Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 05, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-34190 | ||
Entity Registrant Name | HOME BANCORP, INC. | ||
Entity Incorporation, State or Country Code | LA | ||
Entity Tax Identification Number | 71-1051785 | ||
Entity Address, Address Line One | 503 Kaliste Saloom Road | ||
Entity Address, City or Town | Lafayette | ||
Entity Address, State or Province | LA | ||
Entity Address, Postal Zip Code | 70508 | ||
City Area Code | 337 | ||
Local Phone Number | 237-1960 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | HBCP | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business Company | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 211.7 | ||
Entity Common Stock, Shares Outstanding | 8,705,834 | ||
Documents Incorporated by Reference | Set forth below are the documents incorporated by reference and the part of the Form 10-K into which the document is incorporated: Portions of the definitive Proxy Statement for the 2021 Annual Meeting of Shareholders are incorporated by reference into Part III, Items 10-14 of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001436425 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 187,952 | $ 39,847 |
Interest-bearing deposits in banks | 349 | 449 |
Investment securities available for sale, at fair value | 254,752 | 257,321 |
Investment securities held to maturity (fair values of $2,996 and $7,194, respectively) | 2,934 | 7,149 |
Mortgage loans held for sale | 9,559 | 6,990 |
Loans, net of unearned income | 1,979,954 | 1,714,361 |
Allowance for loan losses | (32,963) | (17,868) |
Total loans, net of unearned income and allowance for loan losses | 1,946,991 | 1,696,493 |
Office properties and equipment, net | 45,497 | 46,425 |
Cash surrender value of bank-owned life insurance | 40,334 | 39,466 |
Goodwill and core deposit intangibles | 63,112 | 64,472 |
Accrued interest receivable and other assets | 40,370 | 41,853 |
Total Assets | 2,591,850 | 2,200,465 |
Deposits: | ||
Noninterest-bearing | 615,700 | 437,828 |
Interest-bearing | 1,598,121 | 1,383,147 |
Total deposits | 2,213,821 | 1,820,975 |
Other borrowings | 5,539 | 5,539 |
Long-term Federal Home Loan Bank advances | 28,824 | 40,620 |
Accrued interest payable and other liabilities | 21,824 | 17,002 |
Total Liabilities | 2,270,008 | 1,884,136 |
Shareholders’ Equity | ||
Preferred stock, $0.01 par value - 10,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par value - 40,000,000 shares authorized; 8,740,104 and 9,252,418 shares issued and outstanding, respectively | 87 | 93 |
Additional paid-in capital | 164,988 | 168,545 |
Unallocated common stock held by: | ||
Employee Stock Ownership Plan (ESOP) | (2,767) | (3,124) |
Recognition and Retention Plan (RRP) | (22) | (35) |
Retained earnings | 154,282 | 150,158 |
Accumulated other comprehensive income | 5,274 | 692 |
Total Shareholders’ Equity | 321,842 | 316,329 |
Total Liabilities and Shareholders’ Equity | $ 2,591,850 | $ 2,200,465 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 2,996 | $ 7,194 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (shares) | 8,740,104 | 9,252,418 |
Common stock, shares outstanding (shares) | 8,740,104 | 9,252,418 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income | |||
Loans, including fees | $ 99,106 | $ 94,414 | $ 94,303 |
Investment securities: | |||
Taxable interest | 4,228 | 5,886 | 5,948 |
Tax-exempt interest | 335 | 507 | 708 |
Other investments and deposits | 460 | 1,401 | 1,353 |
Total interest income | 104,129 | 102,208 | 102,312 |
Interest Expense | |||
Deposits | 11,034 | 15,050 | 9,076 |
Other borrowings expense | 212 | 213 | 46 |
Short-term Federal Home Loan Bank advances | 23 | 0 | 40 |
Long-term Federal Home Loan Bank advances | 649 | 949 | 1,144 |
Total interest expense | 11,918 | 16,212 | 10,306 |
Net interest income | 92,211 | 85,996 | 92,006 |
Provision for loan losses | 12,728 | 3,014 | 3,943 |
Net interest income after provision for loan losses | 79,483 | 82,982 | 88,063 |
Noninterest Income | |||
Gain on sale of loans, net | 2,925 | 1,074 | 872 |
Income from bank-owned life insurance | 994 | 2,069 | 656 |
Loss on sale of assets, net | (11) | (335) | (52) |
Other income | 883 | 1,151 | 1,107 |
Total noninterest income | 14,305 | 14,415 | 13,447 |
Noninterest Expense | |||
Compensation and benefits | 37,935 | 38,415 | 36,796 |
Occupancy | 6,794 | 7,118 | 6,658 |
Marketing and advertising | 1,132 | 1,576 | 1,309 |
Data processing and communication | 7,343 | 6,611 | 7,646 |
Professional services | 852 | 856 | 1,119 |
Forms, printing and supplies | 625 | 683 | 973 |
Franchise and shares tax | 1,487 | 1,444 | 1,030 |
Regulatory fees | 1,377 | 830 | 1,559 |
Foreclosed assets, net | 505 | 556 | 397 |
Amortization of acquisition intangible | 1,360 | 1,583 | 1,845 |
Other expenses | 3,571 | 3,933 | 3,893 |
Total noninterest expense | 62,981 | 63,605 | 63,225 |
Income before income tax expense | 30,807 | 33,792 | 38,285 |
Income tax expense | 6,042 | 5,860 | 6,695 |
Net Income | $ 24,765 | $ 27,932 | $ 31,590 |
Earnings per share: | |||
Basic (in usd per share) | $ 2.86 | $ 3.08 | $ 3.48 |
Diluted (in usd per share) | 2.85 | 3.05 | 3.40 |
Cash dividends declared per common share (in usd per share) | $ 0.88 | $ 0.84 | $ 0.71 |
Service fees and charges | |||
Noninterest Income | |||
Fees and charges | $ 4,646 | $ 5,940 | $ 6,370 |
Bank card fees | |||
Noninterest Income | |||
Fees and charges | $ 4,868 | $ 4,516 | $ 4,494 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 24,765 | $ 27,932 | $ 31,590 |
Other Comprehensive Income (Loss) | |||
Unrealized gains (losses) on available for sale investment securities | 5,580 | 3,668 | (1,323) |
Unrealized gains on cash flow hedges | 220 | 0 | 0 |
Tax effect | (1,218) | (770) | 278 |
Other comprehensive income (loss), net of taxes | 4,582 | 2,898 | (1,045) |
Comprehensive Income | $ 29,347 | $ 30,830 | $ 30,545 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | Common Stock | Additional Paid-in Capital | Unallocated Common Stock Held by ESOP | Unallocated Common Stock Held by RRP | Retained Earnings | Retained EarningsCumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | Accumulated Other Comprehensive (Loss) Income |
Balance at Dec. 31, 2017 | $ 277,871 | $ 94 | $ 165,341 | $ (3,838) | $ (84) | $ 117,313 | $ (955) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | 31,590 | 31,590 | |||||||
Other comprehensive income (loss) | (1,045) | (1,045) | |||||||
Reclassification of stranded tax effects in accumulated other comprehensive income | 206 | (206) | |||||||
Purchase of Company's common stock at cost | (1,194) | 0 | (309) | (885) | |||||
Cash dividends declared | (6,706) | (6,706) | |||||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 70 | 141 | (71) | ||||||
Exercise of stock options | 914 | 1 | 913 | ||||||
RRP shares released for allocation | 0 | (26) | 26 | ||||||
ESOP shares released for allocation | 1,799 | 1,442 | 357 | ||||||
Share-based compensation cost | 741 | 741 | |||||||
Balance at Dec. 31, 2018 | 304,040 | 95 | 168,243 | (3,481) | (58) | 141,447 | (2,206) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | 27,932 | 27,932 | |||||||
Other comprehensive income (loss) | 2,898 | 2,898 | |||||||
Purchase of Company's common stock at cost | (15,445) | (4) | (4,191) | (11,250) | |||||
Cash dividends declared | (7,898) | (7,898) | |||||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 157 | 230 | (73) | ||||||
Exercise of stock options | 2,231 | 2 | 2,229 | ||||||
RRP shares released for allocation | 0 | (23) | 23 | ||||||
ESOP shares released for allocation | 1,613 | 1,256 | 357 | ||||||
Share-based compensation cost | 801 | 801 | |||||||
Balance at Dec. 31, 2019 | $ 316,329 | $ (3,985) | 93 | 168,545 | (3,124) | (35) | 150,158 | $ (3,985) | 692 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||
Net Income | $ 24,765 | 24,765 | |||||||
Other comprehensive income (loss) | 4,582 | 4,582 | |||||||
Purchase of Company's common stock at cost | (14,013) | (6) | (5,299) | (8,708) | |||||
Cash dividends declared | (7,903) | (7,903) | |||||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | (13) | 32 | (45) | ||||||
Exercise of stock options | 30 | 0 | 30 | ||||||
RRP shares released for allocation | 0 | (13) | 13 | ||||||
ESOP shares released for allocation | 1,261 | 904 | 357 | ||||||
Share-based compensation cost | 789 | 789 | |||||||
Balance at Dec. 31, 2020 | $ 321,842 | $ 87 | $ 164,988 | $ (2,767) | $ (22) | $ 154,282 | $ 5,274 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Purchase of Company's common shares at cost (shares) | 530,504 | 419,498 | 30,887 |
Cash dividends declared, per share (in usd per share) | $ 0.88 | $ 0.84 | $ 0.71 |
Common Stock issued under incentive plans (shares) | 16,485 | 24,987 | 17,691 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities, net of effects of acquisitions: | |||
Net income | $ 24,765 | $ 27,932 | $ 31,590 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 12,728 | 3,014 | 3,943 |
Depreciation | 3,063 | 2,875 | 2,504 |
Amortization and accretion of purchase accounting valuations and intangibles | 5,479 | 5,880 | 8,288 |
Net amortization of mortgage servicing asset | 161 | 111 | 151 |
Federal Home Loan Bank stock dividends | (61) | (156) | (125) |
Net amortization of premium on investments | 2,900 | 2,342 | 2,027 |
Gain on sale of loans, net | (2,925) | (1,074) | (872) |
Proceeds, including principal payments, from loans held for sale | 288,642 | 123,065 | 98,471 |
Originations of loans held for sale | (288,286) | (126,895) | (93,812) |
Non-cash compensation | 2,050 | 2,414 | 2,540 |
Deferred income tax (benefit) expense | (1,588) | 137 | 2,137 |
(Increase) decrease in accrued interest receivable and other assets | (601) | 58 | (8,970) |
Increase in cash surrender value of bank-owned life insurance | (948) | (874) | (656) |
Increase (decrease) in accrued interest payable and other liabilities | 3,651 | 5,109 | (88) |
Net cash provided by operating activities | 49,030 | 43,938 | 47,128 |
Cash flows from investing activities, net of effects of acquisitions: | |||
Purchases of securities available for sale | (91,978) | (68,523) | (78,462) |
Proceeds from maturities, prepayments and calls on securities available for sale | 97,311 | 72,865 | 50,280 |
Proceeds from maturities, prepayments and calls on securities held to maturity | 4,130 | 3,517 | 1,855 |
Increase in loans, net | (271,830) | (73,680) | (2,177) |
Reimbursement from FDIC for covered assets | 0 | 142 | 26 |
Decrease in interest-bearing deposits in banks | 100 | 490 | 1,482 |
Proceeds from sale of foreclosed assets | 3,585 | 1,825 | 731 |
Purchases of office properties and equipment | (2,147) | (3,840) | (5,010) |
Proceeds from sale of office properties and equipment | 5 | 54 | 1,051 |
Purchase of bank-owned life insurance | 0 | (10,000) | 0 |
Proceeds from bank-owned life insurance | 126 | 2,163 | 0 |
Purchase of Federal Home Loan Bank stock | (1,592) | 0 | 0 |
Proceeds from redemption of Federal Home Loan Bank stock | 2,254 | 2,658 | 0 |
Investment in new market tax credit | 0 | 0 | 5,539 |
Net cash used in investing activities | (260,036) | (72,329) | (24,685) |
Cash flows from financing activities, net of effects of acquisitions: | |||
Increase (decrease) in deposits, net | 392,836 | 47,715 | (93,106) |
Borrowings on Federal Home Loan Bank advances | 119,700 | 6,010 | 3,000 |
Repayments of Federal Home Loan Bank advances | (131,526) | (24,150) | (16,221) |
Proceeds from exercise of stock options | 30 | 2,231 | 914 |
Issuance of stock under incentive plans | (13) | 157 | 70 |
Dividends paid to shareholders | (7,903) | (7,898) | (6,706) |
Purchase of Company’s common stock | (14,013) | (15,445) | (1,194) |
Net cash provided by (used in) financing activities | 359,111 | 8,620 | (113,243) |
Net change in cash and cash equivalents | 148,105 | (19,771) | (90,800) |
Cash and cash equivalents at beginning of year | 39,847 | 59,618 | 150,418 |
Cash and cash equivalents at end of year | 187,952 | 39,847 | 59,618 |
Supplementary cash flow information: | |||
Interest paid on deposits and borrowed funds | 11,933 | 16,072 | 10,391 |
Income taxes paid | 5,430 | 3,174 | 5,075 |
Noncash investing and financing activities: | |||
Acquisition of assets in settlement of loans | $ 915 | $ 4,361 | $ 1,816 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Home Bancorp, Inc., a Louisiana corporation (the “Company”), is the parent holding company for Home Bank, N.A. (the "Bank"). The Bank is a national bank and wholly owned subsidiary of the Company. The Company and Bank are headquartered in Lafayette, Louisiana. As of December 31, 2020, the Company was a bank holding company. In September 2018, the Bank established HB Investment Fund I, LLC, a wholly-owned subsidiary of the Bank to invest in New Markets Tax Credits (“NMTC”) in our market area. In 2010, the Bank expanded into the Northshore (of Lake Pontchartrain) region through a Federal Deposit Insurance Corporation (“FDIC”) assisted acquisition of certain assets and liabilities of the former Statewide Bank. In July 2011, the Bank expanded into the Greater New Orleans region through its acquisition of GS Financial Corporation, the former holding company of Guaranty Savings Bank. In February 2014, the Bank expanded into west Mississippi through its acquisition of Britton & Koontz Capital Corporation, the holding company for Britton & Koontz Bank, N.A. of Natchez, Mississippi. In September 2015, the Bank expanded its presence in the Greater New Orleans region through the acquisition of Louisiana Bancorp, Inc., the former holding company of Bank of New Orleans of Metairie, Louisiana. In December 2019, the Bank expanded its presence in the Acadiana market through the acquisition of St. Martin Bancshares (“SMB”), the former holding company of St. Martin Bank & Trust Company of St. Martinville, Louisiana. As of December 31, 2020, the Bank conducted business from 40 banking offices in the Acadiana, Northshore, Baton Rouge and Greater New Orleans regions of south Louisiana and west Mississippi. The Bank is primarily engaged in attracting deposits from the general public and using those funds to invest in loans and investment securities. The Bank’s principal sources of funds are customer deposits, repayments of loans, repayments of investments and funds borrowed from outside sources such as the Federal Home Loan Bank (“FHLB”) of Dallas. The Bank derives its income principally from interest earned on loans and investment securities and, to a lesser extent, from fees received in connection with the origination of loans, service charges on deposit accounts and for other services. The Bank’s primary expenses are general operating expenses and interest expense on deposits and borrowings. The Company’s primary banking regulator is the Board of Governors of the Federal Reserve Systems (the”Federal Reserve”). The Bank’s primary regulator is the Office of the Comptroller of the Currency (“OCC”). Its deposits are insured to the maximum amount permissible under federal law by the FDIC. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Bank and HB Investment Fund I, LLC. All significant intercompany balances and transactions have been eliminated in consolidation. Subsequent Events The Company has evaluated subsequent events for potential recognition and disclosure through the date of filing for this Annual Report on Form 10-K with the U.S. Securities and Exchange Commission. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for credit losses, income taxes, the valuation of foreclosed assets and ORE, goodwill and other intangible assets, acquisition accounting valuations and valuation of share-based compensation. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, due from banks and interest-bearing deposits with the FHLB. The Company considers all highly liquid debt instruments with original maturities of three months or less (excluding interest-bearing deposits in banks) to be cash equivalents. The Bank may be required to maintain cash reserves with the Federal Reserve Bank. The requirement is dependent upon the Bank’s cash on hand or noninterest-bearing balances. There was no reserve requirement as of December 31, 2020 or 2019. Investment Securities The Company follows the guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities . This standard addresses the accounting and reporting for investments in equity securities that have readily determinable fair values and for all investments in debt securities. Under the topic, investment securities, which the Company both positively intends and has the ability to hold to maturity, are classified as held to maturity and carried at amortized cost. Investment securities that are acquired with the intention of being resold in the near term are classified as trading securities under ASC 320 and are carried at fair value, with unrealized holding gains and losses recognized in current earnings. The Company did not hold any securities for trading purposes at, or during the years ended, December 31, 2020 or 2019. Securities not meeting the criteria of either trading securities or held to maturity are classified as available for sale and are carried at fair value. Unrealized holding gains and losses for these securities are recognized, net of related income tax effects, in the Consolidated Statements of Comprehensive Income. Interest income earned on securities either held to maturity or available for sale is included in current earnings, including the amortization of premiums and the accretion of discounts using the interest method. Amortization of premiums and accretion of discounts are recognized in interest income using the effective interest method. Premiums that exceed the amount repayable by the issuer at the next call date are amortized to the next call date. Other premiums and discounts are amortized (accreted) over the estimated lives of the securities. The gain or loss realized on the sale of securities classified as available for sale or held to maturity, as determined using the specific identification method for determining the cost of the securities sold, is computed with reference to its amortized cost and is also included in current earnings. On January 1, 2020, the Company adopted ASC 326, Financial Instruments - Credit Losses, which introduced a new model known as CECL . ASC 326 requires expected credit related losses for available for sale debt securities to be recorded through an allowance for credit losses, while non-credit related losses or declines in fair value continue to be recognized through other comprehensive income ("OCI"). Under the new guidance, the Company is also required to evaluate held to maturity debt securities for expected credit losses. For more information on the impact to the Consolidated Financial Statements, refer to the " R ecent Accounting Pronouncements " section of this note. For reporting periods beginning on and after January 1, 2020 and the adoption of ASC 326: We evaluate our investment securities portfolio for credit-related impairment at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to numerous factors including, but not limited to, the extent to which the fair value is less than the amortized cost basis; adverse conditions causing changes in the financial condition of the issuer of the security or underlying loan guarantors; changes to the rating of the security by a rating agency; and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity. The Company performs a process to determine whether declines in the fair value of securities has resulted from credit losses or other factors. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. If this evaluation indicates the existence of credit losses, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, an allowance for credit losses is recorded, limited by the amount that the fair value of the security is less than its amortized cost. Subsequent changes in the allowance for credit losses on securities are recorded with a corresponding provision for credit losses on the Consolidated Statement of Income. If the Company intends to sell the debt security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the security is written down to fair value against the allowance for credit losses, with any additional impairment reported on the Consolidated Statement of Income. The Company applies the practical expedient that permits the exclusion of the accrued interest receivable balance from amortized cost basis of financing receivables. For reporting periods prior to January 1, 2020 and the adoption of ASC 326: The Company reviewed investment securities for other-than-temporary impairment quarterly. Impairment was considered to be other-than-temporary if it was likely that all amounts contractually due would not be received for debt securities and when there was no positive evidence indicating that an investment’s carrying amount was recoverable in the near term for equity securities. When a decline in the fair value of available for sale and held to maturity securities below cost was deemed to be credit related, a charge for other-than-temporary impairment was included in earnings as “Other-than-temporary impairment of securities”. The decline in fair value attributed to non-credit related factors was recognized in other comprehensive income and a new cost basis for the security was established. The new cost basis was not changed for subsequent recoveries in fair value. In evaluating whether impairment was temporary or other-than-temporary, the Company considered, among other things, the time period the security was in an unrealized loss position; the financial condition of the issuer and its industry; recommendations of investment advisors; economic forecasts; market or industry trends; changes in tax laws, regulations or other governmental policies significantly affecting the issuer; any downgrades from rating agencies; and any reduction or elimination of dividends. The Company’s intent and ability to hold a security for a period of time sufficient to allow for any anticipated recovery in fair value was also considered. Loans Held for Sale The Company sells mortgage loans and loan participations for an amount equal to the principal amount of loans or participations with yields to investors based upon current market rates. Realized gains and losses related to loan sales are included in noninterest income. The Company allocates the cost to acquire or originate a mortgage loan between the loan and the right to service the loan if it intends to sell or securitize the loan and retain servicing rights. In addition, the Company periodically assesses capitalized mortgage servicing rights for impairment based on the fair value of such rights. To the extent that temporary impairment exists, write-downs are recognized in current earnings as an adjustment to the corresponding valuation allowance. Permanent impairment is recognized through a write-down of the asset with a corresponding reduction in the valuation allowance. For purposes of performing its impairment evaluation, the portfolio is stratified on the basis of certain risk characteristics, including loan type and interest rates. Capitalized servicing rights are amortized over the period of, and in proportion to, estimated net servicing income, which considers appropriate prepayment assumptions. For financial reporting purposes, the Company classifies a portion of its loans as “Mortgage loans held for sale”. Included in this category are loans which the Company has the current intent to sell and loans which are available to be sold in the event that the Company determines that loans should be sold to support the Company’s investment and liquidity objectives, as well as to support its overall asset and liability management strategies. Loans included in this category for which the Company has the current intention to sell are recorded at the lower of aggregate cost or fair value. As of December 31, 2020 and 2019, the Company had $9,559,000 and $6,990,000, respectively, in loans classified as “Mortgage loans held for sale.” As of December 31, 2020 and 2019, the Company had $80,898,000 and $118,818,000, respectively, outstanding in loans sold to government agencies that it was servicing through a third party. Loans The following describes the distinction between originated and acquired loans and certain significant accounting policies relevant to each category. Originated Loans Originated loans are carried net of discounts on loan originations and are amortized using the level yield interest method over the remaining contractual life of the loan. Nonrefundable loan origination fees, net of direct loan origination costs, are deferred and recognized over the life of the loan as an adjustment of yield using the interest method. Interest on loans receivable is accrued as earned using the interest method over the life of the loan. Interest on loans deemed uncollectible is excluded from income. The accrual of interest is discontinued and reversed against current income, with certain limited exceptions, once loans become more than 90 days past due or earlier if conditions warrant. The past due status of loans is determined based on the contractual terms. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest income on loans. Interest payments are applied to reduce the principal balance on nonaccrual loans. Loans are returned to accrual status when all past due payments are received in full and future payments are probable. Third party property valuations are obtained at the time of origination for real estate secured loans. When a determination is made that a loan has deteriorated to the point of being deemed a criticized or classified loan, updated valuations may be ordered to help determine if there is impairment, which may lead to a recommendation for partial charge off or appropriate allowance allocation. Property valuations are ordered through, and reviewed by, the Company’s Appraisal and Review Department. The Company typically orders an “as is” valuation for collateral property if the loan is in a criticized loan classification. Loans, or portions of loans, are charged off in the period that such loans, or portions thereof, are deemed uncollectible. The collectability of individual loans is determined through an estimate of the fair value of the underlying collateral and/or assessment of the financial condition and repayment capacity of the borrower. Acquired Loans Acquired loans at December 31, 2020 and 2019 are those associated with our acquisitions of Statewide Bank, GS Financial Corporation, Britton & Koontz Capital Corporation, Louisiana Bancorp, Inc. and SMB. These loans were recorded at estimated fair value at the acquisition date with no carryover of the related allowance for loan losses. The acquired loans were segregated between those considered to be performing and those with evidence of credit deterioration (purchased credit impaired or “PCI”), and then further segregated into loan pools designed to facilitate the development of expected cash flows. The fair value estimate for each pool of acquired performing and PCI loans was based on the estimate of expected cash flows, both principal and interest, from that pool, discounted at prevailing market interest rates. The difference between the fair value of an acquired loan pool and the contractual amounts due at the acquisition date (the “fair value discount”) is accreted into income over the estimated life of the pool. On January 1, 2020, the Company adopted ASC 326, Financial Instruments - Credit Losses, which introduced a new model known as CECL and amended the accounting guidance for purchased financial assets. For more information on the impact to the Consolidated Financial Statements, refer to the " Recent Accounting Pronouncements " section of this note. For reporting periods beginning on and after January 1, 2020 and the adoption of ASC 326: Management estimates the allowance for credit losses for acquired loans under the same methodology as originated loans. Changes in the allowance for credit losses for acquired loans are recognized through the provision for loan losses and the provision for credit losses on unfunded lending commitments. ASC 326 replaced the guidance for PCI loans with the concept of purchased credit deteriorated ("PCD"). For reporting periods beginning on and after January 1, 2020, PCI loans have been re-classified as PCD loans. For PCD loans, the Company applied the guidance under ASC 326 using the prospective transition approach. As a result, the Company adjusted the amortized cost basis of the PCD loans to reclassify $1.0 million of purchase discount to the allowance for loan losses on January 1, 2020. The Company applied the guidance under ASC 326 using the modified retrospective approach for all non-PCD assets, which resulted in an increase in the ACL and a corresponding decrease to retained earnings at the adoption date. PCD loans, under prior accounting policies, were excluded from nonperforming loans because they continued to earn interest income from the accretable yield at the pool level regardless of their status as past due or otherwise not in compliance with their contractual terms. With the adoption of ASC 326, the pools were discontinued and performance is based on contractual terms for individual loans. For reporting periods prior to January 1, 2020 and the adoption of ASC 326: Management estimated the ALL for acquired performing or non-PCI loans using a methodology similar to that used for originated loans. The allowance determined for each loan pool was compared to the remaining fair value discount for that pool. If the allowance amount calculated under the Company’s methodology was greater than the Company’s remaining discount, the additional amount called for was added to the reported allowance through a provision for loan losses. If the allowance amount calculated under the Company’s methodology was less than the Company’s recorded discount, no additional allowance or provision was recognized. Actual losses first reduced any remaining nonaccretable discount for the loan pool. Once the nonaccretable discount was fully depleted, losses were applied against the allowance established for that pool. Acquired performing or non-PCI loans were placed on nonaccrual status and were considered and reported as nonperforming or past due using the same criteria applied to the originated portfolio. The excess of cash flows expected to be collected from a PCI loan pool over the pool’s estimated fair value at acquisition was referred to as the accretable yield and was recognized in interest income using an effective yield method over the remaining life of the pool. Each pool of PCI loans was accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Management estimated cash flows expected to be collected on each PCI loan pool periodically. If the present value of expected cash flows for a pool was less than its carrying value, an impairment was recognized by an increase in the ALL and a charge to the provision for loan losses. If the present value of expected cash flows for a pool was greater than its carrying value, any previously established ALL was reversed and any remaining difference increased the accretable yield, which was taken into interest income over the remaining life of the loan pool. PCI loans were generally not subject to individual evaluation for impairment and were not reported with impaired loans, even if they otherwise qualified for such treatment . Allowance for Credit Losses On January 1, 2020, the Company adopted ASC 326, Financial Instruments - Credit Losses . The new standard significantly changed the impairment model for most financial assets that are measured at amortized cost, including off-balance sheet credit exposures, from an incurred loss model to an expected loss model. Refer to the " Recent Accounting Pronouncements " section of this note for more information on the impact to the Consolidated Financial Statements. For all reporting periods: Changes in the allowance for credit losses, which includes the allowance for loan losses and the reserve for unfunded lending commitments, are charged to current operations. Loans that are determined to be uncollectible are charged-off against the allowance for credit losses once that determination is made. While management uses available information to make allowance evaluations, adjustments to the allowance may be necessary based on changes in economic and other conditions or changes in accounting guidance. The OCC, as an integral part of its examination processes, periodically reviews the allowance for credit losses. The OCC may require the recognition of adjustments to the allowance for credit losses based on its judgment of information available to it as of the time of its examinations. To the extent the OCC’s estimates differ from management’s estimates, additional provisions to the allowance for credit losses may be required as of the time of its examination. As part of the Bank’s risk management program, an independent review is performed on the loan portfolio, which supplements management’s assessment of the loan portfolio and the allowance for credit losses. The result of the independent review is reported directly to the Audit Committee of the Board of Directors. For reporting periods beginning on and after January 1, 2020 and the adoption of ASC 326: Under ASC 326, the allowance for credit losses ("ACL") is measured on a pool basis when similar risk characteristics exist and is maintained at an amount which management believes is a current estimate of the expected credit losses for the full life of the relevant pool of loans and related unfunded lending commitments. The Company applies the practical expedient that permits the exclusion of the accrued interest receivable balance from amortized cost basis of financing receivables when measuring credit losses under CECL. The Company's CECL calculation estimates loan losses using the discounted cash flow method for all loan pools, except for the Company's credit card portfolio. Loan losses for the credit card portfolio are estimated using the remaining life method due to the limited complexity and size of this portfolio. The discounted cash flow analysis uses loan-level term information (e.g., maturity date, payment amount, interest rate, etc.) and pool-level assumptions (e.g., default rates, prepayment speeds, etc.) to produce expected future cash flows for the full life of every loan in the pool. The expected future cash flows are discounted and results are then aggregated to produce a net present value of the pool and ultimately the ACL requirement for the pool. The remaining life method applies a loss rate to a given pool of loans over the estimated remaining life of the given pool. The remaining life of the pool is based on historical data. The loss rates computed for each pool and expected pool-level funding rates are applied to the related unfunded lending commitments to calculate an ACL on unfunded amounts. For each pool of loans, management also evaluates and applies qualitative adjustments to the calculated ACL based on several factors, including, but not limited to, changes in current and expected future economic conditions, changes in industry experience and loan concentrations, changes in the volume and severity of nonperforming assets, changes in lending policies and personnel and changes in the competitive and regulatory environment of the banking industry. During 2020, the ongoing effects of COVID-19 on the U.S. economy has been an additional consideration when measuring the ACL. Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis. Individually analyzed loans generally include larger (i.e., loans with balances of $250,000 or greater) commercial real estate loans, multi-family residential loans, construction and land loans, commercial and industrial loans and other loans as deemed appropriate by management for which it is probable that all amounts due under the contractual terms of the loan will not be collected. The ACL for loans that are individually evaluated is based on a comparison of the recorded investment in the loan with either the expected cash flows discounted using the loan’s original effective interest rate, observable market price for the loan or the fair value of the collateral underlying certain collateral-dependent loans. The Company has identified the following portfolio segments based on the risk characteristics described in the table for its pooled loan analysis under ASC 326: Loan Pool Risk Characteristics One- to four-family first mortgage This category consists of loans secured by first liens on residential real estate. The performance of these loans may be adversely affected by, among other factors, unemployment rates, local residential real estate market conditions and the interest rate environment. Generally, these loans are for longer terms than home equity loans and lines. Home equity loans and lines This category consists of loans secured by first and junior liens on residential real estate. The performance of these loans may be adversely affected by, among other factors, unemployment rates, local residential real estate market conditions and the interest rate environment. Commercial real estate ("CRE") This category consists of loans primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants. The performance of CRE loans may be adversely affected by, among other factors, conditions specific to the relevant industry, the real estate market for the property type and geographic region where the property or borrower is located. Construction and land ("C&D") This category consists of loans to finance the ground-up construction and/or improvement of residential and commercial properties and loans secured by land. The performance of C&D loans is generally dependent upon the successful completion of improvements and/or land development for the end user, the sale of the property to a third party, or a secondary source of cash flow from the owners. The successful completion of planned improvements and development may be adversely affected by changes in the estimated property value upon completion of construction, projected costs and other conditions leading to project delays. Multi-family residential This category consists of loans secured by apartment or residential buildings with five or more units used to accommodate households on a temporary or permanent basis. The performance of multi-family loans is generally dependent on the receipt of rental income from the tenants who occupy the subject property. The occupancy rate of the subject property and the ability of the tenants to pay rent may be adversely affected by the location of the subject property and local economic conditions. Commercial and industrial ("C&I") This category consists of secured and unsecured loans to purchase capital equipment, agriculture operating loans and other business loans for working capital and operating purposes. Secured loans are primarily secured by accounts receivable, inventory and other business assets. The performance of C&I loans may be adversely affected by, among other factors, conditions specific to the relevant industry, fluctuations in the value of the collateral and individual performance factors related to the borrower. Consumer This category consists of loans to individuals for household, family and other personal use. The performance of these loans may be adversely affected by national and local economic conditions, unemployment rates and other factors affecting the borrower's income available to service the debt. Credit cards This category consists of unsecured revolving lines of credit for personal and commercial use. Credit card loans are generally smaller in size and are less complex relative to larger loan categories. Due to their unsecured nature, historical loss rates for credit card loans are generally higher than the loss rates on loans secured by real estate. For reporting periods prior to January 1, 2020 and the adoption of ASC 326: The allowance for loan losses was maintained at an amount which management believed covered the reasonably estimable and probable losses on such portfolio. The allowance for loan losses was comprised of specific and general reserves. The Company determined specific reserves based on the provisions of ASC 310, Receivables . The Company’s allowance for loan losses included a measure of impairment related to those loans specifically identified for evaluation under the topic. This measurement was based on a comparison of the recorded investment in the loan with either the expected cash flows discounted using the loan’s original effective interest rate, observable market price for the loan or the fair value of the collateral underlying certain collateral-dependent loans. General reserves were based on management’s evaluation of many factors, including current economic trends, industry experience, historical loss experience (generally three years), industry loan concentrations, the borrowers’ abilities to repay and repayment performance, probability of foreclosure and estimated collateral values. In addition to these factors, management also considered the risk factors described in the table above for each segment of the loan portfolio when determining general reserves. Office Properties and Equipment Office properties and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method with rates based on the estimated useful lives of the individual assets, which range from three On January 1, 2019, the Company adopted the amended provisions under ASC 842, Leases. Under the amended guidance, the Company recognizes lease assets and liabilities for both operating and capital leases. For lessees, lease assets represent the right to use leased assets for the relevant lease term and lease liabilities that represent the obligation to make lease payments. At December 31, 2020 and 2019, the Company's right-of-use assets, net of amortization, were $4,566,000 and $4,544,000, respectively. The Company's lease liabilities were $4,695,000 and $4,588,000 at December 31, 2020 and 2019, respectively. The Company reports its right-of-use assets and liabilities within accrued interest receivable and other assets and accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. Cash Surrender Value of Bank-Owned Life Insurance Life insurance contracts represent single premium life insurance contracts on the lives of certain officers of the Bank. The Bank is the beneficiary of these policies. These contracts are reported at their cash surrender value and changes in the cash surrender value are included in noninterest income. Intangible Assets Intangible assets consist of goodwill, core deposit intangibles and mortgage servicing rights. Goodwill and core deposit intangibles are presented together on the Consolidated Statements of Financial Condition. Mortgage servicing rights are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. Goodwill is not amortized but rather is evaluated for impairment at least annually. Core deposit intangibles represent the estimated value related to customer deposit relationships assumed in the Company’s acquisitions. Core deposit intangibles are being amortized over nine Foreclosed Assets and ORE Foreclosed assets and ORE includes real property and other assets that have been acquired as a result of foreclosure, and real property no longer used in the Bank's business. Foreclosed assets are recorded at fair value less estimated selling costs at the date acquired or upon receiving new property valuations. Write-downs from cost to fair value at the date of foreclosure are charged against the allowance for credit losses. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. Costs relating to the development and improvement of foreclosed assets and ORE are capitalized, and costs relating to holding and maintaining foreclosed assets and ORE are expensed. Valuations are performed periodically and a charge to operations is recorded if the carrying value of a property exceeds its fair value less selling costs. Generally, the Company appraises foreclosed assets and ORE at the time of foreclosure or transfer to ORE and at least every 12 months following the foreclosure or transfer to ORE. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. Financed sales of foreclosed property are accounted for in accordance with ASC 610, Subtopic 20, Gains and losses from the derecognition of nonfinancial assets. The Company had $1,302,000 and $4,156,000 of foreclosed assets and ORE as of December 31, 2020 and 2019, respectively. Foreclosed assets and ORE are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. Derivatives and Hedging Activities As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value o |
Acquisition Activity
Acquisition Activity | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisition Activity | Acquisition Activity SUMMARY OF ACQUISITION ACTIVITY (dollars in thousands) Acquisition Acquisition Date Total Assets Total Loans Goodwill Core Deposit Intangible Total Deposits Statewide Bank 3/12/2010 $ 188,026 $ 110,415 $ 560 $ 1,429 $ 206,925 GS Financial Corporation 7/15/2011 256,677 182,440 296 859 193,518 Britton & Koontz Capital Corporation 2/14/2014 298,930 161,581 43 3,030 216,600 Louisiana Bancorp, Inc. 9/15/2015 352,897 281,583 8,454 1,586 208,670 St. Martin Bancshares, Inc. 12/6/2017 592,852 439,872 49,135 6,766 533,497 Total Acquisitions $ 1,689,382 $ 1,175,891 $ 58,488 $ 13,670 $ 1,359,210 Loans acquired with deteriorated credit quality were accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, prior to the adoption of ASC 326. On January 1, 2020, the Company adopted ASC 326, Financial Instruments - Credit Losses, which amended the accounting model for purchased financial assets and replaced the guidance for PCI financial assets with the concept of PCD financial assets. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table summarizes the Company’s available for sale and held to maturity investment securities at December 31, 2020 and 2019. (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2020 Less Than Over 1 Available for sale: U.S. agency mortgage-backed $ 138,669 $ 4,162 $ 19 $ — $ 142,812 Collateralized mortgage obligations 74,112 1,565 55 2 75,620 Municipal bonds 27,306 717 12 — 28,011 U.S. government agency 6,210 55 — 10 6,255 Corporate bonds 2,000 54 — — 2,054 Total available for sale $ 248,297 $ 6,553 $ 86 $ 12 $ 254,752 Held to maturity: Municipal bonds $ 2,934 $ 62 $ — $ — $ 2,996 Total held to maturity $ 2,934 $ 62 $ — $ — $ 2,996 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019 Less Than Over 1 Available for sale: U.S. agency mortgage-backed $ 94,446 $ 1,081 $ 292 $ 63 $ 95,172 Collateralized mortgage obligations 142,408 701 300 358 142,451 Municipal bonds 15,895 166 56 — 16,005 U.S. government agency 3,696 11 4 10 3,693 Total available for sale $ 256,445 $ 1,959 $ 652 $ 431 $ 257,321 Held to maturity: Municipal bonds $ 7,149 $ 45 $ — $ — $ 7,194 Total held to maturity $ 7,149 $ 45 $ — $ — $ 7,194 Management evaluates securities for impairment from credit losses at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to numerous factors including, but not limited to, the extent to which the fair value is less than the amortized cost basis; adverse conditions causing changes in the financial condition of the issuer of the security or underlying loan guarantors; changes to the rating of the security by a rating agency; and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity. The Company performs a process to determine whether the decline in the fair value of securities has resulted from credit losses or other factors. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. If this evaluation indicates the existence of credit losses, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, an ACL is recorded, limited by the amount that the fair value of the security is less than its amortized cost. The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables. (dollars in thousands) Less Than 1 Year Over 1 Year Total December 31, 2020 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale: U.S. agency mortgage-backed $ 13,666 $ 19 $ — $ — $ 13,666 $ 19 Collateralized mortgage obligations 13,615 55 2,309 2 15,924 57 Municipal bonds 1,278 12 — — 1,278 12 U.S. government agency — — 1,196 10 1,196 10 Corporate bonds — — — — — — Total available for sale $ 28,559 $ 86 $ 3,505 $ 12 $ 32,064 $ 98 Held to maturity: Municipal bonds $ — $ — $ — $ — $ — $ — Total held to maturity $ — $ — $ — $ — $ — $ — (dollars in thousands) Less Than 1 Year Over 1 Year Total December 31, 2019 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale: U.S. agency mortgage-backed $ 28,847 $ 292 $ 5,148 $ 63 $ 33,995 $ 355 Collateralized mortgage obligations 50,004 300 37,131 358 87,135 658 Municipal bonds 3,044 56 — — 3,044 56 U.S. government agency 1,213 4 466 10 1,679 14 Total available for sale $ 83,108 $ 652 $ 42,745 $ 431 $ 125,853 $ 1,083 Held to maturity: Municipal bonds $ — $ — $ — $ — $ — $ — Total held to maturity $ — $ — $ — $ — $ — $ — At December 31, 2020, 33 of the Company’s debt securities had unrealized losses totaling 0.3% of the individual securities’ amortized cost basis and 0.04% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, three of the 33 securities had been in a continuous loss position for over 12 months. Management has determined that the declines in the fair value of these securities were not attributable to credit losses. As a result, no ACL was recorded for available for sale investment securities at December 31, 2020. At December 31, 2020, it was determined that no ACL was required for the Company's held to maturity investment securities. The Company monitors credit quality of debt securities held to maturity through the use of credit ratings. The following table presents the amortized cost of the Company's held to maturity securities by credit quality rating at December 31, 2020. Credit Ratings (dollars in thousands) AAA/AA/A BBB/BB/B Total December 31, 2020 Held to maturity: Municipal bonds 2,934 — 2,934 The amortized cost and estimated fair value by maturity of the Company’s investment securities as of December 31, 2020 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of the exercise of call options and potential paydowns. Accordingly, actual maturities may differ from contractual maturities. (dollars in thousands) One Year or Less After One Year through Five Years After Five Years through Ten Years After Ten Years Total Fair Value Available for sale: U.S. agency mortgage-backed $ 3,239 $ 13,335 $ 48,561 $ 77,677 $ 142,812 Collateralized mortgage obligations — 19,689 19,987 35,944 75,620 Municipal bonds 1,321 2,740 8,305 15,645 28,011 U.S. government agency — — 5,837 418 6,255 Corporate bonds — — 2,054 — 2,054 Total securities available for sale $ 4,560 $ 35,764 $ 84,744 $ 129,684 $ 254,752 Held to maturity: Municipal bonds $ — $ 802 $ 2,194 $ — $ 2,996 Total securities held to maturity $ — $ 802 $ 2,194 $ — $ 2,996 (dollars in thousands) One Year or Less After One Year through Five Years After Five Years through Ten Years After Ten Years Total Amortized Cost Available for sale: U.S. agency mortgage-backed $ 3,204 $ 12,868 $ 46,137 $ 76,460 $ 138,669 Collateralized mortgage obligations — 18,902 19,481 35,729 74,112 Municipal bonds 1,317 2,716 7,906 15,367 27,306 U.S. government agency — — 5,786 424 6,210 Corporate bonds — — 2,000 — 2,000 Total securities available for sale $ 4,521 $ 34,486 $ 81,310 $ 127,980 $ 248,297 Held to maturity: Municipal bonds $ — $ 800 $ 2,134 $ — $ 2,934 Total securities held to maturity $ — $ 800 $ 2,134 $ — $ 2,934 For the years ended December 31, 2020, 2019 and 2018, the Company recorded no gross gains or losses related to the sale of investment securities. As of December 31, 2020 and 2019, the Company had accrued interest receivable for investment securities of $744,000 and $894,000, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. As of December 31, 2020 and 2019, the Company had $125,889,000 and $157,091,000, respectively, of securities pledged to secure public deposits. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans | Loans The Company’s loans, net of unearned income, consisted of the following as of December 31 of the years indicated. (dollars in thousands) 2020 2019 Real estate loans: One- to four-family first mortgage $ 395,638 $ 430,820 Home equity loans and lines 67,700 79,812 Commercial real estate 750,623 722,807 Construction and land 221,823 195,748 Multi-family residential 87,332 54,869 Total real estate loans 1,523,116 1,484,056 Other loans: Commercial and industrial 417,926 184,701 Consumer 38,912 45,604 Total other loans 456,838 230,305 Total loans $ 1,979,954 $ 1,714,361 The net discount on the Company’s acquired loans was $6,650,000 and $12,315,000 at December 31, 2020, and 2019, respectively. In addition, loan balances as of December 31, 2020 and 2019 are reported net of unearned income of $8,727,000 and $3,114,000, respectively. Unearned income at December 31, 2020 included $5,449,000 of deferred lender fees related to PPP loans. The total recorded investment in PPP loans was $221,220,000 at December 31, 2020, which is included in commercial and industrial loans. Accrued interest receivable on the Company's loans was $8,635,000 and $6,575,000 at December 31, 2020 and 2019, respectively, and is excluded from the estimate of the ACL. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. A summary of activity in the ACL and ALL for the years ended December 31, 2020, 2019 and 2018 follows. For the Year Ended December 31, 2020 (dollars in thousands) Beginning Balance ASC 326 Adoption Impact (1) Charge-offs Recoveries Provision Ending Balance Allowance for credit losses: One- to four-family first mortgage $ 2,715 $ 986 $ (99) $ 13 $ (550) $ 3,065 Home equity loans and lines 1,084 (1) (575) 16 152 676 Commercial real estate 6,541 1,974 (5) 55 10,286 18,851 Construction and land 2,670 519 (688) — 1,654 4,155 Multi-family residential 572 (245) — — 750 1,077 Commercial and industrial 3,694 1,243 (984) 106 217 4,276 Consumer 592 157 (250) 145 219 863 Total allowance for loan losses $ 17,868 $ 4,633 $ (2,601) $ 335 $ 12,728 $ 32,963 Unfunded lending commitments — 1,425 — — — 1,425 Total allowance for credit losses $ 17,868 $ 6,058 $ (2,601) $ 335 $ 12,728 $ 34,388 (1) On January 1, 2020, the Company adopted ASC 326, Financial Instruments - Credit Losses , which introduced a new model know as CECL. Refer to Note 2 for more information on the adoption of ASC 326. For the Year Ended December 31, 2019 (dollars in thousands) Beginning Balance Charge-offs Recoveries Provision Ending Balance Allowance for loan losses: One- to four-family first mortgage $ 2,136 $ (4) $ — $ 583 $ 2,715 Home equity loans and lines 1,079 (42) 16 31 1,084 Commercial real estate 6,125 (360) — 776 6,541 Construction and land 2,285 (6) — 391 2,670 Multi-family residential 550 — — 22 572 Commercial and industrial 3,228 (893) 25 1,334 3,694 Consumer 945 (272) 42 (123) 592 Total allowance for loan losses $ 16,348 $ (1,577) $ 83 $ 3,014 $ 17,868 For the Year Ended December 31, 2018 (dollars in thousands) Beginning Balance Charge-offs Recoveries Provision Ending Balance Allowance for loan losses: One- to four-family first mortgage $ 1,663 $ (1) $ — $ 474 $ 2,136 Home equity loans and lines 1,102 — 5 (28) 1,079 Commercial real estate 4,906 — — 1,219 6,125 Construction and land 1,749 — — 536 2,285 Multi-family residential 355 — — 195 550 Commercial and industrial 4,530 (2,506) 158 1,046 3,228 Consumer 502 (74) 16 501 945 Total allowance for loan losses $ 14,807 $ (2,581) $ 179 $ 3,943 $ 16,348 The ACL, which includes the ALL and the ACL on unfunded lending commitments, and recorded investment in loans as of the dates indicated are as follows. As of December 31, 2020 (dollars in thousands) Collectively Evaluated Individually Evaluated Total Allowance for credit losses: One- to four-family first mortgage $ 2,965 $ 100 $ 3,065 Home equity loans and lines 676 — 676 Commercial real estate 17,843 1,008 18,851 Construction and land 4,155 — 4,155 Multi-family residential 1,077 — 1,077 Commercial and industrial 3,845 431 4,276 Consumer 863 — 863 Total allowance for loan losses $ 31,424 $ 1,539 $ 32,963 Unfunded lending commitments (1) $ 1,425 $ — $ 1,425 Total allowance for credit losses $ 32,849 $ 1,539 $ 34,388 As of December 31, 2020 (dollars in thousands) Collectively Evaluated Individually Evaluated (2) Total Loans: One- to four-family first mortgage $ 394,632 $ 1,006 $ 395,638 Home equity loans and lines 67,700 — 67,700 Commercial real estate 743,223 7,400 750,623 Construction and land 221,823 — 221,823 Multi-family residential 87,332 — 87,332 Commercial and industrial 417,320 606 417,926 Consumer 38,912 — 38,912 Total loans $ 1,970,942 $ 9,012 $ 1,979,954 As of December 31, 2019 (dollars in thousands) Collectively Evaluated for Impairment Individually Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Allowance for loan losses: One- to four-family first mortgage $ 2,715 $ — $ — $ 2,715 Home equity loans and lines 736 348 — 1,084 Commercial real estate 6,243 298 — 6,541 Construction and land 2,670 — — 2,670 Multi-family residential 572 — — 572 Commercial and industrial 2,969 701 24 3,694 Consumer 592 — 592 Total allowance for loan losses $ 16,497 $ 1,347 $ 24 $ 17,868 As of December 31, 2019 (dollars in thousands) Collectively Evaluated for Impairment Individually Evaluated for Impairment Acquired with Deteriorated Credit Quality (3) Total Loans: One- to four-family first mortgage $ 429,745 $ 187 $ 888 $ 430,820 Home equity loans and lines 78,446 784 582 79,812 Commercial real estate 711,282 6,518 5,007 722,807 Construction and land 195,374 — 374 195,748 Multi-family residential 54,690 — 179 54,869 Commercial and industrial 183,141 1,223 337 184,701 Consumer 45,573 — 31 45,604 Total loans $ 1,698,251 $ 8,712 $ 7,398 $ 1,714,361 (1) At December 31, 2020, $1.4 million of the ACL related to unfunded lending commitments of $336.9 million. The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. (2) At December 31, 2020, loans individually evaluated for impairment included $277,000 of loans acquired with deteriorated credit quality. (3) At December 31, 2019, loans acquired with deteriorated credit quality were deemed to be PCI and were accounted for under ASC 310-30. Although the Company has a diversified loan portfolio, a substantial portion of the loan portfolio is collateralized by improved and unimproved real estate and is dependent, in part, on values in the real estate market. The following table presents the Company’s loan portfolio by credit quality classification and origination year as of December 31, 2020. Term Loans by Origination Year (dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total One- to four-family first mortgage: Pass $ 58,958 $ 65,070 $ 46,412 $ 48,851 $ 37,039 $ 114,588 $ 17,762 $ 1,457 $ 390,137 Special Mention — — 167 16 — 1,057 — — 1,240 Substandard 129 34 — 335 1,069 2,694 — — 4,261 Doubtful — — — — — — — — — Total one- to four-family first mortgages $ 59,087 $ 65,104 $ 46,579 $ 49,202 $ 38,108 $ 118,339 $ 17,762 $ 1,457 $ 395,638 Home equity loans and lines: Pass $ 1,172 $ 1,307 $ 2,028 $ 964 $ 1,889 $ 5,537 $ 53,309 $ 1,389 $ 67,595 Special Mention — — — 43 — — — — 43 Substandard — — — — — 58 4 — 62 Doubtful — — — — — — — — — Total home equity loans and lines $ 1,172 $ 1,307 $ 2,028 $ 1,007 $ 1,889 $ 5,595 $ 53,313 $ 1,389 $ 67,700 Commercial real estate: Pass $ 235,900 $ 156,646 $ 96,153 $ 102,166 $ 59,859 $ 60,720 $ 22,962 $ 56 $ 734,462 Special Mention — — — 15 951 — — — 966 Substandard 1,606 1,994 1,742 323 1,344 8,164 — 22 15,195 Doubtful — — — — — — — — — Total commercial real estate loans $ 237,506 $ 158,640 $ 97,895 $ 102,504 $ 62,154 $ 68,884 $ 22,962 $ 78 $ 750,623 Construction and land: Pass $ 87,540 $ 91,337 $ 16,703 $ 5,486 $ 2,585 $ 1,505 $ 1,892 $ 429 $ 207,477 Special Mention 877 — — — — 618 — 627 2,122 Substandard 451 50 — — 252 249 — 11,222 12,224 Doubtful — — — — — — — — — Total construction and land loans $ 88,868 $ 91,387 $ 16,703 $ 5,486 $ 2,837 $ 2,372 $ 1,892 $ 12,278 $ 221,823 Term Loans by Origination Year (dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Multi-family residential: Pass $ 40,462 $ 24,329 $ 9,711 $ 3,844 $ 2,889 $ 4,539 $ 1,452 $ — $ 87,226 Special Mention — — — — — — — — — Substandard — — — — — 106 — — 106 Doubtful — — — — — — — — — Total multi-family residential loans $ 40,462 $ 24,329 $ 9,711 $ 3,844 $ 2,889 $ 4,645 $ 1,452 $ — $ 87,332 Commercial and industrial: Pass $ 264,079 $ 29,115 $ 21,053 $ 6,001 $ 3,952 $ 2,408 $ 82,039 $ 1,311 $ 409,958 Special Mention 2,089 792 131 — — 1 1,801 — 4,814 Substandard 592 — 427 23 141 16 1,955 — 3,154 Doubtful — — — — — — — — — Total commercial and industrial loans $ 266,760 $ 29,907 $ 21,611 $ 6,024 $ 4,093 $ 2,425 $ 85,795 $ 1,311 $ 417,926 Consumer: Pass $ 6,844 $ 2,667 $ 1,149 $ 2,073 $ 1,118 $ 18,258 $ 6,340 $ 27 $ 38,476 Special Mention 4 — 4 — 13 120 — 5 146 Substandard — 34 3 12 17 223 — 1 290 Doubtful — — — — — — — — — Total consumer loans $ 6,848 $ 2,701 $ 1,156 $ 2,085 $ 1,148 $ 18,601 $ 6,340 $ 33 $ 38,912 Total loans: Pass $ 694,955 $ 370,471 $ 193,209 $ 169,385 $ 109,331 $ 207,555 $ 185,756 $ 4,669 $ 1,935,331 Special Mention 2,970 792 302 74 964 1,796 1,801 632 9,331 Substandard 2,778 2,112 2,172 693 2,823 11,510 1,959 11,245 35,292 Doubtful — — — — — — — — — Total loans $ 700,703 $ 373,375 $ 195,683 $ 170,152 $ 113,118 $ 220,861 $ 189,516 $ 16,546 $ 1,979,954 The following table presents the Company's loan portfolio by credit quality classification as of December 31, 2019. December 31, 2019 (dollars in thousands) Pass Special Substandard Doubtful Total Originated loans: One- to four-family first mortgage $ 248,483 $ 730 $ 2,133 $ — $ 251,346 Home equity loans and lines 56,029 53 882 — 56,964 Commercial real estate 517,615 207 11,317 — 529,139 Construction and land 164,310 8,107 1,270 — 173,687 Multi-family residential 48,661 — — — 48,661 Commercial and industrial 153,286 — 2,438 — 155,724 Consumer 35,545 46 89 — 35,680 Total originated loans $ 1,223,929 $ 9,143 $ 18,129 $ — $ 1,251,201 Acquired loans: One- to four-family first mortgage $ 173,482 $ 1,429 $ 4,563 $ — $ 179,474 Home equity loans and lines 22,370 128 350 — 22,848 Commercial real estate 181,090 1,593 10,985 — 193,668 Construction and land 19,877 747 1,437 — 22,061 Multi-family residential 5,487 502 219 — 6,208 Commercial and industrial 24,856 56 4,065 — 28,977 Consumer 9,668 166 90 — 9,924 Total acquired loans $ 436,830 $ 4,621 $ 21,709 $ — $ 463,160 Total loans: One- to four-family first mortgage $ 421,965 $ 2,159 $ 6,696 $ — $ 430,820 Home equity loans and lines 78,399 181 1,232 — 79,812 Commercial real estate 698,705 1,800 22,302 — 722,807 Construction and land 184,187 8,854 2,707 — 195,748 Multi-family residential 54,148 502 219 — 54,869 Commercial and industrial 178,142 56 6,503 — 184,701 Consumer 45,213 212 179 — 45,604 Total loans $ 1,660,759 $ 13,764 $ 39,838 $ — $ 1,714,361 The preceding classifications follow regulatory guidelines and can generally be described as follows: • Pass loans are of satisfactory quality. • Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities and possible reduction in the collateral values. • Substandard loans have an existing specific and well defined weakness that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary. • Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable. In addition, residential loans are classified using an inter-regulatory agency methodology that incorporates, among other factors, the extent of delinquencies and loan-to-value ratios. These classifications were the most current available as of December 31, 2020 and 2019, respectively, and were generally updated within the prior three months. Age analysis of past due loans, as of the dates indicated, is as follows. December 31, 2020 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Total Loans Originated loans: Real estate loans: One- to four-family first mortgage $ 1,651 $ 66 $ 365 $ 2,082 $ 258,386 $ 260,468 Home equity loans and lines 117 148 — 265 52,101 52,366 Commercial real estate 518 532 6,770 7,820 581,524 589,344 Construction and land — — — — 207,928 207,928 Multi-family residential 94 — — 94 82,051 82,145 Total real estate loans 2,380 746 7,135 10,261 1,181,990 1,192,251 Other loans: Commercial and industrial 797 3 603 1,403 398,377 399,780 Consumer 219 42 145 406 32,702 33,108 Total other loans 1,016 45 748 1,809 431,079 432,888 Total originated loans $ 3,396 $ 791 $ 7,883 $ 12,070 $ 1,613,069 $ 1,625,139 Acquired loans: Real estate loans: One- to four-family first mortgage $ 1,823 $ 502 $ 1,154 $ 3,479 $ 131,691 $ 135,170 Home equity loans and lines 34 43 25 102 15,232 15,334 Commercial real estate 603 303 2,462 3,368 157,911 161,279 Construction and land — — 142 142 13,753 13,895 Multi-family residential 92 — — 92 5,095 5,187 Total real estate loans 2,552 848 3,783 7,183 323,682 330,865 Other loans: Commercial and industrial 3 — 907 910 17,236 18,146 Consumer 126 50 66 242 5,562 5,804 Total other loans 129 50 973 1,152 22,798 23,950 Total acquired loans $ 2,681 $ 898 $ 4,756 $ 8,335 $ 346,480 $ 354,815 Total loans: Real estate loans: One- to four-family first mortgage $ 3,474 $ 568 $ 1,519 $ 5,561 $ 390,077 $ 395,638 Home equity loans and lines 151 191 25 367 67,333 67,700 Commercial real estate 1,121 835 9,232 11,188 739,435 750,623 Construction and land — — 142 142 221,681 221,823 Multi-family residential 186 — — 186 87,146 87,332 Total real estate loans 4,932 1,594 10,918 17,444 1,505,672 1,523,116 Other loans: Commercial and industrial 800 3 1,510 2,313 415,613 417,926 Consumer 345 92 211 648 38,264 38,912 Total other loans 1,145 95 1,721 2,961 453,877 456,838 Total loans $ 6,077 $ 1,689 $ 12,639 $ 20,405 $ 1,959,549 $ 1,979,954 December 31, 2019 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Total Loans Originated loans: Real estate loans: One- to four-family first mortgage $ 1,524 $ 173 $ 967 $ 2,664 $ 248,682 $ 251,346 Home equity loans and lines 174 — 98 272 56,692 56,964 Commercial real estate 1,124 1,448 8,056 10,628 518,511 529,139 Construction and land — — 1,171 1,171 172,516 173,687 Multi-family residential — — — — 48,661 48,661 Total real estate loans 2,822 1,621 10,292 14,735 1,045,062 1,059,797 Other loans: Commercial and industrial 213 100 869 1,182 154,542 155,724 Consumer 533 57 34 624 35,056 35,680 Total other loans 746 157 903 1,806 189,598 191,404 Total originated loans $ 3,568 $ 1,778 $ 11,195 $ 16,541 $ 1,234,660 $ 1,251,201 Acquired loans: Real estate loans: One- to four-family first mortgage $ 4,555 $ 1,116 $ 1,108 $ 6,779 $ 172,695 $ 179,474 Home equity loans and