,234)
Less amounts reclassified from accumulated other comprehensive income		—		—		—		—
Net current period other comprehensive income/(loss)		(12,626)		395		(3)		(12,234)
Ending balance	$	(72,103)	$	(6,704)	$	114	$	(78,693)


	Nine Months Ended September 30, 2023
	Unrealized
	Gains and
	Losses on				Deferred
	Available-for-		Defined Benefit		Compensation
	Sale Securities		Pension Items		Liability		Total
Beginning balance	$	(60,430)	$	(7,889)	$	123	$	(68,196)
Other comprehensive income/(loss) before reclassification		(16,586)		1,185		(9)		(15,410)
Credit loss expense		5,000		—		—		5,000
Less amounts reclassified from accumulated other comprehensive income		(87)		—		—		(87)
Net current period other comprehensive income/(loss)		(11,673)		1,185		(9)		(10,497)
Ending balance	$	(72,103)	$	(6,704)	$	114	$	(78,693)

The following reflects significant amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023:


									Affected Line Item
	Amount Reclassified from Accumulated Other Comprehensive Income								in the Statement where
									Net Income is Presented
	Three Months Ended September 30,				Nine Months Ended September 30,
Details about Accumulated Other Comprehensive Income Components	2024		2023		2024		2023
Unrealized gains and losses on available-for-sale securities
Credit Loss Expense	$				$	—	$	—
Realized gains on securities available-for-sale		—	$	—		—		107	Investment security gains (losses)
Total before tax		—		—		—		107
Tax effect		—		—		—		20	Provision for income taxes
Net of tax	$	—	$	—	$	—	$	87

Amortization of defined benefit pension items
Transition asset	$	—	$	—	$	—	$	—	Other expense
Actuarial gains (losses)		—		—		—		—	Other expense
Total before tax		—		—		—		—
Tax effect		—		—		—		—	Provision for income taxes
Net of tax	$	—	$	—	$	—	$	—

Total reclassifications for the period, net of tax	$	—	$	—	$	—	$	87

Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value

Schedule of assets and liabilities measured at fair value


			Fair Value Measurements Using:
			Quoted Prices in
			Active Markets		Significant Other		Significant
	Total at		for Identical		Observable		Unobservable
	September 30,		Assets		Inputs		Inputs
	2024		(Level 1)		(Level 2)		(Level 3)
U.S. government agencies and treasuries	$	80,768	$	—	$	80,768	$	—
Mortgage-backed securities		276,955		—		276,955		—
Corporate securities		19,370		—		16,640		2,730
Obligations of states and political subdivisions		92,439		—		92,439		—
Total securities available-for-sale	$	469,532	$	—	$	466,802	$	2,730


			Fair Value Measurements Using:
			Quoted Prices in
			Active Markets		Significant Other		Significant
	Total at		for Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(Level 3)
U.S. government agencies and treasuries	$	87,067	$	—	$	87,067	$	—
Mortgage-backed securities		290,221		—		290,221		—
Corporate securities		19,276		—		16,541		2,735
Obligations of states and political subdivisions		93,384		—		93,384		—
Total securities available-for-sale	$	489,948	$	—	$	487,213	$	2,735

Schedule of assets measured at fair value on a non-recurring

Fair Value Measurements Using:

Quoted Prices

Significant

in Active

Other

Significant

Total at

Markets for

Observable

Unobservable

September 30, 2024

Identical Assets

Inputs

(Level 1)

(Level 2)

(Level 3)

Collateral dependent loans - Commercial Real Estate

5,151

—

5,151

Fair Value Measurements Using:

Quoted Prices

Significant

in Active

Other

Significant

Total at

Markets for

Observable

Unobservable

December 31, 2023

Identical Assets

Inputs

(Level 1)

(Level 2)

(Level 3)

Collateral dependent loans- Commercial Real Estate, Residential Real Estate

695

—

695

Schedule of level 3 fair value measured at fair value on a non-recurring


	Fair Value				Range
September 30, 2024	Value		Valuation Technique	Unobservable Input	(Weighted Average)
Collateral dependent loans - Commercial Real Estate	$	5,151	Appraisal of collateral (1)	Appraisal and liquidation	20%
				adjustments (2)	(20%)


	Fair Value				Range
December 31, 2023	Value		Valuation Technique	Unobservable Input	(Weighted Average)
Collateral dependent loans - Commercial Real Estate, Residential Real Estate	$	695	Appraisal of collateral (1)	Appraisal and liquidation	20-64%
				adjustments (2)	(57%)

(1) Fair value is generally determined through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable.

(2) Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

Schedule of carrying amounts and estimated fair values of financial instruments


	September 30, 2024
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
Financial assets:
Cash and due from banks	$	160,872	$	160,872	$	160,872	$	—	$	—
Loans, net		1,765,071		1,691,019		—		—		1,691,019
Accrued interest receivable		10,007		10,007		—		2,531		7,476
Restricted investment in bank stocks		8,267		NA		—		—		—
Financial liabilities:
Deposits		2,140,023		2,139,384		1,998,091		141,293		—
FHLB advances, short term		82,000		81,829		—		81,829		—
BTFP borrowing, short term		50,000		50,008		—		50,008		—
FHLB advances, long term		10,000		10,067		—		10,067		—
Subordinated notes, net of issuance costs		19,573		24,854		—		24,854		—
Accrued interest payable		1,703		1,703		—		1,703		—


	December 31, 2023
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
Financial assets:
Cash and due from banks	$	147,383	$	147,383	$	147,383	$	—	$	—
Loans, net		1,721,880		1,634,581		—		—		1,634,581
Accrued interest receivable		5,934		5,934		—		2,343		3,591
Restricted investment in bank stocks		14,525		NA		—		—		—
Financial liabilities:
Deposits		2,038,749		2,037,798		1,817,232		220,566		—
FHLB advances, short term		224,500		223,982				223,982
FHLB advances, long term		10,000		9,914		—		9,914		—
Subordinated notes, net of issuance costs		19,520		25,490		—		25,490		—
Accrued interest payable		2,113		2,113		—		2,113		—

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 177,544	$ 148,171	$ 165,376	$ 138,138
Credit loss expense				5,000
Net current period other comprehensive income/(loss)	13,047	(12,234)	9,722	(10,497)
Ending balance	193,094	143,918	193,094	143,918
Unrealized Gains and Losses on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(59,920)	(59,477)	(56,127)	(60,430)
Other comprehensive income/(loss) before reclassification, net	12,812	(12,626)	9,019	(16,586)
Credit loss expense				5,000
Less amounts reclassified from accumulated other comprehensive income				(87)
Net current period other comprehensive income/(loss)	12,812	(12,626)	9,019	(11,673)
Ending balance	(47,108)	(72,103)	(47,108)	(72,103)
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(7,618)	(7,099)	(8,092)	(7,889)
Other comprehensive income/(loss) before reclassification, net	237	395	711	1,185
Net current period other comprehensive income/(loss)	237	395	711	1,185
Ending balance	(7,381)	(6,704)	(7,381)	(6,704)
Deferred Compensation Liability
Accumulated Other Comprehensive Income (Loss)
Beginning balance	105	117	111	123
Other comprehensive income/(loss) before reclassification, net	(2)	(3)	(8)	(9)
Net current period other comprehensive income/(loss)	(2)	(3)	(8)	(9)
Ending balance	103	114	103	114
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(67,433)	(66,459)	(64,108)	(68,196)
Other comprehensive income/(loss) before reclassification, net	13,047	(12,234)	9,722	(15,410)
Credit loss expense				5,000
Less amounts reclassified from accumulated other comprehensive income				(87)
Net current period other comprehensive income/(loss)	13,047	(12,234)	9,722	(10,497)
Ending balance	$ (54,386)	$ (78,693)	$ (54,386)	$ (78,693)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Surplus Cumulative Effect, Period of Adoption, Adjusted Balance	Surplus	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Treasury Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Total
Beginning balance at Dec. 31, 2022	$ 2,842	$ 2,842	$ 120,107	$ 120,107	$ (1,561)	$ 83,074	$ 84,635	$ (68,196)	$ (68,196)	$ (1,250)	$ (1,250)	$ (1,561)	$ 136,577	$ 138,138
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income							21,354							21,354
Other comprehensive income (loss), net of taxes									(10,497)					(10,497)
Cash dividends declared							(3,892)							(3,892)
Treasury stock purchased											(424)			(424)
Restricted stock expense				45										45
Stock-based compensation				215							540			755
Ending balance at Sep. 30, 2023		2,842		120,367			100,536		(78,693)		(1,134)			143,918
Beginning balance at Jun. 30, 2023		2,842		120,272			92,795		(66,459)		(1,279)			148,171
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income							9,038							9,038
Other comprehensive income (loss), net of taxes									(12,234)					(12,234)
Cash dividends declared							(1,297)							(1,297)
Treasury stock purchased											(127)			(127)
Restricted stock expense				9										9
Stock-based compensation				86							272			358
Ending balance at Sep. 30, 2023		2,842		120,367			100,536		(78,693)		(1,134)			143,918
Beginning balance at Dec. 31, 2023		2,842		120,392			107,361		(64,108)		(1,111)			165,376
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income							20,719							20,719
Other comprehensive income (loss), net of taxes									9,722					9,722
Cash dividends declared							(3,906)							(3,906)
Treasury stock purchased											(489)			(489)
Restricted stock expense				5										5
Stock-based compensation				477							1,190			1,667
Ending balance at Sep. 30, 2024		2,842		120,874			124,174		(54,386)		(410)			193,094
Beginning balance at Jun. 30, 2024		2,842		120,602			122,262		(67,433)		(729)			177,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income							3,216							3,216
Other comprehensive income (loss), net of taxes									13,047					13,047
Cash dividends declared							(1,304)							(1,304)
Treasury stock purchased											(196)			(196)
Stock-based compensation				272							515			787
Ending balance at Sep. 30, 2024		$ 2,842		$ 120,874			$ 124,174		$ (54,386)		$ (410)			$ 193,094

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.5-03(20))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 250
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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Nature of Operations and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations and Principles of Consolidation	Nature of Operations and Principles of Consolidation: The unaudited consolidated financial statements include Orange County Bancorp, Inc., a Delaware bank holding company (“Orange County Bancorp”) and its wholly owned subsidiaries: Orange Bank & Trust Company, a New York trust company (the “Bank”) and Hudson Valley Investment Advisors (“HVIA”), a Registered Investment Advisor, together referred to as the “Company.” Intercompany transactions and balances are eliminated in consolidation. The Company provides commercial and consumer banking services to individuals, small businesses and local municipal governments as well as trust and investment services through the Bank and HVIA. The Company is headquartered in Middletown, New York, with eight locations in Orange County, New York, seven in Westchester County, New York, two in Rockland County, New York, and one in Bronx County, New York. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial real estate, commercial and residential mortgage loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the areas in which they operate. Assets held by the Company in an agency or fiduciary capacity for its customers are excluded from the consolidated financial statements since they do not constitute assets of the Company. Assets held by the Company in an agency or fiduciary capacity for its customers amounted to $1.8 billion and $1.6 billion at September 30, 2024 and December 31, 2023, respectively. Certain information and footnote disclosures normally included in the audited consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2023 for Orange County Bancorp contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 29, 2024. In the opinion of the management of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting solely of normal and recurring accruals) necessary to present fairly the financial position as of September 30, 2024, the results of operations, comprehensive income, and changes in stockholders’ equity for the three and nine months ended September 30, 2024 and 2023 and cash flow statements for the nine months ended September 30, 2024 and 2023. The results of operations for any interim period are not necessarily indicative of the results that may be expected for the full year or for any future period. Certain reclassifications have been made to the financial statements to conform with prior period presentations.
Use of Estimates	Use of Estimates: To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, enhancing disclosure requirements for reportable segments, focusing on significant segment expenses, the identification of a segment's chief decision making officer, and the metrics used by the chief decision making officer in evaluating segment-level operating performance. The ASU is effective for fiscal years beginning after December 15, 2023. The Company will begin providing enhanced segment reporting disclosures in accordance with ASU 2023-07 for the fiscal year ending December 31, 2024, and for interim periods thereafter. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: 1) The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes. 2) The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: 1) Income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and 2) Income tax expense (or benefit) from continuing operations disaggregated by federal (national), state and foreign. ASU 2023-09 is effective for the Company beginning January 1, 2025. The Company is evaluating the effect that ASU 2023-09 will have on its consolidated financial statements.
Financial instruments credit losses	Allowance for Credit Losses on Loans Receivable The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Individually evaluated loans are primarily non-accrual and collateral dependent loans. Periodically, certain substandard loans may be downgraded according to policy guidelines but will exhibit characteristics which do not require individual evaluation. The related allowance for those loans would be based on the pooling methodology in determining the appropriate reserve. Furthermore, the Company evaluates the pooling methodology at least annually to ensure that loans with similar risk characteristics are pooled appropriately. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company does not estimate expected losses on accrued interest receivable on loans, as accrued interest receivable is reversed or written off when the full collection of the accrued interest receivable related to a loan becomes doubtful. The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. The Company calculates estimated credit losses for these loan segments using quantitative models and qualitative factors. Further information on loan segmentation and the credit loss estimation is included in Note 3 – Loans and Allowance for Credit Losses. Individually Evaluated Loans On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan. Allowance for Credit Losses on Off-Balance Sheet Commitments The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statement of financial condition and the related credit expense is recorded as provisions for credit losses in the consolidated statements of income. Allowance for Credit Losses on Available for Sale Securities For available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The Company does not estimate expected losses on accrued interest receivable on investments, as accrued interest receivable is reversed or written off when the full collection of the accrued interest receivable related to an investment becomes doubtful.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

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+ Details

Accumulated Other Comprehensive Income (Loss) - Amount Reclassified from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss)
Credit Loss Expense				$ 5,000
Investment securities gains (losses)				107
Transition asset	$ 1,237	$ 1,084	$ 3,884	3,644
Actuarial gains (losses)	745	168	1,413	730
Total before tax	4,004	11,294	25,850	26,447
Tax effect	788	2,256	5,131	5,093
Net Income (Loss)	$ 3,216	$ 9,038	$ 20,719	21,354
Unrealized gains and losses on available-for-sale securities
Accumulated Other Comprehensive Income (Loss)
Credit Loss Expense				5,000
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Credit Loss Expense				5,000
Reclassifications out of accumulated other comprehensive income (loss) \| Unrealized gains and losses on available-for-sale securities
Accumulated Other Comprehensive Income (Loss)
Investment securities gains (losses)				107
Total before tax				107
Tax effect				20
Net Income (Loss)				87
Reclassifications out of accumulated other comprehensive income (loss) \| Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Net Income (Loss)				$ 87

Investment Securities - Contractual Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Amortized Cost
Due in one year or less, Amortized Cost	$ 12,639
Due after one through five years, Amortized Cost	24,748
Due after five through ten years, Amortized Cost	57,261
Due after ten years, Amortized Cost	119,613
Total, Amortized Cost	214,261
Mortgage-backed securities	314,900
Amortized Cost	529,161	$ 560,994
Fair Value
Due in one year or less, Fair Value	12,671
Due after one through five years, Fair Value	23,393
Due after five through ten years, Fair Value	49,768
Due after ten years, Fair Value	106,745
Total, Fair Value	192,577
Mortgage-backed securities	276,955
Fair Value	$ 469,532	$ 489,948
Number of securities of any one issuer is being held \| security	0	0
Mortgage-backed securities
Fair Value
Debt securities pledged to secure public deposits	$ 402,711	$ 317,855

Regulatory Capital Matters

9 Months Ended

Sep. 30, 2024

Regulatory Capital Matters

Regulatory Capital Matters

Note 10 — Regulatory Capital Matters

The Bank is subject to regulatory capital requirements administered by the federal banking agencies. Capital adequacy guidelines and prompt corrective regulations involve quantitative measures of assets, liabilities and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgements by regulators.

Failure to meet the minimum capital requirements can initiate regulatory action. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks, (Basel III rules), became effective for the Bank on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. Under the Basel III rules, the Bank must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer.” The capital conservation buffer is 2.5%. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion and capital restoration plans are required. Capital levels at September 30, 2024 and at December 31, 2023 exceeded the regulatory minimum levels for the Bank to be considered well capitalized under the prompt corrective action regulations.

Actual and required capital amounts and ratios are presented below at September 30, 2024 and December 31, 2023 for the Bank.


