0000708781-23-000042 | 10-Q | XBRL Viewer | Cass Information Systems INC

Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The Company accounts for intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, Goodwill and Other Intangible Assets, which requires that intangibles with indefinite useful lives be tested annually for impairment, or when management deems there is a triggering event, and those with finite useful lives be amortized over their useful lives.

Details of the Company’s intangible assets are as follows:


	September 30, 2023				December 31, 2022
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Assets eligible for amortization:
Customer lists	$	6,470	$	(4,778)	$	6,470	$	(4,561)
Patents	72		(35)		72		(32)
Software	3,212		(1,827)		3,212		(1,508)
Trade name	373		(63)		373		(42)
Other	500		(384)		500		(358)
Unamortized intangible assets:
Goodwill	17,309		—		17,309		—
Total intangible assets	$	27,936	$	(7,087)	$	27,936	$	(6,501)

The customer lists are amortized over 7 to 10 years; the patents over 18 years; software over 3 to 7 years; the trade names over 10 to 20 years; and other intangible assets over 15 years. Amortization of intangible assets amounted to $195,000 for the three month periods ended September 30, 2023 and 2022. Amortization of intangible assets amounted to $585,000 and $485,000 for the nine-month periods ended September 30, 2023 and 2022, respectively. Estimated annual amortization of intangibles is $780,000 in 2023, $738,000 in 2024, $730,000 in 2025, $582,000 in 2026, and $262,000 in 2027.

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance sheet assets:
Investment securities	$ 615,855	$ 754,468
Carrying Amount
Balance sheet assets:
Accrued interest receivable	8,185	8,297
Total	2,058,775	2,033,074
Balance sheet liabilities:
Accrued interest payable	597	66
Total	2,260,163	2,324,883
Fair Value
Balance sheet assets:
Cash and cash equivalents	408,435	200,942
Investment securities	615,855	754,468
Loans, net	986,503	1,004,682
Accrued interest receivable	8,185	8,297
Total	2,018,978	1,968,389
Balance sheet liabilities:
Deposits	1,177,342	1,257,217
Accounts and drafts payable	1,082,224	1,067,600
Accrued interest payable	597	66
Total	$ 2,260,163	$ 2,324,883

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 938	$ 1,300	$ 3,797	$ 4,479
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			56,407
Unrecognized compensation expense	$ 2,000		$ 2,000
Unrecognized compensation expense, period for recognition			6 months 3 days
Nonvested awards shares outstanding (in shares)	239,883		239,883		205,565
Restricted Stock \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Restricted Stock \| Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Restricted Stock \| Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			35,035
Shares issued in period (in shares)			21,372
Performance-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			51,453
Award vesting period			3 years
Percentage of target opportunity for awards to vest			86.70%
Shares issued in period (in shares)			26,499
Nonvested awards shares outstanding (in shares)	159,073		159,073		138,785
Performance-based Restricted Stock \| Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			48,262
Shares issued in period (in shares)			3,191
Performance-based Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target opportunity for awards to vest			0.00%
Performance-based Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target opportunity for awards to vest			150.00%

Stock Repurchases (Details) - shares	3 Months Ended		9 Months Ended
Stock Repurchases (Details) - shares	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Oct. 31, 2021
Equity [Abstract]
Number of shares authorized to be repurchased (in shares)					750,000
Remaining number of shares authorized to be repurchased (in shares)	204,130		204,130
Treasury stock, shares repurchased (in shares)	73,272	0	136,577	130,374

Stock Repurchases	9 Months Ended
Stock Repurchases	Sep. 30, 2023
Equity [Abstract]
Stock Repurchases	Stock Repurchases The Company maintains a treasury stock buyback program pursuant to which, in October 2021, the Board of Directors authorized the repurchase of up to 750,000 shares of the Company’s common stock with no expiration date. As of September 30, 2023, the Company had 204,130 shares remaining available for repurchase under the program. On October 17, 2023, the Board of Directors authorized the repurchase of up to 500,000 shares of the Company's common stock with no expiration date. This authorization replaces the October 2021 authorization, and as such, the Company has 500,000 shares available for repurchase effective with the October 17, 2023 authorization. The Company repurchased 73,272 and 0 shares during the three-month periods ended September 30, 2023 and 2022, respectively, and 136,577 and 130,374 shares during the nine-month periods ended September 30, 2023 and 2022, respectively. Repurchases may be made in the open market or through negotiated transactions from time to time depending on market conditions.

Investment in Securities - Schedule of the Fair Values of Securities with Unrealized Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
AFS, Less than 12 months, Estimated Fair Value	$ 78,195	$ 456,451
AFS, Less than 12 months, Unrealized Losses	1,244	22,374
AFS, 12 months or more, Estimated Fair Value	529,657	260,284
AFS, 12 months or more, Unrealized Losses	79,282	48,259
AFS, Total Estimated Fair Value	607,852	716,735
AFS, Total Unrealized Losses	80,526	70,633
State and political subdivisions
Marketable Securities [Line Items]
AFS, Less than 12 months, Estimated Fair Value	63,256	214,919
AFS, Less than 12 months, Unrealized Losses	1,183	8,958
AFS, 12 months or more, Estimated Fair Value	149,202	47,474
AFS, 12 months or more, Unrealized Losses	24,552	13,346
AFS, Total Estimated Fair Value	212,458	262,393
AFS, Total Unrealized Losses	25,735	22,304
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises
Marketable Securities [Line Items]
AFS, Less than 12 months, Estimated Fair Value	0	53,732
AFS, Less than 12 months, Unrealized Losses	0	6,135
AFS, 12 months or more, Estimated Fair Value	152,435	118,017
AFS, 12 months or more, Unrealized Losses	39,806	25,101
AFS, Total Estimated Fair Value	152,435	171,749
AFS, Total Unrealized Losses	39,806	31,236
Corporate bonds
Marketable Securities [Line Items]
AFS, Less than 12 months, Estimated Fair Value	14,939	32,517
AFS, Less than 12 months, Unrealized Losses	61	3,629
AFS, 12 months or more, Estimated Fair Value	79,510	47,580
AFS, 12 months or more, Unrealized Losses	11,662	7,622
AFS, Total Estimated Fair Value	94,449	80,097
AFS, Total Unrealized Losses	11,723	11,251
Treasury securities
Marketable Securities [Line Items]
AFS, Less than 12 months, Estimated Fair Value	0	155,283
AFS, Less than 12 months, Unrealized Losses	0	3,652
AFS, 12 months or more, Estimated Fair Value	107,722	0
AFS, 12 months or more, Unrealized Losses	2,030	0
AFS, Total Estimated Fair Value	107,722	155,283
AFS, Total Unrealized Losses	2,030	3,652
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises
Marketable Securities [Line Items]
AFS, Less than 12 months, Estimated Fair Value	0	0
AFS, Less than 12 months, Unrealized Losses	0	0
AFS, 12 months or more, Estimated Fair Value	40,788	47,213
AFS, 12 months or more, Unrealized Losses	1,232	2,190
AFS, Total Estimated Fair Value	40,788	47,213
AFS, Total Unrealized Losses	$ 1,232	$ 2,190

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Certain amounts in prior-period financial statements have been reclassified to conform to the current period’s presentation. Such reclassifications have no effect on previously reported net income or shareholders’ equity. For further information, refer to the audited consolidated financial statements and related footnotes included in Cass Information System, Inc.’s (the “Company” or “Cass”) Annual Report on Form 10-K for the year ended December 31, 2022 ("2022 Form 10-K").

Loans by Type - Summary of Loan Categories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Participating Mortgage Loans [Line Items]
Total loans	$ 1,039,619	$ 1,082,906
Commercial and industrial
Participating Mortgage Loans [Line Items]
Total loans	517,310	561,616
Commercial: \| Mortgage
Participating Mortgage Loans [Line Items]
Total loans	115,742	108,166
Commercial: \| Construction
Participating Mortgage Loans [Line Items]
Total loans	21,101	17,874
Faith-based: \| Mortgage
Participating Mortgage Loans [Line Items]
Total loans	376,186	387,114
Faith-based: \| Construction
Participating Mortgage Loans [Line Items]
Total loans	9,249	8,094
Other
Participating Mortgage Loans [Line Items]
Total loans	$ 31	$ 42

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows From Operating Activities:
Net income	$ 21,649	$ 25,619
Amortization of intangible assets	585	485
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion (Amortization) of Discounts and Premiums, Investments	3,378	(4,818)
Depreciation	3,061	3,008
Losses (gains) on sales of securities	160	(15)
Stock-based compensation expense	3,797	4,479
Provision for (release of) credit losses	(335)	850
(Decrease) increase in current income tax liability	(1,496)	641
Increase (decrease) in pension liability	346	(1,877)
Increase in accounts receivable	(1,234)	(2,540)
Other operating activities, net	(545)	5,331
Net cash provided by operating activities	29,366	40,799
Cash Flows From Investing Activities:
Proceeds from sales of securities available-for-sale	111,053	3,838
Proceeds from maturities of securities available-for-sale	29,410	45,740
Purchase of securities available-for-sale	(15,332)	(231,891)
Net decrease (increase) in loans	43,286	(76,521)
Purchase of bank-owned life insurance	0	(4,538)
Decrease in payments in advance of funding	35,188	22,206
Purchases of premises and equipment, net	(9,360)	(4,270)
Net cash provided by (used in) investing activities	194,245	(249,861)
Net decrease in noninterest-bearing demand deposits	(131,465)	(911)
Payments to Acquire Businesses, Net of Cash Acquired	0	4,425
Cash Flows From Financing Activities:
Net (Increase) Decrease In Accounts and Drafts Receivable From Customers	67,069	(45,699)
Net decrease in noninterest-bearing demand deposits	(131,465)	(911)
Net increase in interest-bearing demand and savings deposits	15,304	20,672
Net increase (decrease) in time deposits	36,286	(11,543)
Net decrease (increase) in accounts and drafts receivable from customers	14,624	95,938
Cash dividends paid	(11,887)	(11,478)
Purchase of common shares for treasury	(5,212)	(5,299)
Other financing activities, net	(837)	(552)
Net cash (used in) provided by financing activities	(16,118)	41,128
Net increase (decrease) in cash and cash equivalents	207,493	(167,934)
Cash and cash equivalents at beginning of period	200,942	514,928
Cash and cash equivalents at end of period	408,435	346,994
Supplemental information:
Cash paid for interest	11,049	1,314
Cash paid for income taxes	$ 6,775	$ 5,531

Investment in Securities - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) security	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) security	Sep. 30, 2022 USD ($)	Dec. 31, 2022 security
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities, number of positions \| security	276		276		311
Available-for-sale securities, percentage of total securities	98.20%		98.20%		91.70%
Available-for-sale securities, number of positions, greater than one year \| security	213		213		101
Proceeds from sales of securities available-for-sale	$ 0	$ 2,300	$ 111,053	$ 3,838
Available-for-sale securities, gross realized gains	$ 0	13	$ 187	15
Available-for-sale securities, gross realized losses		$ 0		$ 347

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period.