lines 267 93 330 690 22,158 22,848 Commercial real estate 337 466 1,945 2,748 190,920 193,668 Construction and land 413 — 1,170 1,583 20,478 22,061 Multi-family residential — — — — 6,208 6,208 Total real estate loans 5,572 1,675 4,553 11,800 412,459 424,259 Other loans: Commercial and industrial 3 57 792 852 28,125 28,977 Consumer 259 127 60 446 9,478 9,924 Total other loans 262 184 852 1,298 37,603 38,901 Total acquired loans $ 5,834 $ 1,859 $ 5,405 $ 13,098 $ 450,062 $ 463,160 Total loans: Real estate loans: One- to four-family first mortgage $ 6,079 $ 1,289 $ 2,075 $ 9,443 $ 421,377 $ 430,820 Home equity loans and lines 441 93 428 962 78,850 79,812 Commercial real estate 1,461 1,914 10,001 13,376 709,431 722,807 Construction and land 413 — 2,341 2,754 192,994 195,748 Multi-family residential — — — — 54,869 54,869 Total real estate loans 8,394 3,296 14,845 26,535 1,457,521 1,484,056 Other loans: Commercial and industrial 216 157 1,661 2,034 182,667 184,701 Consumer 792 184 94 1,070 44,534 45,604 Total other loans 1,008 341 1,755 3,104 227,201 230,305 Total loans $ 9,402 $ 3,637 $ 16,600 $ 29,639 $ 1,684,722 $ 1,714,361 At December 31, 2020, $2,000 of loans were greater than 90 days past due and accruing interest. At December 31, 2019, excluding PCI loans, the Company did not have any loans greater than 90 days past due and accruing. The Company reviews its significant nonaccrual loans (i.e., loans with balances of $250,000 or greater) for specific impairment in accordance with its allowance for credit loss methodology. If it is determined that it is probable that all amounts due will not be collected when other credit quality indicators are considered, the loan is considered impaired and the Company individually evaluates these loans to the determine expected credit losses. The following table summarizes information pertaining to nonaccrual loans as of dates indicated. December 31, 2020 December 31, 2019 (dollars in thousands) With Related Allowance Without Related Allowance Total (1) Total (2) Nonaccrual loans: One- to four-family first mortgage $ 3,838 $ — $ 3,838 $ 3,948 Home equity loans and lines 63 — 63 1,244 Commercial real estate 12,298 — 12,298 13,325 Construction and land 469 — 469 2,469 Multi-family residential — — — — Commercial and industrial 1,717 — 1,717 3,224 Consumer 292 — 292 176 Total $ 18,677 $ — $ 18,677 $ 24,386 (1) Due to the adoption of ASC 326, PCD loans of $390,000 are included in nonaccrual loans at December 31, 2020. Prior to January 1, 2020, these loans were classified as PCI and excluded from nonperforming loans because they continued to earn interest income from the accretable yield at the pool level. At adoption, the pools were discontinued and performance is based on contractual terms for individual loans. (2) PCI loans which were being accounted for under ASC 310-30 were excluded from nonaccrual loans because they continued to earn interest from accretable yield regardless of their status as past due or otherwise not in compliance with their contractual terms. PCI loans which were being accounted for under ASC 310-30 and which were 90 days or more past due totaled $2.2 million as of December 31, 2019. All interest accrued but not received for loans placed on nonaccrual status is reversed against interest income. All payments received while on nonaccrual status are applied against the principal balance of nonaccrual loans. The Company does not recognize interest income while loans are on nonaccrual status. As of December 31, 2020, the Company was not committed to lend additional funds to any customer whose loan was individually evaluated for impairment. Collateral Dependent Loans The Company held loans that were individually evaluated for impairment at December 31, 2020 for which the repayment, on the basis of our assessment at the reporting date, is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. The ACL for these collateral-dependent loans is primarily based on the fair value of the underlying collateral at the reporting date. The following describes the types of collateral that secure collateral dependent loans: • One- to four-family first mortgages are primarily secured by first liens on residential real estate. • Home equity loans and lines are primarily secured by first and junior liens on residential real estate. • Commercial real estate loans are primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants. • Construction and land loans are primarily secured by residential and commercial properties, which are under construction and/or redevelopment, and by raw land. • Commercial and industrial loans considered collateral dependent are primarily secured by accounts receivable, inventory and equipment. The table below summarizes collateral dependent loans and the related ACL at December 31, 2020 for which the borrower is experiencing financial difficulty. (dollars in thousands) Loans ACL One- to four-family first mortgage $ 1,006 $ 100 Home equity loans and lines — — Commercial real estate 7,400 1,008 Construction and land — — Multi-family residential — — Commercial and industrial 606 431 Consumer — — Total $ 9,012 $ 1,539 At December 31, 2020, collateral dependent commercial real estate loans included one loan acquired with deteriorated credit quality totaling $277,000. Prior to the adoption of ASC 326 on January 1, 2020, the Company accounted for impaired loans under ASC 310. The following provides a summary of information for the Company's impaired loans at and for the years ended December 31, 2019 and 2018. For the Year Ended December 31, 2019 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One- to four-family first mortgage $ 187 $ 187 $ — $ 109 $ — Home equity loans and lines 404 450 — 418 — Commercial real estate 19 21 — 41 — Construction and land — — — — — Multi-family residential — — — — — Commercial and industrial 291 329 — 1,063 — Consumer — — — — — Total $ 901 $ 987 $ — $ 1,631 $ — With an allowance recorded: One- to four-family first mortgage $ — $ — $ — $ — $ — Home equity loans and lines 380 425 348 400 — Commercial real estate 6,499 6,587 298 6,639 15 Construction and land — — — — — Multi-family residential — — — — — Commercial and industrial 932 1,214 701 566 — Consumer — — — — — Total $ 7,811 $ 8,226 $ 1,347 $ 7,605 $ 15 Total impaired loans: One- to four-family first mortgage $ 187 $ 187 $ — $ 109 $ — Home equity loans and lines 784 875 348 818 — Commercial real estate 6,518 6,608 298 6,680 15 Construction and land — — — — — Multi-family residential — — — — — Commercial and industrial 1,223 1,543 701 1,629 — Consumer — — — — — Total $ 8,712 $ 9,213 $ 1,347 $ 9,236 $ 15 For the Year Ended December 31, 2018 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One- to four-family first mortgage $ — $ — $ — $ — $ — Home equity loans and lines 441 476 — 454 — Commercial real estate 149 161 — 32 7 Construction and land — — — — — Multi-family residential — — — — — Commercial and industrial 1,540 1,904 — 438 — Consumer — — — — — Total $ 2,130 $ 2,541 $ — $ 924 $ 7 With an allowance recorded: One- to four-family first mortgage $ — $ — $ — $ — $ — Home equity loans and lines 425 457 349 440 — Commercial real estate 6,910 6,910 484 2,057 38 Construction and land — — — — — Multi-family residential — — — — — Commercial and industrial 412 442 321 1,367 1 Consumer — — — — — Total $ 7,747 $ 7,809 $ 1,154 $ 3,864 $ 39 Total impaired loans: One- to four-family first mortgage $ — $ — $ — $ — $ — Home equity loans and lines 866 933 349 894 — Commercial real estate 7,059 7,071 484 2,089 45 Construction and land — — — — — Multi-family residential — — — — — Commercial and industrial 1,952 2,346 321 1,805 1 Consumer — — — — — Total $ 9,877 $ 10,350 $ 1,154 $ 4,788 $ 46 Foreclosed Assets and ORE Foreclosed assets and ORE include real property and other assets that have been acquired as a result of foreclosure, and real property no longer used in the Bank's business. Foreclosed assets and ORE totaled $1,302,000 and $4,156,000 at December 31, 2020 and December 31, 2019, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. The carrying amount of foreclosed residential real estate properties held at December 31, 2020 and December 31, 2019 totaled $877,000 and $1,737,000, respectively. Loans secured by single family residential real estate that were in the process of foreclosure at December 31, 2020 and December 31, 2019 totaled $446,000 and $723,000, respectively. Foreclosed assets and ORE included certain bank buildings that meet the criteria to be classified as assets held for sale. The carrying value of these assets totaled $212,000 and $1,275,000 at December 31, 2020 and December 31, 2019, respectively. During the year ended December 31, 2020, the Company sold six of these properties, with a total carrying value of $1,035,000, for a loss of $126,000 recorded in foreclosed assets and ORE, net expense on the Consolidated Statements of Income. The expected timing of the sale of the remaining properties is uncertain. Troubled Debt Restructurings During the course of its lending operations, the Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and to minimize risk of loss. These concessions may include restructuring the terms of a customer loan to alleviate the burden of the customer’s near-term cash requirements. Loans are TDRs when the Company agrees to restructure a loan to a borrower who is experiencing financial difficulties in a manner that is deemed to be a “concession”. The Company defines a concession as a modification of existing terms granted to a borrower for economic or legal reasons related to the borrower’s financial difficulties that the Company would otherwise not consider. The concession either is granted through an agreement with the customer or is imposed by a court or by law. Concessions include modifying original loan terms to reduce or defer cash payments required as part of the loan agreement, including but not limited to: • a reduction of the stated interest rate for the remaining original life of the debt, • an extension of the maturity date or dates at an interest rate lower than the current market rate for new debt with similar risk characteristics, • a reduction of the face amount or maturity amount of the debt or • a reduction of accrued interest receivable on the debt. In its determination of whether the customer is experiencing financial difficulties, the Company considers numerous indicators, including, but not limited to: • whether the customer is currently in default on its existing loan, or is in an economic position where it is probable the customer will be in default on its loan in the foreseeable future without a modification, • whether the customer has declared or is in the process of declaring bankruptcy, • whether there is substantial doubt about the customer’s ability to continue as a going concern, • whether, based on its projections of the customer’s current capabilities, the Company believes the customer’s future cash flows will be insufficient to service the debt, including interest, in accordance with the contractual terms of the existing agreement for the foreseeable future and • whether, without modification, the customer cannot obtain sufficient funds from other sources at an effective interest rate equal to the current market rate for similar debt for a non-troubled debtor. If the Company concludes that both a concession has been granted and the concession was granted to a customer experiencing financial difficulties, the Company identifies the loan as a TDR. For purposes of the determination of an ACL, larger (i.e., TDRs with balances of $250,000 or greater) commercial TDRs are individually evaluated for impairment. The ACL for loans that are individually evaluated is based on a comparison of the recorded investment in the loan with either the expected cash flows discounted using the loan’s original effective interest rate, observable market price for the loan or the fair value of the collateral underlying certain collateral-dependent loans. Residential, consumer and smaller balance commercial TDRs are included in the Company's pooled-loan analysis to calculate the ACL and, generally, do not have a material impact on the overall ACL. As of December 31, 2020, the Company had modified loans with an aggregate outstanding loan balance of $36,047,000, or 2% of total outstanding loans, via payment relief in the nature of principal and/or interest deferrals. These modifications were done in accordance with Section 4013 of the Coronavirus Aid, Relief, and Economic Security ("CARES") Act and the Interagency Statement on Loan Modifications on Reporting for Financial Institutions Working With Customers Affected by the Coronavirus . Accordingly, these loans were not categorized as TDRs. Information about the Company’s TDRs is presented in the following tables. As of December 31, 2020 (dollars in thousands) Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Originated loans: Real estate loans: One- to four-family first mortgage $ 342 $ 257 $ 1,099 $ 1,698 Home equity loans and lines 48 — 24 72 Commercial real estate 712 — 5,291 6,003 Construction and land 83 — — 83 Multi-family residential — — — — Total real estate loans 1,185 257 6,414 7,856 Other loans: Commercial and industrial — — — — Consumer 70 — 44 114 Total other loans 70 — 44 114 Total loans $ 1,255 $ 257 $ 6,458 $ 7,970 Acquired loans: Real estate loans: One- to four-family first mortgage $ 376 $ — $ 964 $ 1,340 Home equity loans and lines — — 14 14 Commercial real estate 86 — 2,133 2,219 Construction and land — — 185 185 Multi-family residential 102 — — 102 Total real estate loans 564 — 3,296 3,860 Other loans: Commercial and industrial — — 520 520 Consumer 9 — 23 32 Total other loans 9 — 543 552 Total loans $ 573 $ — $ 3,839 $ 4,412 Total loans: Real estate loans: One- to four-family first mortgage $ 718 $ 257 $ 2,063 $ 3,038 Home equity loans and lines 48 — 38 86 Commercial real estate 798 — 7,424 8,222 Construction and land 83 — 185 268 Multi-family residential 102 — — 102 Total real estate loans 1,749 257 9,710 11,716 Other loans: Commercial and industrial — — 520 520 Consumer 79 — 67 146 Total other loans 79 — 587 666 Total loans $ 1,828 $ 257 $ 10,297 $ 12,382 As of December 31, 2019 (dollars in thousands) Current Past Due Nonaccrual Total Originated loans: Real estate loans: One- to four-family first mortgage $ 671 $ 82 $ 1,370 $ 2,123 Home equity loans and lines 235 53 36 324 Commercial real estate 670 — 5,824 6,494 Construction and land 100 — — 100 Multi-family residential — — — — Total real estate loans 1,676 135 7,230 9,041 Other loans: Commercial and industrial — — 303 303 Consumer 92 — 54 146 Total other loans 92 — 357 449 Total loans $ 1,768 $ 135 $ 7,587 $ 9,490 Acquired loans: Real estate loans: One- to four-family first mortgage $ 365 $ — $ 617 $ 982 Home equity loans and lines — — 20 20 Commercial real estate 90 — 194 284 Construction and land — — — — Multi-family residential — — — — Total real estate loans 455 — 831 1,286 Other loans: Commercial and industrial — — 1,362 1,362 Consumer 20 — 25 45 Total other loans 20 — 1,387 1,407 Total loans $ 475 $ — $ 2,218 $ 2,693 Total loans: Real estate loans: One- to four-family first mortgage $ 1,036 $ 82 $ 1,987 $ 3,105 Home equity loans and lines 235 53 56 344 Commercial real estate 760 — 6,018 6,778 Construction and land 100 — — 100 Multi-family residential — — — — Total real estate loans 2,131 135 8,061 10,327 Other loans: Commercial and industrial — — 1,665 1,665 Consumer 112 — 79 191 Total other loans 112 — 1,744 1,856 Total loans $ 2,243 $ 135 $ 9,805 $ 12,183 A summary of information pertaining to loans modified as of the periods indicated is as follows. For the Year Ended December 31 2020 2019 (dollars in thousands) Number of Contracts Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Number of Contracts Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Troubled debt restructurings: One- to four-family first mortgage 11 $ 1,409 $ 778 6 $ 932 $ 919 Home equity loans and lines — — — — — — Commercial real estate 9 3,193 3,100 2 193 192 Construction and land 1 185 185 — — — Multi-family residential — — — — — — Commercial and industrial 5 96 81 18 842 820 Other consumer 2 13 8 6 78 70 Total 28 $ 4,896 $ 4,152 32 $ 2,045 $ 2,001 As of December 31, 2020 and 2019, the Company had no unfunded commitments to borrowers whose loan terms had been modified through troubled debt restructurings. Two commercial real estate loans totaling $282,000, four residential mortgages totaling $582 |
Loan Servicing
Loan Servicing | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loan Servicing | Loan Servicing Mortgage loans sold to and serviced for others are not included in the accompanying statements of financial condition. The unpaid principal balances of these loans as of December 31 of the years indicated are summarized as follows: (dollars in thousands) 2020 2019 Mortgage loans sold to Federal Home Loan Mortgage Corporation without recourse $ 2,633 $ 3,723 Mortgage loans sold to Federal National Mortgage Association without recourse 78,080 114,895 Mortgage loans sold to Federal Home Loan Bank without recourse 185 200 Total, end of period $ 80,898 $ 118,818 The Company records servicing assets related to mortgage loans sold and serviced at fair value and will amortize these servicing assets over the period of estimated net servicing income associated with each loan. Management assesses servicing assets for potential impairment annually. Changes in the carrying value of servicing assets are recorded in service fees and charges on the Consolidated Statements of Income. Activity related to servicing assets for the years ended December 31, 2020, 2019 and 2018 is summarized as follows. (dollars in thousands) 2020 2019 2018 Balance, beginning of period $ 161 $ 272 $ 422 Amortization (161) (111) (150) Balance, end of period — 161 272 Fair value, end of period $ — $ 530 $ 789 Custodial and escrow account balances maintained in connection with the foregoing loan servicing arrangements were $1,761,000 and $2,201,000 as of December 31, 2020 and 2019, respectively. |
Office Properties and Equipment
Office Properties and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Office Properties and Equipment | Office Properties and Equipment Office properties and equipment consisted of the following at December 31 of the years indicated. (dollars in thousands) 2020 2019 Land $ 14,245 $ 14,245 Buildings and improvements 36,880 36,364 Furniture and equipment 15,416 14,499 Total office properties and equipment 66,541 65,108 Less accumulated depreciation 21,044 18,683 Total office properties and equipment, net $ 45,497 $ 46,425 Depreciation expense for the years ended December 31, 2020, 2019 and 2018 was $3,063,000, $2,875,000 and $2,504,000, respectively. During the fourth quarter of 2019, the Company determined that certain buildings met the criteria to be classified as assets held for sale. The carrying values of such assets were $212,000 and $1,275,000 at December 31, 2020 and 2019, respectively, and are reported as foreclosed assets and ORE. Foreclosed assets and ORE are recorded within accrued interest receivable and other assets in the Statements of Financial Condition as of December 31, 2020 and 2019. For more information on the Company's policy on foreclosed assets and ORE, refer to Note 2, Summary of Significant Accounting Policies . |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Goodwill and Intangibles Goodwill and other intangible assets are presented in the table below. Changes in carrying amount of the Company’s goodwill and core deposit intangible (“CDI”) for the years ended December 31, 2020, 2019 and 2018 were as follows. (dollars in thousands) Goodwill CDI Balance, December 31, 2017 $ 58,621 $ 9,412 SMB acquisition (133) — Amortization of intangibles — (1,845) Balance, December 31, 2018 58,488 7,567 Amortization of intangibles — (1,583) Balance, December 31, 2019 58,488 5,984 Amortization of intangibles — (1,360) Balance, December 31, 2020 $ 58,488 $ 4,624 The Company completed its annual impairment test of goodwill and other intangible assets as of December 31, 2020. The evaluation did not indicate impairment on its goodwill or other intangible assets. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | |
Deposits | Deposits The Company’s deposits consisted of the following major classifications as of December 31 of the years indicated. (dollars in thousands) 2020 2019 Demand deposit accounts $ 615,700 $ 437,828 Savings 250,165 201,887 Money market accounts 333,078 273,741 NOW accounts 646,085 512,054 Certificates of deposit 368,793 395,465 Total deposits $ 2,213,821 $ 1,820,975 As of December 31, 2020, the scheduled maturities of the Company’s certificates of deposit were as follows. (dollars in thousands) Amount 2021 $ 297,387 2022 50,672 2023 11,917 2024 4,419 2025 3,221 Thereafter 1,177 Total certificates of deposit $ 368,793 As of December 31, 2020 and 2019, the aggregate amount of certificates of deposit with balances of $250,000 or more was $69,060,000 and $74,813,000, respectively. |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Other BorrowingsOther borrowings at December 31, 2020 and 2019 included a $5,539,000 note payable with a rate of 3.83% on the Company’s investment in a new market tax credit entity. The note payable is a 20-year leverage loan with interest-only payments for the first seven years. The note was originated in October 2018. |
Short-term FHLB Advances
Short-term FHLB Advances | 12 Months Ended |
Dec. 31, 2020 | |
Advances from Federal Home Loan Banks [Abstract] | |
Short-term FHLB Advances | Short-term FHLB Advances As of December 31, 2020 and 2019, the Company had no short-term FHLB advances. For the years ended December 31, 2020 and 2019, the average volume of short-term FHLB advances carried by the Company was $8,081,000 and $17,000, respectively. Collateral for short and long-term FHLB advances is secured through a blanket lien evidenced by the Company’s pledge of first mortgage collateral, demand deposit accounts, capital stock and certain other assets pursuant to the “Advances, Collateral Pledge and Security Agreement.” Under this collateral pledge agreement, the Bank must meet all statutory and regulatory capital standards and must meet all FHLB credit underwriting standards. Management believes that the Bank was in compliance with all such requirements as of December 31, 2020 and 2019. As of December 31, 2020 and 2019, the Company had $787,232,000 and $738,955,000, respectively, of additional FHLB advances available. As of December 31, 2020 and 2019, the Company had $836,829,000 and $768,549,000, respectively, of loans pledged through the Company’s blanket lien. |
Long-term FHLB Advances
Long-term FHLB Advances | 12 Months Ended |
Dec. 31, 2020 | |
Advances from Federal Home Loan Banks [Abstract] | |
Long-term FHLB Advances | Long-term FHLB Advances As of December 31, 2020 and 2019, the Company’s long-term FHLB advances totaled $28,824,000 and $40,620,000, respectively. The following table summarizes long-term advances as of December 31, 2020. (dollars in thousands) Amount Weighted Average Rate Fixed rate advances maturing in: 2021 $ 1,174 2.04 % 2022 5,042 2.08 2023 3,066 1.37 2024 4,434 1.76 2025 11,296 1.64 Thereafter 3,812 1.68 Total long-term FHLB advances $ 28,824 1.73 % |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s existing credit derivatives result from loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. The agreements, which are typically executed in conjunction with a participation in a loan with the same customer, allow customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of credit risk participations and customer derivative positions. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. As part of its efforts to accomplish this objective, during the second quarter of 2020, the Company entered into certain interest rate swap agreements as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2020, such derivatives were used to hedge the variable cash flows associated with existing variable rate liabilities. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate liabilities. During the next twelve months, the Company estimates that an additional $60,000 will be reclassified as additional interest expense. Non-designated Hedges The Company’s existing credit derivatives result from participations in interest rate swaps provided by external lenders as part of loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain lenders which participate in loans. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Fair Values of Derivative Instruments The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition as of December 31, 2020. Derivative Assets (1) Derivative Liabilities (1) (dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Derivatives designated as hedging instruments: Interest rate swaps - variable rate liabilities $ 40,000 $ 214 $ — $ — Derivatives not designated as hedging instruments: Risk participation agreements — — 10,000 58 Netting adjustments — — Net derivative amounts $ 214 $ 58 (1) Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income The table below presents the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income as of December 31, 2020. Year Ended December 31, 2020 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Loss Reclassified from AOCI into Income (dollars in thousands) Total Included Component Total Included Component Derivatives in cash flows hedging relationships: Interest rate swaps - variable rate liabilities $ 176 $ 176 Interest expense $ (44) $ (44) Effect of Cash Flow Hedge Accounting on the Consolidated Statements of Income The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income as of December 31, 2020. (dollars in thousands) Location of Loss Reclassified from AOCI into Income For the Year Ended December 31, 2020 Effects of cash flow hedging Interest rate swaps - variable rate liabilities Interest expense $ (44) Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of December 31, 2020. (dollars in thousands) Location of Income Recognized on Non-designated Hedges For the Year Ended December 31, 2020 Effects of non-designated hedges Risk participation agreements Other noninterest income $ 111 Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company (either) defaults (or is capable of being declared in default) on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well or adequately capitalized institution, then the Company could be required to post additional collateral. As of December 31, 2020, there were no derivatives with credit-risk-related contingent features in a net liability position. Such derivatives are measured at fair value, which includes accrued interest but excludes any adjustment for nonperformance risk. If the Company had breached any provisions at December 31, 2020, it would not have been required to settle any obligations under the agreements since the termination value was $0. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Tax Cuts and Jobs Act of 2017 included a number of changes to existing U.S. tax laws that impact the Company, most notably a reduction of the U.S. corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017. The Company files federal income tax returns on a calendar year basis. Income tax expense for the years indicated is summarized as follows: (dollars in thousands) 2020 2019 2018 Current $ 8,030 $ 6,123 $ 5,747 Deferred (1,588) 137 2,137 NMTC (400) (400) (400) Impact of Tax Cuts and Jobs Act — — (789) Total income tax expense $ 6,042 $ 5,860 $ 6,695 The components of the Company’s net deferred tax asset, which is included in accrued interest receivable and other assets in the accompanying Statement of Financial Condition at December 31 of the years indicated are as follows: (dollars in thousands) 2020 2019 Deferred tax assets: Provision for loan losses $ 5,949 $ 3,752 Discount on purchased loans 1,146 1,842 Salary continuation plan 700 678 Mortgage servicing rights 80 95 Deferred compensation 5 52 Stock-based compensation 257 264 ASC 326 Adoption Impact (1) 1,063 — Other 65 101 Deferred tax assets $ 9,265 $ 6,784 Deferred tax liabilities: FHLB stock dividends $ (64) $ (108) Accumulated depreciation (3,457) (2,974) Intangible assets (628) (858) Premium on investment securities acquired — — Unrealized gain on securities available for sale (1,356) (184) NMTC (72) (48) Other (105) (96) Deferred tax liabilities (5,682) (4,268) Net deferred tax asset $ 3,583 $ 2,516 (1) The company adopted ASC 326 on January 1, 2020 which included a transition adjustment, net of taxes, to retained earnings. The tax impact due to the adoption of ASC 326 shown here does not include the effect of state tax. Refer to Not e 2 for more information on the adoption of ASC 326. For the years ended December 31, 2020, 2019 and 2018, the Company’s provision for federal income taxes differed from the amount computed by applying the federal income tax statutory rate of 21% on income from operations as indicated in the following analysis: (dollars in thousands) 2020 2019 2018 Federal tax based on statutory rate $ 6,544 $ 7,089 $ 8,023 State tax based on statutory rate 42 34 82 (Decrease) increase resulting from: NMTC (400) (400) (400) Effect of tax-exempt income (136) (128) (171) Changes in the cash surrender value of bank owned life insurance (209) (435) (138) Nondeductible share based compensation expense 162 177 191 Exercise of stock options (8) (599) (131) DTA adjustment – impact of Tax Act — — (789) Other 47 122 28 Income tax expense $ 6,042 $ 5,860 $ 6,695 Effective tax rate 19.6 % 17.3 % 17.5 % |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments Standby letters of credit represent commitments by the Bank to meet the obligations of certain customers if called upon. The Bank normally secures its outstanding standby letters of credit with deposits from the customer. Additionally, in the normal course of business, there were various other commitments and contingent liabilities which are not reflected in the financial statements. Loan commitments are single-purpose commitments to lend which will be funded and reduced according to specified repayment schedules. Most of these commitments have maturities of less than one year. The following table summarizes our outstanding commitments to originate loans and to advance additional amounts pursuant to outstanding letters of credit, lines of credit, and the undisbursed portion of construction loans as of December 31 of the years indicated. Contract Amount (dollars in thousands) 2020 2019 Standby letters of credit $ 5,781 $ 6,098 Available portion of lines of credit 266,349 247,670 Undisbursed portion of loans in process 99,527 111,466 Commitments to originate loans 139,471 87,446 The Bank uses the same credit policies in making commitments as it does for on-balance-sheet instruments. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the customer. Collateral held varies but may include certificates of deposit, property, plant and equipment and income-producing properties. There are no commitments which present an unusual risk to the Bank, and no material losses are anticipated as a result of these transactions. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Banks [Abstract] | |
