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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2024
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______ to _________

Commission File Number: 001-38647

FVCBankcorp, Inc.
(Exact name of registrant as specified in its charter)
Virginia47-5020283
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
11325 Random Hills Road
Suite 240
Fairfax, Virginia22030
(Address of principal executive offices)(Zip Code)
(703) 436-3800
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, $0.01 par valueFVCBThe Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o
Accelerated filer o
Non-accelerated filer x
Smaller reporting company x
Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

17,984,844 shares of common stock, par value $0.01 per share, outstanding as of May 13, 2024




FVCBankcorp, Inc.
INDEX TO FORM 10-Q

1

PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
FVCBankcorp, Inc. and Subsidiary
Consolidated Statements of Condition
March 31, 2024 and December 31, 2023
(In thousands, except share data)
March 31, 2024December 31, 2023
(Unaudited)
Assets
Cash and due from banks$6,936 $8,042 
Interest-bearing deposits at other financial institutions73,598 52,480 
Securities held-to-maturity (fair value of $253 thousand and $252 thousand at March 31, 2024 and December 31, 2023, respectively), net of allowance for credit losses of $0 and $0 at March 31, 2024 and December 31, 2023
264 264 
Securities available-for-sale, at fair value166,797 171,595 
Restricted stock, at cost7,717 9,488 
Loans, net of allowance for credit losses of $18.9 million and $18.9 million at March 31, 2024 and December 31, 2023, respectively
1,833,828 1,809,693 
Premises and equipment, net934 997 
Accrued interest receivable10,565 10,321 
Prepaid expenses3,254 3,506 
Deferred tax assets, net14,377 14,823 
Goodwill and intangibles, net7,540 7,585 
Bank owned life insurance9,011 56,823 
Operating lease right-of-use assets8,066 8,395 
Other assets39,775 36,546 
Total assets$2,182,662 $2,190,558 
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Nonnterest-bearing$394,143 $396,724 
Interest-bearing checking506,168 576,471 
Savings and money market399,154 320,498 
Time deposits297,951 306,349 
Wholesale deposits259,849 245,250 
Total deposits$1,857,265 $1,845,292 
Other borrowed funds$57,000 $85,000 
Subordinated notes, net of issuance costs19,633 19,620 
Accrued interest payable2,836 2,415 
Operating lease liabilities8,841 9,241 
Reserves for unfunded commitments586 602 
Accrued expenses and other liabilities15,840 11,271 
Total liabilities$1,962,001 $1,973,441 
Commitments and Contingent Liabilities
Stockholders' Equity20242023
Preferred stock, $0.01 par value
Shares authorized1,000,000 1,000,000 
Shares issued and outstanding  $ $ 
Common stock, $0.01 par value
Shares authorized20,000,000 20,000,000 
Shares issued and outstanding17,904,445 17,806,995 179 178 
Additional paid-in capital125,712 125,209 
Retained earnings117,243 115,890 
Accumulated other comprehensive (loss), net(22,473)(24,160)
Total stockholders' equity$220,661 $217,117 
Total liabilities and stockholders' equity$2,182,662 $2,190,558 
See Notes to Consolidated Financial Statements.
2

FVCBankcorp, Inc. and Subsidiary
Consolidated Statements of Income
For the Three Months Ended March 31, 2024 and 2023
(In thousands, except per share data)
(Unaudited)
For the Three Months Ended March 31,
20242023
Interest and Dividend Income 
Interest and fees on loans$25,314 $23,396 
Interest and dividends on securities held-to-maturity1 1 
Interest and dividends on securities available-for-sale964 1,388 
Dividends on restricted stock176 247 
Interest on deposits at other financial institutions372 302 
Total interest and dividend income$26,827 $25,334 
Interest Expense
Interest on deposits$12,541 $8,781 
Interest on federal funds purchased 11 
Interest on short-term debt1,237 2,270 
Interest on subordinated notes257 258 
Total interest expense$14,035 $11,320 
Net Interest Income$12,792 $14,014 
Provision for credit losses     242 
Net interest income after provision for credit losses$12,792 $13,772 
Noninterest Income
Service charges on deposit accounts$261 $215 
BOLI income190 332 
Loss from minority membership interest(203)(801)
Loss on sale of securities available-for-sale     (4,592)
Other income147 219 
Total non-interest income (loss)$395 $(4,627)
Noninterest Expenses
Salaries and employee benefits$4,531 $5,015 
Occupancy and equipment expense522 627 
Internet banking and software expense694 561 
Data processing and network administration635 622 
State franchise taxes589 584 
Audit, legal and consulting fees243 184 
Loan related expenses    222 271 
FDIC insurance345 180 
Marketing, business development and advertising204 154 
Director fees135 180 
Postage, courier and telephone45 49 
Core deposit intangible amortization45 55 
Tax credit amortization 32 
Other operating expenses415 496 
Total noninterest expenses$8,625 $9,010 
Net income before income tax expense (benefit)$4,562 $135 
Income tax expense (benefit)3,222 (486)
Net income$1,340 $621 
Earnings per share, basic$0.08 $0.04 
Earnings per share, diluted$0.07 $0.03 
See Notes to Consolidated Financial Statements.
3