													To be Well Capitalized
					For Capital Adequacy				For Capital Adequacy				under Prompt
	Actual				Purposes				Purposes with Capital Buffer				Corrective Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
September 30, 2024
Total capital to risk weighted assets	$	279,742	14.89	%	$	150,282	8.00	%	$	185,504	9.875	%	$	187,853	10.00	%
Tier 1 (Core) capital to risk weighted assets		256,174	13.64	%		112,712	6.00	%		147,934	7.875	%		150,282	8.00	%
Common Tier 1 (CET1) to risk weighted assets		256,174	13.64	%		84,534	4.50	%		119,756	6.375	%		122,104	6.50	%
Tier 1 (Core) Capital to average assets		256,174	10.06	%		101,834	4.00	%		N/A	N/A			127,292	5.00	%
December 31, 2023
Total capital to risk weighted assets	$	262,598	14.16	%	$	148,398	8.00	%	$	183,178	9.875	%	$	185,497	10.00	%
Tier 1 (Core) capital to risk weighted assets		239,398	12.91	%		111,298	6.00	%		146,079	7.875	%		148,398	8.00	%
Common Tier 1 (CET1) to risk weighted assets		239,398	12.91	%		83,474	4.50	%		118,254	6.375	%		120,573	6.50	%
Tier 1 (Core) Capital to average assets		239,398	9.42	%		101,640	4.00	%		N/A	N/A			127,049	5.00	%

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Loans - Recorded investment in non-accrual and loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Loans
Non Accrual With No Allowance for Credit Loss	$ 37	$ 3,267
Non-accrual	10,900
Non-accrual	10,932	4,427
Loans Past Due Over 90 Days Non-accrual Still Accruing	237
ACL relating to non-accrual balances	5,600	351
Non-accrual loans with no ACL associated to them	37	3,300
Commercial and industrial. \| Commercial and industrial
Loans
Non Accrual With No Allowance for Credit Loss	29	285
Non-accrual	199	556
Loans Past Due Over 90 Days Non-accrual Still Accruing	237
Commercial real estate. \| Commercial real estate
Loans
Non Accrual With No Allowance for Credit Loss		2,391
Non-accrual	10,725	2,692
Residential real estate. \| Residential real estate
Loans
Non Accrual With No Allowance for Credit Loss	8	591
Non-accrual	$ 8	$ 1,179

Pension Plan and Stock Compensation

9 Months Ended

Sep. 30, 2024

Pension Plan and Stock Compensation

Pension Plan and Stock Compensation

Note 6 — Pension Plan and Stock Compensation

The Bank has a funded noncontributory defined benefit pension plan that covers substantially all employees meeting certain eligibility requirements. The pension plan was closed to new participants and benefit accruals were frozen as of December 31, 2015. The plan provides defined benefits based on years of service and final average salary.

The components of net periodic benefit cost for the Company’s noncontributory defined benefit pension plan for the three and nine months ended September 30, 2024 and 2023 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Service cost	$	—	$	—	$	—	$	—
Interest cost		269		279		807		837
Expected return on plan assets		(479)		(411)		(1,438)		(1,233)
Amortization of transition cost		—		—		—		—
Amortization of net loss		74		70		221		210
Net periodic benefit cost/(income)	$	(136)	$	(62)	$	(410)	$	(186)

The Company has a time based restricted stock plan. For the three months ended September 30, 2024 and 2023, the Company’s recognized stock-based compensation costs were $0 and $9, respectively. For the nine months ended September 30, 2024 and 2023 the Company’s recognized stock-based compensation costs of $5 and $45, respectively. The Company uses the fair value of the common stock on the date of award to measure compensation cost for restricted stock awards. Compensation cost is recognized over the vesting period of the award using the straight line method. There were no restricted stock grants made during the three and nine months ended September 30, 2024 and 2023. The grants generally vest at the rate of 33% per year with full vesting on the third anniversary date of the grant. There was no unamortized expense at September 30, 2024.

A summary of the Company’s restricted stock awards activity for the nine months ended September 30, 2024 is presented below:


		Weighted
		Average Fair
	Shares	Value
Non-vested at beginning of period	3,528	$	28.75
Granted	—	$
Vested	(3,528)	$	28.75
Forfeited	—	$	—
Non-vested at end of period	—	$	—

On September 22, 2021 restricted stock units (RSUs) were granted in the amount of 48,004 from the Company’s 2019 Equity Incentive Plan to officers of the Bank and HVIA and directors of the Company in connection with the successful completion of the Company’s initial public stock offering, listing on the NASDAQ Capital Market and the recent past years’ success experienced by the Bank. Non-employee directors received 16,500 restricted stock units while officers received 31,504 restricted stock units. The restricted stock units granted to officers will vest over three years in approximately 33% increments on the first, second and third anniversary of the date of grant. The restricted stock units granted to nonemployee directors are 100% vested as of the date of grant and are settled in shares of Company common stock upon separation from service. In addition, the Company made a discretionary contribution of $200,000 to the Company’s KSOP Trust and purchased shares of the Company’s common stock in the open market for the benefit of all eligible non-highly compensated employees who remain employed by the Company, Bank or HVIA as of December 31, 2021.

The following table summarizes the activity of RSUs during the nine months ended September 30, 2024:


		Restricted Stock Units
Non-vested RSUs at beginning of period		72,513
Granted		46,092
Vested		(34,772)
Forfeited		(601)
Non-vested RSUs at end of period		83,232

Pension Plan and Stock Compensation - Restricted Stock Units (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Sep. 22, 2021	Sep. 30, 2024	Dec. 31, 2021
Pension Plan and Stock Compensation
Maximum discretionary contributions to a KSOP trust			$ 200,000
Restricted Stock Units (RSUs)
Pension Plan and Stock Compensation
Granted (in shares)	48,004	46,092
Restricted Stock Units (RSUs) \| Officers
Pension Plan and Stock Compensation
Granted (in shares)	31,504
Vesting period	3 years
Restricted Stock Units (RSUs) \| Officers \| First anniversary
Pension Plan and Stock Compensation
Vesting percentage	33.00%
Restricted Stock Units (RSUs) \| Officers \| Second anniversary
Pension Plan and Stock Compensation
Vesting percentage	33.00%
Restricted Stock Units (RSUs) \| Officers \| Third anniversary
Pension Plan and Stock Compensation
Vesting percentage	33.00%
Restricted Stock Units (RSUs) \| Non-employee directors
Pension Plan and Stock Compensation
Granted (in shares)	16,500
Vesting percentage	100.00%

Regulatory Capital Matters (Tables)

9 Months Ended

Sep. 30, 2024

Regulatory Capital Matters

Schedule of actual and required capital amounts and ratios


													To be Well Capitalized
					For Capital Adequacy				For Capital Adequacy				under Prompt
	Actual				Purposes				Purposes with Capital Buffer				Corrective Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
September 30, 2024
Total capital to risk weighted assets	$	279,742	14.89	%	$	150,282	8.00	%	$	185,504	9.875	%	$	187,853	10.00	%
Tier 1 (Core) capital to risk weighted assets		256,174	13.64	%		112,712	6.00	%		147,934	7.875	%		150,282	8.00	%
Common Tier 1 (CET1) to risk weighted assets		256,174	13.64	%		84,534	4.50	%		119,756	6.375	%		122,104	6.50	%
Tier 1 (Core) Capital to average assets		256,174	10.06	%		101,834	4.00	%		N/A	N/A			127,292	5.00	%
December 31, 2023
Total capital to risk weighted assets	$	262,598	14.16	%	$	148,398	8.00	%	$	183,178	9.875	%	$	185,497	10.00	%
Tier 1 (Core) capital to risk weighted assets		239,398	12.91	%		111,298	6.00	%		146,079	7.875	%		148,398	8.00	%
Common Tier 1 (CET1) to risk weighted assets		239,398	12.91	%		83,474	4.50	%		118,254	6.375	%		120,573	6.50	%
Tier 1 (Core) Capital to average assets		239,398	9.42	%		101,640	4.00	%		N/A	N/A			127,049	5.00	%

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss).

Summary of changes in accumulated other comprehensive income (loss)


	Three Months Ended September 30, 2024
	Unrealized
	Gains and
	Losses on				Deferred
	Available-for-		Defined Benefit		Compensation
	Sale Securities		Pension Items		Liability		Total
Beginning balance	$	(59,920)	$	(7,618)	$	105	$	(67,433)
Other comprehensive income/(loss) before reclassification, net		12,812		237		(2)		13,047
Credit loss expense		—		—		—		—
Less amounts reclassified from accumulated other comprehensive income		—		—		—		—
Net current period other comprehensive income/(loss)		12,812		237		(2)		13,047
Ending balance	$	(47,108)	$	(7,381)	$	103	$	(54,386)


	Nine Months Ended September 30, 2024
	Unrealized
	Gains and
	Losses on				Deferred
	Available-for-		Defined Benefit		Compensation
	Sale Securities		Pension Items		Liability		Total
Beginning balance	$	(56,127)	$	(8,092)	$	111	$	(64,108)
Other comprehensive income/(loss) before reclassification		9,019		711		(8)		9,722
Credit loss expense		—				—		—
Less amounts reclassified from accumulated other comprehensive income		—		—		—		—
Net current period other comprehensive income/(loss)		9,019		711		(8)		9,722
Ending balance	$	(47,108)	$	(7,381)	$	103	$	(54,386)


	Three Months Ended September 30, 2023
	Unrealized
	Gains and
	Losses on				Deferred
	Available-for-		Defined Benefit		Compensation
	Sale Securities		Pension Items		Liability		Total
Beginning balance	$	(59,477)	$	(7,099)	$	117	$	(66,459)
Other comprehensive income/(loss) before reclassification		(12,626)		395		(3)		(12,234)
Less amounts reclassified from accumulated other comprehensive income		—		—		—		—
Net current period other comprehensive income/(loss)		(12,626)		395		(3)		(12,234)
Ending balance	$	(72,103)	$	(6,704)	$	114	$	(78,693)


	Nine Months Ended September 30, 2023
	Unrealized
	Gains and
	Losses on				Deferred
	Available-for-		Defined Benefit		Compensation
	Sale Securities		Pension Items		Liability		Total
Beginning balance	$	(60,430)	$	(7,889)	$	123	$	(68,196)
Other comprehensive income/(loss) before reclassification		(16,586)		1,185		(9)		(15,410)
Credit loss expense		5,000		—		—		5,000
Less amounts reclassified from accumulated other comprehensive income		(87)		—		—		(87)
Net current period other comprehensive income/(loss)		(11,673)		1,185		(9)		(10,497)
Ending balance	$	(72,103)	$	(6,704)	$	114	$	(78,693)

Summary of significant amounts reclassified out of each component of accumulated other comprehensive income (loss)


									Affected Line Item
	Amount Reclassified from Accumulated Other Comprehensive Income								in the Statement where
									Net Income is Presented
	Three Months Ended September 30,				Nine Months Ended September 30,
Details about Accumulated Other Comprehensive Income Components	2024		2023		2024		2023
Unrealized gains and losses on available-for-sale securities
Credit Loss Expense	$				$	—	$	—
Realized gains on securities available-for-sale		—	$	—		—		107	Investment security gains (losses)
Total before tax		—		—		—		107
Tax effect		—		—		—		20	Provision for income taxes
Net of tax	$	—	$	—	$	—	$	87

Amortization of defined benefit pension items
Transition asset	$	—	$	—	$	—	$	—	Other expense
Actuarial gains (losses)		—		—		—		—	Other expense
Total before tax		—		—		—		—
Tax effect		—		—		—		—	Provision for income taxes
Net of tax	$	—	$	—	$	—	$	—

Total reclassifications for the period, net of tax	$	—	$	—	$	—	$	87

Nature of Operations and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Nature of Operations and Summary of Significant Accounting Policies

Nature of Operations and Summary of Significant Accounting Policies

Note 1 — Nature of Operations and Summary of Significant Accounting Policies

Nature of Operations and Principles of Consolidation: The unaudited consolidated financial statements include Orange County Bancorp, Inc., a Delaware bank holding company (“Orange County Bancorp”) and its wholly owned subsidiaries: Orange Bank & Trust Company, a New York trust company (the “Bank”) and Hudson Valley Investment Advisors (“HVIA”), a Registered Investment Advisor, together referred to as the “Company.” Intercompany transactions and balances are eliminated in consolidation.

The Company provides commercial and consumer banking services to individuals, small businesses and local municipal governments as well as trust and investment services through the Bank and HVIA. The Company is headquartered in Middletown, New York, with eight locations in Orange County, New York, seven in Westchester County, New York, two in Rockland County, New York, and one in Bronx County, New York. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial real estate, commercial and residential mortgage loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the areas in which they operate.

Assets held by the Company in an agency or fiduciary capacity for its customers are excluded from the consolidated financial statements since they do not constitute assets of the Company. Assets held by the Company in an agency or fiduciary capacity for its customers amounted to $1.8 billion and $1.6 billion at September 30, 2024 and December 31, 2023, respectively.

Certain information and footnote disclosures normally included in the audited consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2023 for Orange County Bancorp contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 29, 2024. In the opinion of the management of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting solely of normal and recurring accruals) necessary to present fairly the financial position as of September 30, 2024, the results of operations, comprehensive income, and changes in stockholders’ equity for the three and nine months ended September 30, 2024 and 2023 and cash flow statements for the nine months ended September 30, 2024 and 2023. The results of operations for any interim period are not necessarily indicative of the results that may be expected for the full year or for any future period. Certain reclassifications have been made to the financial statements to conform with prior period presentations.

Use of Estimates: To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.

Recent Accounting Pronouncements: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, enhancing disclosure requirements for reportable segments, focusing on significant segment expenses, the identification of a segment's chief decision making officer, and the metrics used by the chief decision making officer in evaluating segment-level operating performance. The ASU is effective for fiscal years beginning after December 15, 2023. The Company will begin providing enhanced segment reporting disclosures in accordance with ASU 2023-07 for the fiscal year ending December 31, 2024, and for interim periods thereafter.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax

rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: 1) The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes. 2) The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: 1) Income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and 2) Income tax expense (or benefit) from continuing operations disaggregated by federal (national), state and foreign. ASU 2023-09 is effective for the Company beginning January 1, 2025. The Company is evaluating the effect that ASU 2023-09 will have on its consolidated financial statements.

Allowance for Credit Losses on Loans Receivable

The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Individually evaluated loans are primarily non-accrual and collateral dependent loans. Periodically, certain substandard loans may be downgraded according to policy guidelines but will exhibit characteristics which do not require individual evaluation. The related allowance for those loans would be based on the pooling methodology in determining the appropriate reserve. Furthermore, the Company evaluates the pooling methodology at least annually to ensure that loans with similar risk characteristics are pooled appropriately. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company does not estimate expected losses on accrued interest receivable on loans, as accrued interest receivable is reversed or written off when the full collection of the accrued interest receivable related to a loan becomes doubtful.

The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. The Company calculates estimated credit losses for these loan segments using quantitative models and qualitative factors. Further information on loan segmentation and the credit loss estimation is included in Note 3 – Loans and Allowance for Credit Losses.

Individually Evaluated Loans

On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan.

Allowance for Credit Losses on Off-Balance Sheet Commitments

The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statement of financial condition and the related credit expense is recorded as provisions for credit losses in the consolidated statements of income.

Allowance for Credit Losses on Available for Sale Securities

For available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria

regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax.

Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The Company does not estimate expected losses on accrued interest receivable on investments, as accrued interest receivable is reversed or written off when the full collection of the accrued interest receivable related to an investment becomes doubtful.