The calculations of basic and diluted earnings per share are as follows:


(In thousands except share and per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic
Net income	$	7,394	$	8,799	$	21,649	$	25,619
Weighted-average common shares outstanding	13,501,469		13,542,231		13,551,070		13,554,169
Basic earnings per share	$	0.55	$	0.65	$	1.60	$	1.89

Diluted
Net income	$	7,394	$	8,799	$	21,649	$	25,619
Weighted-average common shares outstanding	13,501,469		13,542,231		13,551,070		13,554,169
Effect of dilutive restricted stock and stock appreciation rights	291,142		262,106		285,354		252,496
Weighted-average common shares outstanding assuming dilution	13,792,611		13,804,337		13,836,424		13,806,665
Diluted earnings per share	$	0.54	$	0.64	$	1.56	$	1.86

Industry Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Industry Segment Information

The services provided by the Company are classified into two reportable segments: Information Services and Banking Services. Each of these segments provides distinct services that are marketed through different channels. They are managed separately due to their unique service and processing requirements.

The Information Services segment provides transportation, energy, telecommunication, and environmental invoice processing and payment services to large corporations. In addition, this segment provides church management software and on-line generosity services primarily for faith-based ministries. The Banking Services segment provides banking services primarily to privately held businesses, franchise restaurants, and faith-based ministries, as well as supporting the banking needs of the Information Services segment.

The Company’s accounting policies for segments are the same as those described in the summary of significant accounting policies in the Company’s 2022 Form 10-K. Management evaluates segment performance based on pre-tax income after allocations for corporate expenses. Transactions between segments are accounted for at what management believes to be fair value.

Substantially all revenue originates from, and all long-lived assets are located within, the United States and no revenue from any customer of any segment exceeds 10% of the Company’s consolidated revenue.

Funding sources represent average balances and deposits generated by Information Services and Banking Services and there is no allocation methodology used. Banking Services interest income is determined by actual interest income on loans minus actual interest expense paid on deposits plus/minus an allocation for interest income or expense dependent on the

remaining available liquidity of the segment. Information Services interest income is determined by multiplying available liquidity by actual yields on short-term investments and investment securities.

Any difference between total segment interest income and overall total Company interest income is included in Corporate, Eliminations, and Other.

Summarized information about the Company’s operations in each industry segment is as follows:


(In thousands)	Information Services		Banking Services		Corporate, Eliminations and Other		Total
Three Months Ended September 30, 2023:
Fee income	$	31,843	$	664	$	293	$	32,800
Interest income	10,143		13,879		(2,833)		21,189
Interest expense	437		7,523		(3,319)		4,641
Intersegment income (expense)	(1,117)		1,117		—		—
Tax-equivalized pre-tax income	6,100		2,282		778		9,160
Goodwill	17,173		136		—		17,309
Other intangible assets, net	3,540		—		—		3,540
Total assets	1,648,152		1,130,345		(273,619)		2,504,878
Average funding sources	$	1,347,074	$	795,011	$	—	$	2,142,085
Three Months Ended September 30, 2022:
Fee income	$	30,399	$	1,093	$	292	$	31,784
Interest income	7,468		10,525		(1,240)		16,753
Interest expense	33		1,025		(276)		782
Intersegment income (expense)	(802)		802		—		—
Tax-equivalized pre-tax income	5,933		5,622		(671)		10,884
Goodwill	17,173		136		—		17,309
Other intangible assets, net	4,321		—		—		4,321
Total assets	1,616,986		1,134,295		(140,466)		2,610,815
Average funding sources	$	1,417,250	$	949,454	$	—	$	2,366,704
Nine Months Ended September 30, 2023:
Fee income	$	94,280	$	2,001	$	699	$	96,980
Interest income	29,053		40,885		(8,899)		61,039
Interest expense	604		20,296		(9,321)		11,579
Intersegment income (expense)	(3,093)		3,093		—		—
Tax-equivalized pre-tax income	16,964		8,917		1,120		27,001
Goodwill	17,173		136		—		17,309
Other intangible assets, net	3,540		—		—		3,540
Total assets	1,648,152		1,130,345		(273,619)		2,504,878
Average funding sources	$	1,343,750	$	820,335	$	—	$	2,164,085
Nine Months Ended September 30, 2022:
Fee income	$	89,243	$	2,763	$	859	$	92,865
Interest income	17,596		28,714		(3,451)		42,859
Interest expense	73		1,578		(307)		1,344
Intersegment income (expense)	(2,476)		2,476		—		—
Tax-equivalized pre-tax income	17,803		16,224		(2,285)		31,742
Goodwill	17,173		136		—		17,309
Other intangible assets, net	4,321		—		—		4,321
Total assets	1,616,986		1,134,295		(140,466)		2,610,815
Average funding sources	$	1,365,880	$	963,588	$	—	$	2,329,468

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: 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

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share (in dollars per share)	$ 0.50	$ 0.50
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares, issued (in shares)	15,505,772	15,505,772
Common stock, shares, outstanding (in shares)	13,596,490	13,669,656
Treasury stock shares (in shares)	1,909,282	1,836,116

Investment in Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:


	September 30, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	241,194	$	2	$	25,735	$	215,461
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	192,241		—		39,806		152,435
Corporate bonds	111,172		—		11,723		99,449
Treasury securities	109,752		—		2,030		107,722
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	42,020		—		1,232		40,788
Total	$	696,379	$	2	$	80,526	$	615,855


	December 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	317,376	$	54	$	22,304	$	295,126
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	205,175		—		31,236		173,939
Corporate bonds	96,348		—		11,251		85,097
Treasury securities	158,935		—		3,652		155,283
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	47,213		—		2,190		45,023
Total	$	825,047	$	54	$	70,633	$	754,468

Schedule of Unrealized Loss on Investments

The fair values of securities with unrealized losses are as follows:


	September 30, 2023
	Less than 12 months				12 months or more				Total
(In thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
State and political subdivisions	$	63,256	$	1,183	$	149,202	$	24,552	$	212,458	$	25,735
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	—		—		152,435		39,806		152,435		39,806
Corporate bonds	14,939		61		79,510		11,662		94,449		11,723
Treasury securities	—		—		107,722		2,030		107,722		2,030
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	—		—		40,788		1,232		40,788		1,232
Total	$	78,195	$	1,244	$	529,657	$	79,282	$	607,852	$	80,526


	December 31, 2022
	Less than 12 months				12 months or more				Total
(In thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
State and political subdivisions	$	214,919	$	8,958	$	47,474	$	13,346	$	262,393	$	22,304
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	53,732		6,135		118,017		25,101		171,749		31,236
Corporate bonds	32,517		3,629		47,580		7,622		80,097		11,251
Treasury securities	155,283		3,652		—		—		155,283		3,652
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	—		—		47,213		2,190		47,213		2,190
Total	$	456,451	$	22,374	$	260,284	$	48,259	$	716,735	$	70,633

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.


	September 30, 2023
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	124,354	$	122,207
Due after 1 year through 5 years	141,867		138,528
Due after 5 years through 10 years	201,815		169,520
Due after 10 years	228,343		185,600
Total	$	696,379	$	615,855

- 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

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Operating Lease Maturity

A maturity analysis of operating lease liabilities and undiscounted cash flows as of September 30, 2023 is as follows:


(In thousands)	September 30, 2023
Lease payments due
Less than 1 year	$	1,332
1-2 years	1,339
2-3 years	1,354
3-4 years	1,350
4-5 years	1,343
Over 5 years	3,218
Total undiscounted cash flows	9,936
Discount on cash flows	1,200
Total lease liability	$	8,736