FVCBankcorp, Inc. and Subsidiary
Consolidated Statements of Comprehensive Income
For the Three Months Ended March 31, 2024 and 2023
(In thousands)
(Unaudited)
For the Three Months Ended March 31,
20242023
Net income$1,340 $621 
Other comprehensive income
Unrealized (loss) gain on securities available for sale, net of tax benefit of $435 thousand for the three months ended March 31, 2024 and net of tax expense of $776 thousand for the three months ended March 31, 2023.
(1,544)2,335 
Unrealized gain (loss) on interest rate swaps, net of tax expense of $911 thousand for the three months ended March 31, 2024 and net of tax benefit of $803 thousand for the three months ended March 31, 2023.
3,231 (2,212)
Reclassification adjustment for securities losses realized in income, net of tax expense of $0 thousand for the three months ended March 31, 2024 and $1,010 thousand for the three months ended March 31, 2023.
 3,582 
Total other comprehensive income $1,687 $3,705 
Total comprehensive income$3,027 $4,326 
See Notes to Consolidated Financial Statements.
4

FVCBankcorp, Inc. and Subsidiary
Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2024 and 2023
(In thousands)
(Unaudited)
For the Three Months Ended March 31,
20242023
Cash Flows From Operating Activities  
Net income$1,340 $621 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation77 105 
Provision for credit losses 242 
Net amortization of premium of securities57 110 
Net accretion of deferred loan costs and fees(377)(477)
Net accretion of acquisition accounting adjustments (421)
Loss on sale of available-for-sale investment securities 4,592 
Loss from minority membership interest203 801 
Amortization of subordinated debt issuance costs13 14 
Core deposits intangible amortization45 55 
Tax credits amortization 32 
Equity-based compensation expense135 324 
BOLI income(190)(332)
Changes in assets and liabilities:
Decrease in accrued interest receivable, prepaid expenses and other assets1,258 1,655 
Increase (decrease) in accrued interest payable, accrued expenses and other liabilities4,591 (4,764)
Net cash provided by operating activities$7,152 $2,557 
Cash Flows From Investing Activities
Increase in interest-bearing deposits at other financial institutions$(21,118)$(57,343)
Proceeds from sales of securities available-for-sale 35,778 
Proceeds from redemptions of securities available-for-sale    2,762 5,862 
Net redemption of restricted stock1,771 1,907 
Net increase (decrease) in loans(23,775)13,184 
Proceeds from surrender of bank-owned life insurance47,774  
Purchases of premises and equipment, net(14)(59)
Net cash provided by (used in) investing activities$7,400 $(671)
Cash Flows From Financing Activities
Net decrease in noninterest-bearing, interest-bearing checking, savings, and money market deposits$(40,637)$(88,978)
Net increase in time deposits52,610 169,195 
Decrease in federal funds purchased (30,000)
Net decrease in FHLB advances(28,000)(46,000)
Payments of withholdings taxes due to restricted stock vestings(27)(46)
Repurchase of shares of common stock (1,220)
Common stock issuance396 1,210 
Net cash (used in) provided by financing activities$(15,658)$4,161 
Net (decrease) increase in cash and cash equivalents$(1,106)$6,047 
Cash and cash equivalents, beginning of year8,042 7,253 
Cash and cash equivalents, end of period$6,936 $13,300 
See Notes to Consolidated Financial Statements.
5