Loans - Loans by year of origination and internally assigned credit risk (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loans
2024	$ 159,667	$ 303,107
2023	315,837	438,008
2022	414,418	342,583
2021	310,456	231,630
2020	200,158	129,057
Prior	367,980	280,375
Revolving Loans	26,027	20,539
Revolving Loans to term Loans	1,551	1,763
Total ending loans balance	1,796,094	1,747,062
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2024	8	23
2022		11
2021	3,931	510
2020		464
Prior	122	598
Revolving Loans to Term Loans	33
Total	4,094	1,606
Directors and principal officers of the Company, including their immediate families
Loans
Total ending loans balance	16,502	16,475
Commercial and industrial. \| Commercial and industrial
Loans
2024	30,153	46,517
2023	45,308	64,801
2022	47,051	48,832
2021	39,455	45,171
2020	33,445	26,500
Prior	56,072	41,741
Total ending loans balance	251,484	273,562
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2024	8	23
2021		510
2020		439
Prior		597
Total	8	1,569
Commercial and industrial. \| Commercial and industrial \| Pass
Loans
2024	26,554	46,009
2023	44,806	56,896
2022	36,520	48,103
2021	34,998	44,329
2020	33,309	26,500
Prior	55,236	39,953
Total ending loans balance	231,423	261,790
Commercial and industrial. \| Commercial and industrial \| Special Mention
Loans
2024		100
2023	80	7,521
2022	3,333
2021	4,287
Prior	150	225
Total ending loans balance	7,850	7,846
Commercial and industrial. \| Commercial and industrial \| Substandard
Loans
2024	3,599	408
2023	422	384
2022	7,198	729
2021	170	842
2020	136
Prior	686	1,563
Total ending loans balance	12,211	3,926
Commercial real estate. \| Commercial real estate
Loans
2024	99,740	197,300
2023	198,078	328,445
2022	330,432	247,585
2021	252,330	165,010
2020	156,583	97,414
Prior	292,092	220,304
Revolving Loans	5,325	3,298
Total ending loans balance	1,334,580	1,259,356
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2021	3,931
Prior	28
Total	3,959
Commercial real estate. \| Commercial real estate \| Pass
Loans
2024	99,740	197,300
2023	197,288	328,445
2022	329,806	237,198
2021	225,069	162,619
2020	156,583	88,322
Prior	272,035	202,800
Revolving Loans	5,325	3,298
Total ending loans balance	1,285,846	1,219,982
Commercial real estate. \| Commercial real estate \| Special Mention
Loans
2023	790
2022		9,957
2021	6,291
2020		2,959
Prior	11,339	12,042
Total ending loans balance	18,420	24,958
Commercial real estate. \| Commercial real estate \| Substandard
Loans
2022	626	430
2021	20,970	2,391
2020		6,133
Prior	8,718	5,462
Total ending loans balance	30,314	14,416
Commercial real estate. \| Commercial real estate construction
Loans
2024	15,369	11,116
2023	28,113	26,876
2022	24,545	37,326
2021	10,200	10,407
Total ending loans balance	78,227	85,725
Commercial real estate. \| Commercial real estate construction \| Pass
Loans
2024	15,369	11,116
2023	28,113	26,876
2022	24,545	37,326
2021	10,200	10,407
Total ending loans balance	78,227	85,725
Residential real estate. \| Residential real estate
Loans
2024	4,661	19,196
2023	20,620	17,810
2022	12,388	8,825
2021	8,471	9,253
2020	8,718	5,064
Prior	19,604	18,173
Total ending loans balance	74,462	78,321
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Prior	94
Total	94
Residential real estate. \| Residential real estate \| Pass
Loans
2024	4,661	19,196
2023	20,620	17,810
2022	12,388	8,825
2021	8,471	9,253
2020	8,718	4,475
Prior	19,596	17,583
Total ending loans balance	74,454	77,142
Residential real estate. \| Residential real estate \| Substandard
Loans
2020		589
Prior	8	590
Total ending loans balance	8	1,179
Residential real estate. \| Home equity
Loans
2024		48
2023	47	68
2022		15
2020		57
Prior	48
Revolving Loans	14,418	11,595
Revolving Loans to term Loans	1,551	1,763
Total ending loans balance	16,064	13,546
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Revolving Loans to Term Loans	33
Total	33
Residential real estate. \| Home equity \| Pass
Loans
2024		48
2023	47	68
2022		15
2020		57
Prior	48
Revolving Loans	14,418	11,595
Revolving Loans to term Loans	1,551	1,763
Total ending loans balance	16,064	13,546
Consumer
Loans
2024	9,744	28,930
2023	23,671	8
2022	2
2021		1,789
2020	1,412	22
Prior	164	157
Revolving Loans	6,284	5,646
Total ending loans balance	41,277	36,552
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2022		11
2020		25
Prior		1
Total		37
Consumer \| Pass
Loans
2024	9,744	28,930
2023	23,671	8
2022	2
2021		1,789
2020	1,412	22
Prior	77	63
Revolving Loans	6,284	5,646
Total ending loans balance	41,190	36,458
Consumer \| Substandard
Loans
Prior	87	94
Total ending loans balance	$ 87	$ 94

Investment Securities - Securities with unrealized and unrecognized losses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment securities
Fair Value, Less than 12 Months	$ 5,058	$ 11,343
Fair Value, 12 Months or More	439,032	463,130
Fair Value, Total	444,090	474,473
Unrealized Losses, Less than 12 Months	(42)	(184)
Unrealized Losses, 12 Months or More	(59,907)	(71,019)
Unrealized Losses, Total	(59,949)	(71,203)
U.S. government agencies and treasuries
Investment securities
Fair Value, Less than 12 Months	1,288	438
Fair Value, 12 Months or More	74,798	83,003
Fair Value, Total	76,086	83,441
Unrealized Losses, Less than 12 Months	(1)	(1)
Unrealized Losses, 12 Months or More	(7,010)	(9,689)
Unrealized Losses, Total	(7,011)	(9,690)
Mortgage-backed securities - residential
Investment securities
Fair Value, Less than 12 Months	3,440	9,169
Fair Value, 12 Months or More	202,303	215,301
Fair Value, Total	205,743	224,470
Unrealized Losses, Less than 12 Months	(40)	(171)
Unrealized Losses, 12 Months or More	(23,527)	(30,760)
Unrealized Losses, Total	(23,567)	(30,931)
Mortgage-backed securities - commercial
Investment securities
Fair Value, Less than 12 Months		1,223
Fair Value, 12 Months or More	62,263	62,080
Fair Value, Total	62,263	63,303
Unrealized Losses, Less than 12 Months		(10)
Unrealized Losses, 12 Months or More	(14,511)	(16,276)
Unrealized Losses, Total	(14,511)	(16,286)
Corporate Securities
Investment securities
Fair Value, 12 Months or More	19,370	19,276
Fair Value, Total	19,370	19,276
Unrealized Losses, 12 Months or More	(4,144)	(4,253)
Unrealized Losses, Total	(4,144)	(4,253)
Obligations of states and political subdivisions
Investment securities
Fair Value, Less than 12 Months	330	513
Fair Value, 12 Months or More	80,298	83,470
Fair Value, Total	80,628	83,983
Unrealized Losses, Less than 12 Months	(1)	(2)
Unrealized Losses, 12 Months or More	(10,715)	(10,041)
Unrealized Losses, Total	$ (10,716)	$ (10,043)

Loans - Aging of the recorded investment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Loans
Total loans	$ 1,796,094	$ 1,747,062
30 - 59 Days Past Due
Loans
Total loans	209	249
60 - 89 Days Past Due
Loans
Total loans	159
Greater Than 90 Days
Loans
Total loans	10,992	1,794
Past Due
Loans
Total loans	11,360	2,043
Not Past Due
Loans
Total loans	1,784,734	1,745,019
Commercial and industrial. \| Commercial and industrial
Loans
Total loans	251,484	273,562
Commercial and industrial. \| Commercial and industrial \| 30 - 59 Days Past Due
Loans
Total loans		229
Commercial and industrial. \| Commercial and industrial \| Greater Than 90 Days
Loans
Total loans	266	327
Commercial and industrial. \| Commercial and industrial \| Past Due
Loans
Total loans	266	556
Commercial and industrial. \| Commercial and industrial \| Not Past Due
Loans
Total loans	251,218	273,006
Commercial real estate. \| Commercial real estate
Loans
Total loans	1,334,580	1,259,356
Commercial real estate. \| Commercial real estate \| 30 - 59 Days Past Due
Loans
Total loans		20
Commercial real estate. \| Commercial real estate \| 60 - 89 Days Past Due
Loans
Total loans	159
Commercial real estate. \| Commercial real estate \| Greater Than 90 Days
Loans
Total loans	10,726	300
Commercial real estate. \| Commercial real estate \| Past Due
Loans
Total loans	10,885	320
Commercial real estate. \| Commercial real estate \| Not Past Due
Loans
Total loans	1,323,695	1,259,035
Commercial real estate. \| Commercial real estate construction
Loans
Total loans	78,227	85,725
Commercial real estate. \| Commercial real estate construction \| Not Past Due
Loans
Total loans	78,227	85,725
Residential real estate. \| Residential real estate
Loans
Total loans	74,462	78,321
Residential real estate. \| Residential real estate \| Greater Than 90 Days
Loans
Total loans		1,167
Residential real estate. \| Residential real estate \| Past Due
Loans
Total loans		1,167
Residential real estate. \| Residential real estate \| Not Past Due
Loans
Total loans	74,462	77,155
Residential real estate. \| Home equity
Loans
Total loans	16,064	13,546
Residential real estate. \| Home equity \| Not Past Due
Loans
Total loans	16,064	13,546
Consumer
Loans
Total loans	41,277	36,552
Consumer \| 30 - 59 Days Past Due
Loans
Total loans	209
Consumer \| Past Due
Loans
Total loans	209
Consumer \| Not Past Due
Loans
Total loans	$ 41,068	$ 36,552

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contracts with Customers

Schedule of noninterest income


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Noninterest Income
Service charges on deposit accounts	$		$
Overdraft fees		157		106	$	412	$	294
Other		113		104		325		294
Trust income		1,379		1,266		4,000		3,707
Investment advisory income		1,741		1,333		4,966		3,819
Investment securities gains (losses)^(a)		—		—		—		107
Earnings on bank owned life insurance^(a)		39		243		551		725
Other^(b)		745		168		1,413		730
Total Noninterest Income	$	4,174	$	3,220	$	11,667	$	9,676

(a)	Not within the scope of ASC 606.

(b)	The Other category includes safe deposit income, checkbook fees, and debit card fee income, totaling $272 and $245 for the three months ended September 30, 2024 and 2023, respectively, and $807 and $711 for the nine months ended September 30, 2024 and

2023, that are within the scope of ASC 606 and loan related fee income and miscellaneous income, totaling $473 and $(77) for the three months ended September 30, 2024 and 2023, respectively, and $606 and $19 for the nine months ended September 30, 2024 and 2023 which are outside the scope of ASC 606.

Fair Value

9 Months Ended

Sep. 30, 2024

Fair Value

Fair Value

Note 4 — Fair Value

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Company used the following methods and significant assumptions to estimate fair value:

Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2), using matrix pricing. Matrix pricing is a mathematical technique commonly used to price debt securities that are not actively traded, values debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3).

Individually Evaluated, or Collateral Dependent Loans and Other Real Estate Owned: The fair value of collateral dependent loans that are individually evaluated for impairment is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach and resulted in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Collateral dependent loans are evaluated on a quarterly basis for additional impairment and adjusted in accordance with the allowance policy.

Appraisals are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by a third-party appraisal management company that the Company has engaged in accordance with internal vendor management policies and approval of the Company’s Board of Directors. Once received, the appraisal review function is conducted by the appraisal management company and consists of a review of the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. Through this review, the appraisal management company evaluates the validity of the appraised value and the strength of the conclusions; which are subsequently confirmed by a member of the Credit Department. Discounts to the appraised value are then applied to recognize the carrying costs incurred until disposition, realtor fees, deterioration in the quality of the asset, and the age of the appraisal. The net effect of these adjustments were included in the charge-off to the allowance upon acquisition of the foreclosed property and/or upon partial charge-off of the collateral dependent loan. The most recent analysis of property appraisals including the appropriate discount rates are incorporated into the allowance methodology for the respective loan portfolio segments.

Assets and liabilities measured at fair value on a recurring basis are summarized below:


			Fair Value Measurements Using:
			Quoted Prices in
			Active Markets		Significant Other		Significant
	Total at		for Identical		Observable		Unobservable
	September 30,		Assets		Inputs		Inputs
	2024		(Level 1)		(Level 2)		(Level 3)
U.S. government agencies and treasuries	$	80,768	$	—	$	80,768	$	—
Mortgage-backed securities		276,955		—		276,955		—
Corporate securities		19,370		—		16,640		2,730
Obligations of states and political subdivisions		92,439		—		92,439		—
Total securities available-for-sale	$	469,532	$	—	$	466,802	$	2,730

There were no transfers between Level 1 and Level 2 during the three and nine months ended September 30, 2024. The Level 3 amount reflects the fair value of certain subordinated notes with limited availability of market pricing and determined based on discounted cash flows and other market value indicators.


			Fair Value Measurements Using:
			Quoted Prices in
			Active Markets		Significant Other		Significant
	Total at		for Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(Level 3)
U.S. government agencies and treasuries	$	87,067	$	—	$	87,067	$	—
Mortgage-backed securities		290,221		—		290,221		—
Corporate securities		19,276		—		16,541		2,735
Obligations of states and political subdivisions		93,384		—		93,384		—
Total securities available-for-sale	$	489,948	$	—	$	487,213	$	2,735

There were no transfers between Level 1 and Level 2 during 2023. The Level 3 amount reflects the fair value of certain subordinated notes with limited availability of market pricing and determined based on discounted cash flows and other market value indicators. During 2023, there was a transfer from Level 2 to Level 3 related to subordinated debt of one entity with limited availability of market pricing.

Assets measured at fair value on a non-recurring basis as of September 30, 2024 and December 31, 2023 are summarized below:

Fair Value Measurements Using:

Quoted Prices

Significant

in Active

Other

Significant

Total at

Markets for

Observable

Unobservable

September 30, 2024

Identical Assets

Inputs

(Level 1)

(Level 2)

(Level 3)

Collateral dependent loans - Commercial Real Estate

5,151

—

5,151

Fair Value Measurements Using:

Quoted Prices

Significant

in Active

Other

Significant

Total at

Markets for

Observable

Unobservable

December 31, 2023

Identical Assets

Inputs

(Level 1)

(Level 2)

(Level 3)

Collateral dependent loans- Commercial Real Estate, Residential Real Estate

695

—

695

The fair value amounts shown in the above table are individually evaluated loans net of reserves allocated to said loans. The total reserves allocated to these loans were $5.6 million and $194 thousand at September 30, 2024 and December 31, 2023, respectively.

The following table presents additional quantitative information about level 3 fair value measured at fair value on a non-recurring basis at September 30, 2024 and December 31, 2023:


	Fair Value				Range
September 30, 2024	Value		Valuation Technique	Unobservable Input	(Weighted Average)
Collateral dependent loans - Commercial Real Estate	$	5,151	Appraisal of collateral (1)	Appraisal and liquidation	20%
				adjustments (2)	(20%)


	Fair Value				Range
December 31, 2023	Value		Valuation Technique	Unobservable Input	(Weighted Average)
Collateral dependent loans - Commercial Real Estate, Residential Real Estate	$	695	Appraisal of collateral (1)	Appraisal and liquidation	20-64%
				adjustments (2)	(57%)

(1) Fair value is generally determined through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable.