Regulatory Matters | Regulatory Matters The Bank is subject to regulatory capital requirements administered by the OCC. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. In July 2013, the Federal bank regulatory agencies issued a final rule that revised their risk-based capital requirements and the method for calculating components of capital and of computing risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. The rule established a common equity Tier 1 minimum capital requirement, increased the minimum capital ratios and assigned a higher risk weight to certain assets based on the risk associated with these assets. The final rule also included a capital conservation buffer which was phased in over a five-year period until it reached 2.5% on January 1, 2019. Dividends paid by the Bank are the primary source of funds available to the Company. Banking regulations limit the amount of dividends that may be paid without prior approval of the regulatory authorities. Quantitative measures established by regulation to ensure capital adequacy requires the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 risk-based capital (as defined) to average assets and risk-weighted assets (as defined). Management believes, as of December 31, 2020 and 2019, that the Bank met all capital adequacy requirements to which it was subject. As of December 31, 2020 and 2019, the most recent notification from the OCC categorized the Bank as “well capitalized” under the OCC regulatory classification framework. To be categorized as “well capitalized,” the Bank must maintain minimum Total risk-based, Tier 1 risk-based, Tier 1 leverage and common equity Tier 1 ratios as set forth in the following table. There are no conditions or events since that notification that management believes have changed the Bank’s category. The following tables present actual and required capital ratios for the the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2020 and 2019 based on the phase-in provisions of the Basel III Capital Rules as of January 1, 2019 when the Basel III Capital Rules were fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Actual Minimum Capital Required – Basel III Fully Phased-In To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2020 Bank: Common equity Tier 1 capital $ 245,090 13.92 % $ 123,263 7.00 % $ 114,459 6.50 % Tier 1 risk-based capital 245,090 13.92 149,677 8.50 140,872 8.00 Total risk-based capital 267,254 15.18 184,895 10.50 176,090 10.00 Tier 1 leverage capital 245,090 9.68 101,247 4.00 126,559 5.00 Actual Minimum Capital Required – Basel III Fully Phased-In To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2019 Bank: Common equity Tier 1 capital $ 240,176 14.22 % $ 118,213 7.00 % $ 109,769 6.50 % Tier 1 risk-based capital 240,176 14.22 143,545 8.50 135,101 8.00 Total risk-based capital 258,044 15.28 177,320 10.50 168,876 10.00 Tier 1 leverage capital 240,176 11.17 86,004 4.00 107,506 5.00 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Benefit Plans | Benefit Plans 401(k) and Profit Sharing Plan The Company’s 401(k) defined contribution plan allows its participants to contribute up to 75% of their pretax earnings on a tax-deferred basis up to the statutory limit. The Company’s matching contributions are equal to 100% of the employee’s contributions up to 2%, plus 50% of the employees’ contributions over 2% but not over 6% of the employee’s pay. For the years ended December 31, 2020, 2019 and 2018, the Company made contributions of $964,000, $919,000 and $872,000, respectively, in connection with the plan, which is included in compensation and benefits expense in the accompanying Consolidated Statements of Income. Employee Stock Ownership Plan In 2008, the Company established an employee stock ownership plan (“ESOP”) for the benefit of all eligible employees of the Company. The leveraged ESOP is accounted for in accordance with the requirements of ASC 718, Compensation – Stock Compensation. Employees of the Bank who have been employed for a six Under ASC 718, unearned ESOP shares are not considered outstanding and are shown as a reduction of shareholders’ equity as unearned compensation. Dividends on unallocated ESOP shares are considered to be compensation expense. The Company recognizes compensation cost equal to the fair value of the ESOP shares during the periods in which they are committed to be released. To the extent that the fair value of the Company’s ESOP shares differs from the cost of such shares, the differential is credited to shareholders’ equity. The Company receives a tax deduction equal to the cost of the shares released. As the loan is internally leveraged, the loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP shown as a Company liability. Compensation cost related to the ESOP was $726,000, $1,085,000 and $1,345,000 for the years ended December 31, 2020, 2019 and 2018, respectively. The fair value of the unearned ESOP shares, using the closing quoted market price per share as of year-end, was approximately $7,746,000 and $12,245,000 as of December 31, 2020 and 2019, respectively. A summary of the ESOP share allocation as of December 31, 2020 and 2019 follows. 2020 2019 Shares allocated, beginning of year 303,395 284,290 Shares allocated during the year 35,708 35,708 Shares distributed during the year (21,082) (16,603) Allocated shares held by ESOP trust as of year end 318,021 303,395 Unallocated shares 276,733 312,441 Total ESOP shares 594,754 615,836 Salary Continuation Agreements As a supplement to its 401(k) retirement plan, the Bank has entered into nonqualified salary continuation agreements with three executive officers of the Bank. The Bank's 2007 salary continuation agreement with its Chief Executive Officer (“CEO”) provides that the executive will receive a stated annual benefit for a period of ten years upon retirement from the Bank. Benefits under the 2007 agreement vested over ten years, with 100% of this benefit having vested in 2017. Also, effective May 20, 2019 the Bank entered into a new salary continuation agreement with its CEO, which will provide the CEO with an additional stated annual benefit for a period of ten years upon his retirement after attaining age 65. The CEO is 100% vested in his normal retirement benefit under the 2019 agreement. In the event of early retirement, the Bank will pay the CEO his vested benefits, in a lump sum on the first day of the month following the separation from service. The Bank’s salary continuation agreement with its Chief Credit Officer ("CCO"), provides that the executive will be entitled to a stated annual benefit, distributed monthly, for a period of ten years upon retirement from the Bank after attaining age 65. Benefits under the agreement became fully vested in August 2019. In the event of early retirement, the Bank shall pay the executive his vested benefits in 120 equal monthly installments upon attaining age 65. In the event of a separation from service within 24 months following a change in control but prior to normal retirement age, the Bank shall distribute to the executive the vested portion of the annual benefit in a lump sum on the first day of the month following the separation from service. Benefits are subject to a six months delay to the extent required by applicable law. On May 20, 2019 the Bank also entered into salary continuation agreement with its Chief Operations Officer ("COO"). The agreement provides that the COO will be entitled to a stated annual benefit, distributed monthly for a period of ten years upon retirement from the Bank after attaining age 65. The retirement benefits vest over a period of ten years or until the executive officer reaches age 65. In the event of early retirement, the Bank will pay the executive officer his vested benefits in a lump sum on the first day of the month following each executive officer’s separation from service. In the event of a separation from service within 24 months following a change in control of the Bank prior to reaching age 65, the Bank shall pay him an amount equal to the greater of (i) his accrued benefits as of the end of the year immediately preceding the separation from service or a stated amount. This amount will be paid in a lump sum on the first day of the month following the separation from service. In August 2020, the Company's Chief Financial Officer ("CFO") resigned from his position with the Company and the Bank. Prior to the his resignation, the Bank was under a salary continuation agreement with the CFO. Under the terms of the agreement, the Company will pay his vested benefits of $36,000 in one lump sum on March 1, 2021. Britton & Koontz Capital Corporation had two salary continuation agreements funded in the amount of $465,000 at the time of acquisition in February 2014. Former executives of Britton & Koontz Capital Corporation or their beneficiaries are being paid over 15 years from the time of acquisition in February 2014. Louisiana Bancorp, Inc. also had two salary continuation agreements funded in the amount of $1,200,000 at the time of acquisition in September 2015. The Bank will pay former executives of Louisiana Bancorp, Inc. or their beneficiary within 10 years subsequent to the time of the acquisition in September 2015. SMB had a salary continuation agreement for an executive officer related to its acquisition of American Bank in 2007. The former executive of American Bank or his beneficiaries are being paid $358,000 over 14 years from the time of the SMB acquisition in December 2017. The Company had an outstanding liability totaling $3,331,000 and $3,227,000 as of December 31, 2020 and 2019, respectively, in connection with the agreements, which is included in accrued interest payable and other liabilities in the accompanying statements of financial condition. |
Stock-based Payment Arrangement
Stock-based Payment Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Payment Arrangements | Stock-based Payment Arrangements The Company’s shareholders approved the 2009 Stock Option Plan (the “SOP”) and the 2009 Recognition and Retention Plan (the “RRP”) on May 12, 2009 to provide incentives and awards for directors, officers, and other key employees of the Company and its subsidiary. A maximum of 892,687 shares of Company common stock were reserved for issuance upon the exercise of options granted under the SOP. A total of 357,075 shares of the Company’s outstanding common stock, or 4% of total shares outstanding at the time the RRP was implemented, were approved for restricted stock awards under the RRP. The SOP and RRP expired February 2019. Expiration of the SOP and RRP did not affect any unvested options or awards granted. On May 6, 2014, the Company’s shareholders approved the 2014 Equity Incentive Plan (the “2014 Plan”). The 2014 Plan authorizes the granting of stock options, restricted stock units and other awards to directors, officers and other key employees. The aggregate number of shares of our common stock reserved and available for issuance pursuant to awards granted under the 2014 Plan is 350,000. These plans are administered by a committee appointed by the Board of Directors, which selects persons eligible to receive awards and determines the number of shares and/or options subject to each award, the terms, conditions and other provisions of the awards. In accordance with ASC 718, the Company adopted a fair value based method of accounting for employee stock compensation plans, whereby compensation cost is measured as of the grant date based on the fair value of the award and is recognized over the service period, which is usually the vesting period. Stock Option Plans The Company has issued stock options under the SOP and the 2014 Plan to directors, officers and other key employees. The option exercise price cannot be less than the fair value of the underlying common stock as of the date of the option grant and the maximum option term cannot exceed ten years. All stock options granted have been issued with vesting periods of five years with accelerated vesting provided under certain circumstances. As of December 31, 2020, options to acquire an aggregate of 204,540 shares were outstanding under the SOP and the 2014 Plan. The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing model. This model requires management to make certain assumptions, including the expected life of the option, the risk-free rate of interest, the expected volatility and the expected dividend yield. The following assumptions were made in estimating 2020 fair values: Expected dividends 3.95% Expected volatility 24.65% Risk-free interest rate 0.7% Expected term (in years) 6.5 As of December 31, 2020, there was $393,000 of unrecognized compensation cost related to stock options which is expected to be recognized over a period of 2.9 years. For the years ended December 31, 2020, 2019 and 2018, the Company recognized $216,000, $200,000 and $168,000, respectively, in compensation cost related to stock options, which is included in compensation and benefits expense in the accompanying consolidated statements of income. The following table represents stock option activity for the years indicated. Options Number of Options Weighted-Average Exercise Price Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term (Years) Outstanding as of December 31, 2017 408,478 $ 16.64 $ 4.46 Granted 28,790 44.88 10.35 Exercised (83,348) 12.90 3.99 Forfeited (1,550) 28.34 5.59 Outstanding as of December 31, 2018 352,370 $ 19.78 $ 5.05 3.6 Granted 38,180 35.78 6.52 Exercised (198,786) 12.52 3.85 Forfeited (11,179) 33.13 6.79 Outstanding as of December 31, 2019 180,585 $ 30.33 $ 6.57 6.6 Granted 35,850 22.34 3.03 Exercised (4,625) 21.33 5.30 Forfeited (7,270) 29.47 5.58 Outstanding as of December 31, 2020 204,540 $ 29.17 $ 6.02 6.2 Exercisable as of December 31, 2018 258,319 $ 14.65 $ 4.27 2.0 Exercisable as of December 31, 2019 86,401 24.73 5.94 5.1 Exercisable as of December 31, 2020 113,988 27.07 6.16 4.8 Restricted Stock Plans The Company has issued restricted stock under the RRP to directors, officers and other key employees. During 2009, the Company purchased in the open market all shares required to fund the RRP at an average cost of $11.81 per share. As of December 31, 2020, the cost of such shares held by the RRP totaled $22,000, which is included in the Company’s unallocated common stock held by the RRP in the consolidated statements of financial condition. Under the 2014 Plan, the Company may issue restricted stock units, restricted stock awards, options and other awards. Awards under the RRP and the 2014 Plan may not be sold or otherwise transferred until certain restrictions have lapsed. The unearned compensation related to these awards is amortized to compensation expense over the five For the years ended December 31, 2020, 2019 and 2018, the Company recognized $573,000, $602,000 and $573,000, respectively, in compensation cost related to restricted stock and restricted stock units, which is included in compensation and benefits expense in the accompanying consolidated statements of income. The following table represents unvested restricted stock activity for the years indicated. Restricted Stock Number of Weighted-Average Grant Date Fair Value Balance, December 31, 2017 54,635 $ 29.26 Granted 16,345 44.88 Forfeited (195) 30.79 Released (15,405) 27.46 Balance, December 31, 2018 55,380 $ 34.36 Granted 19,145 35.84 Forfeited (4,336) 36.01 Released (18,711) 31.79 Balance, December 31, 2019 51,478 $ 35.73 Granted 17,305 22.19 Forfeited (5,183) 33.06 Released (19,247) 32.77 Balance, December 31, 2020 44,353 $ 32.04 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per common share was computed based on the following: Years Ended December 31, (dollars in thousands, except per share data) 2020 2019 2018 Numerator: Income applicable to common shares $ 24,765 $ 27,932 $ 31,590 Denominator: Weighted average common shares outstanding 8,674 9,074 9,069 Effect of dilutive securities: Restricted stock 9 12 20 Stock options 21 60 210 Weighted average common shares outstanding - assuming dilution 8,704 9,146 9,299 Earnings per common share $ 2.86 $ 3.08 $ 3.48 Earnings per common share - assuming dilution $ 2.85 $ 3.05 $ 3.40 Options on 134,714, 92,420 and 29,334 shares of common stock were not included in computing diluted earnings per share for the years ended December 31, 2020, 2019 and 2018, respectively, because the effect of these shares was anti-dilutive. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Certain directors and officers of the Company are customers of the Company. Loan transactions with directors, officers and employees are made on the same terms as those prevailing at the time for comparable loans to other persons. A summary of related party loan activity during 2020 follows. (dollars in thousands) Balance, beginning of year $ 6,215 New loans 2,694 Repayments, net (554) Balance, end of year $ 8,355 None of the related party loans were identified as impaired or exceeded 5% of shareholders’ equity for the years ended 2020 or 2019. Related party deposits totaled $6,610,000 and $13,887,000 as of December 31, 2020 and 2019, respectively. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | Fair Value Measurements and Disclosures The Company values its financial assets and liabilities measured at fair value in three levels as required by ASC 820, Fair Value Measurements and Disclosures . Under this guidance, fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Management reviews and updates the fair value hierarchy classifications of the Company’s assets and liabilities quarterly. Recurring Basis Investment Securities Available for Sale Fair values of investment securities available for sale are primarily measured using information from a third-party pricing service. This pricing service provides pricing information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data from market research publications. If quoted prices are available in an active market, investment securities are classified as Level 1 measurements. If quoted prices are not available in an active market, fair values were estimated primarily by the use of pricing models. Level 2 investment securities were primarily comprised of mortgage-backed securities issued by government agencies and U.S. government-sponsored enterprises. In certain cases, where there is limited or less transparent information provided by the Company’s third-party pricing service, fair value is estimated by the use of secondary pricing services or through the use of non-binding third-party broker quotes. Investment securities are classified within Level 3 when little or no market activity supports the fair value. Management primarily identifies investment securities which may have traded in illiquid or inactive markets by identifying instances of a significant decrease in the volume and frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. Investment securities that are deemed to have been trading in illiquid or inactive markets may require the use of significant unobservable inputs. For example, management may use quoted prices for similar investment securities in the absence of a liquid and active market for the investment securities being valued. As of December 31, 2020, management did not make adjustments to prices provided by the third-party pricing service as a result of illiquid or inactive markets. Derivative Assets and Liabilities The fair value of these derivative financial instruments is obtained from a third-party pricing service that uses widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. The analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. The following tables present the balances of assets and liabilities measured on a recurring basis as of December 31, 2020 and 2019 aggregated by the level in the fair value hierarchy in which these measurements fall. (dollars in thousands) December 31, 2020 Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. agency mortgage-backed $ 142,812 $ — $ 142,812 $ — Collateralized mortgage obligations 75,620 — 75,620 — Municipal bonds 28,011 — 28,011 — U.S. government agency 6,255 — 6,255 — Corporate bonds 2,054 — 2,054 — Total available for sale securities $ 254,752 $ — $ 254,752 $ — Derivative assets (1) $ 214 $ — $ 214 $ — Total $ 254,966 $ — $ 254,966 $ — Liabilities Derivative liabilities (1) $ 58 $ — $ 58 $ — (1) For more information, refer to Note 13 . (dollars in thousands) December 31, 2019 Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. agency mortgage-backed $ 95,172 $ — $ 95,172 $ — Collateralized mortgage obligations 142,451 — 142,451 — Municipal bonds 16,005 — 16,005 — U.S. government agency 3,693 — 3,693 — Total $ 257,321 $ — $ 257,321 $ — The Company did not record any liabilities at fair value as of December 31, 2019 for which measurement of the fair value was made on a recurring basis. Nonrecurring Basis The Company records loans individually evaluated for impairment at fair value on a nonrecurring basis. A loan is considered impaired if it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Fair value is measured at the fair value of the collateral for collateral-dependent loans. For non-collateral-dependent loans, fair value is measured by present valuing expected future cash flows. Impaired loans are classified as Level 3 assets when measured using appraisals from third parties of the collateral less any prior liens and when there is no observable market price. Foreclosed assets and ORE are also recorded at fair value on a nonrecurring basis. Foreclosed assets are initially recorded at fair value less estimated costs to sell. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. The fair value of foreclosed assets and ORE is based on property appraisals and an analysis of similar properties available. As such, the Company classifies foreclosed and ORE assets as Level 3 assets. The Company has segregated all financial assets and liabilities that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below. Fair Value Measurements Using (dollars in thousands) December 31, 2020 Level 1 Level 2 Level 3 Assets Loans individually evaluated for impairment $ 7,473 $ — $ — $ 7,473 Foreclosed assets and ORE 1,302 — — 1,302 Total $ 8,775 $ — $ — $ 8,775 Fair Value Measurements Using (dollars in thousands) December 31, 2019 Level 1 Level 2 Level 3 Assets Loans individually evaluated for impairment $ 7,365 $ — $ — $ 7,365 Foreclosed assets and ORE 4,156 — — 4,156 Total $ 11,521 $ — $ — $ 11,521 The following tables show significant unobservable inputs used in the fair value measurement of Level 3 assets. (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range of Discounts Weighted Average Discount As of December 31, 2020 Loans individually evaluated for impairment $ 7,473 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 3% - 87% 17 % Foreclosed assets and ORE $ 1,302 Third party appraisals, sales contracts, broker price opinions Collateral values, market discounts and estimated costs to sell 6% - 42% 11 % (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range of Discounts Weighted Average Discount As of December 31, 2019 Loans individually evaluated for impairment $ 7,365 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 0% - 84% 13 % Foreclosed assets and ORE $ 4,156 Third party appraisals, sales contracts, broker price opinions Collateral values, market discounts and estimated costs to sell 6% - 61% 14 % ASC 820, Fair Value Measurements and Disclosures , requires the disclosure of each class of financial instruments for which it is practicable to estimate. The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC 820 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial statement element. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates included herein are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the fair value of assets and liabilities that are not required to be recorded or disclosed at fair value like premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. 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: • The carrying value of cash and cash equivalents and interest-bearing deposits in banks approximate their fair value. • The fair value for investment securities is determined from quoted market prices when available. If a quoted market price is not available, fair value is estimated using third party pricing services or quoted market prices of securities with similar characteristics. • The carrying value of mortgage loans held for sale approximates their fair value. • The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturity. • The cash surrender value of BOLI approximates its fair value. • The fair value of customer deposits, excluding certificates of deposit, is the amount payable on demand. The fair value of fixed-maturity certificates of deposit is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. • The fair value of other borrowings and long-term FHLB advances is estimated by discounting the future cash flows using the rates currently offered for borrowings of similar maturities. • The fair value of derivative assets and liabilities are obtained from a third-party pricing service that uses the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The fair value of off-balance sheet financial instruments as of December 31, 2020 and 2019 was immaterial. Fair Value Measurements at December 31, 2020 (dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 187,952 $ 187,952 $ 187,952 $ — $ — Interest-bearing deposits in banks 349 349 349 — — Investment securities available for sale 254,752 254,752 — 254,752 — Investment securities held to maturity 2,934 2,996 — 2,996 — Mortgage loans held for sale 9,559 9,559 — 9,559 — Loans, net 1,946,991 1,957,705 — 1,950,232 7,473 Cash surrender value of BOLI 40,334 40,334 40,334 — — Derivative assets (1) 214 214 — 214 — Financial Liabilities Deposits $ 2,213,821 $ 2,216,002 $ — $ 2,216,002 $ — Other borrowings 5,539 6,224 — 6,224 — Long-term FHLB advances 28,824 29,662 — 29,662 — Derivative liabilities (1) 58 58 — 58 — (1) Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. Fair value Measurements at December 31, 2019 (dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 39,847 $ 39,847 $ 39,847 $ — $ — Interest-bearing deposits in banks 449 449 449 — — Investment securities available for sale 257,321 257,321 — 257,321 — Investment securities held to maturity 7,149 7,194 — 7,194 — Mortgage loans held for sale 6,990 6,990 — 6,990 — Loans, net 1,696,493 1,690,308 — 1,682,943 7,365 Cash surrender value of BOLI 39,466 39,466 39,466 — — Financial Liabilities Deposits $ 1,820,975 $ 1,821,868 $ — $ 1,821,868 $ — Other borrowings 5,539 5,895 — 5,895 — Long-term FHLB advances 40,620 40,580 — 40,580 — |
Condensed Parent Company Only F
Condensed Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Parent Company Only Financial Statements | Condensed Parent Company Only Financial Statements Condensed financial statements of Home Bancorp, Inc. (parent company only) are shown below. The parent company has no significant operating activities. Condensed Balance Sheets December 31, 2020 and 2019 (dollars in thousands) 2020 2019 Assets Cash in bank $ 3,048 $ 6,400 Investment in subsidiary 313,476 305,340 Other assets 5,366 4,613 Total assets $ 321,890 $ 316,353 Liabilities $ 48 $ 24 Shareholders’ equity 321,842 316,329 Total liabilities and shareholders’ equity $ 321,890 $ 316,353 Condensed Statements of Income For the Years Ended December 31, 2020, 2019 and 2018 (dollars in thousands) 2020 2019 2018 Operating income Interest income $ — $ — $ — Dividend from subsidiary 18,200 21,000 — Total operating income 18,200 21,000 — Operating expenses Other expenses 234 192 219 Total operating expenses 234 192 219 Income (loss) before income tax benefit and equity in undistributed earnings of subsidiary 17,966 20,808 (219) Income tax benefit 49 40 44 Income (loss) before equity in undistributed earnings of subsidiary 18,015 20,848 (175) Undistributed earnings of subsidiary 6,750 7,084 31,765 Net income $ 24,765 $ 27,932 $ 31,590 Condensed Statements of Cash Flows For the Years Ended December 31, 2020, 2019 and 2018 (dollars in thousands) 2020 2019 2018 Cash flows from operating activities Net income $ 24,765 $ 27,932 $ 31,590 Adjustments to reconcile net income to net cash provided by operating activities: Non-cash compensation 1,261 1,613 1,799 Increase in accrued interest receivable and other assets (753) (1,118) (1,173) Undistributed earnings in subsidiary (6,750) (7,084) (31,765) Increase (decrease) in accrued expenses and other liabilities 24 14 (68) Net cash provided by operating activities 18,547 21,357 383 Cash flows from financing activities Proceeds from exercise of stock options 30 2,231 914 Payment of dividends on common stock (7,903) (7,898) (6,706) Issuance of stock under incentive plan (13) 157 70 Purchase of Company’s common stock (14,013) (15,445) (1,194) Net cash used in financing activities (21,899) (20,955) (6,916) Net change in cash and cash equivalents (3,352) 402 (6,533) Cash and cash equivalents at beginning of year 6,400 5,998 12,531 Cash and cash equivalents at end of year $ 3,048 $ 6,400 $ 5,998 |
Consolidated Quarterly Results
Consolidated Quarterly Results of Operations (unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Consolidated Quarterly Results of Operations (unaudited) | Consolidated Quarterly Results of Operations (unaudited) During the fourth quarter of 2020, we revised our estimate of losses on unfunded lending commitments. As a result, certain reclassifications have been made to prior period results to allow for comparability across quarterly periods during 2020. Refer to Note 2 for more information. (dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2020 Total interest income $ 25,249 $ 25,670 $ 25,842 $ 27,368 Total interest expense 3,926 3,253 2,570 2,169 Net interest income 21,323 22,417 23,272 25,199 Provision for loan losses 6,257 6,471 — — Net interest income after provision for loan losses 15,066 15,946 23,272 25,199 Noninterest income 3,358 3,103 3,794 4,050 Noninterest expense 15,416 15,453 16,116 15,996 Income before income taxes 3,008 3,596 10,950 13,253 Income tax expense 526 675 2,168 2,673 Net income $ 2,482 $ 2,921 $ 8,782 $ 10,580 Earnings per share – basic $ 0.27 $ 0.33 $ 1.01 $ 1.25 Earnings per share – diluted $ 0.27 $ 0.33 $ 1.01 $ 1.24 (dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2019 Total interest income $ 25,369 $ 25,921 $ 25,474 $ 25,444 Total interest expense 3,647 4,046 4,333 4,186 Net interest income 21,722 21,875 21,141 21,258 Provision for loan losses 390 765 1,146 713 Net interest income after provision for loan losses 21,332 21,110 19,995 20,545 Noninterest income 3,165 2,977 4,774 3,499 Noninterest expense 15,291 15,952 16,610 15,752 Income before income taxes 9,206 8,135 8,159 8,292 Income tax expense 1,316 1,555 1,303 1,686 Net income $ 7,890 $ 6,580 $ 6,856 $ 6,606 Earnings per share – basic $ 0.86 $ 0.72 $ 0.76 $ 0.74 Earnings per share – diluted $ 0.85 $ 0.72 $ 0.75 $ 0.73 (dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2018 Total interest income $ 24,725 $ 25,575 $ 26,109 $ 25,903 Total interest expense 2,220 2,239 2,599 3,248 Net interest income 22,505 23,336 23,510 22,655 Provision for loan losses 964 581 786 1,612 Net interest income after provision for loan losses 21,541 22,755 22,724 21,043 Noninterest income 3,482 3,345 3,341 3,279 Noninterest expense 15,590 16,322 15,696 15,617 Income before income taxes 9,433 9,778 10,369 8,705 Income tax expense 1,970 2,002 2,107 616 Net income $ 7,463 $ 7,776 $ 8,262 $ 8,089 Earnings per share – basic $ 0.83 $ 0.85 $ 0.91 $ 0.89 Earnings per share – diluted $ 0.81 $ 0.83 $ 0.89 $ 0.87 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Bank and HB Investment Fund I, LLC. All significant intercompany balances and transactions have been eliminated in consolidation. |
Subsequent Events | Subsequent EventsThe Company has evaluated subsequent events for potential recognition and disclosure through the date of filing for this Annual Report on Form 10-K with the U.S. Securities and Exchange Commission. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for credit losses, income taxes, the valuation of foreclosed assets and ORE, goodwill and other intangible assets, acquisition accounting valuations and valuation of share-based compensation. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, due from banks and interest-bearing deposits with the FHLB. The Company considers all highly liquid debt instruments with original maturities of three months or less (excluding interest-bearing deposits in banks) to be cash equivalents. The Bank may be required to maintain cash reserves with the Federal Reserve Bank. The requirement is dependent upon the Bank’s cash on hand or noninterest-bearing balances. There was no reserve requirement as of December 31, 2020 or 2019. |