FVCBankcorp, Inc. and Subsidiary
Consolidated Statements of Changes in Stockholders' Equity
For the Three Months Ended March 31, 2024 and 2023
(In thousands)
(Unaudited)
SharesCommon
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss), net
Total
Balance at December 31, 2022
17,475 $175 $123,886 $114,888 $(36,567)$202,382 
Net income— — — 621 — 621 
Impact of adoption of ASU 2016-13— — — (2,808)— (2,808)
Other comprehensive income— — — — 3,705 3,705 
Repurchase of common stock(91)(1)(1,219)(12)— (1,232)
Common stock issuance for options exercised, net290 3 1,207 — — 1,210 
Vesting of restricted stock grants, net31 — (46)— — (46)
Stock-based compensation expense— — 324 — — 324 
Balance at March 31, 2023
17,705 $177 $124,152 $112,689 $(32,862)$204,156 
Balance at December 31, 2023
17,807 178 125,209 115,890 (24,160)217,117 
Net income— — — 1,340 — 1,340 
Impact of adoption of ASU 2023-02— — — 13 — 13 
Other comprehensive income— — — — 1,687 1,687 
Common stock issuance for options exercised70 1 395 — — 396 
Vesting of restricted stock grants, net27 — (27)— — (27)
Stock-based compensation expense— — 135 — — 135 
Balance at March 31, 2024
17,904 $179 $125,712 $117,243 $(22,473)$220,661 
See Notes to Consolidated Financial Statements.
6

Notes to Consolidated Financial Statements
($ in thousands, except per share data)

Note 1. Organization and Summary of Significant Accounting Policies
Organization
FVCBankcorp, Inc. (the "Company"), a Virginia corporation, was formed in 2015 and is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Company is headquartered in Fairfax, Virginia. The Company conducts its business activities through the branch offices of its wholly owned subsidiary bank, FVCbank (the "Bank"). The Company exists primarily for the purposes of holding the stock of its subsidiary, the Bank.
The Bank was organized under the laws of the Commonwealth of Virginia to engage in a general banking business serving the Washington, D.C. and Baltimore metropolitan areas. The Bank commenced operations on November 27, 2007 and is a member of the Federal Reserve System (the "Federal Reserve"). It is subject to the regulations of the Board of Governors of the Federal Reserve and the State Corporation Commission of Virginia. Consequently, it undergoes periodic examinations by these regulatory authorities.
On August 31, 2021, the Bank made an investment in Atlantic Coast Mortgage, LLC ("ACM") for $20.4 million. As a result of this investment, the Bank obtained a 28.7% ownership interest in ACM. The investment is accounted for using the equity method of accounting. In addition, the Bank provides a warehouse lending facility to ACM, which includes a construction-to-permanant financing line, and has developed portfolio mortgage products to diversify the Bank's held to investment loan portfolio.
On December 15, 2022, the Company announced that the Board of Directors approved a five-for-four split of the Company's common stock in the form of a 25% stock dividend for shareholders of record on January 9, 2023, payable on January 31, 2023. Earnings per share and all other per share information reflected in the Company's consolidated financial statements have been adjusted for the five-for-four split of the Company's common stock for comparative purposes.
Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements; however, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s audited financial statements for the year ended December 31, 2023. Certain prior period amounts have been reclassified to conform to current period presentation.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and the Bank. All material intercompany balances and transactions have been eliminated in consolidation.
Significant Accounting Policies
The accounting and reporting policies of the Company are in accordance with GAAP and conform to general practices within the banking industry.
Bank Owned Life Insurance ("BOLI")
The Company purchased life insurance policies on certain key employees. BOLI is recorded at the amount that can be realized under the insurance contract at the balance date, which is the cash surrender value. The increase in the cash surrender value over time is recorded as other noninterest income. The Company monitors the financial strength and condition of the counterparties.