The carrying amounts and estimated fair values of the Company’s financial instruments not carried at fair value are as follows at September 30, 2024 and December 31, 2023:


	September 30, 2024
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
Financial assets:
Cash and due from banks	$	160,872	$	160,872	$	160,872	$	—	$	—
Loans, net		1,765,071		1,691,019		—		—		1,691,019
Accrued interest receivable		10,007		10,007		—		2,531		7,476
Restricted investment in bank stocks		8,267		NA		—		—		—
Financial liabilities:
Deposits		2,140,023		2,139,384		1,998,091		141,293		—
FHLB advances, short term		82,000		81,829		—		81,829		—
BTFP borrowing, short term		50,000		50,008		—		50,008		—
FHLB advances, long term		10,000		10,067		—		10,067		—
Subordinated notes, net of issuance costs		19,573		24,854		—		24,854		—
Accrued interest payable		1,703		1,703		—		1,703		—


	December 31, 2023
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
Financial assets:
Cash and due from banks	$	147,383	$	147,383	$	147,383	$	—	$	—
Loans, net		1,721,880		1,634,581		—		—		1,634,581
Accrued interest receivable		5,934		5,934		—		2,343		3,591
Restricted investment in bank stocks		14,525		NA		—		—		—
Financial liabilities:
Deposits		2,038,749		2,037,798		1,817,232		220,566		—
FHLB advances, short term		224,500		223,982				223,982
FHLB advances, long term		10,000		9,914		—		9,914		—
Subordinated notes, net of issuance costs		19,520		25,490		—		25,490		—
Accrued interest payable		2,113		2,113		—		2,113		—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Nature of Operations and Summary of Significant Accounting Policies (Details) $ in Billions	9 Months Ended
	Sep. 30, 2024 USD ($) location	Dec. 31, 2023 USD ($)
Loans
Assets held in an agency or fiduciary capacity \| $	$ 1.8	$ 1.6
Orange County
Loans
Number of offices in New York	8
Westchester County
Loans
Number of offices in New York	7
Rockland County
Loans
Number of offices in New York	2
Bronx County
Loans
Number of offices in New York	1

Fair Value - Carrying amounts and estimated fair values (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial liabilities:
BTFP borrowings, short term	$ 50,000
Carrying Amount
Financial assets:
Cash and due from banks	160,872	$ 147,383
Loans, net	1,765,071	1,721,880
Accrued interest receivable	10,007	5,934
Restricted investment in bank stocks	8,267	14,525
Financial liabilities:
Deposits	2,140,023	2,038,749
FHLB advances, short term	82,000	224,500
BTFP borrowings, short term	50,000
FHLB advances, long term	10,000	10,000
Subordinated notes, net of issuance costs	19,573	19,520
Accrued interest payable	1,703	2,113
Fair Value.
Financial assets:
Cash and due from banks	160,872	147,383
Loans, net	1,691,019	1,634,581
Accrued interest receivable	10,007	5,934
Financial liabilities:
Deposits	2,139,384	2,037,798
FHLB advances, short term	81,829	223,982
BTFP borrowings, short term	50,008
FHLB advances, long term	10,067	9,914
Subordinated notes, net of issuance costs	24,854	25,490
Accrued interest payable	1,703	2,113
Fair Value. \| Level 1
Financial assets:
Cash and due from banks	160,872	147,383
Financial liabilities:
Deposits	1,998,091	1,817,232
Fair Value. \| Level 2
Financial assets:
Accrued interest receivable	2,531	2,343
Financial liabilities:
Deposits	141,293	220,566
FHLB advances, short term	81,829	223,982
BTFP borrowings, short term	50,008
FHLB advances, long term	10,067	9,914
Subordinated notes, net of issuance costs	24,854	25,490
Accrued interest payable	1,703	2,113
Fair Value. \| Level 3
Financial assets:
Loans, net	1,691,019	1,634,581
Accrued interest receivable	$ 7,476	$ 3,591

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investment Securities

Schedule of amortized cost and fair value of investment securities


			Gross		Gross
	Amortized		Unrealized		Unrealized		ACL		Fair
	Cost		Gains		Losses		Adjustment		Value
Available-for-sale September 30, 2024
U.S. government agencies and treasuries	$	87,725	$	54	$	(7,011)	$	—	$	80,768
Mortgage-backed securities - residential		236,899		106		(23,567)		—		213,438
Mortgage-backed securities - commercial		78,001		27		(14,511)		—		63,517
Corporate Securities		23,514		—		(4,144)		—		19,370
Obligations of states and political subdivisions		103,022		133		(10,716)		—		92,439
Total debt securities	$	529,161	$	320	$	(59,949)	$	—	$	469,532


			Gross		Gross
	Amortized		Unrealized		Unrealized		ACL		Fair
	Cost		Gains		Losses		Adjustment		Value
Available-for-sale December 31, 2023
U.S. government agencies and treasuries	$	96,736	$	21	$	(9,690)	$	—	$	87,067
Mortgage-backed securities - residential		257,804		45		(30,931)		—		226,918
Mortgage-backed securities - commercial		79,589		—		(16,286)		—		63,303
Corporate Securities		23,529		—		(4,253)		—		19,276
Obligations of states and political subdivisions		103,336		91		(10,043)		—		93,384
Total debt securities	$	560,994	$	157	$	(71,203)	$	—	$	489,948

Schedule of sales of securities gains and losses


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Proceeds	$	—	$	—	$	—	$	7,296

Gross realized gains	$	—	$	—	$	—	$	130
Gross realized losses		—		—		—		23
Net gain on sales of securities		—		—		—		107
Tax provision on realized net gains and loss		—		—		—		20
Net gain on sales of securities, after tax	$	—	$	—	$	—	$	87

Schedule of contractual maturities of debt securities


	Available-for-sale
	Amortized		Fair
	Cost		Value
Due in one year or less	$	12,639	$	12,671
Due after one through five years		24,748		23,393
Due after five through ten years		57,261		49,768
Due after ten years		119,613		106,745
		214,261		192,577
Mortgage-backed securities		314,900		276,955
Total debt securities	$	529,161	$	469,532

Schedule of securities with unrealized and unrecognized losses


	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Available-for-sale September 30, 2024
U.S. government agencies and treasuries	$	1,288	$	(1)	$	74,798	$	(7,010)	$	76,086	$	(7,011)
Mortgage-backed securities - residential		3,440		(40)		202,303		(23,527)		205,743		(23,567)
Mortgage-backed securities - commercial		—		—		62,263		(14,511)		62,263		(14,511)
Corporate Securities		—		—		19,370		(4,144)		19,370		(4,144)
Obligations of states and political subdivisions		330		(1)		80,298		(10,715)		80,628		(10,716)
Total debt securities	$	5,058	$	(42)	$	439,032	$	(59,907)	$	444,090	$	(59,949)


	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Available-for-sale December 31, 2023
U.S. government agencies	$	438	$	(1)	$	83,003	$	(9,689)	$	83,441	$	(9,690)
Mortgage-backed securities - residential		9,169		(171)		215,301		(30,760)		224,470		(30,931)
Mortgage-backed securities - commercial		1,223		(10)		62,080		(16,276)		63,303		(16,286)
Corporate Securities		—		—		19,276		(4,253)		19,276		(4,253)
Obligations of states and political subdivisions		513		(2)		83,470		(10,041)		83,983		(10,043)
Total debt securities	$	11,343	$	(184)	$	463,130	$	(71,019)	$	474,473	$	(71,203)

Schedule of allowance for credit loss - investments activity


Allowance for credit losses -investments:
		Corporate Securities
Beginning balance	$	—
Provision for credit losses		(1,900)
Charge-offs		—
Recoveries		1,900
Ending balance	$	—

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
Available-for-sale amortized cost	$ 529,161	$ 560,994
Available-for-sale allowance for credit losses	$ 0	$ 0
Common stock, Par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, Authorized (in shares)	15,000,000	15,000,000
Common stock, Issued (in shares)	5,683,304	5,683,304
Common stock, Outstanding (in shares)	5,674,126	5,651,311
Treasury stock (in shares)	9,178	31,993

Pension Plan and Stock Compensation - Pension Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Plan and Stock Compensation
Interest cost	$ 269	$ 279	$ 807	$ 837
Expected return on plan assets	(479)	(411)	(1,438)	(1,233)
Amortization of net loss	74	70	221	210
Net periodic benefit cost/(income)	$ (136)	$ (62)	$ (410)	$ (186)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INTEREST INCOME
Interest and fees on loans	$ 26,375	$ 24,682	$ 78,767	$ 70,398
Interest on investment securities:
Taxable	2,645	3,150	8,976	9,570
Tax exempt	573	564	1,722	1,721
Interest on Federal funds sold and other	1,843	1,703	5,556	4,514
TOTAL INTEREST INCOME	31,436	30,099	95,021	86,203
INTEREST EXPENSE
Savings and NOW accounts	5,432	3,506	15,167	9,081
Time deposits	1,213	1,954	5,741	3,893
FHLB advances	1,593	1,907	4,734	6,295
Subordinated notes	230	231	691	692
TOTAL INTEREST EXPENSE	8,468	7,598	26,333	19,961
NET INTEREST INCOME	22,968	22,501	68,688	66,242
Provision for credit losses- investments			(1,900)	5,000
Provision for credit losses - loans	7,191	837	9,661	2,406
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	15,777	21,664	60,927	58,836
NONINTEREST INCOME
Service charges on deposit accounts	270	210	737	588
Trust income	1,379	1,266	4,000	3,707
Investment advisory income	1,741	1,333	4,966	3,819
Investment securities gains, net				107
Earnings on bank owned life insurance	39	243	551	725
Other	745	168	1,413	730
TOTAL NONINTEREST INCOME	4,174	3,220	11,667	9,676
NONINTEREST EXPENSE
Salaries	6,687	6,135	20,298	18,606
Employee benefits	2,269	1,752	6,695	5,359
Occupancy expense	1,222	1,180	3,547	3,614
Professional fees	1,557	799	4,330	3,512
Directors' fees and expenses	584	295	781	682
Computer software expense	1,526	1,233	4,191	3,714
FDIC assessment	210	463	978	1,023
Advertising expenses	364	364	1,166	1,074
Advisor expenses related to trust income	30	30	95	89
Telephone expenses	190	184	565	534
Intangible amortization	71	71	214	214
Other	1,237	1,084	3,884	3,644
TOTAL NONINTEREST EXPENSE	15,947	13,590	46,744	42,065
Income before income taxes	4,004	11,294	25,850	26,447
Provision for income taxes	788	2,256	5,131	5,093
NET INCOME	$ 3,216	$ 9,038	$ 20,719	$ 21,354
Basic earnings per share (in dollars per share)	$ 0.57	$ 1.61	$ 3.67	$ 3.79
Diluted earnings per share (in dollars per share)	$ 0.57	$ 1.61	$ 3.67	$ 3.79
Weighted average shares outstanding, Basic (in shares)	5,653,904	5,629,642	5,643,591	5,628,036
Weighted average shares outstanding, Diluted (in shares)	5,653,904	5,629,642	5,643,591	5,628,036

Fair Value - Level 3 (Details) - Nonrecurring - Commercial real estate. $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Commercial real estate
Fair Value
Collateral dependent loans	$ 5,151	$ 695
Level 3 \| Appraisal of collateral \| Appraisal and liquidation adjustment
Fair Value
Collateral dependent loans		695
Level 3 \| Commercial real estate
Fair Value
Collateral dependent loans	5,151	$ 695
Level 3 \| Commercial real estate \| Appraisal of collateral \| Appraisal and liquidation adjustment
Fair Value
Collateral dependent loans	$ 5,151
Collateral dependent loans, Measurement input	0.20
Level 3 \| Commercial real estate \| Appraisal of collateral \| Appraisal and liquidation adjustment \| Minimum
Fair Value
Collateral dependent loans, Measurement input		0.20
Level 3 \| Commercial real estate \| Appraisal of collateral \| Appraisal and liquidation adjustment \| Maximum
Fair Value
Collateral dependent loans, Measurement input		0.64
Level 3 \| Commercial real estate \| Appraisal of collateral \| Appraisal and liquidation adjustment \| Weighted average
Fair Value
Collateral dependent loans, Measurement input	0.20	0.57

Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment securities
Amortized Cost	$ 529,161	$ 560,994
Gross Unrealized Gains	320	157
Gross Unrealized Losses	(59,949)	(71,203)
ACL adjustment	0	0
Fair Value	469,532	489,948
U.S. government agencies and treasuries
Investment securities
Amortized Cost	87,725	96,736
Gross Unrealized Gains	54	21
Gross Unrealized Losses	(7,011)	(9,690)
Fair Value	80,768	87,067
Mortgage-backed securities - residential
Investment securities
Amortized Cost	236,899	257,804
Gross Unrealized Gains	106	45
Gross Unrealized Losses	(23,567)	(30,931)
Fair Value	213,438	226,918
Mortgage-backed securities - commercial
Investment securities
Amortized Cost	78,001	79,589
Gross Unrealized Gains	27
Gross Unrealized Losses	(14,511)	(16,286)
Fair Value	63,517	63,303
Corporate Securities
Investment securities
Amortized Cost	23,514	23,529
Gross Unrealized Losses	(4,144)	(4,253)
Fair Value	19,370	19,276
Obligations of states and political subdivisions
Investment securities
Amortized Cost	103,022	103,336
Gross Unrealized Gains	133	91
Gross Unrealized Losses	(10,716)	(10,043)
Fair Value	$ 92,439	$ 93,384

Investment Securities - Allowance for credit losses -investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Allowance for credit losses -investments
Beginning balance	$ 0
Provision for credit losses	(1,900)	$ 5,000
Recoveries	1,900
Ending balance	$ 0

Deposits - Scheduled maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deposits
2024	$ 111,375
2025	26,741
2026	1,876
2027	1,939
Total	141,931
Deposits of executive officers, directors and principal officers	$ 16,500	$ 10,600

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 07, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40711
Entity Registrant Name	Orange County Bancorp, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1135778
Entity Address, Address Line One	212 Dolson Avenue
Entity Address, City or Town	Middletown
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10940
City Area Code	845
Local Phone Number	341-5000
Title of 12(b) Security	Common Stock, par value $0.50 per share
Trading Symbol	OBT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,674,126
Entity Central Index Key	0001754226
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2024

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Note 8 — Revenue from Contracts with Customers

All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. The following table presents the Company’s gross sources of noninterest income for the three and nine months ended September 30, 2024 and 2023.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Noninterest Income
Service charges on deposit accounts	$		$
Overdraft fees		157		106	$	412	$	294
Other		113		104		325		294
Trust income		1,379		1,266		4,000		3,707
Investment advisory income		1,741		1,333		4,966		3,819
Investment securities gains (losses)^(a)		—		—		—		107
Earnings on bank owned life insurance^(a)		39		243		551		725
Other^(b)		745		168		1,413		730
Total Noninterest Income	$	4,174	$	3,220	$	11,667	$	9,676

(a)	Not within the scope of ASC 606.

(b)	The Other category includes safe deposit income, checkbook fees, and debit card fee income, totaling $272 and $245 for the three months ended September 30, 2024 and 2023, respectively, and $807 and $711 for the nine months ended September 30, 2024 and

The Company earns wealth management fees, which includes trust income and investment advisory income, from its contracts with trust and brokerage customers to manage assets for investment, and/or to transact on their accounts. These fees are primarily earned over time as the Company provides the contracted services and are generally assessed based on a tiered scale of the market value of the assets under management at month-end or quarter-end.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Loans (Tables)

9 Months Ended

Sep. 30, 2024

Loans

Schedule of loans


		September 30, 2024		December 31, 2023
Commercial and industrial	$	251,484	$	273,562
Commercial real estate		1,334,580		1,259,356
Commercial real estate construction		78,227		85,725
Residential real estate		74,462		78,321
Home equity		16,064		13,546
Consumer		41,277		36,552
Total Loans	$	1,796,094	$	1,747,062
Allowance for credit losses		(31,023)		(25,182)
Net Loans	$	1,765,071	$	1,721,880

Schedule of activity in the allowance for loan losses and recorded investment in loans by portfolio segment and based on impairment method


	Three Months Ended September 30, 2024
	Commercial				Commercial
	And		Commercial		Real Estate		Residential		Home
	Industrial		Real Estate		Construction		Real Estate		Equity		Consumer		Total
Allowance for credit losses:
Beginning balance	$	4,548	$	20,962	$	652	$	1,088	$	51	$	514	$	27,815
Provision for credit losses^*		(148)		7,323		(22)		(130)		33		134		7,190
Charge-offs		(1)		(3,959)		—		—		(33)		—		(3,993)
Recoveries		3		—		—		—		—		8		11
Ending balance	$	4,402	$	24,326	$	630	$	958	$	51	$	656	$	31,023

* The provision for credit losses on the income statement also includes approximately ($0) associated with off balance sheet ACL.


	Nine Months Ended September 30, 2024
	Commercial				Commercial
	and		Commercial		Real Estate		Residential		Home
	Industrial		Real Estate		Construction		Real Estate		Equity		Consumer		Total
Allowance for loan losses:
Beginning balance	$	4,819	$	17,873	$	772	$	1,081	$	51	$	586	$	25,182
Provision for credit losses^*		(436)		10,412		(142)		(29)		33		23		9,861
Charge-offs		(8)		(3,959)		—		(94)		(33)		—		(4,094)
Recoveries		27		—		—		—		—		47		74
Ending balance	$	4,402	$	24,326	$	630	$	958	$	51	$	656	$	31,023

* The provision for credit losses on the income statement also includes approximately ($200) associated with off balance sheet ACL.


	Three Months Ended September 30, 2023
	Commercial				Commercial
	and		Commercial		Real Estate		Residential		Home
	Industrial		Real Estate		Construction		Real Estate		Equity		Consumer		Total
Allowance for credit losses:
Beginning balance	$	5,155	$	17,119	$	1,060	$	992	$	46	$	476	$	24,848
Provision for credit losses^*		869		82		(59)		3		5		(93)		807
Charge-offs		(76)		—		—		—		—		—		(76)
Recoveries		13		160		—		—		—		23		196
Ending balance	$	5,961	$	17,361	$	1,001	$	995	$	51	$	406	$	25,775

* The provision for credit losses on the income statement also includes approximately ($30) associated with off balance sheet ACL.