Investment Securities | Investment Securities The Company follows the guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities . This standard addresses the accounting and reporting for investments in equity securities that have readily determinable fair values and for all investments in debt securities. Under the topic, investment securities, which the Company both positively intends and has the ability to hold to maturity, are classified as held to maturity and carried at amortized cost. Investment securities that are acquired with the intention of being resold in the near term are classified as trading securities under ASC 320 and are carried at fair value, with unrealized holding gains and losses recognized in current earnings. The Company did not hold any securities for trading purposes at, or during the years ended, December 31, 2020 or 2019. Securities not meeting the criteria of either trading securities or held to maturity are classified as available for sale and are carried at fair value. Unrealized holding gains and losses for these securities are recognized, net of related income tax effects, in the Consolidated Statements of Comprehensive Income. Interest income earned on securities either held to maturity or available for sale is included in current earnings, including the amortization of premiums and the accretion of discounts using the interest method. Amortization of premiums and accretion of discounts are recognized in interest income using the effective interest method. Premiums that exceed the amount repayable by the issuer at the next call date are amortized to the next call date. Other premiums and discounts are amortized (accreted) over the estimated lives of the securities. The gain or loss realized on the sale of securities classified as available for sale or held to maturity, as determined using the specific identification method for determining the cost of the securities sold, is computed with reference to its amortized cost and is also included in current earnings. On January 1, 2020, the Company adopted ASC 326, Financial Instruments - Credit Losses, which introduced a new model known as CECL . ASC 326 requires expected credit related losses for available for sale debt securities to be recorded through an allowance for credit losses, while non-credit related losses or declines in fair value continue to be recognized through other comprehensive income ("OCI"). Under the new guidance, the Company is also required to evaluate held to maturity debt securities for expected credit losses. For more information on the impact to the Consolidated Financial Statements, refer to the " R ecent Accounting Pronouncements " section of this note. For reporting periods beginning on and after January 1, 2020 and the adoption of ASC 326: We evaluate our investment securities portfolio for credit-related impairment at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to numerous factors including, but not limited to, the extent to which the fair value is less than the amortized cost basis; adverse conditions causing changes in the financial condition of the issuer of the security or underlying loan guarantors; changes to the rating of the security by a rating agency; and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity. The Company performs a process to determine whether declines in the fair value of securities has resulted from credit losses or other factors. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. If this evaluation indicates the existence of credit losses, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, an allowance for credit losses is recorded, limited by the amount that the fair value of the security is less than its amortized cost. Subsequent changes in the allowance for credit losses on securities are recorded with a corresponding provision for credit losses on the Consolidated Statement of Income. If the Company intends to sell the debt security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the security is written down to fair value against the allowance for credit losses, with any additional impairment reported on the Consolidated Statement of Income. The Company applies the practical expedient that permits the exclusion of the accrued interest receivable balance from amortized cost basis of financing receivables. For reporting periods prior to January 1, 2020 and the adoption of ASC 326: The Company reviewed investment securities for other-than-temporary impairment quarterly. Impairment was considered to be other-than-temporary if it was likely that all amounts contractually due would not be received for debt securities and when there was no positive evidence indicating that an investment’s carrying amount was recoverable in the near term for equity securities. When a decline in the fair value of available for sale and held to maturity securities below cost was deemed to be credit related, a charge for other-than-temporary impairment was included in earnings as “Other-than-temporary impairment of securities”. The decline in fair value attributed to non-credit related factors was recognized in other comprehensive income and a new cost basis for the security was established. The new cost basis was not changed for subsequent recoveries in fair value. In evaluating whether impairment was temporary or other-than-temporary, the Company considered, among other things, the time period the security was in an unrealized loss position; the financial condition of the issuer and its industry; recommendations of investment advisors; economic forecasts; market or industry trends; changes in tax laws, regulations or other governmental policies significantly affecting the issuer; any downgrades from rating agencies; and any reduction or elimination of dividends. The Company’s intent and ability to hold a security for a period of time sufficient to allow for any anticipated recovery in fair value was also considered. |
Loans Held for Sale | Loans Held for Sale The Company sells mortgage loans and loan participations for an amount equal to the principal amount of loans or participations with yields to investors based upon current market rates. Realized gains and losses related to loan sales are included in noninterest income. The Company allocates the cost to acquire or originate a mortgage loan between the loan and the right to service the loan if it intends to sell or securitize the loan and retain servicing rights. In addition, the Company periodically assesses capitalized mortgage servicing rights for impairment based on the fair value of such rights. To the extent that temporary impairment exists, write-downs are recognized in current earnings as an adjustment to the corresponding valuation allowance. Permanent impairment is recognized through a write-down of the asset with a corresponding reduction in the valuation allowance. For purposes of performing its impairment evaluation, the portfolio is stratified on the basis of certain risk characteristics, including loan type and interest rates. Capitalized servicing rights are amortized over the period of, and in proportion to, estimated net servicing income, which considers appropriate prepayment assumptions. |
Loans | Loans The following describes the distinction between originated and acquired loans and certain significant accounting policies relevant to each category. Originated Loans Originated loans are carried net of discounts on loan originations and are amortized using the level yield interest method over the remaining contractual life of the loan. Nonrefundable loan origination fees, net of direct loan origination costs, are deferred and recognized over the life of the loan as an adjustment of yield using the interest method. Interest on loans receivable is accrued as earned using the interest method over the life of the loan. Interest on loans deemed uncollectible is excluded from income. The accrual of interest is discontinued and reversed against current income, with certain limited exceptions, once loans become more than 90 days past due or earlier if conditions warrant. The past due status of loans is determined based on the contractual terms. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest income on loans. Interest payments are applied to reduce the principal balance on nonaccrual loans. Loans are returned to accrual status when all past due payments are received in full and future payments are probable. Third party property valuations are obtained at the time of origination for real estate secured loans. When a determination is made that a loan has deteriorated to the point of being deemed a criticized or classified loan, updated valuations may be ordered to help determine if there is impairment, which may lead to a recommendation for partial charge off or appropriate allowance allocation. Property valuations are ordered through, and reviewed by, the Company’s Appraisal and Review Department. The Company typically orders an “as is” valuation for collateral property if the loan is in a criticized loan classification. Loans, or portions of loans, are charged off in the period that such loans, or portions thereof, are deemed uncollectible. The collectability of individual loans is determined through an estimate of the fair value of the underlying collateral and/or assessment of the financial condition and repayment capacity of the borrower. Acquired Loans Acquired loans at December 31, 2020 and 2019 are those associated with our acquisitions of Statewide Bank, GS Financial Corporation, Britton & Koontz Capital Corporation, Louisiana Bancorp, Inc. and SMB. These loans were recorded at estimated fair value at the acquisition date with no carryover of the related allowance for loan losses. The acquired loans were segregated between those considered to be performing and those with evidence of credit deterioration (purchased credit impaired or “PCI”), and then further segregated into loan pools designed to facilitate the development of expected cash flows. The fair value estimate for each pool of acquired performing and PCI loans was based on the estimate of expected cash flows, both principal and interest, from that pool, discounted at prevailing market interest rates. The difference between the fair value of an acquired loan pool and the contractual amounts due at the acquisition date (the “fair value discount”) is accreted into income over the estimated life of the pool. On January 1, 2020, the Company adopted ASC 326, Financial Instruments - Credit Losses, which introduced a new model known as CECL and amended the accounting guidance for purchased financial assets. For more information on the impact to the Consolidated Financial Statements, refer to the " Recent Accounting Pronouncements " section of this note. For reporting periods beginning on and after January 1, 2020 and the adoption of ASC 326: Management estimates the allowance for credit losses for acquired loans under the same methodology as originated loans. Changes in the allowance for credit losses for acquired loans are recognized through the provision for loan losses and the provision for credit losses on unfunded lending commitments. ASC 326 replaced the guidance for PCI loans with the concept of purchased credit deteriorated ("PCD"). For reporting periods beginning on and after January 1, 2020, PCI loans have been re-classified as PCD loans. For PCD loans, the Company applied the guidance under ASC 326 using the prospective transition approach. As a result, the Company adjusted the amortized cost basis of the PCD loans to reclassify $1.0 million of purchase discount to the allowance for loan losses on January 1, 2020. The Company applied the guidance under ASC 326 using the modified retrospective approach for all non-PCD assets, which resulted in an increase in the ACL and a corresponding decrease to retained earnings at the adoption date. PCD loans, under prior accounting policies, were excluded from nonperforming loans because they continued to earn interest income from the accretable yield at the pool level regardless of their status as past due or otherwise not in compliance with their contractual terms. With the adoption of ASC 326, the pools were discontinued and performance is based on contractual terms for individual loans. For reporting periods prior to January 1, 2020 and the adoption of ASC 326: Management estimated the ALL for acquired performing or non-PCI loans using a methodology similar to that used for originated loans. The allowance determined for each loan pool was compared to the remaining fair value discount for that pool. If the allowance amount calculated under the Company’s methodology was greater than the Company’s remaining discount, the additional amount called for was added to the reported allowance through a provision for loan losses. If the allowance amount calculated under the Company’s methodology was less than the Company’s recorded discount, no additional allowance or provision was recognized. Actual losses first reduced any remaining nonaccretable discount for the loan pool. Once the nonaccretable discount was fully depleted, losses were applied against the allowance established for that pool. Acquired performing or non-PCI loans were placed on nonaccrual status and were considered and reported as nonperforming or past due using the same criteria applied to the originated portfolio. The excess of cash flows expected to be collected from a PCI loan pool over the pool’s estimated fair value at acquisition was referred to as the accretable yield and was recognized in interest income using an effective yield method over the remaining life of the pool. Each pool of PCI loans was accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Management estimated cash flows expected to be collected on each PCI loan pool periodically. If the present value of expected cash flows for a pool was less than its carrying value, an impairment was recognized by an increase in the ALL and a charge to the provision for loan losses. If the present value of expected cash flows for a pool was greater than its carrying value, any previously established ALL was reversed and any remaining difference increased the accretable yield, which was taken into interest income over the remaining life of the loan pool. PCI loans were generally not subject to individual evaluation for impairment and were not reported with impaired loans, even if they otherwise qualified for such treatment . |
Allowance for Credit Losses | Allowance for Credit Losses On January 1, 2020, the Company adopted ASC 326, Financial Instruments - Credit Losses . The new standard significantly changed the impairment model for most financial assets that are measured at amortized cost, including off-balance sheet credit exposures, from an incurred loss model to an expected loss model. Refer to the " Recent Accounting Pronouncements " section of this note for more information on the impact to the Consolidated Financial Statements. For all reporting periods: Changes in the allowance for credit losses, which includes the allowance for loan losses and the reserve for unfunded lending commitments, are charged to current operations. Loans that are determined to be uncollectible are charged-off against the allowance for credit losses once that determination is made. While management uses available information to make allowance evaluations, adjustments to the allowance may be necessary based on changes in economic and other conditions or changes in accounting guidance. The OCC, as an integral part of its examination processes, periodically reviews the allowance for credit losses. The OCC may require the recognition of adjustments to the allowance for credit losses based on its judgment of information available to it as of the time of its examinations. To the extent the OCC’s estimates differ from management’s estimates, additional provisions to the allowance for credit losses may be required as of the time of its examination. As part of the Bank’s risk management program, an independent review is performed on the loan portfolio, which supplements management’s assessment of the loan portfolio and the allowance for credit losses. The result of the independent review is reported directly to the Audit Committee of the Board of Directors. For reporting periods beginning on and after January 1, 2020 and the adoption of ASC 326: Under ASC 326, the allowance for credit losses ("ACL") is measured on a pool basis when similar risk characteristics exist and is maintained at an amount which management believes is a current estimate of the expected credit losses for the full life of the relevant pool of loans and related unfunded lending commitments. The Company applies the practical expedient that permits the exclusion of the accrued interest receivable balance from amortized cost basis of financing receivables when measuring credit losses under CECL. The Company's CECL calculation estimates loan losses using the discounted cash flow method for all loan pools, except for the Company's credit card portfolio. Loan losses for the credit card portfolio are estimated using the remaining life method due to the limited complexity and size of this portfolio. The discounted cash flow analysis uses loan-level term information (e.g., maturity date, payment amount, interest rate, etc.) and pool-level assumptions (e.g., default rates, prepayment speeds, etc.) to produce expected future cash flows for the full life of every loan in the pool. The expected future cash flows are discounted and results are then aggregated to produce a net present value of the pool and ultimately the ACL requirement for the pool. The remaining life method applies a loss rate to a given pool of loans over the estimated remaining life of the given pool. The remaining life of the pool is based on historical data. The loss rates computed for each pool and expected pool-level funding rates are applied to the related unfunded lending commitments to calculate an ACL on unfunded amounts. For each pool of loans, management also evaluates and applies qualitative adjustments to the calculated ACL based on several factors, including, but not limited to, changes in current and expected future economic conditions, changes in industry experience and loan concentrations, changes in the volume and severity of nonperforming assets, changes in lending policies and personnel and changes in the competitive and regulatory environment of the banking industry. During 2020, the ongoing effects of COVID-19 on the U.S. economy has been an additional consideration when measuring the ACL. Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis. Individually analyzed loans generally include larger (i.e., loans with balances of $250,000 or greater) commercial real estate loans, multi-family residential loans, construction and land loans, commercial and industrial loans and other loans as deemed appropriate by management for which it is probable that all amounts due under the contractual terms of the loan will not be collected. The ACL for loans that are individually evaluated is based on a comparison of the recorded investment in the loan with either the expected cash flows discounted using the loan’s original effective interest rate, observable market price for the loan or the fair value of the collateral underlying certain collateral-dependent loans. The Company has identified the following portfolio segments based on the risk characteristics described in the table for its pooled loan analysis under ASC 326: Loan Pool Risk Characteristics One- to four-family first mortgage This category consists of loans secured by first liens on residential real estate. The performance of these loans may be adversely affected by, among other factors, unemployment rates, local residential real estate market conditions and the interest rate environment. Generally, these loans are for longer terms than home equity loans and lines. Home equity loans and lines This category consists of loans secured by first and junior liens on residential real estate. The performance of these loans may be adversely affected by, among other factors, unemployment rates, local residential real estate market conditions and the interest rate environment. Commercial real estate ("CRE") This category consists of loans primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants. The performance of CRE loans may be adversely affected by, among other factors, conditions specific to the relevant industry, the real estate market for the property type and geographic region where the property or borrower is located. Construction and land ("C&D") This category consists of loans to finance the ground-up construction and/or improvement of residential and commercial properties and loans secured by land. The performance of C&D loans is generally dependent upon the successful completion of improvements and/or land development for the end user, the sale of the property to a third party, or a secondary source of cash flow from the owners. The successful completion of planned improvements and development may be adversely affected by changes in the estimated property value upon completion of construction, projected costs and other conditions leading to project delays. Multi-family residential This category consists of loans secured by apartment or residential buildings with five or more units used to accommodate households on a temporary or permanent basis. The performance of multi-family loans is generally dependent on the receipt of rental income from the tenants who occupy the subject property. The occupancy rate of the subject property and the ability of the tenants to pay rent may be adversely affected by the location of the subject property and local economic conditions. Commercial and industrial ("C&I") This category consists of secured and unsecured loans to purchase capital equipment, agriculture operating loans and other business loans for working capital and operating purposes. Secured loans are primarily secured by accounts receivable, inventory and other business assets. The performance of C&I loans may be adversely affected by, among other factors, conditions specific to the relevant industry, fluctuations in the value of the collateral and individual performance factors related to the borrower. Consumer This category consists of loans to individuals for household, family and other personal use. The performance of these loans may be adversely affected by national and local economic conditions, unemployment rates and other factors affecting the borrower's income available to service the debt. Credit cards This category consists of unsecured revolving lines of credit for personal and commercial use. Credit card loans are generally smaller in size and are less complex relative to larger loan categories. Due to their unsecured nature, historical loss rates for credit card loans are generally higher than the loss rates on loans secured by real estate. For reporting periods prior to January 1, 2020 and the adoption of ASC 326: The allowance for loan losses was maintained at an amount which management believed covered the reasonably estimable and probable losses on such portfolio. The allowance for loan losses was comprised of specific and general reserves. The Company determined specific reserves based on the provisions of ASC 310, Receivables . The Company’s allowance for loan losses included a measure of impairment related to those loans specifically identified for evaluation under the topic. This measurement was based on a comparison of the recorded investment in the loan with either the expected cash flows discounted using the loan’s original effective interest rate, observable market price for the loan or the fair value of the collateral underlying certain collateral-dependent loans. General reserves were based on management’s evaluation of many factors, including current economic trends, industry experience, historical loss experience (generally three years), industry loan concentrations, the borrowers’ abilities to repay and repayment performance, probability of foreclosure and estimated collateral values. In addition to these factors, management also considered the risk factors described in the table above for each segment of the loan portfolio when determining general reserves. |
Office Properties and Equipment | Office Properties and Equipment Office properties and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method with rates based on the estimated useful lives of the individual assets, which range from three On January 1, 2019, the Company adopted the amended provisions under ASC 842, Leases. Under the amended guidance, the Company recognizes lease assets and liabilities for both operating and capital leases. For lessees, lease assets represent the right to use leased assets for the relevant lease term and lease liabilities that represent the obligation to make lease payments. At December 31, 2020 and 2019, the Company's right-of-use assets, net of amortization, were $4,566,000 and $4,544,000, respectively. The Company's lease liabilities were $4,695,000 and $4,588,000 at December 31, 2020 and 2019, respectively. The Company reports its right-of-use assets and liabilities within accrued interest receivable and other assets and accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. |
Cash Surrender Value of Bank-owned Life Insurance | Cash Surrender Value of Bank-Owned Life Insurance Life insurance contracts represent single premium life insurance contracts on the lives of certain officers of the Bank. The Bank is the beneficiary of these policies. These contracts are reported at their cash surrender value and changes in the cash surrender value are included in noninterest income. |
Intangible Assets | Intangible Assets Intangible assets consist of goodwill, core deposit intangibles and mortgage servicing rights. Goodwill and core deposit intangibles are presented together on the Consolidated Statements of Financial Condition. Mortgage servicing rights are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. Goodwill is not amortized but rather is evaluated for impairment at least annually. Core deposit intangibles represent the estimated value related to customer deposit relationships assumed in the Company’s acquisitions. Core deposit intangibles are being amortized over nine |
Foreclosed Assets and ORE | Foreclosed Assets and ORE Foreclosed assets and ORE includes real property and other assets that have been acquired as a result of foreclosure, and real property no longer used in the Bank's business. Foreclosed assets are recorded at fair value less estimated selling costs at the date acquired or upon receiving new property valuations. Write-downs from cost to fair value at the date of foreclosure are charged against the allowance for credit losses. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. Costs relating to the development and improvement of foreclosed assets and ORE are capitalized, and costs relating to holding and maintaining foreclosed assets and ORE are expensed. Valuations are performed periodically and a charge to operations is recorded if the carrying value of a property exceeds its fair value less selling costs. Generally, the Company appraises foreclosed assets and ORE at the time of foreclosure or transfer to ORE and at least every 12 months following the foreclosure or transfer to ORE. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. Financed sales of foreclosed property are accounted for in accordance with ASC 610, Subtopic 20, Gains and losses from the derecognition of nonfinancial assets. The Company had $1,302,000 and $4,156,000 of foreclosed assets and ORE as of December 31, 2020 and 2019, respectively. Foreclosed assets and ORE are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. |
Derivatives and Hedging Activities | Derivatives and Hedging Activities As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with the FASB’s fair value measurement guidance (in ASU 2011-04), the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. |
Other Investments | Other InvestmentsOther investments are carried at cost and consist of Federal Reserve Bank ("FRB") stock, Federal Home Loan Bank ("FHLB") stock, qualified investments under the Community Reinvestment Act ("CRA"), an investment in a Small Business Investment Company ("SBIC"), and a New Market Tax Credit ("NMTC") investment. The Company's other investments are not held for sale and do not have readily determinable fair values. As a member of the FRB and the FHLB, the Company is required to hold stock in the FRB and the FHLB. The FRB stock may not be sold or pledged as collateral. The FHLB stock is pledged as collateral for outstanding FHLB advances and its transfer is substantially restricted. The Company's CRA investments include investments in funds and membership shares that fund community development in low- and moderate-income areas. The Company's SBIC investment is guaranteed by the Small Business Association. |
Shareholders' Equity | Shareholders’ Equity Provisions of the Louisiana Business Corporation Act eliminate the concept of treasury stock and provide that shares reacquired by a company are to be treated as authorized but unissued shares. For the years ended December 31, 2020, 2019 and 2018, the cost of shares repurchased by the Company have been allocated to common stock, additional paid-in capital, and retained earnings. |
Transfer of Financial Assets | Transfer of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. |
Salary Continuation Agreements | Salary Continuation Agreements The Company records the expense associated with its salary continuation agreements over the service periods of the persons covered under these agreements. |
Revenue Recognition | Revenue Recognition In addition to lending and related activities, the Company offers various services to customers that generate revenue, certain of which are governed by ASC 606, Revenue from Contracts with Customers . The guidance under ASC 606 was effective for annual and interim reporting periods beginning after December 15, 2017. The transition to the accounting guidance under ASC 606 did not have a material impact on the Consolidated Financial Statements. The Company's services that fall within the scope of ASC 606 are presented within noninterest income and include service charges and fees, brokerage fees, and other transaction-based fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur. Fees may be fixed or, where applicable, based on a percentage of transaction size. |
Income Taxes | Income Taxes The Company accounts for income taxes under the liability method. Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income taxes during the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable earnings and tax planning strategies. The income tax benefit or expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. A tax position is recognized as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in noninterest expense. During the years ended December 31, 2020, 2019 and 2018, the Company did not recognize any interest or penalties in its financial statements and did not record an accrued liability for interest or penalty payments. Investments that generate investment tax credits are accounted for under the deferral method. Under the deferral method, the allowable investment credit is recognized as a reduction in income tax expense over the life of the acquired investment. |
Stock-based Compensation Plans | Stock-based Compensation Plans The Company has issued stock options under the 2009 Stock Option Plan and the 2014 Equity Incentive Plan to directors, officers and other key employees. In accordance with the requirements of ASC 718, Compensation – Stock Compensation , the Company has adopted a fair value based method of accounting for employee stock compensation plans, whereby compensation cost is measured as of the grant date based on the fair value of the award and is recognized over the service period, which is usually the vesting period. The Company has issued restricted stock under the 2009 Recognition and Retention Plan and restricted stock units under the 2014 Equity Incentive Plan to directors, officers and other key employees. Awards under the plans may not be sold or otherwise transferred until certain restrictions have lapsed. The unearned compensation related to these awards is amortized to compensation expense over the service period, which is usually the vesting period. The total share-based compensation expense for these awards is determined based on the market price of the Company’s common stock as of the date of grant applied to the total number of shares granted and is amortized over the vesting period. |
Earnings Per Share | Earnings Per Share Earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. |
Comprehensive Income | Comprehensive IncomeGAAP generally requires that recognized revenues, expenses, gains and losses be included in net earnings. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and cash flow hedges, are reported as a separate component of the equity section of the balance sheets, such items, along with net earnings, are components of comprehensive income. |
Loss Contingency Disclosure | Loss Contingency Disclosure Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior period balances to conform to the current period presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Adopted in 2020 On January 1, 2020, the Company adopted ASC 326, Financial Instruments - Credit Losses, which introduced a new model known as CECL. ASC 326 requires financial assets measured on an amortized cost basis, including loans and held to maturity debt securities, to be presented at an amount net of an allowance for credit losses ("ACL"), which reflects expected losses for the full life of the financial asset. Unfunded lending commitments are also within the scope of this amendment. Under former GAAP, credit losses were not recognized until the occurrence of the loss was probable and entities, in general, did not attempt to estimate credit losses for the full life of financial assets. ASC 326 also amended the accounting model for purchased financial assets and replaced the guidance for PCI financial assets with the concept of PCD financial assets. For non-PCD assets, the CECL estimate is recognized through an ACL and provision for credit losses. For PCD assets, the CECL estimate is recognized through an ACL with an offset to the cost basis of the PCD asset at the date of acquisition. Subsequent changes in the ACL for PCD assets are recognized through a provision for loan losses. The financial assets formerly classified as PCI are now classified as PCD assets under ASC 326. Under former GAAP, an allowance and related provision expense was only recorded for purchased financial assets if the amount of estimated probable losses exceeded the fair value discount for the financial assets. In addition, ASC 326 requires expected credit related losses for available for sale debt securities to be recorded through an ACL, while non-credit related losses will continue to be recognized through OCI. The guidance under ASC 326 had no impact on the Company's available for sale debt securities at January 1, 2020 or December 31, 2020. Management determined that the declines in the fair value of these securities at such dates were not attributable to credit losses. The Company’s held to maturity debt securities are also required to utilize the CECL approach to estimate expected credit losses. Under ASC 326, the Company did not expect credit losses and recorded no ACL for its held to maturity debt securities at January 1, 2020 or December 31, 2020. |
Fair Value Measurements and Disclosures | The Company values its financial assets and liabilities measured at fair value in three levels as required by ASC 820, Fair Value Measurements and Disclosures . Under this guidance, fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Management reviews and updates the fair value hierarchy classifications of the Company’s assets and liabilities quarterly. |