7

Notes to Consolidated Financial Statements
($ in thousands, except per share data)
During the first quarter of 2024, the Company surrendered certain BOLI policies with an aggregate cash surrender value of $48.0 million. Upon their surrender, the Company received a cash payout and were required to accrue additional income tax on the appreciation of those policies which had previously been treated as tax-exempt income. This resulted in additional statutory income tax expense of $1.6 million and tax penalties of $722 thousand. The tax penalties related to the surrender of the BOLI were recorded in income tax expense.
Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.
Recently Adopted Accounting Developments
In March 2023, FASB issued ASU 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” These amendments allow reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. ASU 2023-02 was effective for the Bank on January 1, 2024. The Company recorded an adjustment of $13 thousand to the stockholders' equity as of January 1, 2024.
In June 2022, FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 was effective for the Bank on January 1, 2024. ASU 2022-03 resulted in no material impact to the Company's consolidated financial statements.
8

Notes to Consolidated Financial Statements
($ in thousands, except per share data)
Note 2. Securities
Amortized cost and fair values of securities held-to-maturity and securities available-for-sale as of March 31, 2024 and December 31, 2023, are as follows:
March 31, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair
Value
Held-to-maturity
Securities of state and local municipalities tax exempt$264 $ $(11)$253 
Total Held-to-maturity Securities$264 $ $(11)$253 
Available-for-sale
Securities of U.S. government and federal agencies
$9,998 $ $(1,605)$8,393 
Securities of state and local municipalities tax exempt1,000  (9)991 
Securities of state and local municipalities taxable443  (61)382 
Corporate bonds20,203  (2,460)17,743 
SBA pass-through securities55  (5)50 
Mortgage-backed securities167,462  (31,216)136,246 
Collateralized mortgage obligations3,725  (733)2,992 
Total Available-for-sale Securities$202,886 $ $(36,089)$166,797 
December 31, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair
Value
Held-to-maturity
Securities of state and local municipalities tax exempt$264 $ $(12)$252 
Total Held-to-maturity Securities$264 $ $(12)$252 
Available-for-sale
Securities of U.S. government and federal agencies$9,998 $ $(1,528)$8,470 
Securities of state and local municipalities tax exempt1,000  (3)997 
Securities of state and local municipalities taxable453  (49)404 
Corporate bonds20,204  (2,556)17,648 
SBA pass-through securities62  (5)57 
Mortgage-backed securities170,179  (29,237)140,942 
Collateralized mortgage obligations3,809  (732)3,077 
Total Available-for-sale Securities$205,705 $ $(34,110)$171,595 
No allowance for credit losses was recognized as of March 31, 2024 and December 31, 2023 related to the Company's investment portfolio.
The Company had securities with a market value of $6.3 million pledged for secured borrowings at March 31, 2024. No securities were pledged as of December 31, 2023 for secured borrowings.. The Company had securities of $6.5 million and $7.2 million pledged to secure public deposits at March 31, 2024 and December 31, 2023, respectively.
9

Notes to Consolidated Financial Statements
($ in thousands, except per share data)
The Company monitors the credit quality of held-to-maturity securities through the use of credit ratings. The Company monitors credit ratings on a periodic basis. The following table summarizes the amortized cost of held-to-maturity securities at March 31, 2024 and December 31, 2023, aggregated by credit quality indicator:
Held-to Maturity: State maturity municipal and tax exemptMarch 31, 2024December 31, 2023
Aa3$264 $264 
Total$264 $264 
The following tables show the fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2024 and December 31, 2023, respectively. One security was held as of March 31, 2024 for which the book value and fair value were equal and therefore neither an unrealized gain nor loss was reflected herein. The reference point for determining when securities are in an unrealized loss position is month-end. Therefore, it is possible that a security’s market value exceeded its amortized cost on other days during the past twelve-month period. Available-for-sale securities that have been in a continuous unrealized loss position as of March 31, 2024 are as follows:
Less Than 12 Months12 Months or LongerTotal
At March 31, 2024
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Securities of U.S. government and federal agencies$ $ $8,393 $(1,605)$8,393 $(1,605)
Securities of state and local municipalities tax exempt  991 (9)991 (9)
Securities of state and local municipalities taxable  382 (61)382 (61)
Corporate bonds  16,993 (2,460)16,993 (2,460)
SBA pass-through securities  50 (5)50 (5)
Mortgage-backed securities  136,246 (31,216)136,246 (31,216)
Collateralized mortgage obligations  2,992 (733)2,992 (733)
Total$ $ $166,047 $(36,089)$166,047 $(36,089)
Available-for-sale securities that have been in a continuous unrealized loss position as of December 31, 2023 are as follows:
Less Than 12 Months12 Months or LongerTotal
At December 31, 2023
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Securities of U.S. government and federal agencies$ $ $8,470 $(1,528)$8,470 $(1,528)
Securities of state and local municipalities tax exempt  997 (3)997 (3)
Securities of state and local municipalities taxable  404 (49)404 (49)
Corporate bonds  16,898 (2,556)16,898 (2,556)
SBA pass-through securities  57 (5)57 (5)
Mortgage-backed securities  140,942 (29,237)140,942 (29,237)
Collateralized mortgage obligations  3,077 (732)3,077 (732)
Total$ $ $170,845 $(34,110)$170,845 $(34,110)
10