	Nine Months Ended September 30, 2023
	Commercial				Commercial
	and		Commercial		Real Estate		Residential		Home
	Industrial		Real Estate		Construction		Real Estate		Equity		Consumer		Total
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326	$	5,510	$	14,364	$	1,252	$	345	$	63	$	298	$	21,832
Impact of adopting ASC 326		72		1,737		(8)		(227)		(17)		(129)		1,428
Provision for credit losses^*		718		1,087		(243)		877		5		110		2,554
Charge-offs		(410)		—		—		—		—		(36)		(446)
Recoveries		71		173		—		—		—		163		407
Ending balance	$	5,961	$	17,361	$	1,001	$	995	$	51	$	406	$	25,775

* The provision for credit losses on the income statement also includes approximately ($148) associated with off balance sheet ACL.

The following tables present the balance in the allowance for credit losses and the amortized cost in loans by portfolio segment and based on impairment method as of September 30, 2024 and December 31, 2023:


	Commercial				Commercial
	and		Commercial		Real Estate		Residential		Home
	Industrial		Real Estate		Construction		Real Estate		Equity		Consumer		Total
September 30, 2024
Allowance for credit losses:
Ending balance:
individually evaluated for impairment	$	321	$	5,800	$	—	$	—	$	—	$	—	$	6,121
collectively evaluated for impairment		4,081		18,526		630		958		51		656		24,902
Total ending allowance balance	$	4,402	$	24,326	$	630	$	958	$	51	$	656	$	31,023
Loans:
Ending balance:
individually evaluated for impairment	$	2,734	$	36,742	$	—	$	63	$	—	$	87	$	39,626
collectively evaluated for impairment		248,750		1,297,838		78,227		74,399		16,064		41,190		1,756,468
Total ending loans balance	$	251,484	$	1,334,580	$	78,227	$	74,462	$	16,064	$	41,277	$	1,796,094


	Commercial				Commercial
	and		Commercial		Real Estate		Residential		Home
	Industrial		Real Estate		Construction		Real Estate		Equity		Consumer		Total
December 31, 2023
Allowance for credit losses:
Ending balance:
individually evaluated for impairment	$	157	$	308	$	—	$	94	$	—	$	—	$	559
collectively evaluated for impairment		4,662		17,565		772		987		51		586		24,623
Total ending allowance balance	$	4,819	$	17,873	$	772	$	1,081	$	51	$	586	$	25,182
Loans:
Ending balance:
individually evaluated for impairment	$	556	$	21,210	$	—	$	1,239	$	—	$	94	$	23,099
collectively evaluated for impairment		273,006		1,238,146		85,725		77,082		13,546		36,458		1,723,963
Total ending loans balance	$	273,562	$	1,259,356	$	85,725	$	78,321	$	13,546	$	36,552	$	1,747,062

Schedule of amortized cost basis and related allowance for credit loss of individually analyzed loans considered to be collateral dependent

The following table presents the amortized cost basis and related allowance for credit loss of individually analyzed loans considered to be collateral dependent as of September 30, 2024 and December 31, 2023:


	At September 30, 2024				At December 31, 2023

	Principal Balance			Related Allowance	Principal Balance			Related Allowance


Commercial and industrial	$	—	$	—	$	—	$	—
Commercial real estate ⁽¹⁾		31,238		5,575		15,594		100
Commercial real estate construction		—		—		—		—
Residential real estate ⁽²⁾		132		—		1,239		94
Home equity		—		—		—		—
Consumer		—		—		—		—
Total	$	31,370	$	5,575	$	16,833	$	194

⁽¹⁾ Commercial real estate – secured by various types of commercial real estate

⁽²⁾ Residential real estate – secured by residential real estate

Schedule of recorded investment in non-accrual and loans past due over 90 days still on accrual by class of loans


	Non-Accrual
	with No Allowance								Loans Past Due Over 90 Days
	for Credit Loss				Non-accrual				Still Accruing
	September 30, 2024			December 31, 2023	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Commercial and industrial	$	29	$	285	$	199	$	556	$	237	$	—
Commercial real estate		—		2,391		10,725		2,692		—		—
Commercial real estate construction		—		—		—		—		—		—
Residential real estate		8		591		8		1,179		—		—
Home equity		—		—		—		—		—		—
Consumer		—		—		—		—		—		—
Total	$	37		3,267	$	10,932	$	4,427	$	237	$	—

Schedule of aging of the recorded investment in past-due loans


	30-59 Days		60-89 Days		Greater Than		Total		Loans
	Past Due		Past Due		90 Days		Past Due		Not Past Due
September 30, 2024
Commercial and industrial	$	—	$	—	$	266	$	266	$	251,218
Commercial real estate		—		159		10,726		10,885		1,323,695
Commercial real estate construction		—		—		—		—		78,227
Residential real estate		—		—		—		—		74,462
Home equity		—		—		—		—		16,064
Consumer		209		—		—		209		41,068
Total	$	209	$	159	$	10,992	$	11,360	$	1,784,734


	30-59 Days		60-89 Days		Greater Than		Total		Loans
	Past Due		Past Due		90 Days		Past Due		Not Past Due
December 31, 2023
Commercial and industrial	$	229	$	—	$	327	$	556	$	273,006
Commercial real estate		20		—		300		320		1,259,035
Commercial real estate construction		—		—		—		—		85,725
Residential real estate		—		—		1,167		1,167		77,155
Home equity		—		—		—		—		13,546
Consumer		—		—		—		—		36,552
Total	$	249	$	—	$	1,794	$	2,043	$	1,745,019

Schedule of risk category of loans by class of loans

The following tables summarize the Company’s loans by year of origination and internally assigned credit risk at September 30, 2024 and December 31, 2023 and gross charge-offs for the nine months ended September 30, 2024 and the year ended December 31, 2023:


									Revolving
								Revolving	Loans to
	2024		2023	2022	2021	2020	Prior	Loans	Term Loans	Total
Commercial and industrial											—
Pass	$	26,554	44,806	36,520	34,998	33,309	55,236	—	—	$	231,423
Special Mention		—	80	3,333	4,287	—	150	—	—		7,850
Substandard		3,599	422	7,198	170	136	686	—	—		12,211
Total Commercial and industrial	$	30,153	45,308	47,051	39,455	33,445	56,072	—	—	$	251,484
Current period gross charge-offs		8	—	—	—	—	—	—	—		8

Commercial real estate
Pass	$	99,740	197,288	329,806	225,069	156,583	272,035	5,325	—	$	1,285,846
Special Mention		—	790	—	6,291	—	11,339	—	—		18,420
Substandard		—	—	626	20,970	—	8,718	—	—		30,314
Total Commercial real estate	$	99,740	198,078	330,432	252,330	156,583	292,092	5,325	—	$	1,334,580
Current period gross charge-offs		—	—	—	3,931	—	28	—	—		3,959

Commercial real estate construction
Pass	$	15,369	28,113	24,545	10,200	—	—	—	—	$	78,227
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	—	—	—		—
Total Commercial real estate construction	$	15,369	28,113	24,545	10,200	—	—	—	—	$	78,227
Current period gross charge-offs		—	—	—	—	—	—	—	—		—

Residential real estate
Pass	$	4,661	20,620	12,388	8,471	8,718	19,596	—	—	$	74,454
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	8	—	—		8
Total Residential real estate	$	4,661	20,620	12,388	8,471	8,718	19,604	—	—	$	74,462
Current period gross charge-offs		—	—	—	—	—	94	—	—		94

Home equity
Pass	$	—	47	—	—	—	48	14,418	1,551	$	16,064
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	—	—	—		—
Total Home Equity	$	—	47	—	—	—	48	14,418	1,551	$	16,064
Current period gross charge-offs		—	—	—	—	—	—	—	33		33

Consumer
Pass	$	9,744	23,671	2	—	1,412	77	6,284	—	$	41,190
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	87	—	—		87
Total Consumer	$	9,744	23,671	2	—	1,412	164	6,284	—	$	41,277
Current period gross charge-offs		—	—	—	—	—		—	—		—

Total Loans	$	159,667	315,837	414,418	310,456	200,158	367,980	26,027	1,551	$	1,796,094

Gross charge-offs	$	8	—	—	3,931	—	122	—	33	$	4,094


									Revolving
								Revolving	Loans to
	2023		2022	2021	2020	2019	Prior	Loans	Term Loans	Total
Commercial and industrial											—
Pass	$	46,009	56,896	48,103	44,329	26,500	39,953	—	—	$	261,790
Special Mention		100	7,521	—	—	—	225	—	—		7,846
Substandard		408	384	729	842	—	1,563	—	—		3,926
Total Commercial and industrial	$	46,517	64,801	48,832	45,171	26,500	41,741	—	—	$	273,562
Current period gross charge-offs		23	—	—	510	439	597	—	—		1,569

Commercial real estate
Pass	$	197,300	328,445	237,198	162,619	88,322	202,800	3,298	—	$	1,219,982
Special Mention		—	—	9,957	—	2,959	12,042	—	—		24,958
Substandard		—	—	430	2,391	6,133	5,462	—	—		14,416
Total Commercial real estate	$	197,300	328,445	247,585	165,010	97,414	220,304	3,298	—	$	1,259,356
Current period gross charge-offs		—	—	—	—	—	—	—	—		—

Commercial real estate construction
Pass	$	11,116	26,876	37,326	10,407	—	—	—	—	$	85,725
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	—	—	—		—
Total Commercial real estate construction	$	11,116	26,876	37,326	10,407	—	—	—	—	$	85,725
Current period gross charge-offs		—	—	—	—	—	—	—	—		—

Residential real estate
Pass	$	19,196	17,810	8,825	9,253	4,475	17,583	—	—	$	77,142
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	589	590	—	—		1,179
Total Residential real estate	$	19,196	17,810	8,825	9,253	5,064	18,173	—	—	$	78,321
Current period gross charge-offs		—	—	—	—	—	—	—	—		—

Home equity
Pass	$	48	68	15	—	57	—	11,595	1,763	$	13,546
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	—	—	—		—
Total Home Equity	$	48	68	15	—	57	—	11,595	1,763	$	13,546
Current period gross charge-offs		—	—	—	—	—	—	—	—		—

Consumer
Pass	$	28,930	8	—	1,789	22	63	5,646	—	$	36,458
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	94	—	—		94
Total Consumer	$	28,930	8	—	1,789	22	157	5,646	—	$	36,552
Current period gross charge-offs		—	—	11	—	25	1	—	—		37

Total Loans	$	303,107	438,008	342,583	231,630	129,057	280,375	20,539	1,763	$	1,747,062

Gross charge-offs	$	23	—	11	510	464	598	—	—	$	1,606

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Service charges on deposit accounts
Overdraft fees	$ 157	$ 106	$ 412	$ 294
Other	113	104	325	294
Trust income	1,379	1,266	4,000	3,707
Investment advisory income	1,741	1,333	4,966	3,819
Investment securities gains (losses)				107
Earnings on bank owned life insurance	39	243	551	725
Other	745	168	1,413	730
TOTAL NONINTEREST INCOME	4,174	3,220	11,667	9,676
Other noninterest income within the scope of ASC 606	272	245	807	711
Other noninterest income outside the scope of ASC 606	$ 473	$ (77)	$ 606	$ 19

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Cash dividends declared per share	$ 0.23	$ 0.23	$ 0.69	$ 0.69
Treasury stock purchased (in shares)	3,357	2,922	9,707	8,725
Stock-based compensation (in shares)	13,812	8,076	32,522	16,562

Deposits - Analysis of deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deposits
Non-interest bearing demand accounts	$ 690,419	$ 699,203
Interest-bearing demand accounts	342,306	304,892
Money market accounts	707,065	584,976
Savings accounts	258,302	228,161
Certificates of Deposit	141,931	221,517
Total deposits	2,140,023	2,038,749
Time deposits exceeding FDIC insurance limit of $250	$ 11,800	$ 11,300

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Information
Net interest income	$ 22,968	$ 22,501	$ 68,688	$ 66,242
Noninterest income	4,174	3,220	11,667	9,676
Provision for credit loss - investments			1,900	(5,000)
Provision for credit loss	(7,191)	(837)	(9,661)	(2,406)
Noninterest expenses	(15,947)	(13,590)	(46,744)	(42,065)
Income tax expense	(788)	(2,256)	(5,131)	(5,093)
NET INCOME	3,216	9,038	20,719	21,354
Total assets	2,519,099	2,447,271	2,519,099	2,447,271	$ 2,485,468
Banking
Segment Information
Net interest income	22,968	22,501	68,688	66,242
Noninterest income	1,054	621	2,701	2,150
Provision for credit loss - investments			1,900	(5,000)
Provision for credit loss	(7,191)	(837)	(9,661)	(2,406)
Noninterest expenses	(13,769)	(11,777)	(40,193)	(36,266)
Income tax expense	(590)	(2,090)	(4,624)	(4,730)
NET INCOME	2,472	8,418	18,811	19,990
Total assets	2,509,447	2,438,565	2,509,447	2,438,565
Wealth Management
Segment Information
Noninterest income	3,120	2,599	8,966	7,526
Noninterest expenses	(2,178)	(1,813)	(6,551)	(5,799)
Income tax expense	(198)	(166)	(507)	(363)
NET INCOME	744	620	1,908	1,364
Total assets	$ 9,652	$ 8,706	$ 9,652	$ 8,706

Fair Value - Assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Transfer of assets, Level 1 to level 2	$ 0	$ 0
Recurring
Fair Value
Total securities available-for-sale	469,532	489,948
Recurring \| U.S. government agencies and treasuries
Fair Value
Total securities available-for-sale	80,768	87,067
Recurring \| Mortgage-backed securities
Fair Value
Total securities available-for-sale	276,955	290,221
Recurring \| Corporate Securities
Fair Value
Total securities available-for-sale	19,370	19,276
Recurring \| Obligations of states and political subdivisions
Fair Value
Total securities available-for-sale	92,439	93,384
Recurring \| Level 2
Fair Value
Total securities available-for-sale	466,802	487,213
Recurring \| Level 2 \| U.S. government agencies and treasuries
Fair Value
Total securities available-for-sale	80,768	87,067
Recurring \| Level 2 \| Mortgage-backed securities
Fair Value
Total securities available-for-sale	276,955	290,221
Recurring \| Level 2 \| Corporate Securities
Fair Value
Total securities available-for-sale	16,640	16,541
Recurring \| Level 2 \| Obligations of states and political subdivisions
Fair Value
Total securities available-for-sale	92,439	93,384
Recurring \| Level 3
Fair Value
Total securities available-for-sale	2,730	2,735
Recurring \| Level 3 \| Corporate Securities
Fair Value
Total securities available-for-sale	$ 2,730	$ 2,735

Investment Securities - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Investment Securities
Number of securities in portfolio	272	276
Number of unrealized loss positions	231	243
Available for sale debt securities, accrued interest on investments \| $	$ 2.5	$ 2.3
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Accrued Investment Income Receivable	Accrued Investment Income Receivable

Investment Securities - Gains and Losses (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Investment Securities
Proceeds	$ 7,296
Gross realized gains	130
Gross realized losses	23
Net gain on sales of securities	107
Tax provision on realized net gains and loss	20
Net gain on sales of securities, after tax	$ 87

CONDENSED CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 160,872	$ 147,383
Investment securities - available-for-sale (amortized cost $529,161, net of allowance for credit losses of $0 at September 30, 2024 and $560,994, net of allowance for credit losses of $0 at December 31, 2023)	469,532	489,948
Restricted investment in bank stocks	8,267	14,525
Loans	1,796,094	1,747,062
Allowance for credit losses	(31,023)	(25,182)
Loans, net	1,765,071	1,721,880
Premises and equipment, net	14,287	16,160
Long-lived assts held for sale	1,337
Accrued interest receivable	10,007	5,934
Bank owned life insurance	41,993	41,447
Goodwill	5,359	5,359
Intangible assets	892	1,107
Other assets	41,482	41,725
TOTAL ASSETS	2,519,099	2,485,468
Deposits:
Noninterest bearing	690,419	699,203
Interest bearing	1,449,604	1,339,546
Total deposits	2,140,023	2,038,749
FHLB advances, short term	82,000	224,500
BTFP borrowings, short term	50,000
FHLB advances, long term	10,000	10,000
Subordinated notes, net of issuance costs	19,573	19,520
Accrued expenses and other liabilities	24,409	27,323
TOTAL LIABILITIES	2,326,005	2,320,092
STOCKHOLDERS' EQUITY
Common stock, $0.50 par value; 15,000,000 shares authorized; 5,683,304 issued; 5,674,126 and 5,651,311 outstanding, at September 30, 2024 and December 31, 2023, respectively	2,842	2,842
Surplus	120,874	120,392
Retained Earnings	124,174	107,361
Accumulated other comprehensive income (loss), net of taxes	(54,386)	(64,108)
Treasury stock, at cost; 9,178 and 31,993 shares at September 30, 2024 and December 31, 2023, respectively	(410)	(1,111)
TOTAL STOCKHOLDERS' EQUITY	193,094	165,376
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,519,099	$ 2,485,468