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2021	$ 245,798	$ 7,753	$ 204,276	$ 112,220	$ (78,904)	$ 453
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,619			25,619
Cash dividends	(11,478)			(11,478)
Issuance of common shares pursuant to stock-based compensation plan, net	(467)		(2,803)		2,336
Exercise of SARs	(85)		(328)		243
Stock-based compensation expense	4,479		4,479
Purchase of common shares	(5,299)				(5,299)
Other comprehensive income (loss)	(66,832)					(66,832)
Ending balance at Sep. 30, 2022	191,735	7,753	205,624	126,361	(81,624)	(66,379)
Beginning balance at Jun. 30, 2022	205,614	7,753	204,482	121,386	(81,742)	(46,265)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,799			8,799
Cash dividends	(3,824)			(3,824)
Issuance of common shares pursuant to stock-based compensation plan, net	(47)		(165)		118
Stock-based compensation expense	1,307		1,307
Other comprehensive income (loss)	(20,114)					(20,114)
Ending balance at Sep. 30, 2022	191,735	7,753	205,624	126,361	(81,624)	(66,379)
Beginning balance at Dec. 31, 2022	206,325	7,753	207,422	131,682	(81,211)	(59,321)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,649			21,649
Cash dividends	(11,887)			(11,887)
Issuance of common shares pursuant to stock-based compensation plan, net	(721)		(3,336)		2,615
Exercise of SARs	(116)		(238)		122
Stock-based compensation expense	3,797		3,815
Purchase of common shares	(5,212)				(5,212)
Other comprehensive income (loss)	(7,599)					(7,599)
Ending balance at Sep. 30, 2023	206,236	7,753	207,663	141,444	(83,704)	(66,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted Stock Award, Forfeitures					(18)
Beginning balance at Jun. 30, 2023	215,146	7,753	206,734	137,996	(80,943)	(56,394)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,394			7,394
Cash dividends	(3,946)			(3,946)
Issuance of common shares pursuant to stock-based compensation plan, net	65		(9)		74
Exercise of SARs	0		0		0
Stock-based compensation expense	938		938
Purchase of common shares	(2,835)				(2,835)
Other comprehensive income (loss)	(10,526)					(10,526)
Ending balance at Sep. 30, 2023	$ 206,236	$ 7,753	$ 207,663	$ 141,444	(83,704)	$ (66,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted Stock Award, Forfeitures					$ 0

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation awards have historically been issued under the Company's Amended and Restated Omnibus Stock and Performance Compensation Plan (the "Prior Plan"), which was amended and last approved by shareholders in 2013. The Company issued shares out of treasury stock for these awards until the expiration of the Prior Plan on April 17, 2023. During the nine months ended September 30, 2023, 35,035 restricted shares and 48,262 performance-based restricted shares were granted under the Prior Plan.

On February 16, 2023, the Board of Directors adopted the 2023 Omnibus Stock and Performance Compensation Plan (the "2023 Omnibus Plan") to replace the Prior Plan, subject to shareholder approval which occurred on April 18, 2023. Subsequent to this date, the Company will issue stock-based compensation awards under the 2023 Omnibus Plan. During the nine months ended September 30, 2023, 21,372 restricted shares and 3,191 performance-based restricted shares were granted under the 2023 Omnibus Plan.

Stock-based compensation expense for the three months ended September 30, 2023 and 2022 was $938,000 and $1.3 million, respectively, and $3.8 million and $4.5 million for the nine months ended September 30, 2023 and 2022, respectively.

Restricted Stock

Restricted shares granted to Company employees are amortized to expense over a three-year cliff vesting period, or until vesting occurs upon retirement. Restricted shares granted to members of the Board of Directors are amortized to expense over a one-year service period, with the exception of those shares granted in lieu of cash payments for retainer fees which are expensed in the period earned.

As of September 30, 2023, the total unrecognized compensation expense related to non-vested restricted shares was $2.0 million, and the related weighted-average period over which it is expected to be recognized is approximately 0.51 years.

Following is a summary of the activity of the Company's restricted stock for the nine months ended September 30, 2023, with total shares and weighted-average fair value:


	Nine Months Ended September 30, 2023
	Shares	Fair Value
Balance at December 31, 2022	205,565	$	42.64
Granted	56,407	44.59
Vested	(21,691)	53.16
Forfeitures	(398)	40.15
Balance at September 30, 2023	239,883	$	42.17

Performance-Based Restricted Stock

The Company has granted three-year performance-based restricted stock (“PBRS”) awards which are contingent upon the Company’s achievement of pre-established financial goals over a three-year cliff vest period. The number of shares issued ranges from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the three-year performance period.

Following is a summary of the activity of the PBRS for the nine months ended September 30, 2023, based on 100% of target value:


	Nine Months Ended September 30, 2023
	Shares	Fair Value
Balance at December 31, 2022	138,785	$	43.19
Granted	51,453	48.19
Vested	(30,567)	54.02
Forfeitures	(598)	40.15
Balance at September 30, 2023	159,073	$	42.74

The PBRS that vested during the nine months ended September 30, 2023 were based on the Company's achievement of 86.7% of target financial goals, resulting in the issuance of 26,499 shares of common stock. The outstanding PBRS at September 30, 2023 will vest at scheduled vesting dates and the actual number of shares of common stock issued will range from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the respective three-year performance period.

SARs

There were no SARs granted and no expense recognized during the nine months ended September 30, 2023. Following is a summary of the activity of the Company’s SARs program for the nine months ended September 30, 2023:


	Shares	Weighted- Average Exercise Price		Average Remaining Contractual Term Years	Aggregate Intrinsic Value (In thousands)
Balance at December 31, 2022	46,325	$	41.62	0.73	$	192
Exercised	(15,916)	31.92		—	—

Exercisable at September 30, 2023	30,409	$	46.70	0.33	$	—

All SARs were vested at September 30, 2023.

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements by Balance Sheet Grouping

Following is a summary of the carrying amounts and fair values of the Company’s financial instruments:


	September 30, 2023				December 31, 2022
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Balance sheet assets:
Cash and cash equivalents	$	408,435	$	408,435	$	200,942	$	200,942
Investment securities	615,855		615,855		754,468		754,468
Loans, net	1,026,300		986,503		1,069,367		1,004,682
Accrued interest receivable	8,185		8,185		8,297		8,297
Total	$	2,058,775	$	2,018,978	$	2,033,074	$	1,968,389
Balance sheet liabilities:
Deposits	$	1,177,342	$	1,177,342	$	1,257,217	$	1,257,217
Accounts and drafts payable	1,082,224		1,082,224		1,067,600		1,067,600
Accrued interest payable	597		597		66		66
Total	$	2,260,163	$	2,260,163	$	2,324,883	$	2,324,883

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 17,309	$ 17,309	$ 17,309	$ 17,309	$ 17,309
Amortization of intangible assets	195	$ 195	585	$ 485
Expected amortization, remainder of fiscal year	780		780
Amortization expense, next rolling twelve months	738		738
Amortization expense, rolling year two	730		730
Amortization expense, rolling year three	582		582
Amortization expense, rolling year four	$ 262		$ 262
Customer lists \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	7 years		7 years
Customer lists \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years		10 years
Patents
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	18 years		18 years
Software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years		3 years
Software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	7 years		7 years
Trade name \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years		10 years
Trade name \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	20 years		20 years
Other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	15 years		15 years

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-20827
Entity Registrant Name	CASS INFORMATION SYSTEMS, INC.
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	43-1265338
Entity Address, Address Line One	12444 Powerscourt Drive
Entity Address, Address Line Two	Suite 550
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63131
City Area Code	314
Local Phone Number	506-5500
Title of 12(b) Security	Common stock, par value $.50
Trading Symbol	CASS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,596,490
Entity Central Index Key	0000708781
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In accordance with FASB ASC 855, Subsequent Events, the Company has evaluated subsequent events after the consolidated balance sheet date of September 30, 2023. There were no events identified that would require additional disclosures to prevent the Company’s unaudited consolidated financial statements from being misleading.

Industry Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Industry Segment Information (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			2
Interest Income (Expense), after Provision for Loan Loss [Abstract]
Fee income	$ 32,800	$ 31,784	$ 96,980	$ 92,865
Interest income	21,189	16,753	61,039	42,859
Interest expense	4,641	782	11,579	1,344
Intersegment income (expense)	16,548	15,971	49,460	41,515
Tax-equivalized pre-tax income	9,160	10,884	27,001	31,742
Goodwill	17,309	17,309	17,309	17,309	$ 17,309
Other intangible assets, net	3,540	4,321	3,540	4,321
Total assets	2,504,878	2,610,815	2,504,878	2,610,815	$ 2,573,023
Average funding sources	2,142,085	2,366,704	2,164,085	2,329,468
Corporate, Eliminations and Other
Interest Income (Expense), after Provision for Loan Loss [Abstract]
Fee income	293	292	699	859
Interest income	(2,833)	(1,240)	(8,899)	(3,451)
Interest expense	(3,319)	(276)	(9,321)	(307)
Intersegment income (expense)	0	0	0	0
Tax-equivalized pre-tax income	778	(671)	1,120	(2,285)
Goodwill	0	0	0	0
Other intangible assets, net	0	0	0	0
Total assets	(273,619)	(140,466)	(273,619)	(140,466)
Average funding sources	0	0	0	0
Information services payment and processing revenue \| Operating Segments
Interest Income (Expense), after Provision for Loan Loss [Abstract]
Fee income	31,843	30,399	94,280	89,243
Interest income	10,143	7,468	29,053	17,596
Interest expense	437	33	604	73
Intersegment income (expense)	(1,117)	(802)	(3,093)	(2,476)
Tax-equivalized pre-tax income	6,100	5,933	16,964	17,803
Goodwill	17,173	17,173	17,173	17,173
Other intangible assets, net	3,540	4,321	3,540	4,321
Total assets	1,648,152	1,616,986	1,648,152	1,616,986
Average funding sources	1,347,074	1,417,250	1,343,750	1,365,880
Banking Services \| Operating Segments
Interest Income (Expense), after Provision for Loan Loss [Abstract]
Fee income	664	1,093	2,001	2,763
Interest income	13,879	10,525	40,885	28,714
Interest expense	7,523	1,025	20,296	1,578
Intersegment income (expense)	1,117	802	3,093	2,476
Tax-equivalized pre-tax income	2,282	5,622	8,917	16,224
Goodwill	136	136	136	136
Other intangible assets, net	0	0	0	0
Total assets	1,130,345	1,134,295	1,130,345	1,134,295
Average funding sources	$ 795,011	$ 949,454	$ 820,335	$ 963,588

Defined Pension Plans

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Defined Pension Plans

The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers eligible employees. Effective December 31, 2016, the Plan was closed to all new participants. Additionally, the Plan’s benefits were frozen for all remaining participants as of February 28, 2021. As such, subsequent to February 28, 2021, there is no service cost associated with the Plan. The following table represents the components of net periodic pension cost (benefit):


(In thousands)	Estimated 2023		Actual 2022

Interest cost on projected benefit obligations	$	4,375	$	3,293
Expected return on plan assets	(3,977)		(5,857)

Net periodic pension cost (benefit)	$	398	$	(2,564)

The Company recorded a net periodic pension cost of $129,000 and $402,000 for the three and nine month period ended September 30, 2023, respectively, and a net periodic pension benefit of $616,000 and $1.8 million for the three and nine month period ended September 30, 2022, respectively. The Company made no contributions to the Plan during the nine month period ended September 30, 2023 and is evaluating the amount of contributions, if any, for the remainder of 2023.