Receivables | Nonrecurring Basis The Company records loans individually evaluated for impairment at fair value on a nonrecurring basis. A loan is considered impaired if it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Fair value is measured at the fair value of the collateral for collateral-dependent loans. For non-collateral-dependent loans, fair value is measured by present valuing expected future cash flows. Impaired loans are classified as Level 3 assets when measured using appraisals from third parties of the collateral less any prior liens and when there is no observable market price. Foreclosed assets and ORE are also recorded at fair value on a nonrecurring basis. Foreclosed assets are initially recorded at fair value less estimated costs to sell. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. The fair value of foreclosed assets and ORE is based on property appraisals and an analysis of similar properties available. As such, the Company classifies foreclosed and ORE assets as Level 3 assets. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Portfolio Segments by Risk Characteristics | The Company has identified the following portfolio segments based on the risk characteristics described in the table for its pooled loan analysis under ASC 326: Loan Pool Risk Characteristics One- to four-family first mortgage This category consists of loans secured by first liens on residential real estate. The performance of these loans may be adversely affected by, among other factors, unemployment rates, local residential real estate market conditions and the interest rate environment. Generally, these loans are for longer terms than home equity loans and lines. Home equity loans and lines This category consists of loans secured by first and junior liens on residential real estate. The performance of these loans may be adversely affected by, among other factors, unemployment rates, local residential real estate market conditions and the interest rate environment. Commercial real estate ("CRE") This category consists of loans primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants. The performance of CRE loans may be adversely affected by, among other factors, conditions specific to the relevant industry, the real estate market for the property type and geographic region where the property or borrower is located. Construction and land ("C&D") This category consists of loans to finance the ground-up construction and/or improvement of residential and commercial properties and loans secured by land. The performance of C&D loans is generally dependent upon the successful completion of improvements and/or land development for the end user, the sale of the property to a third party, or a secondary source of cash flow from the owners. The successful completion of planned improvements and development may be adversely affected by changes in the estimated property value upon completion of construction, projected costs and other conditions leading to project delays. Multi-family residential This category consists of loans secured by apartment or residential buildings with five or more units used to accommodate households on a temporary or permanent basis. The performance of multi-family loans is generally dependent on the receipt of rental income from the tenants who occupy the subject property. The occupancy rate of the subject property and the ability of the tenants to pay rent may be adversely affected by the location of the subject property and local economic conditions. Commercial and industrial ("C&I") This category consists of secured and unsecured loans to purchase capital equipment, agriculture operating loans and other business loans for working capital and operating purposes. Secured loans are primarily secured by accounts receivable, inventory and other business assets. The performance of C&I loans may be adversely affected by, among other factors, conditions specific to the relevant industry, fluctuations in the value of the collateral and individual performance factors related to the borrower. Consumer This category consists of loans to individuals for household, family and other personal use. The performance of these loans may be adversely affected by national and local economic conditions, unemployment rates and other factors affecting the borrower's income available to service the debt. Credit cards This category consists of unsecured revolving lines of credit for personal and commercial use. Credit card loans are generally smaller in size and are less complex relative to larger loan categories. Due to their unsecured nature, historical loss rates for credit card loans are generally higher than the loss rates on loans secured by real estate. |
Accounting Standards Update and Change in Accounting Principle | The results for reporting periods beginning on or after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The following table illustrates the impact of ASC 326. (dollars in thousands) December 31, 2019 ASC 326 Adoption Impact January 1, 2020 Allowance for credit losses One- to four-family first mortgage $ 2,715 $ 986 $ 3,701 Home equity loans and lines 1,084 (1) 1,083 Commercial real estate 6,541 1,974 8,515 Construction and land 2,670 519 3,189 Multi-family residential 572 (245) 327 Commercial and industrial 3,694 1,243 4,937 Consumer 592 157 749 Total allowance for loan losses 17,868 4,633 22,501 Unfunded lending commitments (1) — 1,425 1,425 Total allowance for credit losses $ 17,868 $ 6,058 $ 23,926 Retained Earnings Total allowance increase $ 6,058 Balance sheet reclassification (2) (996) Decrease to retained earnings, pre-tax 5,062 Tax effect (1,077) Decrease to retained earnings, net of tax effect $ 3,985 (1) The ACL for unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. During the fourth quarter of 2020, a revision to our estimate of the ACL on unfunded lending commitments reduced the ASC 326 adoption impact by $940,000. (2) For PCD loans, formerly classified as PCI, the Company applied the guidance under CECL using the prospective transition approach. As a result, the Company adjusted the amortized cost basis of the PCD loans to reclassify the purchase discount to the ALL on January 1, 2020. |
Acquisition Activity (Tables)
Acquisition Activity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Acquisition Activity | SUMMARY OF ACQUISITION ACTIVITY (dollars in thousands) Acquisition Acquisition Date Total Assets Total Loans Goodwill Core Deposit Intangible Total Deposits Statewide Bank 3/12/2010 $ 188,026 $ 110,415 $ 560 $ 1,429 $ 206,925 GS Financial Corporation 7/15/2011 256,677 182,440 296 859 193,518 Britton & Koontz Capital Corporation 2/14/2014 298,930 161,581 43 3,030 216,600 Louisiana Bancorp, Inc. 9/15/2015 352,897 281,583 8,454 1,586 208,670 St. Martin Bancshares, Inc. 12/6/2017 592,852 439,872 49,135 6,766 533,497 Total Acquisitions $ 1,689,382 $ 1,175,891 $ 58,488 $ 13,670 $ 1,359,210 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary Information Regarding Company's Investment Securities Classified as Available for Sale and Held to Maturity | The following table summarizes the Company’s available for sale and held to maturity investment securities at December 31, 2020 and 2019. (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2020 Less Than Over 1 Available for sale: U.S. agency mortgage-backed $ 138,669 $ 4,162 $ 19 $ — $ 142,812 Collateralized mortgage obligations 74,112 1,565 55 2 75,620 Municipal bonds 27,306 717 12 — 28,011 U.S. government agency 6,210 55 — 10 6,255 Corporate bonds 2,000 54 — — 2,054 Total available for sale $ 248,297 $ 6,553 $ 86 $ 12 $ 254,752 Held to maturity: Municipal bonds $ 2,934 $ 62 $ — $ — $ 2,996 Total held to maturity $ 2,934 $ 62 $ — $ — $ 2,996 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019 Less Than Over 1 Available for sale: U.S. agency mortgage-backed $ 94,446 $ 1,081 $ 292 $ 63 $ 95,172 Collateralized mortgage obligations 142,408 701 300 358 142,451 Municipal bonds 15,895 166 56 — 16,005 U.S. government agency 3,696 11 4 10 3,693 Total available for sale $ 256,445 $ 1,959 $ 652 $ 431 $ 257,321 Held to maturity: Municipal bonds $ 7,149 $ 45 $ — $ — $ 7,194 Total held to maturity $ 7,149 $ 45 $ — $ — $ 7,194 |
Company's Investment Securities With Unrealized Losses, Aggregated by Type and Length | The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables. (dollars in thousands) Less Than 1 Year Over 1 Year Total December 31, 2020 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale: U.S. agency mortgage-backed $ 13,666 $ 19 $ — $ — $ 13,666 $ 19 Collateralized mortgage obligations 13,615 55 2,309 2 15,924 57 Municipal bonds 1,278 12 — — 1,278 12 U.S. government agency — — 1,196 10 1,196 10 Corporate bonds — — — — — — Total available for sale $ 28,559 $ 86 $ 3,505 $ 12 $ 32,064 $ 98 Held to maturity: Municipal bonds $ — $ — $ — $ — $ — $ — Total held to maturity $ — $ — $ — $ — $ — $ — (dollars in thousands) Less Than 1 Year Over 1 Year Total December 31, 2019 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale: U.S. agency mortgage-backed $ 28,847 $ 292 $ 5,148 $ 63 $ 33,995 $ 355 Collateralized mortgage obligations 50,004 300 37,131 358 87,135 658 Municipal bonds 3,044 56 — — 3,044 56 U.S. government agency 1,213 4 466 10 1,679 14 Total available for sale $ 83,108 $ 652 $ 42,745 $ 431 $ 125,853 $ 1,083 Held to maturity: Municipal bonds $ — $ — $ — $ — $ — $ — Total held to maturity $ — $ — $ — $ — $ — $ — |
Debt Securities, Held-to-maturity | The following table presents the amortized cost of the Company's held to maturity securities by credit quality rating at December 31, 2020. Credit Ratings (dollars in thousands) AAA/AA/A BBB/BB/B Total December 31, 2020 Held to maturity: Municipal bonds 2,934 — 2,934 |
Amortized Cost and Estimated Fair Value by Maturity of Company's Investment Securities | The amortized cost and estimated fair value by maturity of the Company’s investment securities as of December 31, 2020 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of the exercise of call options and potential paydowns. Accordingly, actual maturities may differ from contractual maturities. (dollars in thousands) One Year or Less After One Year through Five Years After Five Years through Ten Years After Ten Years Total Fair Value Available for sale: U.S. agency mortgage-backed $ 3,239 $ 13,335 $ 48,561 $ 77,677 $ 142,812 Collateralized mortgage obligations — 19,689 19,987 35,944 75,620 Municipal bonds 1,321 2,740 8,305 15,645 28,011 U.S. government agency — — 5,837 418 6,255 Corporate bonds — — 2,054 — 2,054 Total securities available for sale $ 4,560 $ 35,764 $ 84,744 $ 129,684 $ 254,752 Held to maturity: Municipal bonds $ — $ 802 $ 2,194 $ — $ 2,996 Total securities held to maturity $ — $ 802 $ 2,194 $ — $ 2,996 (dollars in thousands) One Year or Less After One Year through Five Years After Five Years through Ten Years After Ten Years Total Amortized Cost Available for sale: U.S. agency mortgage-backed $ 3,204 $ 12,868 $ 46,137 $ 76,460 $ 138,669 Collateralized mortgage obligations — 18,902 19,481 35,729 74,112 Municipal bonds 1,317 2,716 7,906 15,367 27,306 U.S. government agency — — 5,786 424 6,210 Corporate bonds — — 2,000 — 2,000 Total securities available for sale $ 4,521 $ 34,486 $ 81,310 $ 127,980 $ 248,297 Held to maturity: Municipal bonds $ — $ 800 $ 2,134 $ — $ 2,934 Total securities held to maturity $ — $ 800 $ 2,134 $ — $ 2,934 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Summary of Loans, Net of Unearned Income | The Company’s loans, net of unearned income, consisted of the following as of December 31 of the years indicated. (dollars in thousands) 2020 2019 Real estate loans: One- to four-family first mortgage $ 395,638 $ 430,820 Home equity loans and lines 67,700 79,812 Commercial real estate 750,623 722,807 Construction and land 221,823 195,748 Multi-family residential 87,332 54,869 Total real estate loans 1,523,116 1,484,056 Other loans: Commercial and industrial 417,926 184,701 Consumer 38,912 45,604 Total other loans 456,838 230,305 Total loans $ 1,979,954 $ 1,714,361 |
Schedule of Activity in Allowance for Loan Losses | A summary of activity in the ACL and ALL for the years ended December 31, 2020, 2019 and 2018 follows. For the Year Ended December 31, 2020 (dollars in thousands) Beginning Balance ASC 326 Adoption Impact (1) Charge-offs Recoveries Provision Ending Balance Allowance for credit losses: One- to four-family first mortgage $ 2,715 $ 986 $ (99) $ 13 $ (550) $ 3,065 Home equity loans and lines 1,084 (1) (575) 16 152 676 Commercial real estate 6,541 1,974 (5) 55 10,286 18,851 Construction and land 2,670 519 (688) — 1,654 4,155 Multi-family residential 572 (245) — — 750 1,077 Commercial and industrial 3,694 1,243 (984) 106 217 4,276 Consumer 592 157 (250) 145 219 863 Total allowance for loan losses $ 17,868 $ 4,633 $ (2,601) $ 335 $ 12,728 $ 32,963 Unfunded lending commitments — 1,425 — — — 1,425 Total allowance for credit losses $ 17,868 $ 6,058 $ (2,601) $ 335 $ 12,728 $ 34,388 (1) On January 1, 2020, the Company adopted ASC 326, Financial Instruments - Credit Losses , which introduced a new model know as CECL. Refer to Note 2 for more information on the adoption of ASC 326. For the Year Ended December 31, 2019 (dollars in thousands) Beginning Balance Charge-offs Recoveries Provision Ending Balance Allowance for loan losses: One- to four-family first mortgage $ 2,136 $ (4) $ — $ 583 $ 2,715 Home equity loans and lines 1,079 (42) 16 31 1,084 Commercial real estate 6,125 (360) — 776 6,541 Construction and land 2,285 (6) — 391 2,670 Multi-family residential 550 — — 22 572 Commercial and industrial 3,228 (893) 25 1,334 3,694 Consumer 945 (272) 42 (123) 592 Total allowance for loan losses $ 16,348 $ (1,577) $ 83 $ 3,014 $ 17,868 For the Year Ended December 31, 2018 (dollars in thousands) Beginning Balance Charge-offs Recoveries Provision Ending Balance Allowance for loan losses: One- to four-family first mortgage $ 1,663 $ (1) $ — $ 474 $ 2,136 Home equity loans and lines 1,102 — 5 (28) 1,079 Commercial real estate 4,906 — — 1,219 6,125 Construction and land 1,749 — — 536 2,285 Multi-family residential 355 — — 195 550 Commercial and industrial 4,530 (2,506) 158 1,046 3,228 Consumer 502 (74) 16 501 945 Total allowance for loan losses $ 14,807 $ (2,581) $ 179 $ 3,943 $ 16,348 |
Allowance for Loan Losses and Recorded Investment in Loans | The ACL, which includes the ALL and the ACL on unfunded lending commitments, and recorded investment in loans as of the dates indicated are as follows. As of December 31, 2020 (dollars in thousands) Collectively Evaluated Individually Evaluated Total Allowance for credit losses: One- to four-family first mortgage $ 2,965 $ 100 $ 3,065 Home equity loans and lines 676 — 676 Commercial real estate 17,843 1,008 18,851 Construction and land 4,155 — 4,155 Multi-family residential 1,077 — 1,077 Commercial and industrial 3,845 431 4,276 Consumer 863 — 863 Total allowance for loan losses $ 31,424 $ 1,539 $ 32,963 Unfunded lending commitments (1) $ 1,425 $ — $ 1,425 Total allowance for credit losses $ 32,849 $ 1,539 $ 34,388 As of December 31, 2020 (dollars in thousands) Collectively Evaluated Individually Evaluated (2) Total Loans: One- to four-family first mortgage $ 394,632 $ 1,006 $ 395,638 Home equity loans and lines 67,700 — 67,700 Commercial real estate 743,223 7,400 750,623 Construction and land 221,823 — 221,823 Multi-family residential 87,332 — 87,332 Commercial and industrial 417,320 606 417,926 Consumer 38,912 — 38,912 Total loans $ 1,970,942 $ 9,012 $ 1,979,954 As of December 31, 2019 (dollars in thousands) Collectively Evaluated for Impairment Individually Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Allowance for loan losses: One- to four-family first mortgage $ 2,715 $ — $ — $ 2,715 Home equity loans and lines 736 348 — 1,084 Commercial real estate 6,243 298 — 6,541 Construction and land 2,670 — — 2,670 Multi-family residential 572 — — 572 Commercial and industrial 2,969 701 24 3,694 Consumer 592 — 592 Total allowance for loan losses $ 16,497 $ 1,347 $ 24 $ 17,868 As of December 31, 2019 (dollars in thousands) Collectively Evaluated for Impairment Individually Evaluated for Impairment Acquired with Deteriorated Credit Quality (3) Total Loans: One- to four-family first mortgage $ 429,745 $ 187 $ 888 $ 430,820 Home equity loans and lines 78,446 784 582 79,812 Commercial real estate 711,282 6,518 5,007 722,807 Construction and land 195,374 — 374 195,748 Multi-family residential 54,690 — 179 54,869 Commercial and industrial 183,141 1,223 337 184,701 Consumer 45,573 — 31 45,604 Total loans $ 1,698,251 $ 8,712 $ 7,398 $ 1,714,361 (1) At December 31, 2020, $1.4 million of the ACL related to unfunded lending commitments of $336.9 million. The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. (2) At December 31, 2020, loans individually evaluated for impairment included $277,000 of loans acquired with deteriorated credit quality. (3) At December 31, 2019, loans acquired with deteriorated credit quality were deemed to be PCI and were accounted for under ASC 310-30. |
Schedule of Credit Quality Indicators of Loan Portfolio | The following table presents the Company’s loan portfolio by credit quality classification and origination year as of December 31, 2020. Term Loans by Origination Year (dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total One- to four-family first mortgage: Pass $ 58,958 $ 65,070 $ 46,412 $ 48,851 $ 37,039 $ 114,588 $ 17,762 $ 1,457 $ 390,137 Special Mention — — 167 16 — 1,057 — — 1,240 Substandard 129 34 — 335 1,069 2,694 — — 4,261 Doubtful — — — — — — — — — Total one- to four-family first mortgages $ 59,087 $ 65,104 $ 46,579 $ 49,202 $ 38,108 $ 118,339 $ 17,762 $ 1,457 $ 395,638 Home equity loans and lines: Pass $ 1,172 $ 1,307 $ 2,028 $ 964 $ 1,889 $ 5,537 $ 53,309 $ 1,389 $ 67,595 Special Mention — — — 43 — — — — 43 Substandard — — — — — 58 4 — 62 Doubtful — — — — — — — — — Total home equity loans and lines $ 1,172 $ 1,307 $ 2,028 $ 1,007 $ 1,889 $ 5,595 $ 53,313 $ 1,389 $ 67,700 Commercial real estate: Pass $ 235,900 $ 156,646 $ 96,153 $ 102,166 $ 59,859 $ 60,720 $ 22,962 $ 56 $ 734,462 Special Mention — — — 15 951 — — — 966 Substandard 1,606 1,994 1,742 323 1,344 8,164 — 22 15,195 Doubtful — — — — — — — — — Total commercial real estate loans $ 237,506 $ 158,640 $ 97,895 $ 102,504 $ 62,154 $ 68,884 $ 22,962 $ 78 $ 750,623 Construction and land: Pass $ 87,540 $ 91,337 $ 16,703 $ 5,486 $ 2,585 $ 1,505 $ 1,892 $ 429 $ 207,477 Special Mention 877 — — — — 618 — 627 2,122 Substandard 451 50 — — 252 249 — 11,222 12,224 Doubtful — — — — — — — — — Total construction and land loans $ 88,868 $ 91,387 $ 16,703 $ 5,486 $ 2,837 $ 2,372 $ 1,892 $ 12,278 $ 221,823 Term Loans by Origination Year (dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Multi-family residential: Pass $ 40,462 $ 24,329 $ 9,711 $ 3,844 $ 2,889 $ 4,539 $ 1,452 $ — $ 87,226 Special Mention — — — — — — — — — Substandard — — — — — 106 — — 106 Doubtful — — — — — — — — — Total multi-family residential loans $ 40,462 $ 24,329 $ 9,711 $ 3,844 $ 2,889 $ 4,645 $ 1,452 $ — $ 87,332 Commercial and industrial: Pass $ 264,079 $ 29,115 $ 21,053 $ 6,001 $ 3,952 $ 2,408 $ 82,039 $ 1,311 $ 409,958 Special Mention 2,089 792 131 — — 1 1,801 — 4,814 Substandard 592 — 427 23 141 16 1,955 — 3,154 Doubtful — — — — — — — — — Total commercial and industrial loans $ 266,760 $ 29,907 $ 21,611 $ 6,024 $ 4,093 $ 2,425 $ 85,795 $ 1,311 $ 417,926 Consumer: Pass $ 6,844 $ 2,667 $ 1,149 $ 2,073 $ 1,118 $ 18,258 $ 6,340 $ 27 $ 38,476 Special Mention 4 — 4 — 13 120 — 5 146 Substandard — 34 3 12 17 223 — 1 290 Doubtful — — — — — — — — — Total consumer loans $ 6,848 $ 2,701 $ 1,156 $ 2,085 $ 1,148 $ 18,601 $ 6,340 $ 33 $ 38,912 Total loans: Pass $ 694,955 $ 370,471 $ 193,209 $ 169,385 $ 109,331 $ 207,555 $ 185,756 $ 4,669 $ 1,935,331 Special Mention 2,970 792 302 74 964 1,796 1,801 632 9,331 Substandard 2,778 2,112 2,172 693 2,823 11,510 1,959 11,245 35,292 Doubtful — — — — — — — — — Total loans $ 700,703 $ 373,375 $ 195,683 $ 170,152 $ 113,118 $ 220,861 $ 189,516 $ 16,546 $ 1,979,954 The following table presents the Company's loan portfolio by credit quality classification as of December 31, 2019. December 31, 2019 (dollars in thousands) Pass Special Substandard Doubtful Total Originated loans: One- to four-family first mortgage $ 248,483 $ 730 $ 2,133 $ — $ 251,346 Home equity loans and lines 56,029 53 882 — 56,964 Commercial real estate 517,615 207 11,317 — 529,139 Construction and land 164,310 8,107 1,270 — 173,687 Multi-family residential 48,661 — — — 48,661 Commercial and industrial 153,286 — 2,438 — 155,724 Consumer 35,545 46 89 — 35,680 Total originated loans $ 1,223,929 $ 9,143 $ 18,129 $ — $ 1,251,201 Acquired loans: One- to four-family first mortgage $ 173,482 $ 1,429 $ 4,563 $ — $ 179,474 Home equity loans and lines 22,370 128 350 — 22,848 Commercial real estate 181,090 1,593 10,985 — 193,668 Construction and land 19,877 747 1,437 — 22,061 Multi-family residential 5,487 502 219 — 6,208 Commercial and industrial 24,856 56 4,065 — 28,977 Consumer 9,668 166 90 — 9,924 Total acquired loans $ 436,830 $ 4,621 $ 21,709 $ — $ 463,160 Total loans: One- to four-family first mortgage $ 421,965 $ 2,159 $ 6,696 $ — $ 430,820 Home equity loans and lines 78,399 181 1,232 — 79,812 Commercial real estate 698,705 1,800 22,302 — 722,807 Construction and land 184,187 8,854 2,707 — 195,748 Multi-family residential 54,148 502 219 — 54,869 Commercial and industrial 178,142 56 6,503 — 184,701 Consumer 45,213 212 179 — 45,604 Total loans $ 1,660,759 $ 13,764 $ 39,838 $ — $ 1,714,361 |
Schedule of Past Due Loans | Age analysis of past due loans, as of the dates indicated, is as follows. December 31, 2020 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Total Loans Originated loans: Real estate loans: One- to four-family first mortgage $ 1,651 $ 66 $ 365 $ 2,082 $ 258,386 $ 260,468 Home equity loans and lines 117 148 — 265 52,101 52,366 Commercial real estate 518 532 6,770 7,820 581,524 589,344 Construction and land — — — — 207,928 207,928 Multi-family residential 94 — — 94 82,051 82,145 Total real estate loans 2,380 746 7,135 10,261 1,181,990 1,192,251 Other loans: Commercial and industrial 797 3 603 1,403 398,377 399,780 Consumer 219 42 145 406 32,702 33,108 Total other loans 1,016 45 748 1,809 431,079 432,888 Total originated loans $ 3,396 $ 791 $ 7,883 $ 12,070 $ 1,613,069 $ 1,625,139 Acquired loans: Real estate loans: One- to four-family first mortgage $ 1,823 $ 502 $ 1,154 $ 3,479 $ 131,691 $ 135,170 Home equity loans and lines 34 43 25 102 15,232 15,334 Commercial real estate 603 303 2,462 3,368 157,911 161,279 Construction and land — — 142 142 13,753 13,895 Multi-family residential 92 — — 92 5,095 5,187 Total real estate loans 2,552 848 3,783 7,183 323,682 330,865 Other loans: Commercial and industrial 3 — 907 910 17,236 18,146 Consumer 126 50 66 242 5,562 5,804 Total other loans 129 50 973 1,152 22,798 23,950 Total acquired loans $ 2,681 $ 898 $ 4,756 $ 8,335 $ 346,480 $ 354,815 Total loans: Real estate loans: One- to four-family first mortgage $ 3,474 $ 568 $ 1,519 $ 5,561 $ 390,077 $ 395,638 Home equity loans and lines 151 191 25 367 67,333 67,700 Commercial real estate 1,121 835 9,232 11,188 739,435 750,623 Construction and land — — 142 142 221,681 221,823 Multi-family residential 186 — — 186 87,146 87,332 Total real estate loans 4,932 1,594 10,918 17,444 1,505,672 1,523,116 Other loans: Commercial and industrial 800 3 1,510 2,313 415,613 417,926 Consumer 345 92 211 648 38,264 38,912 Total other loans 1,145 95 1,721 2,961 453,877 456,838 Total loans $ 6,077 $ 1,689 $ 12,639 $ 20,405 $ 1,959,549 $ 1,979,954 December 31, 2019 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Total Loans Originated loans: Real estate loans: One- to four-family first mortgage $ 1,524 $ 173 $ 967 $ 2,664 $ 248,682 $ 251,346 Home equity loans and lines 174 — 98 272 56,692 56,964 Commercial real estate 1,124 1,448 8,056 10,628 518,511 529,139 Construction and land — — 1,171 1,171 172,516 173,687 Multi-family residential — — — — 48,661 48,661 Total real estate loans 2,822 1,621 10,292 14,735 1,045,062 1,059,797 Other loans: Commercial and industrial 213 100 869 1,182 154,542 155,724 Consumer 533 57 34 624 35,056 35,680 Total other loans 746 157 903 1,806 189,598 191,404 Total originated loans $ 3,568 $ 1,778 $ 11,195 $ 16,541 $ 1,234,660 $ 1,251,201 Acquired loans: Real estate loans: One- to four-family first mortgage $ 4,555 $ 1,116 $ 1,108 $ 6,779 $ 172,695 $ 179,474 Home equity loans and lines 267 93 330 690 22,158 22,848 Commercial real estate 337 466 1,945 2,748 190,920 193,668 Construction and land 413 — 1,170 1,583 20,478 22,061 Multi-family residential — — — — 6,208 6,208 Total real estate loans 5,572 1,675 4,553 11,800 412,459 424,259 Other loans: Commercial and industrial 3 57 792 852 28,125 28,977 Consumer 259 127 60 446 9,478 9,924 Total other loans 262 184 852 1,298 37,603 38,901 Total acquired loans $ 5,834 $ 1,859 $ 5,405 $ 13,098 $ 450,062 $ 463,160 Total loans: Real estate loans: One- to four-family first mortgage $ 6,079 $ 1,289 $ 2,075 $ 9,443 $ 421,377 $ 430,820 Home equity loans and lines 441 93 428 962 78,850 79,812 Commercial real estate 1,461 1,914 10,001 13,376 709,431 722,807 Construction and land 413 — 2,341 2,754 192,994 195,748 Multi-family residential — — — — 54,869 54,869 Total real estate loans 8,394 3,296 14,845 26,535 1,457,521 1,484,056 Other loans: Commercial and industrial 216 157 1,661 2,034 182,667 184,701 Consumer 792 184 94 1,070 44,534 45,604 Total other loans 1,008 341 1,755 3,104 227,201 230,305 Total loans $ 9,402 $ 3,637 $ 16,600 $ 29,639 $ 1,684,722 $ 1,714,361 |
Summary of Information Pertaining to Nonaccrual Noncovered Loans | The following table summarizes information pertaining to nonaccrual loans as of dates indicated. December 31, 2020 December 31, 2019 (dollars in thousands) With Related Allowance Without Related Allowance Total (1) Total (2) Nonaccrual loans: One- to four-family first mortgage $ 3,838 $ — $ 3,838 $ 3,948 Home equity loans and lines 63 — 63 1,244 Commercial real estate 12,298 — 12,298 13,325 Construction and land 469 — 469 2,469 Multi-family residential — — — — Commercial and industrial 1,717 — 1,717 3,224 Consumer 292 — 292 176 Total $ 18,677 $ — $ 18,677 $ 24,386 (1) Due to the adoption of ASC 326, PCD loans of $390,000 are included in nonaccrual loans at December 31, 2020. Prior to January 1, 2020, these loans were classified as PCI and excluded from nonperforming loans because they continued to earn interest income from the accretable yield at the pool level. At adoption, the pools were discontinued and performance is based on contractual terms for individual loans. (2) PCI loans which were being accounted for under ASC 310-30 were excluded from nonaccrual loans because they continued to earn interest from accretable yield regardless of their status as past due or otherwise not in compliance with their contractual terms. PCI loans which were being accounted for under ASC 310-30 and which were 90 days or more past due totaled $2.2 million as of December 31, 2019. |
Summary of Information Pertaining to Impaired Loans Excluding Acquired Loans | The table below summarizes collateral dependent loans and the related ACL at December 31, 2020 for which the borrower is experiencing financial difficulty. (dollars in thousands) Loans ACL One- to four-family first mortgage $ 1,006 $ 100 Home equity loans and lines — — Commercial real estate 7,400 1,008 Construction and land — — Multi-family residential — — Commercial and industrial 606 431 Consumer — — Total $ 9,012 $ 1,539 Prior to the adoption of ASC 326 on January 1, 2020, the Company accounted for impaired loans under ASC 310. The following provides a summary of information for the Company's impaired loans at and for the years ended December 31, 2019 and 2018. For the Year Ended December 31, 2019 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One- to four-family first mortgage $ 187 $ 187 $ — $ 109 $ — Home equity loans and lines 404 450 — 418 — Commercial real estate 19 21 — 41 — Construction and land — — — — — Multi-family residential — — — — — Commercial and industrial 291 329 — 1,063 — Consumer — — — — — Total $ 901 $ 987 $ — $ 1,631 $ — With an allowance recorded: One- to four-family first mortgage $ — $ — $ — $ — $ — Home equity loans and lines 380 425 348 400 — Commercial real estate 6,499 6,587 298 6,639 15 Construction and land — — — — — Multi-family residential — — — — — Commercial and industrial 932 1,214 701 566 — Consumer — — — — — Total $ 7,811 $ 8,226 $ 1,347 $ 7,605 $ 15 Total impaired loans: One- to four-family first mortgage $ 187 $ 187 $ — $ 109 $ — Home equity loans and lines 784 875 348 818 — Commercial real estate 6,518 6,608 298 6,680 15 Construction and land — — — — — Multi-family residential — — — — — Commercial and industrial 1,223 1,543 701 1,629 — Consumer — — — — — Total $ 8,712 $ 9,213 $ 1,347 $ 9,236 $ 15 For the Year Ended December 31, 2018 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One- to four-family first mortgage $ — $ — $ — $ — $ — Home equity loans and lines 441 476 — 454 — Commercial real estate 149 161 — 32 7 Construction and land — — — — — Multi-family residential — — — — — Commercial and industrial 1,540 1,904 — 438 — Consumer — — — — — Total $ 2,130 $ 2,541 $ — $ 924 $ 7 With an allowance recorded: One- to four-family first mortgage $ — $ — $ — $ — $ — Home equity loans and lines 425 457 349 440 — Commercial real estate 6,910 6,910 484 2,057 38 Construction and land — — — — — Multi-family residential — — — — — Commercial and industrial 412 442 321 1,367 1 Consumer — — — — — Total $ 7,747 $ 7,809 $ 1,154 $ 3,864 $ 39 Total impaired loans: One- to four-family first mortgage $ — $ — $ — $ — $ — Home equity loans and lines 866 933 349 894 — Commercial real estate 7,059 7,071 484 2,089 45 Construction and land — — — — — Multi-family residential — — — — — Commercial and industrial 1,952 2,346 321 1,805 1 Consumer — — — — — Total $ 9,877 $ 10,350 $ 1,154 $ 4,788 $ 46 |
Information about the Company's TDRs | Information about the Company’s TDRs is presented in the following tables. As of December 31, 2020 (dollars in thousands) Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Originated loans: Real estate loans: One- to four-family first mortgage $ 342 $ 257 $ 1,099 $ 1,698 Home equity loans and lines 48 — 24 72 Commercial real estate 712 — 5,291 6,003 Construction and land 83 — — 83 Multi-family residential — — — — Total real estate loans 1,185 257 6,414 7,856 Other loans: Commercial and industrial — — — — Consumer 70 — 44 114 Total other loans 70 — 44 114 Total loans $ 1,255 $ 257 $ 6,458 $ 7,970 Acquired loans: Real estate loans: One- to four-family first mortgage $ 376 $ — $ 964 $ 1,340 Home equity loans and lines — — 14 14 Commercial real estate 86 — 2,133 2,219 Construction and land — — 185 185 Multi-family residential 102 — — 102 Total real estate loans 564 — 3,296 3,860 Other loans: Commercial and industrial — — 520 520 Consumer 9 — 23 32 Total other loans 9 — 543 552 Total loans $ 573 $ — $ 3,839 $ 4,412 Total loans: Real estate loans: One- to four-family first mortgage $ 718 $ 257 $ 2,063 $ 3,038 Home equity loans and lines 48 — 38 86 Commercial real estate 798 — 7,424 8,222 Construction and land 83 — 185 268 Multi-family residential 102 — — 102 Total real estate loans 1,749 257 9,710 11,716 Other loans: Commercial and industrial — — 520 520 Consumer 79 — 67 146 Total other loans 79 — 587 666 Total loans $ 1,828 $ 257 $ 10,297 $ 12,382 As of December 31, 2019 (dollars in thousands) Current Past Due Nonaccrual Total Originated loans: Real estate loans: One- to four-family first mortgage $ 671 $ 82 $ 1,370 $ 2,123 Home equity loans and lines 235 53 36 324 Commercial real estate 670 — 5,824 6,494 Construction and land 100 — — 100 Multi-family residential — — — — Total real estate loans 1,676 135 7,230 9,041 Other loans: Commercial and industrial — — 303 303 Consumer 92 — 54 146 Total other loans 92 — 357 449 Total loans $ 1,768 $ 135 $ 7,587 $ 9,490 Acquired loans: Real estate loans: One- to four-family first mortgage $ 365 $ — $ 617 $ 982 Home equity loans and lines — — 20 20 Commercial real estate 90 — 194 284 Construction and land — — — — Multi-family residential — — — — Total real estate loans 455 — 831 1,286 Other loans: Commercial and industrial — — 1,362 1,362 Consumer 20 — 25 45 Total other loans 20 — 1,387 1,407 Total loans $ 475 $ — $ 2,218 $ 2,693 Total loans: Real estate loans: One- to four-family first mortgage $ 1,036 $ 82 $ 1,987 $ 3,105 Home equity loans and lines 235 53 56 344 Commercial real estate 760 — 6,018 6,778 Construction and land 100 — — 100 Multi-family residential — — — — Total real estate loans 2,131 135 8,061 10,327 Other loans: Commercial and industrial — — 1,665 1,665 Consumer 112 — 79 191 Total other loans 112 — 1,744 1,856 Total loans $ 2,243 $ 135 $ 9,805 $ 12,183 |