Loans - Troubled debt restructurings (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Loans
Loans in process of foreclosure	$ 15,432	$ 1,840
Threshold limit for individual evaluation of credit risk	350
Residential real estate. \| Residential real estate
Loans
Loans in process of foreclosure	$ 0	$ 1,504

Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Loans
Total loans	$ 1,796,094		$ 1,747,062
Allowance for credit losses	(31,023)	$ (27,815)	(25,182)	$ (25,775)	$ (24,848)	$ (21,832)
Net Loans	1,765,071		1,721,880
Commercial and industrial. \| Commercial and industrial
Loans
Total loans	251,484		273,562
Allowance for credit losses	(4,402)	(4,548)	(4,819)	(5,961)	(5,155)	(5,510)
Commercial and industrial. \| Paycheck Protection Program
Loans
Total loans	181		215
Commercial real estate. \| Commercial real estate
Loans
Total loans	1,334,580		1,259,356
Allowance for credit losses	(24,326)	(20,962)	(17,873)	(17,361)	(17,119)	(14,364)
Commercial real estate. \| Commercial real estate construction
Loans
Total loans	78,227		85,725
Allowance for credit losses	(630)	(652)	(772)	(1,001)	(1,060)	(1,252)
Residential real estate. \| Residential real estate
Loans
Total loans	74,462		78,321
Allowance for credit losses	(958)	(1,088)	(1,081)	(995)	(992)	(345)
Residential real estate. \| Home equity
Loans
Total loans	16,064		13,546
Allowance for credit losses	(51)	(51)	(51)	(51)	(46)	(63)
Consumer
Loans
Total loans	41,277		36,552
Allowance for credit losses	$ (656)	$ (514)	$ (586)	$ (406)	$ (476)	$ (298)

Fair Value - Non-recurring (Details) - Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commercial real estate. \| Commercial real estate
Fair Value
Collateral dependent loans	$ 5,151	$ 695
Level 3
Fair Value
Reserves allocated to impaired loans	5,600	194
Level 3 \| Commercial real estate. \| Commercial real estate
Fair Value
Collateral dependent loans	$ 5,151	$ 695

Deposits

9 Months Ended

Sep. 30, 2024

Deposits

Deposits

Note 5 — Deposits

A summarized analysis of the Bank’s deposits at September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023
Non-interest bearing demand accounts	$	690,419	$	699,203
Interest-bearing demand accounts		342,306		304,892
Money market accounts		707,065		584,976
Savings accounts		258,302		228,161
Certificates of Deposit		141,931		221,517
Total deposits	$	2,140,023	$	2,038,749

Time deposits that meet or exceed the FDIC insurance limit of $250 thousand at September 30, 2024 and December 31, 2023 were $11.8 million and $11.3 million, respectively.

Scheduled maturities of time deposits for the next five years as of September 30, 2024, are as follows:


2024	$	111,375
2025		26,741
2026		1,876
2027		1,939
	$	141,931

Deposits of executive officers, directors and principal officers of the Company, including their immediate families and companies in which they are affiliated, amounted to $16.5 million and $10.6 million at September 30, 2024 and December 31, 2023, respectively.

Pension Plan and Stock Compensation - Stock Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 22, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Plan and Stock Compensation
Restricted stock expense				$ 5	$ 45
Restricted Stock Awards
Pension Plan and Stock Compensation
Restricted stock expense		$ 0	$ 9	$ 5	$ 45
Granted		0	0	0	0
Vesting percentage				33.00%
Unamortized expense		$ 0		$ 0
Shares
Non-vested at beginning of period (in shares)				3,528
Vested (in shares)				(3,528)
Weighted Average Fair Value
Non-vested at beginning of period (in dollars per share)				$ 28.75
Vested (in dollars per share)				$ 28.75
Restricted Stock Units (RSUs)
Shares
Non-vested at beginning of period (in shares)				72,513
Granted (in shares)	48,004			46,092
Vested (in shares)				(34,772)
Forfeited (in shares)				(601)
Non-vested at end of period (in shares)		83,232		83,232

Regulatory Capital Matters (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Regulatory Capital Matters
Capital conservation buffer ratio	0.025
Total capital to risk weighted assets
Total capital to risk weighted assets, Actual amount	$ 279,742	$ 262,598
Total capital to risk weighted assets, Actual ratio	0.1489	0.1416
Total capital to risk weighted assets, For Capital Adequacy Purposes	$ 150,282	$ 148,398
Total capital to risk weighted assets, For Capital Adequacy Purposes Ratio	0.0800	0.0800
Total capital to risk weighted assets, For Capital Adequacy Purposes with Capital Buffer	$ 185,504	$ 183,178
Total capital to risk weighted assets, For Capital Adequacy Purposes with Capital Buffer Ratio	0.09875	0.09875
Total capital to risk weighted assets, To be Well Capitalized under Prompt Corrective Action Provisions	$ 187,853	$ 185,497
Total capital to risk weighted assets, To be Well Capitalized under Prompt Corrective Action Provisions Ratio	0.1000	0.1000
Tier 1 (Core) capital to risk weighted assets
Tier 1 (Core) capital to risk weighted assets, Actual amount	$ 256,174	$ 239,398
Tier 1 (Core) capital to risk weighted assets, Actual ratio	0.1364	0.1291
Tier 1 (Core) capital to risk weighted assets, For Capital Adequacy Purposes	$ 112,712	$ 111,298
Tier 1 (Core) capital to risk weighted assets, For Capital Adequacy Purposes Ratio	0.0600	0.0600
Tier 1 (Core) capital to risk weighted assets, For Capital Adequacy Purposes with Capital Buffer	$ 147,934	$ 146,079
Tier 1 (Core) capital to risk weighted assets, For Capital Adequacy Purposes with Capital Buffer Ratio	0.07875	0.07875
Tier 1 (Core) capital to risk weighted assets, To be Well Capitalized under Prompt Corrective Action Provisions	$ 150,282	$ 148,398
Tier 1 (Core) capital to risk weighted assets, To be Well Capitalized under Prompt Corrective Action Provisions Ratio	0.0800	0.0800
Common Tier 1 (CET1) to risk weighted assets
Common Tier 1 (CET1) to risk weighted assets, Actual amount	$ 256,174	$ 239,398
Common Tier 1 (CET1) to risk weighted assets, Actual ratio	0.1364	0.1291
Common Tier 1 (CET1) to risk weighted assets, For Capital Adequacy Purposes	$ 84,534	$ 83,474
Common Tier 1 (CET1) to risk weighted assets, For Capital Adequacy Purposes Ratio	0.0450	0.0450
Common Tier 1 (CET1) to risk weighted assets, For Capital Adequacy Purposes with Capital Buffer	$ 119,756	$ 118,254
Common Tier 1 (CET1) to risk weighted assets, For Capital Adequacy Purposes with Capital Buffer Ratio	0.06375	0.06375
Common Tier 1 (CET1) to risk weighted assets, To be Well Capitalized under Prompt Corrective Action Provisions	$ 122,104	$ 120,573
Common Tier 1 (CET1) to risk weighted assets, To be Well Capitalized under Prompt Corrective Action Provisions Ratio	0.0650	0.0650
Tier 1 (Core) Capital to average assets
Tier 1 (Core) Capital to average assets, Actual amount	$ 256,174	$ 239,398
Tier 1 (Core) Capital to average assets, Actual ratio	0.1006	0.0942
Tier 1 (Core) Capital to average assets, For Capital Adequacy Purposes	$ 101,834	$ 101,640
Tier 1 (Core) Capital to average assets, For Capital Adequacy Purposes Ratio	0.0400	0.0400
Tier 1 (Core) Capital to average assets, To be Well Capitalized under Prompt Corrective Action Provisions	$ 127,292	$ 127,049
Tier 1 (Core) Capital to average assets, To be Well Capitalized under Prompt Corrective Action Provisions Ratio	0.0500	0.0500

Pension Plan and Stock Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Pension Plan and Stock Compensation

Schedule of components of net periodic benefit cost


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Service cost	$	—	$	—	$	—	$	—
Interest cost		269		279		807		837
Expected return on plan assets		(479)		(411)		(1,438)		(1,233)
Amortization of transition cost		—		—		—		—
Amortization of net loss		74		70		221		210
Net periodic benefit cost/(income)	$	(136)	$	(62)	$	(410)	$	(186)

Restricted Stock Awards

Pension Plan and Stock Compensation

Summary of restricted stock awards activity


		Weighted
		Average Fair
	Shares	Value
Non-vested at beginning of period	3,528	$	28.75
Granted	—	$
Vested	(3,528)	$	28.75
Forfeited	—	$	—
Non-vested at end of period	—	$	—

Restricted Stock Units (RSUs)

Pension Plan and Stock Compensation

Summary of restricted stock awards activity


		Restricted Stock Units
Non-vested RSUs at beginning of period		72,513
Granted		46,092
Vested		(34,772)
Forfeited		(601)
Non-vested RSUs at end of period		83,232

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Loans - Allowance by portfolio segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Allowance for credit losses
Beginning balance	$ 27,815	$ 24,848	$ 25,182	$ 21,832
Provision for credit losses	7,190	807	9,861	2,554
Charge-offs	(3,993)	(76)	(4,094)	(446)
Recoveries	11	196	74	407
Ending balance	31,023	25,775	31,023	25,775
Provision expense related to off balance sheet ACL	0	(30)	(200)	(148)
Allowance for credit losses:
Individually evaluated for impairment	6,121		6,121		$ 559
Collectively evaluated for impairment	24,902		24,902		24,623
Total ending allowance balance	31,023	25,775	31,023	25,775	25,182
Loans:
Individually evaluated for impairment					194
Individually evaluated for impairment	39,626		39,626		23,099
Collectively evaluated for impairment	1,756,468		1,756,468		1,723,963
Total ending loans balance	1,796,094		1,796,094		1,747,062
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Allowance for credit losses
Ending balance		1,428		1,428
Allowance for credit losses:
Total ending allowance balance		1,428		1,428
Commercial and industrial. \| Commercial and industrial
Allowance for credit losses
Beginning balance	4,548	5,155	4,819	5,510
Provision for credit losses	(148)	869	(436)	718
Charge-offs	(1)	(76)	(8)	(410)
Recoveries	3	13	27	71
Ending balance	4,402	5,961	4,402	5,961
Allowance for credit losses:
Individually evaluated for impairment	321		321		157
Collectively evaluated for impairment	4,081		4,081		4,662
Total ending allowance balance	4,402	5,961	4,402	5,961	4,819
Loans:
Individually evaluated for impairment	2,734		2,734		556
Collectively evaluated for impairment	248,750		248,750		273,006
Total ending loans balance	251,484		251,484		273,562
Commercial and industrial. \| Commercial and industrial \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Allowance for credit losses
Ending balance		72		72
Allowance for credit losses:
Total ending allowance balance		72		72
Commercial and industrial. \| Paycheck Protection Program
Loans:
Total ending loans balance	181		181		215
Commercial real estate. \| Commercial real estate
Allowance for credit losses
Beginning balance	20,962	17,119	17,873	14,364
Provision for credit losses	7,323	82	10,412	1,087
Charge-offs	(3,959)		(3,959)
Recoveries		160		173
Ending balance	24,326	17,361	24,326	17,361
Allowance for credit losses:
Individually evaluated for impairment	5,800		5,800		308
Collectively evaluated for impairment	18,526		18,526		17,565
Total ending allowance balance	24,326	17,361	24,326	17,361	17,873
Loans:
Individually evaluated for impairment	36,742		36,742		21,210
Collectively evaluated for impairment	1,297,838		1,297,838		1,238,146
Total ending loans balance	1,334,580		1,334,580		1,259,356
Commercial real estate. \| Commercial real estate \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Allowance for credit losses
Ending balance		1,737		1,737
Allowance for credit losses:
Total ending allowance balance		1,737		1,737
Commercial real estate. \| Commercial real estate construction
Allowance for credit losses
Beginning balance	652	1,060	772	1,252
Provision for credit losses	(22)	(59)	(142)	(243)
Ending balance	630	1,001	630	1,001
Allowance for credit losses:
Collectively evaluated for impairment	630		630		772
Total ending allowance balance	630	1,001	630	1,001	772
Loans:
Collectively evaluated for impairment	78,227		78,227		85,725
Total ending loans balance	78,227		78,227		85,725
Commercial real estate. \| Commercial real estate construction \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Allowance for credit losses
Ending balance		(8)		(8)
Allowance for credit losses:
Total ending allowance balance		(8)		(8)
Residential real estate. \| Residential real estate
Allowance for credit losses
Beginning balance	1,088	992	1,081	345
Provision for credit losses	(130)	3	(29)	877
Charge-offs			(94)
Ending balance	958	995	958	995
Allowance for credit losses:
Individually evaluated for impairment					94
Collectively evaluated for impairment	958		958		987
Total ending allowance balance	958	995	958	995	1,081
Loans:
Individually evaluated for impairment	63		63		1,239
Collectively evaluated for impairment	74,399		74,399		77,082
Total ending loans balance	74,462		74,462		78,321
Residential real estate. \| Residential real estate \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Allowance for credit losses
Ending balance		(227)		(227)
Allowance for credit losses:
Total ending allowance balance		(227)		(227)
Residential real estate. \| Home equity
Allowance for credit losses
Beginning balance	51	46	51	63
Provision for credit losses	33	5	33	5
Charge-offs	(33)		(33)
Ending balance	51	51	51	51
Allowance for credit losses:
Collectively evaluated for impairment	51		51		51
Total ending allowance balance	51	51	51	51	51
Loans:
Collectively evaluated for impairment	16,064		16,064		13,546
Total ending loans balance	16,064		16,064		13,546
Residential real estate. \| Home equity \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Allowance for credit losses
Ending balance		(17)		(17)
Allowance for credit losses:
Total ending allowance balance		(17)		(17)
Consumer
Allowance for credit losses
Beginning balance	514	476	586	298
Provision for credit losses	134	(93)	23	110
Charge-offs				(36)
Recoveries	8	23	47	163
Ending balance	656	406	656	406
Allowance for credit losses:
Collectively evaluated for impairment	656		656		586
Total ending allowance balance	656	406	656	406	586
Loans:
Individually evaluated for impairment	87		87		94
Collectively evaluated for impairment	41,190		41,190		36,458
Total ending loans balance	$ 41,277		$ 41,277		$ 36,552
Consumer \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Allowance for credit losses
Ending balance		(129)		(129)
Allowance for credit losses:
Total ending allowance balance		$ (129)		$ (129)

Loans - Individually Analyzed Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Loans
Non-accrual	$ 10,932	$ 4,427
ACL relating to non-accrual balances	5,600	351
Non-accrual loans with no ACL associated to them	37	3,300
Unpaid Principal		194
Commercial and industrial. \| Commercial and industrial
Loans
Non-accrual	199	556
Commercial real estate. \| Commercial real estate
Loans
Non-accrual	10,725	2,692
Residential real estate. \| Residential real estate
Loans
Non-accrual	8	1,179
Collateral Pledged
Loans
Unpaid Principal	31,370	16,833
Related Allowance	5,575	194
Collateral Pledged \| Commercial real estate. \| Commercial real estate
Loans
Unpaid Principal	31,238	15,594
Related Allowance	5,575	100
Collateral Pledged \| Residential real estate. \| Residential real estate
Loans
Unpaid Principal	$ 132	1,239
Related Allowance		$ 94