In addition to the above funded defined-benefit pension plan, the Company has an unfunded supplemental executive retirement plan (the "SERP"). There are no current employees earning benefits and therefore, there is no service cost associated with the SERP. The following table represents the components of the net periodic cost for the SERP:


(In thousands)	Estimated 2023		Actual 2022

Interest cost on projected benefit obligation	$	472	$	318
Net amortization	—		108
Net periodic pension cost	$	472	$	426

SERP cost recorded to expense was $118,000 and $354,000 for the three and nine month periods ended September 30, 2023, respectively, and $107,000 and $320,000 for the three and nine month periods ended September 30, 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Leases - Schedule of Operating Lease Maturity (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Lease payments due
Less than 1 year	$ 1,332
1-2 years	1,339
2-3 years	1,354
3-4 years	1,350
4-5 years	1,343
Over 5 years	3,218
Total undiscounted cash flows	9,936
Discount on cash flows	1,200
Total lease liability	$ 8,736

Investment in Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments in Securities

Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2

category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:


	September 30, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	241,194	$	2	$	25,735	$	215,461
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	192,241		—		39,806		152,435
Corporate bonds	111,172		—		11,723		99,449
Treasury securities	109,752		—		2,030		107,722
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	42,020		—		1,232		40,788
Total	$	696,379	$	2	$	80,526	$	615,855


	December 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	317,376	$	54	$	22,304	$	295,126
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	205,175		—		31,236		173,939
Corporate bonds	96,348		—		11,251		85,097
Treasury securities	158,935		—		3,652		155,283
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	47,213		—		2,190		45,023
Total	$	825,047	$	54	$	70,633	$	754,468

The fair values of securities with unrealized losses are as follows:


	September 30, 2023
	Less than 12 months				12 months or more				Total
(In thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
State and political subdivisions	$	63,256	$	1,183	$	149,202	$	24,552	$	212,458	$	25,735
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	—		—		152,435		39,806		152,435		39,806
Corporate bonds	14,939		61		79,510		11,662		94,449		11,723
Treasury securities	—		—		107,722		2,030		107,722		2,030
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	—		—		40,788		1,232		40,788		1,232
Total	$	78,195	$	1,244	$	529,657	$	79,282	$	607,852	$	80,526


	December 31, 2022
	Less than 12 months				12 months or more				Total
(In thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
State and political subdivisions	$	214,919	$	8,958	$	47,474	$	13,346	$	262,393	$	22,304
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	53,732		6,135		118,017		25,101		171,749		31,236
Corporate bonds	32,517		3,629		47,580		7,622		80,097		11,251
Treasury securities	155,283		3,652		—		—		155,283		3,652
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	—		—		47,213		2,190		47,213		2,190
Total	$	456,451	$	22,374	$	260,284	$	48,259	$	716,735	$	70,633

There were 276 securities, or 98.2% (213 of which for greater than 12 months), in an unrealized loss position as of September 30, 2023. The unrealized losses at September 30, 2023 were primarily attributable to changes in market interest rates after the securities were purchased. The Company does not currently intend to sell, and based on current conditions, the Company does not believe it will be required to sell these available-for-sale securities before the recovery of the amortized cost basis, which may be the maturity dates of the securities. Therefore, the unrealized losses are recorded in accumulated other comprehensive loss. There were 311 securities, or 91.7% (101 of which for greater than 12 months), in an unrealized loss position as of December 31, 2022. At September 30, 2023 and December 31, 2022, the Company had not recorded an allowance for credit losses on securities.


	September 30, 2023
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	124,354	$	122,207
Due after 1 year through 5 years	141,867		138,528
Due after 5 years through 10 years	201,815		169,520
Due after 10 years	228,343		185,600
Total	$	696,379	$	615,855

Proceeds from sales of investment securities classified as available-for-sale were $0 and $111.1 million for the three and nine months ended September 30, 2023, respectively, and $2.3 million and $3.8 million for the three and nine months ended September 30, 2022, respectively. Gross realized losses were $0 and $347,000 for the three and nine months ended September 30, 2023, respectively, and there were no gross realized losses for both the three and nine months ended September 30, 2022. Gross realized gains were $0 and $187,000 for the three and nine months ended September 30, 2023, respectively, and were $13,000 and $15,000 for the three and nine months ended September 30, 2022, respectively. There were no securities pledged to secure public deposits or for other purposes at September 30, 2023

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Fee revenue and other income
In-scope of FASB ASC 606
Processing fees	$	19,939	$	18,964	$	58,838	$	57,184
Financial fees	11,597		11,252		34,518		32,406
Information services payment and processing revenue	31,536		30,216		93,356		89,590
Bank service fees	247		289		764		1,142
Fee revenue (in-scope of FASB ASC 606)	31,783		30,505		94,120		90,732
Other income (out-of-scope of FASB ASC 606)	1,017		1,279		2,860		2,133
Total fee revenue and other income	$	32,800	$	31,784	$	96,980	$	92,865

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculations of basic and diluted earnings per share are as follows:


(In thousands except share and per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic
Net income	$	7,394	$	8,799	$	21,649	$	25,619
Weighted-average common shares outstanding	13,501,469		13,542,231		13,551,070		13,554,169
Basic earnings per share	$	0.55	$	0.65	$	1.60	$	1.89

Diluted
Net income	$	7,394	$	8,799	$	21,649	$	25,619
Weighted-average common shares outstanding	13,501,469		13,542,231		13,551,070		13,554,169
Effect of dilutive restricted stock and stock appreciation rights	291,142		262,106		285,354		252,496
Weighted-average common shares outstanding assuming dilution	13,792,611		13,804,337		13,836,424		13,806,665
Diluted earnings per share	$	0.54	$	0.64	$	1.56	$	1.86

Industry Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Summarized information about the Company’s operations in each industry segment is as follows:


(In thousands)	Information Services		Banking Services		Corporate, Eliminations and Other		Total
Three Months Ended September 30, 2023:
Fee income	$	31,843	$	664	$	293	$	32,800
Interest income	10,143		13,879		(2,833)		21,189
Interest expense	437		7,523		(3,319)		4,641
Intersegment income (expense)	(1,117)		1,117		—		—
Tax-equivalized pre-tax income	6,100		2,282		778		9,160
Goodwill	17,173		136		—		17,309
Other intangible assets, net	3,540		—		—		3,540
Total assets	1,648,152		1,130,345		(273,619)		2,504,878
Average funding sources	$	1,347,074	$	795,011	$	—	$	2,142,085
Three Months Ended September 30, 2022:
Fee income	$	30,399	$	1,093	$	292	$	31,784
Interest income	7,468		10,525		(1,240)		16,753
Interest expense	33		1,025		(276)		782
Intersegment income (expense)	(802)		802		—		—
Tax-equivalized pre-tax income	5,933		5,622		(671)		10,884
Goodwill	17,173		136		—		17,309
Other intangible assets, net	4,321		—		—		4,321
Total assets	1,616,986		1,134,295		(140,466)		2,610,815
Average funding sources	$	1,417,250	$	949,454	$	—	$	2,366,704
Nine Months Ended September 30, 2023:
Fee income	$	94,280	$	2,001	$	699	$	96,980
Interest income	29,053		40,885		(8,899)		61,039
Interest expense	604		20,296		(9,321)		11,579
Intersegment income (expense)	(3,093)		3,093		—		—
Tax-equivalized pre-tax income	16,964		8,917		1,120		27,001
Goodwill	17,173		136		—		17,309
Other intangible assets, net	3,540		—		—		3,540
Total assets	1,648,152		1,130,345		(273,619)		2,504,878
Average funding sources	$	1,343,750	$	820,335	$	—	$	2,164,085
Nine Months Ended September 30, 2022:
Fee income	$	89,243	$	2,763	$	859	$	92,865
Interest income	17,596		28,714		(3,451)		42,859
Interest expense	73		1,578		(307)		1,344
Intersegment income (expense)	(2,476)		2,476		—		—
Tax-equivalized pre-tax income	17,803		16,224		(2,285)		31,742
Goodwill	17,173		136		—		17,309
Other intangible assets, net	4,321		—		—		4,321
Total assets	1,616,986		1,134,295		(140,466)		2,610,815
Average funding sources	$	1,365,880	$	963,588	$	—	$	2,329,468

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the normal course of business, the Company is party to activities that contain credit, market and operational risks that are not reflected in whole or in part in the Company’s consolidated financial statements. As more fully described in the Form 10-K, such activities include traditional off-balance sheet credit-related financial instruments and commitments under operating leases. These financial instruments include commitments to extend credit, commercial letters of credit and standby letters of credit. The Company’s maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, commercial letters of credit and standby letters of credit is represented by the contractual amounts of those instruments. Commitments to extend credit and letters of credit are subject to the same underwriting standards as those financial instruments included on the consolidated balance sheets. An allowance for unfunded commitments of $117,000 and $232,000 had been recorded at September 30, 2023 and December 31, 2022, respectively.At September 30, 2023, the balances of unfunded commitments, standby and commercial letters of credit were $187.0 million, $12.5 million, and $502,000, respectively. Since some of the financial instruments may expire without being drawn upon, the total amounts do not necessarily represent future cash requirements.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.29	$ 0.28	$ 0.87	$ 0.84
Issuance of common shares pursuant to stock-based compensation plan, net (in shares)	1,685	3,487	82,906	80,396
Purchase of common shares (in shares)	73,272		136,577	130,374