Notes to Consolidated Financial Statements
($ in thousands, except per share data)
Securities of U.S. government and federal agencies: The unrealized losses on two available-for-sale securities were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments.
Securities of state and local municipalities tax-exempt: The unrealized losses on two of the investments in securities of state and local municipalities was caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. These investments carry an S&P investment grade rating of AA+ and AA3.
Securities of state and local municipalities taxable: The unrealized loss on one of the investments in securities of state and local municipalities was caused by interest rate increases. The contractual terms of this investment does not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The investment carries an S&P investment grade rating of AAA.
Corporate bonds: The unrealized losses on the investments in corporate bonds were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. One of these investments carries an S&P investment grade rating of BBB. The remaining 13 investments do not carry a rating.
SBA pass-through securities: The unrealized losses on one available-for-sale security was caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments.
Mortgage-backed securities: The unrealized losses on the Company’s investment in 36 mortgage-backed securities were caused by interest rate increases. The contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost basis of the Company’s investments. Because the decline in market value is attributable to changes in interest rates and not credit quality, the Company does not consider those investments to be impaired at March 31, 2024.
Collateralized mortgage obligations ("CMOs"): The unrealized loss associated with 11 CMOs was caused by interest rate increases. The contractual cash flows of these investments are guaranteed by an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost basis of the Company’s investments. Because the decline in market value is attributable to changes in interest rates and not credit quality, the Company does not consider those investments to be impaired at March 31, 2024.
The Company has evaluated its available-for-sale investments securities in an unrealized loss position for credit related impairment at March 31, 2024 and December 31, 2023 and concluded no impairment existed based on several factors which included: (1) the majority of these securities are of high credit quality, (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) issuers continue to make timely principal and interest payments, and (4) the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis. Additionally, the Company’s mortgage-backed investment securities are primarily guaranteed by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, or the Government National Mortgage Association and do not have credit risk given the implicit and explicit government guarantees associated with these agencies.
11

Notes to Consolidated Financial Statements
($ in thousands, except per share data)
The amortized cost and fair value of securities at March 31, 2024, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties.
March 31, 2024
Held-to-maturityAvailable-for-sale
Amortized CostFair ValueAmortized CostFair Value
After 3 months through 1 year$ $ $ $ 
After 1 year through 5 years264 253 2,103 2,070 
After 5 years through 10 years  30,106 26,013 
After 10 years  170,677 138,714 
   Total$264 $253 $202,886 $166,797 
For the three months ended March 31, 2024 and 2023, proceeds from principal repayments of securities were $2.8 million and $5.9 million, respectively. During the three months ended March 31, 2024 and 2023, proceeds from sales, calls and maturities of securities were $0 and $35.8 million, respectively. There were no securities sold during the three months ended March 31, 2024 compared to $35.8 million during the three months ended 2023. There were no realized losses during the three months ended March 31, 2024 and realized losses of $4.6 million during the three months ended March 31, 2023.