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 20,719	$ 21,354
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	7,761	7,406
Depreciation	1,186	1,286
Accretion on loans	(1,667)	(2,127)
Amortization of intangibles	214	214
Amortization of subordinated notes issuance costs	53	55
Investment securities (gains) losses		(107)
Restricted stock expense	5	45
Stock-based compensation	1,667	755
Net amortization of investment premiums	821	960
Earnings on bank owned life insurance	(551)	(725)
Net change in:
Accrued interest receivable	(4,073)	(12)
Other assets	(1,443)	433
Other liabilities	(2,917)	(1,049)
Net cash from operating activities	21,775	28,488
Cash flows from/(used) investing activities
Purchases of investment securities available-for-sale	(4,516)	(6,327)
Proceeds from sales of investment securities available-for-sale		7,296
Proceeds from paydowns of investment securities available-for-sale	26,023	32,254
Proceeds from maturities and calls of investment securities available-for-sale	9,505	3,774
Purchase of restricted investment in bank stocks	(31,042)	(41,418)
Proceeds from redemptions of restricted investment in bank stocks	37,300	39,988
Net decrease (increase) in loans	(49,285)	(139,636)
Purchase of premises and equipment	(650)	(3,055)
Disposal of premises and equipment		435
Net cash from/(used) by investing activities	(12,665)	(106,689)
Cash flows from/(used) financing activities
Net increase in deposits	101,274	130,644
Net change in FHLB advances, short term	(142,500)	14,500
Proceeds from FHLB advances, long term		10,000
Net change in FRB Borrowings	50,000
Cash dividends paid	(3,906)	(3,892)
Purchases of treasury stock	(489)	(424)
Net cash from/(used) financing activities	4,379	150,828
Net change in cash and cash equivalents	13,489	72,627
Beginning cash and cash equivalents	147,383	86,081
Ending cash and cash equivalents	160,872	158,708
Supplemental cash flow information:
Interest paid	26,743	19,551
Income taxes paid	8,509	6,472
Supplemental noncash disclosures:
Lease liabilities arising from obtaining right-of-use assets	$ 513	$ 1,050

Deposits (Tables)

9 Months Ended

Sep. 30, 2024

Deposits

Summary of analysis of deposits


	September 30, 2024		December 31, 2023
Non-interest bearing demand accounts	$	690,419	$	699,203
Interest-bearing demand accounts		342,306		304,892
Money market accounts		707,065		584,976
Savings accounts		258,302		228,161
Certificates of Deposit		141,931		221,517
Total deposits	$	2,140,023	$	2,038,749

Schedule of maturities of time deposits


2024	$	111,375
2025		26,741
2026		1,876
2027		1,939
	$	141,931

- Definition

Tabular disclosure of type of deposit liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph e
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph d
-Publisher SEC

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph c
-Publisher SEC

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (5)
-Publisher SEC

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (4)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (3)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (2)
-Publisher SEC

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Subparagraph (1)
-Publisher SEC

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph a
-Publisher SEC

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (1)
-Publisher SEC

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)
-Publisher SEC

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)(i)
-Publisher SEC

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)(iv)
-Publisher SEC

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)(iii)
-Publisher SEC

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph f
-Subparagraph (2)(ii)
-Publisher SEC

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,216	$ 9,038	$ 20,719	$ 21,354

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Information

Schedule of segment information


	For the three months ended September 30, 2024						For the nine months ended September 30, 2024
	Banking		Wealth Management		Total Segments		Banking		Wealth Management		Total Segments
Net interest income	$	22,968	$	—	$	22,968	$	68,688	$	—	$	68,688
Noninterest income		1,054		3,120		4,174		2,701		8,966		11,667
Provision for credit loss - investments		—		—		—		1,900		—		1,900
Provision for credit loss		(7,191)		—		(7,191)		(9,661)		—		(9,661)
Noninterest expenses		(13,769)		(2,178)		(15,947)		(40,193)		(6,551)		(46,744)
Income tax expense		(590)		(198)		(788)		(4,624)		(507)		(5,131)
Net income	$	2,472	$	744	$	3,216	$	18,811	$	1,908	$	20,719
Total assets	$	2,509,447	$	9,652	$	2,519,099	$	2,509,447	$	9,652	$	2,519,099


	For the three months ended September 30, 2023						For the nine months ended September 30, 2023
	Banking		Wealth Management		Total Segments		Banking		Wealth Management		Total Segments
Net interest income	$	22,501	$	—	$	22,501	$	66,242	$	—	$	66,242
Noninterest income		621		2,599		3,220		2,150		7,526		9,676
Provision for credit loss- investments		—		—		—		(5,000)		—		(5,000)
Provision for credit loss		(837)		—		(837)		(2,406)		—		(2,406)
Noninterest expenses		(11,777)		(1,813)		(13,590)		(36,266)		(5,799)		(42,065)
Income tax expense		(2,090)		(166)		(2,256)		(4,730)		(363)		(5,093)
Net income	$	8,418	$	620	$	9,038	$	19,990	$	1,364	$	21,354
Total assets	$	2,438,565	$	8,706	$	2,447,271	$	2,438,565		8,706	$	2,447,271

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net Income (Loss)	$ 3,216	$ 9,038	$ 20,719	$ 21,354
Unrealized gains/(losses) on securities:
Unrealized holding gains/(losses) arising during the period	16,218	(15,982)	11,417	(19,670)
Credit loss expense				5,000
Reclassification adjustment for (gains) included in net income				(107)
Tax effect	3,406	(3,356)	2,398	(3,104)
Net of tax	12,812	(12,626)	9,019	(11,673)
Defined benefit pension plans:
Net gain arising during the period	300	500	900	1,500
Tax effect	63	105	189	315
Net of tax	237	395	711	1,185
Deferred compensation liability:
Unrealized loss	(3)	(4)	(11)	(11)
Tax effect	(1)	(1)	(3)	(2)
Net of tax	(2)	(3)	(8)	(9)
Total other comprehensive income/(loss)	13,047	(12,234)	9,722	(10,497)
Total comprehensive income/(loss)	$ 16,263	$ (3,196)	$ 30,441	$ 10,857

Investment Securities

9 Months Ended

Sep. 30, 2024

Investment Securities

Investment Securities

Note 2 — Investment Securities

The amortized cost and fair value of investment securities at September 30, 2024 and December 31, 2023:


			Gross		Gross
	Amortized		Unrealized		Unrealized		ACL		Fair
	Cost		Gains		Losses		Adjustment		Value
Available-for-sale September 30, 2024
U.S. government agencies and treasuries	$	87,725	$	54	$	(7,011)	$	—	$	80,768
Mortgage-backed securities - residential		236,899		106		(23,567)		—		213,438
Mortgage-backed securities - commercial		78,001		27		(14,511)		—		63,517
Corporate Securities		23,514		—		(4,144)		—		19,370
Obligations of states and political subdivisions		103,022		133		(10,716)		—		92,439
Total debt securities	$	529,161	$	320	$	(59,949)	$	—	$	469,532


			Gross		Gross
	Amortized		Unrealized		Unrealized		ACL		Fair
	Cost		Gains		Losses		Adjustment		Value
Available-for-sale December 31, 2023
U.S. government agencies and treasuries	$	96,736	$	21	$	(9,690)	$	—	$	87,067
Mortgage-backed securities - residential		257,804		45		(30,931)		—		226,918
Mortgage-backed securities - commercial		79,589		—		(16,286)		—		63,303
Corporate Securities		23,529		—		(4,253)		—		19,276
Obligations of states and political subdivisions		103,336		91		(10,043)		—		93,384
Total debt securities	$	560,994	$	157	$	(71,203)	$	—	$	489,948

Proceeds from sales of securities and associated gains and losses for the three and nine months ended September 30, 2024 and 2023.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Proceeds	$	—	$	—	$	—	$	7,296

Gross realized gains	$	—	$	—	$	—	$	130
Gross realized losses		—		—		—		23
Net gain on sales of securities		—		—		—		107
Tax provision on realized net gains and loss		—		—		—		20
Net gain on sales of securities, after tax	$	—	$	—	$	—	$	87

The amortized cost and fair value of debt securities as of September 30, 2024 are shown below by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available-for-sale
	Amortized		Fair
	Cost		Value
Due in one year or less	$	12,639	$	12,671
Due after one through five years		24,748		23,393
Due after five through ten years		57,261		49,768
Due after ten years		119,613		106,745
		214,261		192,577
Mortgage-backed securities		314,900		276,955
Total debt securities	$	529,161	$	469,532

Securities pledged at September 30, 2024 and December 31, 2023 had a carrying amount of $402,711 and $317,855 and were pledged to secure public deposits.

At September 30, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than the US Government and its agencies, in an amount greater than 10% of stockholders’ equity.

The following tables summarize those securities with unrealized losses for which an allowance for credit losses has not been recorded at September 30, 2024 and December 31, 2023, aggregated by major security types and length of time in a continuous unrealized loss position:


	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Available-for-sale September 30, 2024
U.S. government agencies and treasuries	$	1,288	$	(1)	$	74,798	$	(7,010)	$	76,086	$	(7,011)
Mortgage-backed securities - residential		3,440		(40)		202,303		(23,527)		205,743		(23,567)
Mortgage-backed securities - commercial		—		—		62,263		(14,511)		62,263		(14,511)
Corporate Securities		—		—		19,370		(4,144)		19,370		(4,144)
Obligations of states and political subdivisions		330		(1)		80,298		(10,715)		80,628		(10,716)
Total debt securities	$	5,058	$	(42)	$	439,032	$	(59,907)	$	444,090	$	(59,949)


	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Available-for-sale December 31, 2023
U.S. government agencies	$	438	$	(1)	$	83,003	$	(9,689)	$	83,441	$	(9,690)
Mortgage-backed securities - residential		9,169		(171)		215,301		(30,760)		224,470		(30,931)
Mortgage-backed securities - commercial		1,223		(10)		62,080		(16,276)		63,303		(16,286)
Corporate Securities		—		—		19,276		(4,253)		19,276		(4,253)
Obligations of states and political subdivisions		513		(2)		83,470		(10,041)		83,983		(10,043)
Total debt securities	$	11,343	$	(184)	$	463,130	$	(71,019)	$	474,473	$	(71,203)

As of September 30, 2024, the Company’s securities portfolio consisted of 272 securities, 231 of which were in an unrealized loss position. As of December 31, 2023, the Company’s securities portfolio consisted of 276 securities, 243 of which were in an unrealized loss position. Unrealized losses are primarily related to the Company’s mortgage backed securities, U.S. government agency securities, and investments in obligations of states and political subdivisions as discussed below.

Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statements of Income when management intends to sell, or may be required to sell, the securities before they recover in value. Primarily all of the investment securities are backed by loans guaranteed by either U.S. government agencies or U.S government-sponsored entities, and management believes that default is highly unlikely given the lack of historical credit losses and governmental backing. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality.

The Company’s available for sale debt securities portfolio includes U.S. government agencies and treasuries, mortgage-backed securities, corporate bonds, and obligations of states and political subdivisions, as well as other securities. These types of securities may include a risk of future impairment charges as a result of the changes in market interest rates, unpredictable nature of the U.S. economy and their potential negative effect on the future performance of the security issuers. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. Management reviewed the collectability of these securities, taking into consideration such factors as financial condition of the issuers, credit ratings when available, reported capital ratios of the issuers, among other pertinent factors. Management also evaluated the credit quality, the ability and intent to hold these securities to maturity, and the impact of interest rates on the respective fair values of the securities.

Based on that review and evaluation, it was determined that any change in fair value was temporary and did not result in impairment. Accordingly, no impairment was recognized during the nine months ended September 30, 2024. Accrued interest on investments, which is excluded from the amortized cost of available for sale debt securities, totaled $2.5 million and $2.3 million at September 30, 2024 and December 31, 2023, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.

The Company does not intend to sell any of its available for sale debt securities in an unrealized loss position prior to recovery of their amortized cost basis, and it is more likely than not that the Company will not be required to sell any of its securities prior to recovery of their amortized cost basis.

The following table presents the activity in the allowance for credit losses associated with investment securities for the nine months ended September 30, 2024:


Allowance for credit losses -investments:
		Corporate Securities
Beginning balance	$	—
Provision for credit losses		(1,900)
Charge-offs		—
Recoveries		1,900
Ending balance	$	—

The recovery reflected in the table above represents the sale of the Signature Bank subordinated debt during the nine months ended September 30, 2024. Additionally, management evaluated the requirement for an allowance for credit losses associated with the corporate securities portfolio. It was determined that ACL-investments was not required and, accordingly, the amount of the recovery was adjusted as a credit to the provision for credit losses.

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Information

Segment Information

Note 9 — Segment Information

The reportable segments are determined by the products and services offered by the Company, primarily distinguished between banking and wealth management. Loans, investments, and deposits provide the revenues in the banking operation, and trust fees and investment management fees provide the revenues in wealth management. All operations are domestic.

Significant segment totals are reconciled to the financial statements as follows:


	For the three months ended September 30, 2024						For the nine months ended September 30, 2024
	Banking		Wealth Management		Total Segments		Banking		Wealth Management		Total Segments
Net interest income	$	22,968	$	—	$	22,968	$	68,688	$	—	$	68,688
Noninterest income		1,054		3,120		4,174		2,701		8,966		11,667
Provision for credit loss - investments		—		—		—		1,900		—		1,900
Provision for credit loss		(7,191)		—		(7,191)		(9,661)		—		(9,661)
Noninterest expenses		(13,769)		(2,178)		(15,947)		(40,193)		(6,551)		(46,744)
Income tax expense		(590)		(198)		(788)		(4,624)		(507)		(5,131)
Net income	$	2,472	$	744	$	3,216	$	18,811	$	1,908	$	20,719
Total assets	$	2,509,447	$	9,652	$	2,519,099	$	2,509,447	$	9,652	$	2,519,099


	For the three months ended September 30, 2023						For the nine months ended September 30, 2023
	Banking		Wealth Management		Total Segments		Banking		Wealth Management		Total Segments
Net interest income	$	22,501	$	—	$	22,501	$	66,242	$	—	$	66,242
Noninterest income		621		2,599		3,220		2,150		7,526		9,676
Provision for credit loss- investments		—		—		—		(5,000)		—		(5,000)
Provision for credit loss		(837)		—		(837)		(2,406)		—		(2,406)
Noninterest expenses		(11,777)		(1,813)		(13,590)		(36,266)		(5,799)		(42,065)
Income tax expense		(2,090)		(166)		(2,256)		(4,730)		(363)		(5,093)
Net income	$	8,418	$	620	$	9,038	$	19,990	$	1,364	$	21,354
Total assets	$	2,438,565	$	8,706	$	2,447,271	$	2,438,565		8,706	$	2,447,271

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Loans

9 Months Ended

Sep. 30, 2024

Loans

Loans

Note 3 — Loans

Loans at September 30, 2024 and December 31, 2023 were as follows:


		September 30, 2024		December 31, 2023
Commercial and industrial	$	251,484	$	273,562
Commercial real estate		1,334,580		1,259,356
Commercial real estate construction		78,227		85,725
Residential real estate		74,462		78,321
Home equity		16,064		13,546
Consumer		41,277		36,552
Total Loans	$	1,796,094	$	1,747,062
Allowance for credit losses		(31,023)		(25,182)
Net Loans	$	1,765,071	$	1,721,880

Included in commercial and industrial loans as of September 30, 2024 and December 31, 2023 were loans issued under the SBA’s Paycheck Protection Program (“PPP”) of $181 and $215, respectively.

Allowance for Credit Losses

The Company engaged a third-party vendor to assist in the CECL calculation and internal governance framework to oversee the quarterly estimation process for the allowance for credit losses (“ACL”). The ACL calculation methodology relies on regression-based discounted cash flow (“DCF”) models that correlate relationships between certain financial metrics and external market and macroeconomic variables. The Company uses Probability of Default (“PD”) and Loss Given Default (“LGD”) with quantitative factors and qualitative considerations in the calculation of the allowance for credit losses for collectively evaluated loans. The Company uses a reasonable and supportable period of one year, at which point loss assumptions revert back to historical loss information by means of a one-year reversion period. Following are some of the key factors and assumptions that are used in the Company’s CECL calculations:

• methods based on probability of default and loss given default which are modeled based on macroeconomic scenarios;

• a reasonable and supportable forecast period determined based on management’s current review of macroeconomic environment;

• a reversion period after the reasonable and supportable forecast period;

• estimated prepayment rates based on the Company’s historical experience and future macroeconomic environment;

• estimated credit utilization rates based on the Company’s historical experience and future macroeconomic environment; and

• incorporation of qualitative factors not captured within the modeled results. The qualitative factors include but are not limited to

changes in lending policies, business conditions, changes in the nature and size of the portfolio, portfolio concentrations, and

external factors such as competition.