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Defined Pension Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic cost (benefit)	$ 129	$ 616	$ (402)	$ (1,800)	$ (2,564)
Contributions			0
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic cost (benefit)	$ 118	$ 107	$ 354	$ 320	$ 426

Loans by Type - Summary of ACL by Category (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 13,539
Ending balance	13,319	$ 13,539
Loans Excluding Unfunded Commitments
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	13,539	12,041
Provision for (release of) credit losses	(220)	1,485
Recoveries	0	13
Ending balance	13,319	13,539
Loans Excluding Unfunded Commitments \| C&I
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,978	5,034
Provision for (release of) credit losses	(275)	931
Recoveries	0	13
Ending balance	5,703	5,978
Loans Excluding Unfunded Commitments \| CRE
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	940	1,031
Provision for (release of) credit losses	72	(91)
Recoveries	0	0
Ending balance	1,012	940
Loans Excluding Unfunded Commitments \| Faith-based CRE
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,437	5,684
Provision for (release of) credit losses	(48)	753
Recoveries	0	0
Ending balance	6,389	6,437
Loans Excluding Unfunded Commitments \| Construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	184	292
Provision for (release of) credit losses	31	(108)
Recoveries	0	0
Ending balance	$ 215	$ 184

Loans by Type - Narrative (Details) - loan	9 Months Ended	12 Months Ended
Loans by Type - Narrative (Details) - loan	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Number of loans individually evaluated for impairment	0	0
Number of troubled debt restructured loans	0	0

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares) \| shares	205,565
Granted (in shares) \| shares	56,407
Vested (in shares) \| shares	(21,691)
Forfeitures (in shares) \| shares	(398)
Ending balance (in shares) \| shares	239,883
Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 42.64
Granted (in dollars per share) \| $ / shares	44.59
Vested (in dollars per share) \| $ / shares	53.16
Forfeitures (in dollars per share) \| $ / shares	40.15
Ending balance (in dollars per share) \| $ / shares	$ 42.17

Stock-Based Compensation - Summary of PBRS Activity (Details) - Performance-based Restricted Stock	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares) \| shares	138,785
Granted (in shares) \| shares	51,453
Vested (in shares) \| shares	(30,567)
Forfeitures (in shares) \| shares	(598)
Ending balance (in shares) \| shares	159,073
Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 43.19
Granted (in dollars per share) \| $ / shares	48.19
Vested (in dollars per share) \| $ / shares	54.02
Forfeitures (in dollars per share) \| $ / shares	40.15
Ending balance (in dollars per share) \| $ / shares	$ 42.74

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 23,550	$ 20,995
Short-term investments	384,885	179,947
Cash and cash equivalents	408,435	200,942
Securities available-for-sale, at fair value	615,855	754,468
Loans	1,039,619	1,082,906
Less: Allowance for credit losses	13,319	13,539
Loans, net	1,026,300	1,069,367
Payments in advance of funding	258,587	293,775
Premises and equipment, net	26,257	19,958
Investment in bank-owned life insurance	48,857	47,998
Goodwill	17,309	17,309
Other intangible assets, net	3,540	4,126
Receivables from Customers	28,710	95,779
Other assets	71,028	69,301
Total assets	2,504,878	2,573,023
Deposits:
Noninterest-bearing	511,292	642,757
Interest-bearing	666,050	614,460
Total deposits	1,177,342	1,257,217
Accounts and drafts payable	1,082,224	1,067,600
Other liabilities	39,076	41,881
Total liabilities	2,298,642	2,366,698
Shareholders’ Equity:
Preferred stock, par value $.50 per share; 2,000,000 shares authorized and no shares issued	0	0
Common Stock, Value, Outstanding	7,753	7,753
Additional paid-in capital	207,663	207,422
Retained earnings	141,444	131,682
Common shares in treasury, at cost (1,909,282 shares at September 30, 2023 and 1,836,116 shares at December 31, 2022)	83,704	81,211
Accumulated other comprehensive loss	(66,920)	(59,321)
Total shareholders’ equity	206,236	206,325
Total liabilities and shareholders’ equity	$ 2,504,878	$ 2,573,023

Loans by Type - Schedule of the Credit Exposure of the Loan Portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Participating Mortgage Loans [Line Items]
Total loans	$ 1,039,619	$ 1,082,906
Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	1,036,141	1,069,586
Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	3,478	12,170
Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	1,150
Commercial and industrial
Participating Mortgage Loans [Line Items]
Total loans	517,310	561,616
Commercial and industrial \| Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	517,310	549,241
Commercial and industrial \| Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	11,225
Commercial and industrial \| Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	1,150
Commercial: \| Mortgage
Participating Mortgage Loans [Line Items]
Total loans	115,742	108,166
Commercial: \| Mortgage \| Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	115,742	108,166
Commercial: \| Mortgage \| Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Commercial: \| Mortgage \| Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Commercial: \| Construction
Participating Mortgage Loans [Line Items]
Total loans	21,101	17,874
Commercial: \| Construction \| Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	21,101	17,874
Commercial: \| Construction \| Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Commercial: \| Construction \| Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Faith-based: \| Mortgage
Participating Mortgage Loans [Line Items]
Total loans	376,186	387,114
Faith-based: \| Mortgage \| Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	372,708	386,169
Faith-based: \| Mortgage \| Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	3,478	945
Faith-based: \| Mortgage \| Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Faith-based: \| Construction
Participating Mortgage Loans [Line Items]
Total loans	9,249	8,094
Faith-based: \| Construction \| Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	9,249	8,094
Faith-based: \| Construction \| Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Faith-based: \| Construction \| Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Other
Participating Mortgage Loans [Line Items]
Total loans	31	42
Other \| Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	31	42
Other \| Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Other \| Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	$ 0	$ 0

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customers

Revenue from Contracts with Customers

Revenue is recognized as the obligation to the customer is satisfied. The following is detail of the Company’s revenue from contracts with clients.

Processing fees – The Company earns fees on a per-item or monthly basis for the invoice processing services rendered on behalf of customers. Per-item fees are recognized at the point in time when the performance obligation is satisfied. Monthly fees are earned over the course of a month, representing the period over which the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components.

Financial fees – The Company earns fees on a transaction level basis for invoice payment services when making customer payments. Fees are recognized at the point in time when the payment transactions are made, which is when the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components.

Bank service fees – Revenue from service fees consists of service charges and fees on deposit accounts under depository agreements with customers to provide access to deposited funds. Service charges on deposit accounts are transaction-based fees that are recognized at the point in time when the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Fee revenue and other income
In-scope of FASB ASC 606
Processing fees	$	19,939	$	18,964	$	58,838	$	57,184
Financial fees	11,597		11,252		34,518		32,406
Information services payment and processing revenue	31,536		30,216		93,356		89,590
Bank service fees	247		289		764		1,142
Fee revenue (in-scope of FASB ASC 606)	31,783		30,505		94,120		90,732
Other income (out-of-scope of FASB ASC 606)	1,017		1,279		2,860		2,133
Total fee revenue and other income	$	32,800	$	31,784	$	96,980	$	92,865

- 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
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-Paragraph 10
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Comprehensive Income
Net income	$ 7,394	$ 8,799	$ 21,649	$ 25,619
Other comprehensive (loss) income:
Net unrealized loss on securities available-for-sale	(13,659)	(26,127)	(10,105)	(87,159)
Tax effect	3,251	6,218	2,405	20,744
Reclassification adjustments for (gains) losses included in net income	0	(13)	160	(15)
Tax effect	0	3	(38)	3
Foreign currency translation adjustments	(118)	(195)	(21)	(405)
Total comprehensive (loss) income	$ (3,132)	$ (11,315)	$ 14,050	$ (41,213)

- 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
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Following is a summary of the carrying amounts and fair values of the Company’s financial instruments:


	September 30, 2023				December 31, 2022
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Balance sheet assets:
Cash and cash equivalents	$	408,435	$	408,435	$	200,942	$	200,942
Investment securities	615,855		615,855		754,468		754,468
Loans, net	1,026,300		986,503		1,069,367		1,004,682
Accrued interest receivable	8,185		8,185		8,297		8,297
Total	$	2,058,775	$	2,018,978	$	2,033,074	$	1,968,389
Balance sheet liabilities:
Deposits	$	1,177,342	$	1,177,342	$	1,257,217	$	1,257,217
Accounts and drafts payable	1,082,224		1,082,224		1,067,600		1,067,600
Accrued interest payable	597		597		66		66
Total	$	2,260,163	$	2,260,163	$	2,324,883	$	2,324,883

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Cash and Cash Equivalents - The carrying amount approximates fair value.

Investment in Securities - The fair value is measured on a recurring basis using Level 2 valuations. Refer to Note 11, “Investment in Securities,” for fair value and unrealized gains and losses by investment type.

Loans - The fair value is estimated using present values of future cash flows discounted at risk-adjusted interest rates for each loan category designated by management and is therefore a Level 3 valuation. Management believes that the risk factor embedded in the interest rates along with the allowance for credit losses result in a fair valuation.

Accrued Interest Receivable - The carrying amount approximates fair value.

Deposits - The fair value of demand deposits, savings deposits and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities and therefore, is a Level 2 valuation. The fair value estimates above do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market or the benefit derived from the customer relationship inherent in existing deposits.

Accounts and Drafts Payable - The carrying amount approximates fair value.

Accrued Interest Payable - The carrying amount approximates fair value.