Summary of Information Pertaining to Loans Modified | A summary of information pertaining to loans modified as of the periods indicated is as follows. For the Year Ended December 31 2020 2019 (dollars in thousands) Number of Contracts Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Number of Contracts Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Troubled debt restructurings: One- to four-family first mortgage 11 $ 1,409 $ 778 6 $ 932 $ 919 Home equity loans and lines — — — — — — Commercial real estate 9 3,193 3,100 2 193 192 Construction and land 1 185 185 — — — Multi-family residential — — — — — — Commercial and industrial 5 96 81 18 842 820 Other consumer 2 13 8 6 78 70 Total 28 $ 4,896 $ 4,152 32 $ 2,045 $ 2,001 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Unpaid Principal Balance of Serviced Mortgage Loans for Others | The unpaid principal balances of these loans as of December 31 of the years indicated are summarized as follows: (dollars in thousands) 2020 2019 Mortgage loans sold to Federal Home Loan Mortgage Corporation without recourse $ 2,633 $ 3,723 Mortgage loans sold to Federal National Mortgage Association without recourse 78,080 114,895 Mortgage loans sold to Federal Home Loan Bank without recourse 185 200 Total, end of period $ 80,898 $ 118,818 |
Activity Related to Servicing Assets | Activity related to servicing assets for the years ended December 31, 2020, 2019 and 2018 is summarized as follows. (dollars in thousands) 2020 2019 2018 Balance, beginning of period $ 161 $ 272 $ 422 Amortization (161) (111) (150) Balance, end of period — 161 272 Fair value, end of period $ — $ 530 $ 789 |
Office Properties and Equipme_2
Office Properties and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of Office Properties and Equipment | Office properties and equipment consisted of the following at December 31 of the years indicated. (dollars in thousands) 2020 2019 Land $ 14,245 $ 14,245 Buildings and improvements 36,880 36,364 Furniture and equipment 15,416 14,499 Total office properties and equipment 66,541 65,108 Less accumulated depreciation 21,044 18,683 Total office properties and equipment, net $ 45,497 $ 46,425 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill and Core Deposit Intangible | Changes in carrying amount of the Company’s goodwill and core deposit intangible (“CDI”) for the years ended December 31, 2020, 2019 and 2018 were as follows. (dollars in thousands) Goodwill CDI Balance, December 31, 2017 $ 58,621 $ 9,412 SMB acquisition (133) — Amortization of intangibles — (1,845) Balance, December 31, 2018 58,488 7,567 Amortization of intangibles — (1,583) Balance, December 31, 2019 58,488 5,984 Amortization of intangibles — (1,360) Balance, December 31, 2020 $ 58,488 $ 4,624 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | |
Schedule of Deposits Classifications | The Company’s deposits consisted of the following major classifications as of December 31 of the years indicated. (dollars in thousands) 2020 2019 Demand deposit accounts $ 615,700 $ 437,828 Savings 250,165 201,887 Money market accounts 333,078 273,741 NOW accounts 646,085 512,054 Certificates of deposit 368,793 395,465 Total deposits $ 2,213,821 $ 1,820,975 |
Scheduled Maturities of Certificates of Deposit | As of December 31, 2020, the scheduled maturities of the Company’s certificates of deposit were as follows. (dollars in thousands) Amount 2021 $ 297,387 2022 50,672 2023 11,917 2024 4,419 2025 3,221 Thereafter 1,177 Total certificates of deposit $ 368,793 |
Long-term FHLB Advances (Tables
Long-term FHLB Advances (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Advances from Federal Home Loan Banks [Abstract] | |
Summary of Long-term Advances | The following table summarizes long-term advances as of December 31, 2020. (dollars in thousands) Amount Weighted Average Rate Fixed rate advances maturing in: 2021 $ 1,174 2.04 % 2022 5,042 2.08 2023 3,066 1.37 2024 4,434 1.76 2025 11,296 1.64 Thereafter 3,812 1.68 Total long-term FHLB advances $ 28,824 1.73 % |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts and Fair Value of Derivative Liabilities | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition as of December 31, 2020. Derivative Assets (1) Derivative Liabilities (1) (dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Derivatives designated as hedging instruments: Interest rate swaps - variable rate liabilities $ 40,000 $ 214 $ — $ — Derivatives not designated as hedging instruments: Risk participation agreements — — 10,000 58 Netting adjustments — — Net derivative amounts $ 214 $ 58 (1) Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. |
Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income | The table below presents the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income as of December 31, 2020. Year Ended December 31, 2020 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Loss Reclassified from AOCI into Income (dollars in thousands) Total Included Component Total Included Component Derivatives in cash flows hedging relationships: Interest rate swaps - variable rate liabilities $ 176 $ 176 Interest expense $ (44) $ (44) |
Effect of Company's Derivative Instruments on the Consolidated Statements of Income | The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income as of December 31, 2020. (dollars in thousands) Location of Loss Reclassified from AOCI into Income For the Year Ended December 31, 2020 Effects of cash flow hedging Interest rate swaps - variable rate liabilities Interest expense $ (44) The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of December 31, 2020. (dollars in thousands) Location of Income Recognized on Non-designated Hedges For the Year Ended December 31, 2020 Effects of non-designated hedges Risk participation agreements Other noninterest income $ 111 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summarized Income Tax (Benefit) Expense | The Company files federal income tax returns on a calendar year basis. Income tax expense for the years indicated is summarized as follows: (dollars in thousands) 2020 2019 2018 Current $ 8,030 $ 6,123 $ 5,747 Deferred (1,588) 137 2,137 NMTC (400) (400) (400) Impact of Tax Cuts and Jobs Act — — (789) Total income tax expense $ 6,042 $ 5,860 $ 6,695 |
Summarized Deferred Tax Asset | The components of the Company’s net deferred tax asset, which is included in accrued interest receivable and other assets in the accompanying Statement of Financial Condition at December 31 of the years indicated are as follows: (dollars in thousands) 2020 2019 Deferred tax assets: Provision for loan losses $ 5,949 $ 3,752 Discount on purchased loans 1,146 1,842 Salary continuation plan 700 678 Mortgage servicing rights 80 95 Deferred compensation 5 52 Stock-based compensation 257 264 ASC 326 Adoption Impact (1) 1,063 — Other 65 101 Deferred tax assets $ 9,265 $ 6,784 Deferred tax liabilities: FHLB stock dividends $ (64) $ (108) Accumulated depreciation (3,457) (2,974) Intangible assets (628) (858) Premium on investment securities acquired — — Unrealized gain on securities available for sale (1,356) (184) NMTC (72) (48) Other (105) (96) Deferred tax liabilities (5,682) (4,268) Net deferred tax asset $ 3,583 $ 2,516 (1) The company adopted ASC 326 on January 1, 2020 which included a transition adjustment, net of taxes, to retained earnings. The tax impact due to the adoption of ASC 326 shown here does not include the effect of state tax. Refer to Not e 2 for more information on the adoption of ASC 326. |
Provision for Federal Income Taxes | For the years ended December 31, 2020, 2019 and 2018, the Company’s provision for federal income taxes differed from the amount computed by applying the federal income tax statutory rate of 21% on income from operations as indicated in the following analysis: (dollars in thousands) 2020 2019 2018 Federal tax based on statutory rate $ 6,544 $ 7,089 $ 8,023 State tax based on statutory rate 42 34 82 (Decrease) increase resulting from: NMTC (400) (400) (400) Effect of tax-exempt income (136) (128) (171) Changes in the cash surrender value of bank owned life insurance (209) (435) (138) Nondeductible share based compensation expense 162 177 191 Exercise of stock options (8) (599) (131) DTA adjustment – impact of Tax Act — — (789) Other 47 122 28 Income tax expense $ 6,042 $ 5,860 $ 6,695 Effective tax rate 19.6 % 17.3 % 17.5 % |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Commitments to Originate Loans and to Advance Additional Amounts | The following table summarizes our outstanding commitments to originate loans and to advance additional amounts pursuant to outstanding letters of credit, lines of credit, and the undisbursed portion of construction loans as of December 31 of the years indicated. Contract Amount (dollars in thousands) 2020 2019 Standby letters of credit $ 5,781 $ 6,098 Available portion of lines of credit 266,349 247,670 Undisbursed portion of loans in process 99,527 111,466 Commitments to originate loans 139,471 87,446 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Banks [Abstract] | |
Company's and the Bank's Actual Capital Amounts and Ratios | The following tables present actual and required capital ratios for the the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2020 and 2019 based on the phase-in provisions of the Basel III Capital Rules as of January 1, 2019 when the Basel III Capital Rules were fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Actual Minimum Capital Required – Basel III Fully Phased-In To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2020 Bank: Common equity Tier 1 capital $ 245,090 13.92 % $ 123,263 7.00 % $ 114,459 6.50 % Tier 1 risk-based capital 245,090 13.92 149,677 8.50 140,872 8.00 Total risk-based capital 267,254 15.18 184,895 10.50 176,090 10.00 Tier 1 leverage capital 245,090 9.68 101,247 4.00 126,559 5.00 Actual Minimum Capital Required – Basel III Fully Phased-In To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2019 Bank: Common equity Tier 1 capital $ 240,176 14.22 % $ 118,213 7.00 % $ 109,769 6.50 % Tier 1 risk-based capital 240,176 14.22 143,545 8.50 135,101 8.00 Total risk-based capital 258,044 15.28 177,320 10.50 168,876 10.00 Tier 1 leverage capital 240,176 11.17 86,004 4.00 107,506 5.00 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Summary of Employee Stock Ownership Plan | A summary of the ESOP share allocation as of December 31, 2020 and 2019 follows. 2020 2019 Shares allocated, beginning of year 303,395 284,290 Shares allocated during the year 35,708 35,708 Shares distributed during the year (21,082) (16,603) Allocated shares held by ESOP trust as of year end 318,021 303,395 Unallocated shares 276,733 312,441 Total ESOP shares 594,754 615,836 |
Stock-based Payment Arrangeme_2
Stock-based Payment Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Assumptions Used in Computing Fair Value of All Options Granted | The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing model. This model requires management to make certain assumptions, including the expected life of the option, the risk-free rate of interest, the expected volatility and the expected dividend yield. The following assumptions were made in estimating 2020 fair values: Expected dividends 3.95% Expected volatility 24.65% Risk-free interest rate 0.7% Expected term (in years) 6.5 |
Summary of Stock Option Activity | The following table represents stock option activity for the years indicated. Options Number of Options Weighted-Average Exercise Price Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term (Years) Outstanding as of December 31, 2017 408,478 $ 16.64 $ 4.46 Granted 28,790 44.88 10.35 Exercised (83,348) 12.90 3.99 Forfeited (1,550) 28.34 5.59 Outstanding as of December 31, 2018 352,370 $ 19.78 $ 5.05 3.6 Granted 38,180 35.78 6.52 Exercised (198,786) 12.52 3.85 Forfeited (11,179) 33.13 6.79 Outstanding as of December 31, 2019 180,585 $ 30.33 $ 6.57 6.6 Granted 35,850 22.34 3.03 Exercised (4,625) 21.33 5.30 Forfeited (7,270) 29.47 5.58 Outstanding as of December 31, 2020 204,540 $ 29.17 $ 6.02 6.2 Exercisable as of December 31, 2018 258,319 $ 14.65 $ 4.27 2.0 Exercisable as of December 31, 2019 86,401 24.73 5.94 5.1 Exercisable as of December 31, 2020 113,988 27.07 6.16 4.8 |
Unvested Restricted Stock Activity | The following table represents unvested restricted stock activity for the years indicated. Restricted Stock Number of Weighted-Average Grant Date Fair Value Balance, December 31, 2017 54,635 $ 29.26 Granted 16,345 44.88 Forfeited (195) 30.79 Released (15,405) 27.46 Balance, December 31, 2018 55,380 $ 34.36 Granted 19,145 35.84 Forfeited (4,336) 36.01 Released (18,711) 31.79 Balance, December 31, 2019 51,478 $ 35.73 Granted 17,305 22.19 Forfeited (5,183) 33.06 Released (19,247) 32.77 Balance, December 31, 2020 44,353 $ 32.04 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings per common share was computed based on the following: Years Ended December 31, (dollars in thousands, except per share data) 2020 2019 2018 Numerator: Income applicable to common shares $ 24,765 $ 27,932 $ 31,590 Denominator: Weighted average common shares outstanding 8,674 9,074 9,069 Effect of dilutive securities: Restricted stock 9 12 20 Stock options 21 60 210 Weighted average common shares outstanding - assuming dilution 8,704 9,146 9,299 Earnings per common share $ 2.86 $ 3.08 $ 3.48 Earnings per common share - assuming dilution $ 2.85 $ 3.05 $ 3.40 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Loan Activity | A summary of related party loan activity during 2020 follows. (dollars in thousands) Balance, beginning of year $ 6,215 New loans 2,694 Repayments, net (554) Balance, end of year $ 8,355 |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured on Recurring Basis | The following tables present the balances of assets and liabilities measured on a recurring basis as of December 31, 2020 and 2019 aggregated by the level in the fair value hierarchy in which these measurements fall. (dollars in thousands) December 31, 2020 Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. agency mortgage-backed $ 142,812 $ — $ 142,812 $ — Collateralized mortgage obligations 75,620 — 75,620 — Municipal bonds 28,011 — 28,011 — U.S. government agency 6,255 — 6,255 — Corporate bonds 2,054 — 2,054 — Total available for sale securities $ 254,752 $ — $ 254,752 $ — Derivative assets (1) $ 214 $ — $ 214 $ — Total $ 254,966 $ — $ 254,966 $ — Liabilities Derivative liabilities (1) $ 58 $ — $ 58 $ — (1) For more information, refer to Note 13 . (dollars in thousands) December 31, 2019 Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. agency mortgage-backed $ 95,172 $ — $ 95,172 $ — Collateralized mortgage obligations 142,451 — 142,451 — Municipal bonds 16,005 — 16,005 — U.S. government agency 3,693 — 3,693 — Total $ 257,321 $ — $ 257,321 $ — |
Summary of Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | The Company has segregated all financial assets and liabilities that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below. Fair Value Measurements Using (dollars in thousands) December 31, 2020 Level 1 Level 2 Level 3 Assets Loans individually evaluated for impairment $ 7,473 $ — $ — $ 7,473 Foreclosed assets and ORE 1,302 — — 1,302 Total $ 8,775 $ — $ — $ 8,775 Fair Value Measurements Using (dollars in thousands) December 31, 2019 Level 1 Level 2 Level 3 Assets Loans individually evaluated for impairment $ 7,365 $ — $ — $ 7,365 Foreclosed assets and ORE 4,156 — — 4,156 Total $ 11,521 $ — $ — $ 11,521 |
Schedule of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets | The following tables show significant unobservable inputs used in the fair value measurement of Level 3 assets. (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range of Discounts Weighted Average Discount As of December 31, 2020 Loans individually evaluated for impairment $ 7,473 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 3% - 87% 17 % Foreclosed assets and ORE $ 1,302 Third party appraisals, sales contracts, broker price opinions Collateral values, market discounts and estimated costs to sell 6% - 42% 11 % (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range of Discounts Weighted Average Discount As of December 31, 2019 Loans individually evaluated for impairment $ 7,365 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 0% - 84% 13 % Foreclosed assets and ORE $ 4,156 Third party appraisals, sales contracts, broker price opinions Collateral values, market discounts and estimated costs to sell 6% - 61% 14 % |
Summary of Fair Values of Company's Financial Instruments | The fair value of off-balance sheet financial instruments as of December 31, 2020 and 2019 was immaterial. Fair Value Measurements at December 31, 2020 (dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 187,952 $ 187,952 $ 187,952 $ — $ — Interest-bearing deposits in banks 349 349 349 — — Investment securities available for sale 254,752 254,752 — 254,752 — Investment securities held to maturity 2,934 2,996 — 2,996 — Mortgage loans held for sale 9,559 9,559 — 9,559 — Loans, net 1,946,991 1,957,705 — 1,950,232 7,473 Cash surrender value of BOLI 40,334 40,334 40,334 — — Derivative assets (1) 214 214 — 214 — Financial Liabilities Deposits $ 2,213,821 $ 2,216,002 $ — $ 2,216,002 $ — Other borrowings 5,539 6,224 — 6,224 — Long-term FHLB advances 28,824 29,662 — 29,662 — Derivative liabilities (1) 58 58 — 58 — (1) Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. Fair value Measurements at December 31, 2019 (dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 39,847 $ 39,847 $ 39,847 $ — $ — Interest-bearing deposits in banks 449 449 449 — — Investment securities available for sale 257,321 257,321 — 257,321 — Investment securities held to maturity 7,149 7,194 — 7,194 — Mortgage loans held for sale 6,990 6,990 — 6,990 — Loans, net 1,696,493 1,690,308 — 1,682,943 7,365 Cash surrender value of BOLI 39,466 39,466 39,466 — — Financial Liabilities Deposits $ 1,820,975 $ 1,821,868 $ — $ 1,821,868 $ — Other borrowings 5,539 5,895 — 5,895 — Long-term FHLB advances 40,620 40,580 — 40,580 — |
Condensed Parent Company Only_2
Condensed Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, 2020 and 2019 (dollars in thousands) 2020 2019 Assets Cash in bank $ 3,048 $ 6,400 Investment in subsidiary 313,476 305,340 Other assets 5,366 4,613 Total assets $ 321,890 $ 316,353 Liabilities $ 48 $ 24 Shareholders’ equity 321,842 316,329 Total liabilities and shareholders’ equity $ 321,890 $ 316,353 |
Condensed Statements of Operations | Condensed Statements of Income For the Years Ended December 31, 2020, 2019 and 2018 (dollars in thousands) 2020 2019 2018 Operating income Interest income $ — $ — $ — Dividend from subsidiary 18,200 21,000 — Total operating income 18,200 21,000 — Operating expenses Other expenses 234 192 219 Total operating expenses 234 192 219 Income (loss) before income tax benefit and equity in undistributed earnings of subsidiary 17,966 20,808 (219) Income tax benefit 49 40 44 Income (loss) before equity in undistributed earnings of subsidiary 18,015 20,848 (175) Undistributed earnings of subsidiary 6,750 7,084 31,765 Net income $ 24,765 $ 27,932 $ 31,590 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows For the Years Ended December 31, 2020, 2019 and 2018 (dollars in thousands) 2020 2019 2018 Cash flows from operating activities Net income $ 24,765 $ 27,932 $ 31,590 Adjustments to reconcile net income to net cash provided by operating activities: Non-cash compensation 1,261 1,613 1,799 Increase in accrued interest receivable and other assets (753) (1,118) (1,173) Undistributed earnings in subsidiary (6,750) (7,084) (31,765) Increase (decrease) in accrued expenses and other liabilities 24 14 (68) Net cash provided by operating activities 18,547 21,357 383 Cash flows from financing activities Proceeds from exercise of stock options 30 2,231 914 Payment of dividends on common stock (7,903) (7,898) (6,706) Issuance of stock under incentive plan (13) 157 70 Purchase of Company’s common stock (14,013) (15,445) (1,194) Net cash used in financing activities (21,899) (20,955) (6,916) Net change in cash and cash equivalents (3,352) 402 (6,533) Cash and cash equivalents at beginning of year 6,400 5,998 12,531 Cash and cash equivalents at end of year $ 3,048 $ 6,400 $ 5,998 |
Consolidated Quarterly Result_2
Consolidated Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Consolidated Quarterly Results of Operations | Consolidated Quarterly Results of Operations (unaudited) During the fourth quarter of 2020, we revised our estimate of losses on unfunded lending commitments. As a result, certain reclassifications have been made to prior period results to allow for comparability across quarterly periods during 2020. Refer to Note 2 for more information. (dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2020 Total interest income $ 25,249 $ 25,670 $ 25,842 $ 27,368 Total interest expense 3,926 3,253 2,570 2,169 Net interest income 21,323 22,417 23,272 25,199 Provision for loan losses 6,257 6,471 — — Net interest income after provision for loan losses 15,066 15,946 23,272 25,199 Noninterest income 3,358 3,103 3,794 4,050 Noninterest expense 15,416 15,453 16,116 15,996 Income before income taxes 3,008 3,596 10,950 13,253 Income tax expense 526 675 2,168 2,673 Net income $ 2,482 $ 2,921 $ 8,782 $ 10,580 Earnings per share – basic $ 0.27 $ 0.33 $ 1.01 $ 1.25 Earnings per share – diluted $ 0.27 $ 0.33 $ 1.01 $ 1.24 (dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2019 Total interest income $ 25,369 $ 25,921 $ 25,474 $ 25,444 Total interest expense 3,647 4,046 4,333 4,186 Net interest income 21,722 21,875 21,141 21,258 Provision for loan losses 390 765 1,146 713 Net interest income after provision for loan losses 21,332 21,110 19,995 20,545 Noninterest income 3,165 2,977 4,774 3,499 Noninterest expense 15,291 15,952 16,610 15,752 Income before income taxes 9,206 8,135 8,159 8,292 Income tax expense 1,316 1,555 1,303 1,686 Net income $ 7,890 $ 6,580 $ 6,856 $ 6,606 Earnings per share – basic $ 0.86 $ 0.72 $ 0.76 $ 0.74 Earnings per share – diluted $ 0.85 $ 0.72 $ 0.75 $ 0.73 (dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2018 Total interest income $ 24,725 $ 25,575 $ 26,109 $ 25,903 Total interest expense 2,220 2,239 2,599 3,248 Net interest income 22,505 23,336 23,510 22,655 Provision for loan losses 964 581 786 1,612 Net interest income after provision for loan losses 21,541 22,755 22,724 21,043 Noninterest income 3,482 3,345 3,341 3,279 Noninterest expense 15,590 16,322 15,696 15,617 Income before income taxes 9,433 9,778 10,369 8,705 Income tax expense 1,970 2,002 2,107 616 Net income $ 7,463 $ 7,776 $ 8,262 $ 8,089 Earnings per share – basic $ 0.83 $ 0.85 $ 0.91 $ 0.89 Earnings per share – diluted $ 0.81 $ 0.83 $ 0.89 $ 0.87 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | Dec. 31, 2020Office |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of banking offices for conducting business | 40 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Reserve requirements | $ 0 | $ 0 | $ 0 | |||
Securities held for trading purposes | 0 | 0 | 0 | |||
Mortgage loans held for sale | 9,559,000 | 9,559,000 | 6,990,000 | |||
Threshold for significant investments | 250,000 | 250,000 | 250,000 | |||
Right-of-use asset | 4,566,000 | 4,566,000 | 4,544,000 | |||
Lease liability | $ 4,695,000 | $ 4,695,000 | $ 4,588,000 | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:InterestReceivableAndOtherAssets | us-gaap:InterestReceivableAndOtherAssets | us-gaap:InterestReceivableAndOtherAssets | |||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | |||
Period for appraises of property | 12 months | 12 months | ||||
Foreclosed assets and ORE | $ 1,302,000 | $ 1,302,000 | $ 4,156,000 | |||
Other investments | 15,721,000 | 15,721,000 | 17,179,000 | |||
Income tax interest or penalties | 0 | 0 | $ 0 | |||
Accrued liability for interest or penalty payments | 0 | 0 | 0 | 0 | ||
Tax effect for unrealized gains (losses) on investment securities | 1,218,000 | 770,000 | (278,000) | |||
Tax effect on reclassification adjustment in net income | 0 | 0 | 0 | |||
Decrease to retained earnings, net of tax | (321,842,000) | (321,842,000) | (316,329,000) | (304,040,000) | $ (277,871,000) | |
Retained Earnings | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Decrease to retained earnings, net of tax | (154,282,000) | $ (154,282,000) | (150,158,000) | $ (141,447,000) | $ (117,313,000) | |
Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Purchase discounts reclassified | $ 1,000,000 | |||||
Decrease to retained earnings, net of tax | 3,985,000 | |||||
Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | Retained Earnings | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Decrease to retained earnings, net of tax | 4,700,000 | 3,985,000 | ||||
Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | Unfunded lending commitments | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Increase (release) in allowance | 2,400,000 | (2,200,000) | ||||
Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | Unfunded lending commitments | Other non-interest expense | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Increase (release) in allowance | (1,300,000) | |||||
Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | Unfunded lending commitments | Retained Earnings | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Increase (release) in allowance | (940,000) | |||||
Release in allowance, net of taxes | 740,000 | |||||
non-PCD loans | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Increase (release) in allowance | 3,600,000 | |||||
ASU 2016-13 | Retained Earnings | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Decrease to retained earnings, net of tax | 3,985,000 | |||||
ASU 2016-13 | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Purchase discounts reclassified | $ 1,000,000 | |||||
Servicing Contracts | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortization of intangibles | 10 years | |||||
Nonrecurring | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Foreclosed assets and ORE | 1,302,000 | $ 1,302,000 | 4,156,000 | |||
Minimum | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of the individual assets | 3 years | |||||
Minimum | Core Deposits | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortization of intangibles | 9 years | |||||
Maximum | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of the individual assets | 40 years | |||||
Maximum | Core Deposits | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortization of intangibles | 15 years | |||||
U S Government Agencies | ||||||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||||||
Outstanding loans sold to government agencies | $ 80,898,000 | $ 80,898,000 | $ 118,818,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Impact of ASC Topic 326 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | $ 32,963 | $ 22,501 | $ 17,868 | $ 16,348 | $ 14,807 |
Total allowance for credit losses | 34,388 | 23,926 | 17,868 | ||
Decrease to retained earnings, net of tax effect | (321,842) | (316,329) | (304,040) | (277,871) | |
Unfunded lending commitments | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 1,425 | 1,425 | 0 | ||
Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 4,633 | ||||
Total allowance for credit losses | 6,058 | ||||
Decrease to retained earnings, net of tax effect | 3,985 | ||||
Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | Unfunded lending commitments | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 1,425 | ||||
Retained Earnings | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Decrease to retained earnings, net of tax effect | (154,282) | (150,158) | (141,447) | (117,313) | |
Retained Earnings | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Decrease to retained earnings, net of tax effect | 4,700 | 3,985 | |||
ASU 2016-13 | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 4,633 | ||||
Total allowance for credit losses | 6,058 | ||||
ASU 2016-13 | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | Reclassification | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Reclassifications | (996) | ||||
ASU 2016-13 | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | Unfunded lending commitments | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 1,425 | ||||
ASU 2016-13 | Retained Earnings | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Reclassifications | 5,062 | ||||
Tax effect | (1,077) | ||||
Decrease to retained earnings, net of tax effect | 3,985 | ||||
One- to four-family first mortgage | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 3,065 | 3,701 | 2,715 | 2,136 | 1,663 |
One- to four-family first mortgage | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 986 | ||||
One- to four-family first mortgage | ASU 2016-13 | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 986 | ||||
Home equity loans and lines | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 676 | 1,083 | 1,084 | 1,079 | 1,102 |
Home equity loans and lines | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | (1) | ||||
Home equity loans and lines | ASU 2016-13 | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | (1) | ||||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 18,851 | 8,515 | 6,541 | 6,125 | 4,906 |
Commercial real estate | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 1,974 | ||||
Commercial real estate | ASU 2016-13 | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 1,974 | ||||
Construction and land | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 4,155 | 3,189 | 2,670 | 2,285 | 1,749 |
Construction and land | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 519 | ||||
Construction and land | ASU 2016-13 | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 519 | ||||
Multi-family residential | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 1,077 | 327 | 572 | 550 | 355 |
Multi-family residential | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | (245) | ||||
Multi-family residential | ASU 2016-13 | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | (245) | ||||
Commercial and industrial | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 4,276 | 4,937 | 3,694 | 3,228 | 4,530 |
Commercial and industrial | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 1,243 | ||||
Commercial and industrial | ASU 2016-13 | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | 1,243 | ||||
Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | $ 863 | 749 | 592 | $ 945 | $ 502 |
Consumer | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | $ 157 | ||||
Consumer | ASU 2016-13 | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance increase | $ 157 |
Acquisition Activity - Summary
Acquisition Activity - Summary of Acquisition Activity (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 06, 2017 | Sep. 15, 2015 | Feb. 14, 2014 | Jul. 15, 2011 | Mar. 12, 2010 |
Business Acquisition [Line Items] | |||||||||
Total Assets | $ 1,689,382 | ||||||||
Total Loans | 1,175,891 | ||||||||
Goodwill | 58,488 | $ 58,488 | $ 58,488 | $ 58,621 | |||||
Core Deposit Intangible | 13,670 | ||||||||
Total Deposits | $ 1,359,210 | ||||||||
Statewide Bank | |||||||||
Business Acquisition [Line Items] | |||||||||
Total Assets | $ 188,026 | ||||||||
Total Loans | 110,415 | ||||||||
Goodwill | 560 | ||||||||
Core Deposit Intangible | 1,429 | ||||||||
Total Deposits | $ 206,925 | ||||||||
GS Financial Corporation | |||||||||
Business Acquisition [Line Items] | |||||||||
Total Assets | $ 256,677 | ||||||||
Total Loans | 182,440 | ||||||||
Goodwill | 296 | ||||||||
Core Deposit Intangible | 859 | ||||||||
Total Deposits | $ 193,518 | ||||||||
Britton & Koontz Capital Corporation | |||||||||
Business Acquisition [Line Items] | |||||||||
Total Assets | $ 298,930 | ||||||||
Total Loans | 161,581 | ||||||||
Goodwill | 43 | ||||||||
Core Deposit Intangible | 3,030 | ||||||||
Total Deposits | $ 216,600 | ||||||||
Louisiana Bancorp, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Total Assets | $ 352,897 | ||||||||
Total Loans | 281,583 | ||||||||
Goodwill | 8,454 | ||||||||
Core Deposit Intangible | 1,586 | ||||||||
Total Deposits | $ 208,670 | ||||||||
St. Martin Bancshares, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Total Assets | $ 592,852 | ||||||||
Total Loans | 439,872 | ||||||||
Goodwill | 49,135 | ||||||||
Core Deposit Intangible | 6,766 | ||||||||
Total Deposits | $ 533,497 |
Investment Securities - Summary
Investment Securities - Summary Information Regarding Investment Securities Classified as Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, Amortized Cost | $ 248,297 | $ 256,445 |
Securities available for sale, Gross Unrealized Gains | 6,553 | 1,959 |
Securities available for sale, Gross Unrealized Losses, Less Than 1 Year | 86 | 652 |
Securities available for sale, Over 1 Year | 12 | 431 |
Investment securities available for sale | 254,752 | 257,321 |
Securities held to maturity, Amortized Cost | 2,934 | 7,149 |
Securities held to maturity, Gross Unrealized Gains | 62 | 45 |
Securities held to maturity, Gross unrealized losses, Less Than 1 Year | 0 | 0 |
Securities held to maturity, Gross unrealized losses, Over 1 Year | 0 | 0 |
Investment securities held to maturity, Fair Value | 2,996 | 7,194 |
U.S. agency mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, Amortized Cost | 138,669 | 94,446 |
Securities available for sale, Gross Unrealized Gains | 4,162 | 1,081 |
Securities available for sale, Gross Unrealized Losses, Less Than 1 Year | 19 | 292 |
Securities available for sale, Over 1 Year | 0 | 63 |
Investment securities available for sale | 142,812 | 95,172 |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, Amortized Cost | 74,112 | 142,408 |
Securities available for sale, Gross Unrealized Gains | 1,565 | 701 |