Allowance for Credit Losses are aggregated for the major loan segments, with similar risk characteristics, summarized below. However, for the purposes of calculating the reserves, these segments may be further broken down into loan classes by risk characteristics that include but are not limited to regulatory call codes, industry type, geographic location, and collateral type.

Residential real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential real estate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying properties may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower.

Commercial and multi-family real estate lending entails additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as general economic conditions.

Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence.

Commercial and industrial lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In many cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance.

Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral value securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default.

Consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan.

During the three months ended September 30, 2024, the Company experienced a significant increase in provision for credit losses as well as charge-off specifically associated with participation of a CRE office loan. The process to determine expected credit losses associated with this loan followed Bank policies and utilized analytic tools and judgement and are reviewed on a quarterly basis. When management is reasonably certain that a loan balance is not fully collectable, an analysis is completed and a specific reserve may be established or a full or partial charge off could be recorded against the allowance. In order to arrive at the estimated amount of the specific reserve and related charge-off, management considers available information from internal and external sources, including payment trends, current borrower conditions, and incorporates reasonable and supportable forecasts. Management also evaluates a variety of factors including available published market and economic information in arriving at its estimate. Although management uses the best information available, the level of the allowance for credit losses and any specific reserves remain an estimate, which is subject to significant judgment and short-term change. Future adjustments to the provision for credit losses and allowance for credit losses may be necessary due to economic, operating, regulatory and other conditions beyond the Company’s control.

The following tables present the activity in the allowance by portfolio segment for each of the three and nine months ended September 30, 2024 and 2023: (Note: The activity presented does not include provisions recorded to support the reserve associated with off balance sheet commitments.)


	Three Months Ended September 30, 2024
	Commercial				Commercial
	And		Commercial		Real Estate		Residential		Home
	Industrial		Real Estate		Construction		Real Estate		Equity		Consumer		Total
Allowance for credit losses:
Beginning balance	$	4,548	$	20,962	$	652	$	1,088	$	51	$	514	$	27,815
Provision for credit losses^*		(148)		7,323		(22)		(130)		33		134		7,190
Charge-offs		(1)		(3,959)		—		—		(33)		—		(3,993)
Recoveries		3		—		—		—		—		8		11
Ending balance	$	4,402	$	24,326	$	630	$	958	$	51	$	656	$	31,023

* The provision for credit losses on the income statement also includes approximately ($0) associated with off balance sheet ACL.


	Nine Months Ended September 30, 2024
	Commercial				Commercial
	and		Commercial		Real Estate		Residential		Home
	Industrial		Real Estate		Construction		Real Estate		Equity		Consumer		Total
Allowance for loan losses:
Beginning balance	$	4,819	$	17,873	$	772	$	1,081	$	51	$	586	$	25,182
Provision for credit losses^*		(436)		10,412		(142)		(29)		33		23		9,861
Charge-offs		(8)		(3,959)		—		(94)		(33)		—		(4,094)
Recoveries		27		—		—		—		—		47		74
Ending balance	$	4,402	$	24,326	$	630	$	958	$	51	$	656	$	31,023

* The provision for credit losses on the income statement also includes approximately ($200) associated with off balance sheet ACL.


	Three Months Ended September 30, 2023
	Commercial				Commercial
	and		Commercial		Real Estate		Residential		Home
	Industrial		Real Estate		Construction		Real Estate		Equity		Consumer		Total
Allowance for credit losses:
Beginning balance	$	5,155	$	17,119	$	1,060	$	992	$	46	$	476	$	24,848
Provision for credit losses^*		869		82		(59)		3		5		(93)		807
Charge-offs		(76)		—		—		—		—		—		(76)
Recoveries		13		160		—		—		—		23		196
Ending balance	$	5,961	$	17,361	$	1,001	$	995	$	51	$	406	$	25,775

* The provision for credit losses on the income statement also includes approximately ($30) associated with off balance sheet ACL.


	Nine Months Ended September 30, 2023
	Commercial				Commercial
	and		Commercial		Real Estate		Residential		Home
	Industrial		Real Estate		Construction		Real Estate		Equity		Consumer		Total
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326	$	5,510	$	14,364	$	1,252	$	345	$	63	$	298	$	21,832
Impact of adopting ASC 326		72		1,737		(8)		(227)		(17)		(129)		1,428
Provision for credit losses^*		718		1,087		(243)		877		5		110		2,554
Charge-offs		(410)		—		—		—		—		(36)		(446)
Recoveries		71		173		—		—		—		163		407
Ending balance	$	5,961	$	17,361	$	1,001	$	995	$	51	$	406	$	25,775

* The provision for credit losses on the income statement also includes approximately ($148) associated with off balance sheet ACL.


	Commercial				Commercial
	and		Commercial		Real Estate		Residential		Home
	Industrial		Real Estate		Construction		Real Estate		Equity		Consumer		Total
September 30, 2024
Allowance for credit losses:
Ending balance:
individually evaluated for impairment	$	321	$	5,800	$	—	$	—	$	—	$	—	$	6,121
collectively evaluated for impairment		4,081		18,526		630		958		51		656		24,902
Total ending allowance balance	$	4,402	$	24,326	$	630	$	958	$	51	$	656	$	31,023
Loans:
Ending balance:
individually evaluated for impairment	$	2,734	$	36,742	$	—	$	63	$	—	$	87	$	39,626
collectively evaluated for impairment		248,750		1,297,838		78,227		74,399		16,064		41,190		1,756,468
Total ending loans balance	$	251,484	$	1,334,580	$	78,227	$	74,462	$	16,064	$	41,277	$	1,796,094


	Commercial				Commercial
	and		Commercial		Real Estate		Residential		Home
	Industrial		Real Estate		Construction		Real Estate		Equity		Consumer		Total
December 31, 2023
Allowance for credit losses:
Ending balance:
individually evaluated for impairment	$	157	$	308	$	—	$	94	$	—	$	—	$	559
collectively evaluated for impairment		4,662		17,565		772		987		51		586		24,623
Total ending allowance balance	$	4,819	$	17,873	$	772	$	1,081	$	51	$	586	$	25,182
Loans:
Ending balance:
individually evaluated for impairment	$	556	$	21,210	$	—	$	1,239	$	—	$	94	$	23,099
collectively evaluated for impairment		273,006		1,238,146		85,725		77,082		13,546		36,458		1,723,963
Total ending loans balance	$	273,562	$	1,259,356	$	85,725	$	78,321	$	13,546	$	36,552	$	1,747,062

Included in the commercial and industrial loans collectively evaluated for impairment are PPP loans of $181 and $215 as of September 30, 2024 and December 31, 2023, respectively. PPP loans receivable are guaranteed by the SBA and have no allocation in the allowance.

Individually Analyzed Loans

Effective January 1, 2023, the Company began analyzing loans on an individual basis when management determined that the loan no longer exhibited risk characteristics consistent with the risk characteristics existing in its designated pool of loans, under the Company's CECL methodology. Loans individually analyzed include certain nonaccrual commercial, as well as certain accruing loans previously identified under prior troubled debt restructuring (TDR) guidance.

As of September 30, 2024, the Company held $10.9 million in non-accrual balances and a related ACL of approximately $5.6 million. Within the non-accrual balances, $37 thousand of these loans had no ACL associated to them. As of December 31, 2023, the

Company had $4.4 million in non-accrual loans and related ACL of approximately $351 thousand. Within the non-accrual balances, $3.3 million of these loans had no ACL associated related to them.

As of December 31, 2023, the amortized cost basis of individually analyzed loans was $16.8 million and a related ACL of approximately $194 thousand. For collateral dependent loans where the borrower is experiencing financial difficulty and repayment is likely to be substantially provided through the sale or operation of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan, at measurement date. Certain assets held as collateral may be exposed to future deterioration in fair value, particularly due to changes in real estate markets or usage.


	At September 30, 2024				At December 31, 2023

	Principal Balance			Related Allowance	Principal Balance			Related Allowance


Commercial and industrial	$	—	$	—	$	—	$	—
Commercial real estate ⁽¹⁾		31,238		5,575		15,594		100
Commercial real estate construction		—		—		—		—
Residential real estate ⁽²⁾		132		—		1,239		94
Home equity		—		—		—		—
Consumer		—		—		—		—
Total	$	31,370	$	5,575	$	16,833	$	194

⁽¹⁾ Commercial real estate – secured by various types of commercial real estate

⁽²⁾ Residential real estate – secured by residential real estate

The following table presents the amortized cost in non-accrual and loans past due over 90 days still on accrual by class of loans as of September 30, 2024 and December 31, 2023.


	Non-Accrual
	with No Allowance								Loans Past Due Over 90 Days
	for Credit Loss				Non-accrual				Still Accruing
	September 30, 2024			December 31, 2023	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Commercial and industrial	$	29	$	285	$	199	$	556	$	237	$	—
Commercial real estate		—		2,391		10,725		2,692		—		—
Commercial real estate construction		—		—		—		—		—		—
Residential real estate		8		591		8		1,179		—		—
Home equity		—		—		—		—		—		—
Consumer		—		—		—		—		—		—
Total	$	37		3,267	$	10,932	$	4,427	$	237	$	—

As of September 30, 2024, the Company held $10.9 million in non-accrual balances and a related ACL for approximately $5.6 million. Within the non-accrual balances, $37 thousand of these loans had no ACL associated with them.

The Company adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measurement of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. The Company did not have any loans that were both experiencing financial difficulties and modified during the three and nine months ended September 30, 2024 and 2023.

In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed within the scope of the Company’s internal underwriting policy.

The following table presents the aging of the amortized cost in past-due loans as of September 30, 2024 and December 31, 2023 by class of loans:


	30-59 Days		60-89 Days		Greater Than		Total		Loans
	Past Due		Past Due		90 Days		Past Due		Not Past Due
September 30, 2024
Commercial and industrial	$	—	$	—	$	266	$	266	$	251,218
Commercial real estate		—		159		10,726		10,885		1,323,695
Commercial real estate construction		—		—		—		—		78,227
Residential real estate		—		—		—		—		74,462
Home equity		—		—		—		—		16,064
Consumer		209		—		—		209		41,068
Total	$	209	$	159	$	10,992	$	11,360	$	1,784,734


	30-59 Days		60-89 Days		Greater Than		Total		Loans
	Past Due		Past Due		90 Days		Past Due		Not Past Due
December 31, 2023
Commercial and industrial	$	229	$	—	$	327	$	556	$	273,006
Commercial real estate		20		—		300		320		1,259,035
Commercial real estate construction		—		—		—		—		85,725
Residential real estate		—		—		1,167		1,167		77,155
Home equity		—		—		—		—		13,546
Consumer		—		—		—		—		36,552
Total	$	249	$	—	$	1,794	$	2,043	$	1,745,019

As of September 30, 2024 and December 31, 2023, loans in the process of foreclosure were $15,432 and $1,840 respectively, of which $0 and $1,504 were secured by residential real estate.

Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes loans with an outstanding balance greater than $350 thousand and non-homogeneous loans, such as commercial and commercial real estate loans. This analysis is performed on an annual basis. The Company uses the following definitions for risk ratings:

Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date.

Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well- defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans.


									Revolving
								Revolving	Loans to
	2024		2023	2022	2021	2020	Prior	Loans	Term Loans	Total
Commercial and industrial											—
Pass	$	26,554	44,806	36,520	34,998	33,309	55,236	—	—	$	231,423
Special Mention		—	80	3,333	4,287	—	150	—	—		7,850
Substandard		3,599	422	7,198	170	136	686	—	—		12,211
Total Commercial and industrial	$	30,153	45,308	47,051	39,455	33,445	56,072	—	—	$	251,484
Current period gross charge-offs		8	—	—	—	—	—	—	—		8

Commercial real estate
Pass	$	99,740	197,288	329,806	225,069	156,583	272,035	5,325	—	$	1,285,846
Special Mention		—	790	—	6,291	—	11,339	—	—		18,420
Substandard		—	—	626	20,970	—	8,718	—	—		30,314
Total Commercial real estate	$	99,740	198,078	330,432	252,330	156,583	292,092	5,325	—	$	1,334,580
Current period gross charge-offs		—	—	—	3,931	—	28	—	—		3,959

Commercial real estate construction
Pass	$	15,369	28,113	24,545	10,200	—	—	—	—	$	78,227
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	—	—	—		—
Total Commercial real estate construction	$	15,369	28,113	24,545	10,200	—	—	—	—	$	78,227
Current period gross charge-offs		—	—	—	—	—	—	—	—		—

Residential real estate
Pass	$	4,661	20,620	12,388	8,471	8,718	19,596	—	—	$	74,454
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	8	—	—		8
Total Residential real estate	$	4,661	20,620	12,388	8,471	8,718	19,604	—	—	$	74,462
Current period gross charge-offs		—	—	—	—	—	94	—	—		94

Home equity
Pass	$	—	47	—	—	—	48	14,418	1,551	$	16,064
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	—	—	—		—
Total Home Equity	$	—	47	—	—	—	48	14,418	1,551	$	16,064
Current period gross charge-offs		—	—	—	—	—	—	—	33		33

Consumer
Pass	$	9,744	23,671	2	—	1,412	77	6,284	—	$	41,190
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	87	—	—		87
Total Consumer	$	9,744	23,671	2	—	1,412	164	6,284	—	$	41,277
Current period gross charge-offs		—	—	—	—	—		—	—		—

Total Loans	$	159,667	315,837	414,418	310,456	200,158	367,980	26,027	1,551	$	1,796,094

Gross charge-offs	$	8	—	—	3,931	—	122	—	33	$	4,094


									Revolving
								Revolving	Loans to
	2023		2022	2021	2020	2019	Prior	Loans	Term Loans	Total
Commercial and industrial											—
Pass	$	46,009	56,896	48,103	44,329	26,500	39,953	—	—	$	261,790
Special Mention		100	7,521	—	—	—	225	—	—		7,846
Substandard		408	384	729	842	—	1,563	—	—		3,926
Total Commercial and industrial	$	46,517	64,801	48,832	45,171	26,500	41,741	—	—	$	273,562
Current period gross charge-offs		23	—	—	510	439	597	—	—		1,569

Commercial real estate
Pass	$	197,300	328,445	237,198	162,619	88,322	202,800	3,298	—	$	1,219,982
Special Mention		—	—	9,957	—	2,959	12,042	—	—		24,958
Substandard		—	—	430	2,391	6,133	5,462	—	—		14,416
Total Commercial real estate	$	197,300	328,445	247,585	165,010	97,414	220,304	3,298	—	$	1,259,356
Current period gross charge-offs		—	—	—	—	—	—	—	—		—

Commercial real estate construction
Pass	$	11,116	26,876	37,326	10,407	—	—	—	—	$	85,725
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	—	—	—		—
Total Commercial real estate construction	$	11,116	26,876	37,326	10,407	—	—	—	—	$	85,725
Current period gross charge-offs		—	—	—	—	—	—	—	—		—

Residential real estate
Pass	$	19,196	17,810	8,825	9,253	4,475	17,583	—	—	$	77,142
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	589	590	—	—		1,179
Total Residential real estate	$	19,196	17,810	8,825	9,253	5,064	18,173	—	—	$	78,321
Current period gross charge-offs		—	—	—	—	—	—	—	—		—

Home equity
Pass	$	48	68	15	—	57	—	11,595	1,763	$	13,546
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	—	—	—		—
Total Home Equity	$	48	68	15	—	57	—	11,595	1,763	$	13,546
Current period gross charge-offs		—	—	—	—	—	—	—	—		—

Consumer
Pass	$	28,930	8	—	1,789	22	63	5,646	—	$	36,458
Special Mention		—	—	—	—	—	—	—	—		—
Substandard		—	—	—	—	—	94	—	—		94
Total Consumer	$	28,930	8	—	1,789	22	157	5,646	—	$	36,552
Current period gross charge-offs		—	—	11	—	25	1	—	—		37

Total Loans	$	303,107	438,008	342,583	231,630	129,057	280,375	20,539	1,763	$	1,747,062

Gross charge-offs	$	23	—	11	510	464	598	—	—	$	1,606

Loans to certain directors and principal officers of the Company, including their immediate families and companies in which they are affiliated, amounted to $16,502 and $16,475 at September 30, 2024 and December 31, 2023, respectively.