- 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 + Details

Stock-Based Compensation - Summary of Company's SARs Activity (Details) - SARs - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	46,325
Exercised (in shares)	(15,916)
Ending balance (in shares)	30,409	46,325
Fair Value
Beginning balance (in dollars per share)	$ 41.62
Exercised (in dollars per share)	31.92
Ending balance (in dollars per share)	$ 46.70	$ 41.62
Outstanding, average remaining contractual term (in years)	3 months 29 days	8 months 23 days
Aggregate intrinsic value	$ 0	$ 192

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

The Company leases certain premises under operating leases. As of September 30, 2023, the Company had lease liabilities of $8.7 million and right-of-use assets of $8.4 million. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. Presented within occupancy expense on the Consolidated Statements of Income for the three and nine months ended September 30, 2023, operating lease cost was $345,000 and $1.0 million, respectively, short-term lease cost was $74,000 and $200,000, respectively, and there was no variable lease cost. At September 30, 2023, the weighted-average remaining lease term for the operating leases was 7.5 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.57%. Certain of the Company’s leases contain options to renew the lease; however, these renewal options are not included in the calculation of the lease liabilities as they are not reasonably certain to be exercised. See the Company’s 2022 Form 10-K for information regarding these commitments.

A maturity analysis of operating lease liabilities and undiscounted cash flows as of September 30, 2023 is as follows:


(In thousands)	September 30, 2023
Lease payments due
Less than 1 year	$	1,332
1-2 years	1,339
2-3 years	1,354
3-4 years	1,350
4-5 years	1,343
Over 5 years	3,218
Total undiscounted cash flows	9,936
Discount on cash flows	1,200
Total lease liability	$	8,736

There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the nine months ended September 30, 2023.

Defined Pension Plans (Tables)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Schedule of Expected Benefit Payments

The following table represents the components of net periodic pension cost (benefit):


(In thousands)	Estimated 2023		Actual 2022

Interest cost on projected benefit obligations	$	4,375	$	3,293
Expected return on plan assets	(3,977)		(5,857)

Net periodic pension cost (benefit)	$	398	$	(2,564)

Schedule of Net Benefit Costs

The following table represents the components of the net periodic cost for the SERP:


(In thousands)	Estimated 2023		Actual 2022

Interest cost on projected benefit obligation	$	472	$	318
Net amortization	—		108
Net periodic pension cost	$	472	$	426

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue, Performance Obligation [Abstract]
Fee revenues, in-scope of FASB ASC 606	$ 31,783	$ 30,505	$ 94,120	$ 90,732
Other income (out-of-scope of FASB ASC 606)	1,017	1,279	2,860	2,133
Total fee revenue and other income	32,800	31,784	96,980	92,865
Processing fees
Revenue, Performance Obligation [Abstract]
Fee revenues, in-scope of FASB ASC 606	19,939	18,964	58,838	57,184
Financial fees
Revenue, Performance Obligation [Abstract]
Fee revenues, in-scope of FASB ASC 606	11,597	11,252	34,518	32,406
Information services payment and processing revenue
Revenue, Performance Obligation [Abstract]
Fee revenues, in-scope of FASB ASC 606	31,536	30,216	93,356	89,590
Bank service fees
Revenue, Performance Obligation [Abstract]
Fee revenues, in-scope of FASB ASC 606	$ 247	$ 289	$ 764	$ 1,142

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

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+ Details

Investment in Securities - Schedule of Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost
Due in 1 year or less	$ 124,354
Due after 1 year through 5 years	141,867
Due after 5 years through 10 years	201,815
Due after 10 years	228,343
Amortized Cost	696,379	$ 825,047
Fair Value
Due in 1 year or less	122,207
Due after 1 year through 5 years	138,528
Due after 5 years through 10 years	169,520
Due after 10 years	185,600
Total	$ 615,855	$ 754,468

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate was 19.3% and 19.8% for the three and nine month periods ended September 30, 2023, respectively, and 19.2% and 19.3% for the three and nine month periods September 30, 2022, respectively. The effective tax rate for all periods differs from the statutory rate of 21% primarily due to the tax-exempt interest received from municipal bonds and bank-owned life insurance, among other factors. The increase in the effective tax rate for the nine month period ended September 30, 2023 as compared to the same period of 2022 is primarily a result of lower tax-exempt income.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Loans by Type (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Summary of Loan Categories

A summary of loans is as follows:


(In thousands)	September 30, 2023		December 31, 2022
Commercial and industrial	$	517,310	$	561,616
Real estate:
Commercial:
Mortgage	115,742		108,166
Construction	21,101		17,874
Faith-based:
Mortgage	376,186		387,114
Construction	9,249		8,094
Other	31		42
Total loans	$	1,039,619	$	1,082,906

Schedule of Debt

The following table presents the aging of loans past due by category at September 30, 2023 and December 31, 2022:


	Performing						Nonperforming
(In thousands)	Current		30-59 Days		60-89 Days		90 Days and Over		Non- accrual		Total Loans
September 30, 2023
Commercial and industrial	$	517,310	$	—	$	—	$	—	$	—	$	517,310
Real estate
Commercial:
Mortgage	115,742		—		—		—		—		115,742
Construction	21,101		—		—		—		—		21,101
Faith-based:
Mortgage	376,186		—		—		—		—		376,186
Construction	9,249		—		—		—		—		9,249

Other	31		—		—		—		—		31
Total	$	1,039,619	$	—	$	—	$	—	$	—	$	1,039,619
December 31, 2022
Commercial and industrial	$	560,466	$	—	$	—	$	—	$	1,150	$	561,616
Real estate
Commercial:
Mortgage	108,166		—		—		—		—		108,166
Construction	17,874		—		—		—		—		17,874
Faith-based:
Mortgage	387,114		—		—		—		—		387,114
Construction	8,094		—		—		—		—		8,094

Other	42		—		—		—		—		42
Total	$	1,081,756	$	—	$	—	$	—	$	1,150	$	1,082,906

Schedule of Credit Exposure of the Loan Portfolio

The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of September 30, 2023 and December 31, 2022:


(In thousands)	Loans Subject to Normal Monitoring1		Performing Loans Subject to Special Monitoring2		Nonperforming Loans Subject to Special Monitoring2		Total Loans
September 30, 2023
Commercial and industrial	$	517,310	$	—	$	—	$	517,310
Real estate
Commercial:
Mortgage	115,742		—		—		115,742
Construction	21,101		—		—		21,101
Faith-based:
Mortgage	372,708		3,478		—		376,186
Construction	9,249		—		—		9,249

Other	31		—		—		31
Total	$	1,036,141	$	3,478	$	—	$	1,039,619
December 31, 2022
Commercial and industrial	$	549,241	$	11,225	$	1,150	$	561,616
Real estate
Commercial:
Mortgage	108,166		—		—		108,166
Construction	17,874		—		—		17,874
Faith-based:
Mortgage	386,169		945		—		387,114
Construction	8,094		—		—		8,094

Other	42		—		—		42
Total	$	1,069,586	$	12,170	$	1,150	$	1,082,906


1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations.
2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention.

Financing Receivable, Troubled Debt Restructuring

The following table shows the amortized cost of loans at September 30, 2023 that were both experiencing financial difficulty and modified during the nine months ended September 30, 2023, segregated by category and type of modification.


(In thousands)	Payment Delay		Term Extension		Interest Rate Reduction		Combination Term Extension and Interest Rate Reduction		Percentage of Total Loans Held for Investment
September 30, 2023
Commercial and industrial	$	—	$	10,709	$	—	$	—	2.07	%









Total	$	—	$	10,709	$	—	$	—	1.03	%

The following table shows the performance of loans that have been modified to borrowers experiencing financial difficulty during the nine months ended September 30, 2023.


(In thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due
September 30, 2023
Commercial and industrial	$	10,709	$	—	$	—	$	—	$	—









Total	$	10,709	$	—	$	—	$	—	$	—

Summary of ACL by Category

A summary of the activity in the allowance for credit losses (“ACL”) by category for the nine month period ended September 30, 2023 and year-ended December 31, 2022 is as follows:


(In thousands)	C&I		CRE		Faith-based CRE		Construction		Total
Balance at December 31, 2021	$	5,034	$	1,031	$	5,684	$	292	$	12,041
Provision for (release of) credit losses	931		(91)		753		(108)		1,485
Recoveries	13		—		—		—		13
Balance at December 31, 2022	$	5,978	$	940	$	6,437	$	184	$	13,539

(Release of) provision for credit losses (1)	(275)		72		(48)		31		(220)
Recoveries	—		—		—		—		—
Balance at September 30, 2023	$	5,703	$	1,012	$	6,389	$	215	$	13,319


(1)			For the nine month period ended September 30, 2023 and year-ended December 31, 2022, there was a release of credit losses of $115,000 and $135,000, respectively, for unfunded commitments.