Note 3. Loans and Allowance for Credit Losses
A summary of loan balances at amortized cost by type follows:
March 31, 2024December 31, 2023
Commercial real estate$1,089,362 $1,091,633 
Commercial and industrial246,564 219,873 
Commercial construction155,451 147,998 
Consumer real estate355,750 363,317 
Consumer nonresidential5,619 5,743 
$1,852,746 $1,828,564 
Less:
Allowance for credit losses18,918 18,871 
Loans, net$1,833,828 $1,809,693 
    
An analysis of the allowance for credit losses for the three months ended March 31, 2024 and 2023, and for the year ended December 31, 2023 follows:
Commercial
Real Estate
Commercial and
Industrial
Commercial
Construction
Consumer Real
Estate
Consumer
Nonresidential
Total
March 31, 2024
Allowance for credit losses:
Beginning Balance, January 1$10,174 $3,385 $1,425 $3,822 $65 $18,871 
Charge-offs    (4)(4)
Recoveries    34 34 
Provision (reversal)(123)42 48 85 (35)17 
Ending Balance$10,051 $3,427 $1,473 $3,907 $60 $18,918 
12

Notes to Consolidated Financial Statements
($ in thousands, except per share data)

Commercial
Real Estate
Commercial and
Industrial
Commercial
Construction
Consumer Real
Estate
Consumer
Nonresidential
Total
March 31, 2023
Allowance for credit losses:
Beginning Balance, Prior to January 1, 2023 Adoption of ASC 326$10,777 $2,623 $1,499 $1,044 $97 $16,040 
Impact of Adoption of ASC 326498 452 70 1,856 (12)2,864 
Charge-offs      
Recoveries 1  1 21 23 
Provision (reversal)49 (480)129 473 (40)131 
Ending Balance$11,324 $2,596 $1,698 $3,374 $66 $19,058 
Commercial
Real Estate
Commercial and
Industrial
Commercial
Construction
Consumer Real
Estate
Consumer
Nonresidential
Total
December 31, 2023
Allowance for credit losses:
Beginning Balance, Prior to January 1, 2023 Adoption of ASC 326$10,777 $2,623 $1,499 $1,044 $97 $16,040 
Impact of Adoption of ASC 326498 452 70 1,856 (12)2,864 
Charge-offs(53)(350)  (15)(418)
Recoveries 3  1 39 43 
Provision (reversal)(1,048)657 (144)921 (44)342 
Ending Balance$10,174 $3,385 $1,425 $3,822 $65 $18,871 
The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Real EstateBusiness / Other AssetsReal EstateBusiness / Other Assets
Collateral-Dependent Loans
Commercial real estate$20,770 $ $20,765 $ 
Commercial and industrial 1,070  1,070 
Commercial construction    
Consumer real estate526  654  
Consumer nonresidential    
Total$21,296 $1,070 $21,419 $1,070 
Tare summarized as follows:Impaired Loans – Originated Loan Portfolio
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis typically includes larger, non-homogeneous loans such as commercial real estate and commercial and industrial loans. This analysis is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings:
Pass — Loans listed as pass include larger non-homogeneous loans not meeting the risk rating definitions below and smaller, homogeneous loans not assessed on an individual basis.
Special Mention — Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.
13

Notes to Consolidated Financial Statements
($ in thousands, except per share data)

Substandard — Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the enhanced possibility that the institution will sustain some loss if the deficiencies are not corrected.
Doubtful — Loans classified as doubtful include those loans which have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on currently known facts, conditions and values, improbable.
Loss — Loans classified as loss include those loans which are considered uncollectible and of such little value that their continuance as loans is not warranted. Even though partial recovery may be achieved in the future, it is neither practical nor desirable to defer writing off these loans.
14

Notes to Consolidated Financial Statements
($ in thousands, except per share data)
Based on the most recent analysis performed, amortized cost basis of loans by risk category, class and year of origination was as follows as of March 31, 2024:
Prior20202021202220232024Revolving Loans Amort. Cost BasisRevolving Loans Convert. to TermTotal
Commercial Real Estate
Grade:
Pass$420,696 $69,992 $146,405 $211,209 $57,036 $1,787 $156,697 $ $1,063,822 
Special mention2,099  2,671      4,770 
Substandard 849   19,921    20,770 
Doubtful         
Loss         
Total$422,795 $70,841 $149,076 $211,209 $76,957 $1,787 $156,697 $ $1,089,362 
Commercial and Industrial
Grade:
Pass$13,032 $5,297 $11,970 $52,231 $40,644 $33,114 $88,493 $ $