Loans by Type (Details) - TDRs $ in Thousands	Sep. 30, 2023 USD ($)
Financing Receivable, Past Due [Line Items]
Modified loans	$ 0
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Modified loans	0
Current
Financing Receivable, Past Due [Line Items]
Modified loans	10,709
Current \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Modified loans	10,709
30-59 Days
Financing Receivable, Past Due [Line Items]
Modified loans	0
30-59 Days \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Modified loans	0
60-89 Days
Financing Receivable, Past Due [Line Items]
Modified loans	0
60-89 Days \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Modified loans	0
90 Days and Over
Financing Receivable, Past Due [Line Items]
Modified loans	0
90 Days and Over \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Modified loans	$ 0

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Activity

Following is a summary of the activity of the Company's restricted stock for the nine months ended September 30, 2023, with total shares and weighted-average fair value:


	Nine Months Ended September 30, 2023
	Shares	Fair Value
Balance at December 31, 2022	205,565	$	42.64
Granted	56,407	44.59
Vested	(21,691)	53.16
Forfeitures	(398)	40.15
Balance at September 30, 2023	239,883	$	42.17

Schedule of Performance Shares Activity

Following is a summary of the activity of the PBRS for the nine months ended September 30, 2023, based on 100% of target value:


	Nine Months Ended September 30, 2023
	Shares	Fair Value
Balance at December 31, 2022	138,785	$	43.19
Granted	51,453	48.19
Vested	(30,567)	54.02
Forfeitures	(598)	40.15
Balance at September 30, 2023	159,073	$	42.74

Schedule of Stock Appreciation Right Activity

Following is a summary of the activity of the Company’s SARs program for the nine months ended September 30, 2023:


	Shares	Weighted- Average Exercise Price		Average Remaining Contractual Term Years	Aggregate Intrinsic Value (In thousands)
Balance at December 31, 2022	46,325	$	41.62	0.73	$	192
Exercised	(15,916)	31.92		—	—

Exercisable at September 30, 2023	30,409	$	46.70	0.33	$	—

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	19.30%	19.20%	19.80%	19.30%

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic
Net income	$ 7,394	$ 8,799	$ 21,649	$ 25,619
Weighted-average common shares outstanding (in shares)	13,501,469	13,542,231	13,551,070	13,554,169
Basic earnings per share (in dollars per share)	$ 0.55	$ 0.65	$ 1.60	$ 1.89
Diluted
Net Income	$ 7,394	$ 8,799	$ 21,649	$ 25,619
Weighted-average common shares outstanding (in shares)	13,501,469	13,542,231	13,551,070	13,554,169
Effect of dilutive restricted stock and stock appreciation rights (in shares)	291,142	262,106	285,354	252,496
Weighted-average common shares outstanding assuming dilution (in shares)	13,792,611	13,804,337	13,836,424	13,806,665
Diluted earnings per share (in dollars per share)	$ 0.54	$ 0.64	$ 1.56	$ 1.86

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

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

+ References

+ Details

Leases - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
Leases - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Leases [Abstract]
Operating lease, liability	$ 8,736	$ 8,736
Operating lease, right-of-use asset	$ 8,400	$ 8,400
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating lease, cost	$ 345	$ 1,000
Short-term lease, cost	74	200
Variable lease, cost	$ 0	$ 0
Operating lease, weighted average remaining lease term	7 years 6 months	7 years 6 months
Operating lease, weighted average discount rate, percent	3.57%	3.57%

Investment in Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 696,379	$ 825,047
Gross Unrealized Gains	2	54
Gross Unrealized Losses	80,526	70,633
Fair Value	615,855	754,468
AFS, Less than 12 months, Estimated Fair Value	78,195	456,451
AFS, Less than 12 months, Unrealized Losses	1,244	22,374
AFS, 12 months or more, Estimated Fair Value	529,657	260,284
AFS, 12 months or more, Unrealized Losses	79,282	48,259
Debt Securities, Available-for-sale, Unrealized Loss Position	607,852	716,735
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	80,526	70,633
State and political subdivisions
Marketable Securities [Line Items]
Amortized Cost	241,194	317,376
Gross Unrealized Gains	2	54
Gross Unrealized Losses	25,735	22,304
Fair Value	215,461	295,126
AFS, Less than 12 months, Estimated Fair Value	63,256	214,919
AFS, Less than 12 months, Unrealized Losses	1,183	8,958
AFS, 12 months or more, Estimated Fair Value	149,202	47,474
AFS, 12 months or more, Unrealized Losses	24,552	13,346
Debt Securities, Available-for-sale, Unrealized Loss Position	212,458	262,393
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	25,735	22,304
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises
Marketable Securities [Line Items]
Amortized Cost	192,241	205,175
Gross Unrealized Gains	0	0
Gross Unrealized Losses	39,806	31,236
Fair Value	152,435	173,939
AFS, Less than 12 months, Estimated Fair Value	0	53,732
AFS, Less than 12 months, Unrealized Losses	0	6,135
AFS, 12 months or more, Estimated Fair Value	152,435	118,017
AFS, 12 months or more, Unrealized Losses	39,806	25,101
Debt Securities, Available-for-sale, Unrealized Loss Position	152,435	171,749
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	39,806	31,236
Corporate bonds
Marketable Securities [Line Items]
Amortized Cost	111,172	96,348
Gross Unrealized Gains	0	0
Gross Unrealized Losses	11,723	11,251
Fair Value	99,449	85,097
AFS, Less than 12 months, Estimated Fair Value	14,939	32,517
AFS, Less than 12 months, Unrealized Losses	61	3,629
AFS, 12 months or more, Estimated Fair Value	79,510	47,580
AFS, 12 months or more, Unrealized Losses	11,662	7,622
Debt Securities, Available-for-sale, Unrealized Loss Position	94,449	80,097
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	11,723	11,251
Treasury securities
Marketable Securities [Line Items]
Amortized Cost	109,752	158,935
Gross Unrealized Gains	0	0
Gross Unrealized Losses	2,030	3,652
Fair Value	107,722	155,283
AFS, Less than 12 months, Estimated Fair Value	0	155,283
AFS, Less than 12 months, Unrealized Losses	0	3,652
AFS, 12 months or more, Estimated Fair Value	107,722	0
AFS, 12 months or more, Unrealized Losses	2,030	0
Debt Securities, Available-for-sale, Unrealized Loss Position	107,722	155,283
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	2,030	3,652
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises
Marketable Securities [Line Items]
Amortized Cost	42,020	47,213
Gross Unrealized Gains	0	0
Gross Unrealized Losses	1,232	2,190
Fair Value	40,788	45,023
AFS, Less than 12 months, Estimated Fair Value	0	0
AFS, Less than 12 months, Unrealized Losses	0	0
AFS, 12 months or more, Estimated Fair Value	40,788	47,213
AFS, 12 months or more, Unrealized Losses	1,232	2,190
Debt Securities, Available-for-sale, Unrealized Loss Position	40,788	47,213
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 1,232	$ 2,190

Loans by Type (Details) - TDM Loans $ in Thousands	9 Months Ended
Loans by Type (Details) - TDM Loans $ in Thousands	Sep. 30, 2023 USD ($)
Financing Receivable, Past Due [Line Items]
Percentage of Total Loans Held for Investment	1.03%
Payment Delay
Financing Receivable, Past Due [Line Items]
Modified loans	$ 0
Term Extension
Financing Receivable, Past Due [Line Items]
Modified loans	10,709
Interest Rate Reduction
Financing Receivable, Past Due [Line Items]
Modified loans	0
Combination Term Extension and Interest Rate Reduction
Financing Receivable, Past Due [Line Items]
Modified loans	$ 0
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Percentage of Total Loans Held for Investment	2.07%
Commercial and industrial \| Payment Delay
Financing Receivable, Past Due [Line Items]
Modified loans	$ 0
Commercial and industrial \| Term Extension
Financing Receivable, Past Due [Line Items]
Modified loans	10,709
Commercial and industrial \| Interest Rate Reduction
Financing Receivable, Past Due [Line Items]
Modified loans	0
Commercial and industrial \| Combination Term Extension and Interest Rate Reduction
Financing Receivable, Past Due [Line Items]
Modified loans	$ 0

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

Details of the Company’s intangible assets are as follows:


	September 30, 2023				December 31, 2022
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Assets eligible for amortization:
Customer lists	$	6,470	$	(4,778)	$	6,470	$	(4,561)
Patents	72		(35)		72		(32)
Software	3,212		(1,827)		3,212		(1,508)
Trade name	373		(63)		373		(42)
Other	500		(384)		500		(358)
Unamortized intangible assets:
Goodwill	17,309		—		17,309		—
Total intangible assets	$	27,936	$	(7,087)	$	27,936	$	(6,501)

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Allowance for unfunded commitments	$ 117	$ 232
Unused loan commitments	187,000
Financial Standby Letter of Credit
Loss Contingencies [Line Items]
Letters of credit	12,500
Stand by Letters Of Credit Member
Loss Contingencies [Line Items]
Letters of credit	$ 502

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fee Revenue and Other Income:
Fee revenues	$ 31,783	$ 30,505	$ 94,120	$ 90,732
Other	1,264	1,568	3,624	3,275
Total fee revenue and other income	32,800	31,784	96,980	92,865
Interest Income:
Interest and fees on loans	12,863	10,006	38,029	27,890
Interest and dividends on securities:
Taxable	3,428	2,947	10,702	6,679
Exempt from federal income taxes	964	1,551	3,161	4,867
Interest on federal funds sold and other short-term investments	3,934	2,249	9,147	3,423
Total interest income	21,189	16,753	61,039	42,859
Interest Expense:
Interest on deposits	4,641	782	11,463	1,344
Interest on short-term borrowings	0	0	116	0
Total interest expense	4,641	782	11,579	1,344
Net interest income	16,548	15,971	49,460	41,515
Provision for (release of) credit losses	125	550	(335)	850
Net interest income after provision for (release of) credit losses	16,423	15,421	49,795	40,665
Total net revenue	49,223	47,205	146,775	133,530
Operating Expense:
Personnel	29,636	26,999	89,094	77,750
Occupancy	908	970	2,670	2,801
Equipment	1,789	1,633	5,188	5,004
Amortization of intangible assets	195	195	585	485
Other operating expense	7,535	6,524	22,237	15,748
Total operating expense	40,063	36,321	119,774	101,788
Income before income tax expense	9,160	10,884	27,001	31,742
Income tax expense	1,766	2,085	5,352	6,123
Net income	$ 7,394	$ 8,799	$ 21,649	$ 25,619
Basic earnings per share (in dollars per share)	$ 0.55	$ 0.65	$ 1.60	$ 1.89
Diluted earnings per share (in dollars per share)	$ 0.54	$ 0.64	$ 1.56	$ 1.86
Processing fees
Fee Revenue and Other Income:
Fee revenues	$ 19,939	$ 18,964	$ 58,838	$ 57,184
Financial fees
Fee Revenue and Other Income:
Fee revenues	$ 11,597	$ 11,252	$ 34,518	$ 32,406

Loans by Type - Schedule of the Aging of Loans by Loan Categories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Participating Mortgage Loans [Line Items]
Total Loans	$ 1,039,619	$ 1,082,906
Non- accrual	0	1,150
Commercial and industrial
Participating Mortgage Loans [Line Items]
Total Loans	517,310	561,616
Non- accrual	0	1,150
Commercial: \| Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	115,742	108,166
Non- accrual	0	0
Commercial: \| Construction
Participating Mortgage Loans [Line Items]
Total Loans	21,101	17,874
Non- accrual	0	0
Faith-based: \| Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	376,186	387,114
Non- accrual	0	0
Faith-based: \| Construction
Participating Mortgage Loans [Line Items]
Total Loans	9,249	8,094
Non- accrual	0	0
Other
Participating Mortgage Loans [Line Items]
Total Loans	31	42
Non- accrual	0	0
Current
Participating Mortgage Loans [Line Items]
Total Loans	1,039,619	1,081,756
Current \| Commercial and industrial
Participating Mortgage Loans [Line Items]
Total Loans	517,310	560,466
Current \| Commercial: \| Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	115,742	108,166
Current \| Commercial: \| Construction
Participating Mortgage Loans [Line Items]
Total Loans	21,101	17,874
Current \| Faith-based: \| Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	376,186	387,114
Current \| Faith-based: \| Construction
Participating Mortgage Loans [Line Items]
Total Loans	9,249	8,094
Current \| Other
Participating Mortgage Loans [Line Items]
Total Loans	31	42
30-59 Days
Participating Mortgage Loans [Line Items]
Total Loans	0	0
30-59 Days \| Commercial and industrial
Participating Mortgage Loans [Line Items]
Total Loans	0	0
30-59 Days \| Commercial: \| Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	0	0
30-59 Days \| Commercial: \| Construction
Participating Mortgage Loans [Line Items]
Total Loans	0	0
30-59 Days \| Faith-based: \| Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	0	0
30-59 Days \| Faith-based: \| Construction
Participating Mortgage Loans [Line Items]
Total Loans	0	0
30-59 Days \| Other
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days \| Commercial and industrial
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days \| Commercial: \| Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days \| Commercial: \| Construction
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days \| Faith-based: \| Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days \| Faith-based: \| Construction
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days \| Other
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over \| Commercial and industrial
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over \| Commercial: \| Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over \| Commercial: \| Construction
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over \| Faith-based: \| Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over \| Faith-based: \| Construction
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over \| Other
Participating Mortgage Loans [Line Items]
Total Loans	$ 0	$ 0

Loans by Type

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Loans by Type

A summary of loans is as follows:


(In thousands)	September 30, 2023		December 31, 2022
Commercial and industrial	$	517,310	$	561,616
Real estate:
Commercial:
Mortgage	115,742		108,166
Construction	21,101		17,874
Faith-based:
Mortgage	376,186		387,114
Construction	9,249		8,094
Other	31		42
Total loans	$	1,039,619	$	1,082,906

The following table presents the aging of loans past due by category at September 30, 2023 and December 31, 2022:


	Performing						Nonperforming
(In thousands)	Current		30-59 Days		60-89 Days		90 Days and Over		Non- accrual		Total Loans
September 30, 2023
Commercial and industrial	$	517,310	$	—	$	—	$	—	$	—	$	517,310
Real estate
Commercial:
Mortgage	115,742		—		—		—		—		115,742
Construction	21,101		—		—		—		—		21,101
Faith-based:
Mortgage	376,186		—		—		—		—		376,186
Construction	9,249		—		—		—		—		9,249

Other	31		—		—		—		—		31
Total	$	1,039,619	$	—	$	—	$	—	$	—	$	1,039,619
December 31, 2022
Commercial and industrial	$	560,466	$	—	$	—	$	—	$	1,150	$	561,616
Real estate
Commercial:
Mortgage	108,166		—		—		—		—		108,166
Construction	17,874		—		—		—		—		17,874
Faith-based:
Mortgage	387,114		—		—		—		—		387,114
Construction	8,094		—		—		—		—		8,094

Other	42		—		—		—		—		42
Total	$	1,081,756	$	—	$	—	$	—	$	1,150	$	1,082,906

The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of September 30, 2023 and December 31, 2022:


(In thousands)	Loans Subject to Normal Monitoring1		Performing Loans Subject to Special Monitoring2		Nonperforming Loans Subject to Special Monitoring2		Total Loans
September 30, 2023
Commercial and industrial	$	517,310	$	—	$	—	$	517,310
Real estate
Commercial:
Mortgage	115,742		—		—		115,742
Construction	21,101		—		—		21,101
Faith-based:
Mortgage	372,708		3,478		—		376,186
Construction	9,249		—		—		9,249

Other	31		—		—		31
Total	$	1,036,141	$	3,478	$	—	$	1,039,619
December 31, 2022
Commercial and industrial	$	549,241	$	11,225	$	1,150	$	561,616
Real estate
Commercial:
Mortgage	108,166		—		—		108,166
Construction	17,874		—		—		17,874
Faith-based:
Mortgage	386,169		945		—		387,114
Construction	8,094		—		—		8,094

Other	42		—		—		42
Total	$	1,069,586	$	12,170	$	1,150	$	1,082,906


1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations.
2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention.

The Company adopted Accounting Standards Update ("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 measure of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. In some cases, these modifications may result in new loans. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension, or a combination thereof, among other things.


(In thousands)	Payment Delay		Term Extension		Interest Rate Reduction		Combination Term Extension and Interest Rate Reduction		Percentage of Total Loans Held for Investment
September 30, 2023
Commercial and industrial	$	—	$	10,709	$	—	$	—	2.07	%









Total	$	—	$	10,709	$	—	$	—	1.03	%

There were two loans modified during the nine months ended September 30, 2023. The terms were extended by periods of two and three years, and there was not an interest rate reduction associated with the modifications.

The following table shows the performance of loans that have been modified to borrowers experiencing financial difficulty during the nine months ended September 30, 2023.


(In thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due
September 30, 2023
Commercial and industrial	$	10,709	$	—	$	—	$	—	$	—









Total	$	10,709	$	—	$	—	$	—	$	—

There were no modified loans that had a payment default during the nine months ended September 30, 2023 and that had been modified due to the borrower experiencing financial difficulty within the 12 previous months preceding the default.

Upon the Company's determination that a modified loan has subsequently been deemed uncollectible, the loan is written off. There were no loans written off during the nine months ended September 30, 2023.

Prior to the adoption of ASU 2022-02, there were no loans considered troubled debt restructurings as of September 30, 2022 or December 31, 2022.

The Company had no loans evaluated for expected credit losses on an individual basis as of September 30, 2023. The Company had one loan that was considered an individually evaluated credit at December 31, 2022, with no specific allowance. This loan was paid off in full in January 2023. There were no foreclosed loans recorded as other real estate owned as of September 30, 2023 or December 31, 2022.

A summary of the activity in the allowance for credit losses (“ACL”) by category for the nine month period ended September 30, 2023 and year-ended December 31, 2022 is as follows:


(In thousands)	C&I		CRE		Faith-based CRE		Construction		Total
Balance at December 31, 2021	$	5,034	$	1,031	$	5,684	$	292	$	12,041
Provision for (release of) credit losses	931		(91)		753		(108)		1,485
Recoveries	13		—		—		—		13
Balance at December 31, 2022	$	5,978	$	940	$	6,437	$	184	$	13,539

(Release of) provision for credit losses (1)	(275)		72		(48)		31		(220)
Recoveries	—		—		—		—		—
Balance at September 30, 2023	$	5,703	$	1,012	$	6,389	$	215	$	13,319


(1)			For the nine month period ended September 30, 2023 and year-ended December 31, 2022, there was a release of credit losses of $115,000 and $135,000, respectively, for unfunded commitments.

Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets eligible for amortization:
Accumulated Amortization	$ (7,087)	$ (6,501)
Unamortized intangible assets:
Goodwill, gross carrying amount	17,309	17,309
Total intangible assets, net	27,936	27,936
Total intangible assets, accumulated amortization	7,087	6,501
Customer lists
Assets eligible for amortization:
Gross Carrying Amount	6,470	6,470
Accumulated Amortization	(4,778)	(4,561)
Unamortized intangible assets:
Total intangible assets, accumulated amortization	4,778	4,561
Patents
Assets eligible for amortization:
Gross Carrying Amount	72	72
Accumulated Amortization	(35)	(32)
Unamortized intangible assets:
Total intangible assets, accumulated amortization	35	32
Software
Assets eligible for amortization:
Gross Carrying Amount	3,212	3,212
Accumulated Amortization	(1,827)	(1,508)
Unamortized intangible assets:
Total intangible assets, accumulated amortization	1,827	1,508
Trade name
Assets eligible for amortization:
Gross Carrying Amount	373	373
Accumulated Amortization	(63)	(42)
Unamortized intangible assets:
Total intangible assets, accumulated amortization	63	42
Other
Assets eligible for amortization:
Gross Carrying Amount	500	500
Accumulated Amortization	(384)	(358)
Unamortized intangible assets:
Total intangible assets, accumulated amortization	$ 384	$ 358

Defined Pension Plans - Schedule of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation						$ 3,293
Expected return on plan assets						(5,857)
Net periodic pension (benefit) cost	$ 129	$ 616	$ (402)	$ (1,800)		(2,564)
Pension Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation					$ 4,375
Expected return on plan assets					(3,977)
Net periodic pension (benefit) cost					398
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation						318
Net amortization						108
Net periodic pension (benefit) cost	$ 118	$ 107	$ 354	$ 320		$ 426
Supplemental Employee Retirement Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation					472
Net amortization					0
Net periodic pension (benefit) cost					$ 472