Securities available for sale, Gross Unrealized Losses, Less Than 1 Year | 55 | 300 |
Securities available for sale, Over 1 Year | 2 | 358 |
Investment securities available for sale | 75,620 | 142,451 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, Amortized Cost | 27,306 | 15,895 |
Securities available for sale, Gross Unrealized Gains | 717 | 166 |
Securities available for sale, Gross Unrealized Losses, Less Than 1 Year | 12 | 56 |
Securities available for sale, Over 1 Year | 0 | 0 |
Investment securities available for sale | 28,011 | 16,005 |
Securities held to maturity, Amortized Cost | 2,934 | 7,149 |
Securities held to maturity, Gross Unrealized Gains | 62 | 45 |
Securities held to maturity, Gross unrealized losses, Less Than 1 Year | 0 | 0 |
Securities held to maturity, Gross unrealized losses, Over 1 Year | 0 | 0 |
Investment securities held to maturity, Fair Value | 2,996 | 7,194 |
U.S. government agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, Amortized Cost | 6,210 | 3,696 |
Securities available for sale, Gross Unrealized Gains | 55 | 11 |
Securities available for sale, Gross Unrealized Losses, Less Than 1 Year | 0 | 4 |
Securities available for sale, Over 1 Year | 10 | 10 |
Investment securities available for sale | 6,255 | $ 3,693 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, Amortized Cost | 2,000 | |
Securities available for sale, Gross Unrealized Gains | 54 | |
Securities available for sale, Gross Unrealized Losses, Less Than 1 Year | 0 | |
Securities available for sale, Over 1 Year | 0 | |
Investment securities available for sale | $ 2,054 |
Investments Securities - Compan
Investments Securities - Company's Investment Securities With Unrealized Losses, Aggregated by Type and Length (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available-for-sale, Fair Value | ||
Fair Value , Less Than 1 Year | $ 28,559 | $ 83,108 |
Fair Value, Over 1 Year | 3,505 | 42,745 |
Fair Value | 32,064 | 125,853 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 86 | 652 |
Securities available for sale, Over 1 Year | 12 | 431 |
Unrealized Losses | 98 | 1,083 |
Securities held-to-maturity, Fair Value | ||
Fair Value, Less Than 1 Year | 0 | 0 |
Fair Value, Over 1 Year | 0 | 0 |
Fair Value | 0 | 0 |
Securities held-to-maturity, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 0 | 0 |
Gross unrealized losses, Over 1 Year | 0 | 0 |
Unrealized Losses | 0 | 0 |
U.S. agency mortgage-backed | ||
Securities available-for-sale, Fair Value | ||
Fair Value , Less Than 1 Year | 13,666 | 28,847 |
Fair Value, Over 1 Year | 0 | 5,148 |
Fair Value | 13,666 | 33,995 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 19 | 292 |
Securities available for sale, Over 1 Year | 0 | 63 |
Unrealized Losses | 19 | 355 |
Collateralized mortgage obligations | ||
Securities available-for-sale, Fair Value | ||
Fair Value , Less Than 1 Year | 13,615 | 50,004 |
Fair Value, Over 1 Year | 2,309 | 37,131 |
Fair Value | 15,924 | 87,135 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 55 | 300 |
Securities available for sale, Over 1 Year | 2 | 358 |
Unrealized Losses | 57 | 658 |
Municipal bonds | ||
Securities available-for-sale, Fair Value | ||
Fair Value , Less Than 1 Year | 1,278 | 3,044 |
Fair Value, Over 1 Year | 0 | 0 |
Fair Value | 1,278 | 3,044 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 12 | 56 |
Securities available for sale, Over 1 Year | 0 | 0 |
Unrealized Losses | 12 | 56 |
Securities held-to-maturity, Fair Value | ||
Fair Value, Less Than 1 Year | 0 | 0 |
Fair Value, Over 1 Year | 0 | 0 |
Fair Value | 0 | 0 |
Securities held-to-maturity, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 0 | 0 |
Gross unrealized losses, Over 1 Year | 0 | 0 |
Unrealized Losses | 0 | 0 |
U.S. government agency | ||
Securities available-for-sale, Fair Value | ||
Fair Value , Less Than 1 Year | 0 | 1,213 |
Fair Value, Over 1 Year | 1,196 | 466 |
Fair Value | 1,196 | 1,679 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 0 | 4 |
Securities available for sale, Over 1 Year | 10 | 10 |
Unrealized Losses | 10 | $ 14 |
Corporate bonds | ||
Securities available-for-sale, Fair Value | ||
Fair Value , Less Than 1 Year | 0 | |
Fair Value, Over 1 Year | 0 | |
Fair Value | 0 | |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 0 | |
Securities available for sale, Over 1 Year | 0 | |
Unrealized Losses | $ 0 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020USD ($)security | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of debt securities with unrealized losses (securities) | security | 33 | ||
Percentage of individual securities' amortized cost basis (percent) | 0.30% | ||
Percentage of Company's total amortized cost basis of investment securities portfolio (percent) | 0.04% | ||
Number of debt securities in continuous loss position for over 12 months (securities) | security | 3 | ||
Loss duration | 12 months | ||
ACL recorded for available for sale investment securities | $ 0 | ||
ACL for Company's held to maturity investment securities | 0 | ||
Gross gain on sale of investment securities | 0 | $ 0 | $ 0 |
Gross loss on sale of investment securities | 0 | 0 | $ 0 |
Accrued interest receivable for investment securities | 744,000 | 894,000 | |
Securities pledged to secure public deposits | $ 125,889,000 | $ 157,091,000 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost of Held-to-Maturity Securities by Credit Quality (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities held to maturity | $ 2,934 | $ 7,149 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities held to maturity | 2,934 | $ 7,149 |
Municipal bonds | AAA/AA/A | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities held to maturity | 2,934 | |
Municipal bonds | BBB/BB/B | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities held to maturity | $ 0 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value by Maturity of Company's Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities available for sale, One Year or Less, Fair Value | $ 4,560 | |
Securities available for sale, After One Year through Five Years, Fair Value | 35,764 | |
Securities available for sale, After Five Years through Ten Years, Fair Value | 84,744 | |
Securities available for sale, After Ten Years, Fair Value | 129,684 | |
Total available for sale, Fair Value | 254,752 | $ 257,321 |
Securities held to maturity, One Year or Less, Fair Value | 0 | |
Securities held to maturity, After One Year through Five Years, Fair Value | 802 | |
Securities held to maturity, After Five Years through Ten Years, Fair Value | 2,194 | |
Securities held to maturity, After Ten Years, Fair Value | 0 | |
Total held to maturity, Fair Value | 2,996 | 7,194 |
Securities available for sale, Amortized Cost, One Year or Less | 4,521 | |
Securities available for sale, Amortized Cost, After One Year through Five Years | 34,486 | |
Securities available for sale, Amortized Cost, After Five Years through Ten Years | 81,310 | |
Securities available for sale, Amortized Cost, After Ten Years | 127,980 | |
Securities available for sale, Amortized Cost | 248,297 | 256,445 |
Securities held to maturity, Amortized Cost, One Year or Less | 0 | |
Securities held to maturity, Amortized Cost, After One Year through Five Years | 800 | |
Securities held to maturity, Amortized Cost, After Five Years through Ten Years | 2,134 | |
Securities held to maturity, Amortized Cost, After Ten Years | 0 | |
Securities held to maturity, Amortized Cost | 2,934 | 7,149 |
U.S. agency mortgage-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities available for sale, One Year or Less, Fair Value | 3,239 | |
Securities available for sale, After One Year through Five Years, Fair Value | 13,335 | |
Securities available for sale, After Five Years through Ten Years, Fair Value | 48,561 | |
Securities available for sale, After Ten Years, Fair Value | 77,677 | |
Total available for sale, Fair Value | 142,812 | 95,172 |
Securities available for sale, Amortized Cost, One Year or Less | 3,204 | |
Securities available for sale, Amortized Cost, After One Year through Five Years | 12,868 | |
Securities available for sale, Amortized Cost, After Five Years through Ten Years | 46,137 | |
Securities available for sale, Amortized Cost, After Ten Years | 76,460 | |
Securities available for sale, Amortized Cost | 138,669 | 94,446 |
Collateralized mortgage obligations | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities available for sale, One Year or Less, Fair Value | 0 | |
Securities available for sale, After One Year through Five Years, Fair Value | 19,689 | |
Securities available for sale, After Five Years through Ten Years, Fair Value | 19,987 | |
Securities available for sale, After Ten Years, Fair Value | 35,944 | |
Total available for sale, Fair Value | 75,620 | 142,451 |
Securities available for sale, Amortized Cost, One Year or Less | 0 | |
Securities available for sale, Amortized Cost, After One Year through Five Years | 18,902 | |
Securities available for sale, Amortized Cost, After Five Years through Ten Years | 19,481 | |
Securities available for sale, Amortized Cost, After Ten Years | 35,729 | |
Securities available for sale, Amortized Cost | 74,112 | 142,408 |
Municipal bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities available for sale, One Year or Less, Fair Value | 1,321 | |
Securities available for sale, After One Year through Five Years, Fair Value | 2,740 | |
Securities available for sale, After Five Years through Ten Years, Fair Value | 8,305 | |
Securities available for sale, After Ten Years, Fair Value | 15,645 | |
Total available for sale, Fair Value | 28,011 | 16,005 |
Securities held to maturity, One Year or Less, Fair Value | 0 | |
Securities held to maturity, After One Year through Five Years, Fair Value | 802 | |
Securities held to maturity, After Five Years through Ten Years, Fair Value | 2,194 | |
Securities held to maturity, After Ten Years, Fair Value | 0 | |
Total held to maturity, Fair Value | 2,996 | 7,194 |
Securities available for sale, Amortized Cost, One Year or Less | 1,317 | |
Securities available for sale, Amortized Cost, After One Year through Five Years | 2,716 | |
Securities available for sale, Amortized Cost, After Five Years through Ten Years | 7,906 | |
Securities available for sale, Amortized Cost, After Ten Years | 15,367 | |
Securities available for sale, Amortized Cost | 27,306 | 15,895 |
Securities held to maturity, Amortized Cost, One Year or Less | 0 | |
Securities held to maturity, Amortized Cost, After One Year through Five Years | 800 | |
Securities held to maturity, Amortized Cost, After Five Years through Ten Years | 2,134 | |
Securities held to maturity, Amortized Cost, After Ten Years | 0 | |
Securities held to maturity, Amortized Cost | 2,934 | 7,149 |
U.S. government agency | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities available for sale, One Year or Less, Fair Value | 0 | |
Securities available for sale, After One Year through Five Years, Fair Value | 0 | |
Securities available for sale, After Five Years through Ten Years, Fair Value | 5,837 | |
Securities available for sale, After Ten Years, Fair Value | 418 | |
Total available for sale, Fair Value | 6,255 | 3,693 |
Securities available for sale, Amortized Cost, One Year or Less | 0 | |
Securities available for sale, Amortized Cost, After One Year through Five Years | 0 | |
Securities available for sale, Amortized Cost, After Five Years through Ten Years | 5,786 | |
Securities available for sale, Amortized Cost, After Ten Years | 424 | |
Securities available for sale, Amortized Cost | 6,210 | $ 3,696 |
Corporate bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities available for sale, One Year or Less, Fair Value | 0 | |
Securities available for sale, After One Year through Five Years, Fair Value | 0 | |
Securities available for sale, After Five Years through Ten Years, Fair Value | 2,054 | |
Securities available for sale, After Ten Years, Fair Value | 0 | |
Total available for sale, Fair Value | 2,054 | |
Securities available for sale, Amortized Cost, One Year or Less | 0 | |
Securities available for sale, Amortized Cost, After One Year through Five Years | 0 | |
Securities available for sale, Amortized Cost, After Five Years through Ten Years | 2,000 | |
Securities available for sale, Amortized Cost, After Ten Years | 0 | |
Securities available for sale, Amortized Cost | $ 2,000 |
Loans - Additional Information
Loans - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2020USD ($)SecurityLoanproperty | Dec. 31, 2019USD ($)SecurityLoan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Net discount on loans | $ 6,650,000 | $ 12,315,000 |
Unearned income | 8,727,000 | 3,114,000 |
Total loans | 1,979,954,000 | 1,714,361,000 |
Accrued interest receivable for loans | 8,635,000 | 6,575,000 |
Individually evaluated for impairment, Recorded investment in loans | 9,012,000 | |
ACL related to unfunded loan commitments | 31,424,000 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 2,000 | 0 |
Threshold for significant investments | 250,000 | 250,000 |
Nonaccrual loans | 18,677,000 | 24,386,000 |
Foreclosed assets and ORE | 1,302,000 | 4,156,000 |
Loans secured by residential real estate that are in process of foreclosure | 446,000 | 723,000 |
Modified loans | $ 36,047,000 | |
Modified loans as a percentage of outstanding loans (percent) | 2.00% | |
Unfunded commitments to borrowers whose loans had been modified | $ 0 | 0 |
Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | ASU 2016-13 | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual loans | 390,000 | |
Held for sale | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Carrying value of foreclosed assets | 212,000 | 1,275,000 |
Expected sale | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Carrying value of foreclosed assets | $ 1,035,000 | |
Number of properties sold | property | 6 | |
Gains (losses) on sale | $ (126,000) | |
Nonrecurring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Foreclosed assets and ORE | 1,302,000 | 4,156,000 |
Originated loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 1,625,139,000 | 1,251,201,000 |
Individually evaluated for impairment, Recorded investment in loans | 8,712,000 | |
ACL related to unfunded loan commitments | 16,497,000 | |
Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 7,398,000 | |
Financial Asset Acquired with Credit Deterioration | Commercial Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Individually evaluated for impairment, Recorded investment in loans | $ 277,000 | |
Number of loans | SecurityLoan | 1 | |
Acquired loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | $ 354,815,000 | 463,160,000 |
Acquired loans | ASC 310-30 | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual loans | 2,200,000 | |
PPP loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Deferred lender fees | 5,449,000 | |
Unfunded lending commitments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
ACL related to unfunded loan commitments | 1,425,000 | |
Unfunded lending commitments | Originated loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 336,900,000 | |
ACL related to unfunded loan commitments | 1,400,000 | |
Residential Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Repossessed Assets | 877,000 | 1,737,000 |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 417,926,000 | 184,701,000 |
Individually evaluated for impairment, Recorded investment in loans | 606,000 | |
ACL related to unfunded loan commitments | 3,845,000 | |
Nonaccrual loans | 1,717,000 | 3,224,000 |
Commercial and industrial | Originated loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 155,724,000 | |
Individually evaluated for impairment, Recorded investment in loans | 1,223,000 | |
ACL related to unfunded loan commitments | 2,969,000 | |
Commercial and industrial | Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 337,000 | |
Commercial and industrial | Acquired loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 28,977,000 | |
Commercial and industrial | PPP loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 221,220,000 | |
Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 750,623,000 | 722,807,000 |
Individually evaluated for impairment, Recorded investment in loans | 7,400,000 | |
ACL related to unfunded loan commitments | 17,843,000 | |
Nonaccrual loans | $ 12,298,000 | 13,325,000 |
Number of modified loans with subsequent default within twelve months | SecurityLoan | 2 | |
Modified loans that subsequently defaulted within twelve months | $ 282,000 | |
Commercial real estate | Originated loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 529,139,000 | |
Individually evaluated for impairment, Recorded investment in loans | 6,518,000 | |
ACL related to unfunded loan commitments | 6,243,000 | |
Commercial real estate | Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 5,007,000 | |
Commercial real estate | Acquired loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 193,668,000 | |
Home equity loans and lines | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 67,700,000 | 79,812,000 |
Individually evaluated for impairment, Recorded investment in loans | 0 | |
ACL related to unfunded loan commitments | 676,000 | |
Nonaccrual loans | $ 63,000 | $ 1,244,000 |
Number of modified loans with subsequent default within twelve months | SecurityLoan | 4 | 2 |
Modified loans that subsequently defaulted within twelve months | $ 582,000 | $ 619,000 |
Home equity loans and lines | Originated loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 56,964,000 | |
Individually evaluated for impairment, Recorded investment in loans | 784,000 | |
ACL related to unfunded loan commitments | 736,000 | |
Home equity loans and lines | Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 582,000 | |
Home equity loans and lines | Acquired loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 22,848,000 | |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 38,912,000 | 45,604,000 |
Individually evaluated for impairment, Recorded investment in loans | 0 | |
ACL related to unfunded loan commitments | 863,000 | |
Nonaccrual loans | $ 292,000 | $ 176,000 |
Number of modified loans with subsequent default within twelve months | SecurityLoan | 1 | 2 |
Modified loans that subsequently defaulted within twelve months | $ 4,000 | $ 10,000 |
Consumer | Originated loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 35,680,000 | |
Individually evaluated for impairment, Recorded investment in loans | 0 | |
ACL related to unfunded loan commitments | 592,000 | |
Consumer | Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | 31,000 | |
Consumer | Acquired loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans | $ 9,924,000 |
Loans - Summary of Loans, Net o
Loans - Summary of Loans, Net of Unearned Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 1,979,954 | $ 1,714,361 |
Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,523,116 | 1,484,056 |
Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 456,838 | 230,305 |
One- to four-family first mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 395,638 | 430,820 |
One- to four-family first mortgage | Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 395,638 | 430,820 |
Home equity loans and lines | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 67,700 | 79,812 |
Home equity loans and lines | Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 67,700 | 79,812 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 750,623 | 722,807 |
Commercial real estate | Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 750,623 | 722,807 |
Construction and land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 221,823 | 195,748 |
Construction and land | Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 221,823 | 195,748 |
Multi-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 87,332 | 54,869 |
Multi-family residential | Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 87,332 | 54,869 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 417,926 | 184,701 |
Commercial and industrial | Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 417,926 | 184,701 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 38,912 | 45,604 |
Consumer | Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 38,912 | $ 45,604 |
Loans- Schedule of Activity in
Loans- Schedule of Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | $ 17,868 | $ 16,348 | $ 14,807 | $ 17,868 | $ 16,348 | $ 14,807 | ||||||||||
Charge-offs | (2,601) | (1,577) | (2,581) | |||||||||||||
Recoveries | 335 | 83 | 179 | |||||||||||||
Provision for loan losses | $ 0 | $ 0 | $ 6,471 | 6,257 | $ 713 | $ 1,146 | $ 765 | 390 | $ 1,612 | $ 786 | $ 581 | 964 | 12,728 | 3,014 | 3,943 | |
Ending Balance | 32,963 | 17,868 | 16,348 | 32,963 | 17,868 | 16,348 | ||||||||||
Total allowance for credit losses | 34,388 | 17,868 | 34,388 | 17,868 | $ 23,926 | |||||||||||
Credit loss expense (reversal) | 12,728 | |||||||||||||||
Unfunded lending commitments | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 0 | 0 | ||||||||||||||
Charge-offs | 0 | |||||||||||||||
Recoveries | 0 | |||||||||||||||
Provision for loan losses | 0 | |||||||||||||||
Ending Balance | 1,425 | 0 | 1,425 | 0 | ||||||||||||
Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 4,633 | 4,633 | ||||||||||||||
Ending Balance | 4,633 | 4,633 | ||||||||||||||
Total allowance for credit losses | 6,058 | 6,058 | ||||||||||||||
Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | Unfunded lending commitments | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 1,425 | 1,425 | ||||||||||||||
Ending Balance | 1,425 | 1,425 | ||||||||||||||
One- to four-family first mortgage | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 2,715 | 2,136 | 1,663 | 2,715 | 2,136 | 1,663 | ||||||||||
Charge-offs | (99) | (4) | (1) | |||||||||||||
Recoveries | 13 | 0 | 0 | |||||||||||||
Provision for loan losses | (550) | 583 | 474 | |||||||||||||
Ending Balance | 3,065 | 2,715 | 2,136 | 3,065 | 2,715 | 2,136 | ||||||||||
One- to four-family first mortgage | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 986 | 986 | ||||||||||||||
Ending Balance | 986 | 986 | ||||||||||||||
Home equity loans and lines | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 1,084 | 1,079 | 1,102 | 1,084 | 1,079 | 1,102 | ||||||||||
Charge-offs | (575) | (42) | 0 | |||||||||||||
Recoveries | 16 | 16 | 5 | |||||||||||||
Provision for loan losses | 152 | 31 | (28) | |||||||||||||
Ending Balance | 676 | 1,084 | 1,079 | 676 | 1,084 | 1,079 | ||||||||||
Home equity loans and lines | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | (1) | (1) | ||||||||||||||
Ending Balance | (1) | (1) | ||||||||||||||
Commercial real estate | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 6,541 | 6,125 | 4,906 | 6,541 | 6,125 | 4,906 | ||||||||||
Charge-offs | (5) | (360) | 0 | |||||||||||||
Recoveries | 55 | 0 | 0 | |||||||||||||
Provision for loan losses | 10,286 | 776 | 1,219 | |||||||||||||
Ending Balance | 18,851 | 6,541 | 6,125 | 18,851 | 6,541 | 6,125 | ||||||||||
Commercial real estate | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 1,974 | 1,974 | ||||||||||||||
Ending Balance | 1,974 | 1,974 | ||||||||||||||
Construction and land | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 2,670 | 2,285 | 1,749 | 2,670 | 2,285 | 1,749 | ||||||||||
Charge-offs | (688) | (6) | 0 | |||||||||||||
Recoveries | 0 | 0 | 0 | |||||||||||||
Provision for loan losses | 1,654 | 391 | 536 | |||||||||||||
Ending Balance | 4,155 | 2,670 | 2,285 | 4,155 | 2,670 | 2,285 | ||||||||||
Construction and land | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 519 | 519 | ||||||||||||||
Ending Balance | 519 | 519 | ||||||||||||||
Multi-family residential | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 572 | 550 | 355 | 572 | 550 | 355 | ||||||||||
Charge-offs | 0 | 0 | 0 | |||||||||||||
Recoveries | 0 | 0 | 0 | |||||||||||||
Provision for loan losses | 750 | 22 | 195 | |||||||||||||
Ending Balance | 1,077 | 572 | 550 | 1,077 | 572 | 550 | ||||||||||
Multi-family residential | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | (245) | (245) | ||||||||||||||
Ending Balance | (245) | (245) | ||||||||||||||
Commercial and industrial | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 3,694 | 3,228 | 4,530 | 3,694 | 3,228 | 4,530 | ||||||||||
Charge-offs | (984) | (893) | (2,506) | |||||||||||||
Recoveries | 106 | 25 | 158 | |||||||||||||
Provision for loan losses | 217 | 1,334 | 1,046 | |||||||||||||
Ending Balance | 4,276 | 3,694 | 3,228 | 4,276 | 3,694 | 3,228 | ||||||||||
Commercial and industrial | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 1,243 | 1,243 | ||||||||||||||
Ending Balance | 1,243 | 1,243 | ||||||||||||||
Consumer | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | 592 | $ 945 | $ 502 | 592 | 945 | 502 | ||||||||||
Charge-offs | (250) | (272) | (74) | |||||||||||||
Recoveries | 145 | 42 | 16 | |||||||||||||
Provision for loan losses | 219 | (123) | 501 | |||||||||||||
Ending Balance | $ 863 | 592 | $ 945 | 863 | 592 | $ 945 | ||||||||||
Consumer | Cumulative effect of change in accounting principle due to the adoption of ASC 326, net of tax | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||||
Beginning Balance | $ 157 | $ 157 | ||||||||||||||
Ending Balance | $ 157 | $ 157 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses and Recorded Investment in Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | $ 31,424 | ||||
Individually evaluated for impairment, Allowance for loan losses | 1,539 | ||||
Allowance for loan losses | 32,963 | $ 22,501 | $ 17,868 | $ 16,348 | $ 14,807 |
Total allowance for credit losses | 32,849 | ||||
Total allowance for credit losses | 1,539 | ||||
Total allowance for credit losses | 34,388 | 23,926 | 17,868 | ||
Collectively evaluated for impairment, Recorded investment in loans | 1,970,942 | ||||
Individually evaluated for impairment, Recorded investment in loans | 9,012 | ||||
Total | 1,979,954 | 1,714,361 | |||
Originated loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 16,497 | ||||
Individually evaluated for impairment, Allowance for loan losses | 1,347 | ||||
Collectively evaluated for impairment, Recorded investment in loans | 1,698,251 | ||||
Individually evaluated for impairment, Recorded investment in loans | 8,712 | ||||
Total | 1,625,139 | 1,251,201 | |||
Acquired with Deteriorated Credit Quality | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | 24 | ||||
Total | 7,398 | ||||
Unfunded lending commitments | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 1,425 | ||||
Individually evaluated for impairment, Allowance for loan losses | 0 | ||||
Allowance for loan losses | 1,425 | 1,425 | 0 | ||
Unfunded lending commitments | Originated loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 1,400 | ||||
Total | 336,900 | ||||
One- to four-family first mortgage | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 2,965 | ||||
Individually evaluated for impairment, Allowance for loan losses | 100 | ||||
Allowance for loan losses | 3,065 | 3,701 | 2,715 | 2,136 | 1,663 |
Collectively evaluated for impairment, Recorded investment in loans | 394,632 | ||||
Individually evaluated for impairment, Recorded investment in loans | 1,006 | ||||
Total | 395,638 | 430,820 | |||
One- to four-family first mortgage | Originated loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 2,715 | ||||
Individually evaluated for impairment, Allowance for loan losses | 0 | ||||
Collectively evaluated for impairment, Recorded investment in loans | 429,745 | ||||
Individually evaluated for impairment, Recorded investment in loans | 187 | ||||
Total | 251,346 | ||||
One- to four-family first mortgage | Acquired with Deteriorated Credit Quality | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | 0 | ||||
Total | 888 | ||||
Home equity loans and lines | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 676 | ||||
Individually evaluated for impairment, Allowance for loan losses | 0 | ||||
Allowance for loan losses | 676 | 1,083 | 1,084 | 1,079 | 1,102 |
Collectively evaluated for impairment, Recorded investment in loans | 67,700 | ||||
Individually evaluated for impairment, Recorded investment in loans | 0 | ||||
Total | 67,700 | 79,812 | |||
Home equity loans and lines | Originated loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 736 | ||||
Individually evaluated for impairment, Allowance for loan losses | 348 | ||||
Collectively evaluated for impairment, Recorded investment in loans | 78,446 | ||||
Individually evaluated for impairment, Recorded investment in loans | 784 | ||||
Total | 56,964 | ||||
Home equity loans and lines | Acquired with Deteriorated Credit Quality | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | 0 | ||||
Total | 582 | ||||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 17,843 | ||||
Individually evaluated for impairment, Allowance for loan losses | 1,008 | ||||
Allowance for loan losses | 18,851 | 8,515 | 6,541 | 6,125 | 4,906 |
Collectively evaluated for impairment, Recorded investment in loans | 743,223 | ||||
Individually evaluated for impairment, Recorded investment in loans | 7,400 | ||||
Total | 750,623 | 722,807 | |||
Commercial real estate | Originated loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 6,243 | ||||
Individually evaluated for impairment, Allowance for loan losses | 298 | ||||
Collectively evaluated for impairment, Recorded investment in loans | 711,282 | ||||
Individually evaluated for impairment, Recorded investment in loans | 6,518 | ||||
Total | 529,139 | ||||
Commercial real estate | Acquired with Deteriorated Credit Quality | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | 0 | ||||
Total | 5,007 | ||||
Construction and land | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 4,155 | ||||
Individually evaluated for impairment, Allowance for loan losses | 0 | ||||
Allowance for loan losses | 4,155 | 3,189 | 2,670 | 2,285 | 1,749 |
Collectively evaluated for impairment, Recorded investment in loans | 221,823 | ||||
Individually evaluated for impairment, Recorded investment in loans | 0 | ||||
Total | 221,823 | 195,748 | |||
Construction and land | Originated loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 2,670 | ||||
Individually evaluated for impairment, Allowance for loan losses | 0 | ||||
Collectively evaluated for impairment, Recorded investment in loans | 195,374 | ||||
Individually evaluated for impairment, Recorded investment in loans | 0 | ||||
Total | 173,687 | ||||
Construction and land | Acquired with Deteriorated Credit Quality | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | 0 | ||||
Total | 374 | ||||
Multi-family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 1,077 | ||||
Individually evaluated for impairment, Allowance for loan losses | 0 | ||||
Allowance for loan losses | 1,077 | 327 | 572 | 550 | 355 |
Collectively evaluated for impairment, Recorded investment in loans | 87,332 | ||||
Individually evaluated for impairment, Recorded investment in loans | 0 | ||||
Total | 87,332 | 54,869 | |||
Multi-family residential | Originated loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 572 | ||||
Individually evaluated for impairment, Allowance for loan losses | 0 | ||||
Collectively evaluated for impairment, Recorded investment in loans | 54,690 | ||||
Individually evaluated for impairment, Recorded investment in loans | 0 | ||||
Total | 48,661 | ||||
Multi-family residential | Acquired with Deteriorated Credit Quality | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | 0 | ||||
Total | 179 | ||||
Commercial and industrial | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 3,845 | ||||
Individually evaluated for impairment, Allowance for loan losses | 431 | ||||
Allowance for loan losses | 4,276 | 4,937 | 3,694 | 3,228 | 4,530 |
Collectively evaluated for impairment, Recorded investment in loans | 417,320 | ||||
Individually evaluated for impairment, Recorded investment in loans | 606 | ||||
Total | 417,926 | 184,701 | |||
Commercial and industrial | Originated loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 2,969 | ||||
Individually evaluated for impairment, Allowance for loan losses | 701 | ||||
Collectively evaluated for impairment, Recorded investment in loans | 183,141 | ||||
Individually evaluated for impairment, Recorded investment in loans | 1,223 | ||||
Total | 155,724 | ||||
Commercial and industrial | Acquired with Deteriorated Credit Quality | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | 24 | ||||
Total | 337 | ||||
Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 863 | ||||
Individually evaluated for impairment, Allowance for loan losses | 0 | ||||
Allowance for loan losses | 863 | $ 749 | 592 | $ 945 | $ 502 |
Collectively evaluated for impairment, Recorded investment in loans | 38,912 | ||||
Individually evaluated for impairment, Recorded investment in loans | 0 | ||||
Total | $ 38,912 | 45,604 | |||
Consumer | Originated loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment, Allowance for loan losses | 592 | ||||
Individually evaluated for impairment, Allowance for loan losses | 0 | ||||
Collectively evaluated for impairment, Recorded investment in loans | 45,573 | ||||
Individually evaluated for impairment, Recorded investment in loans | 0 | ||||
Total | 35,680 | ||||
Consumer | Acquired with Deteriorated Credit Quality | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | |||||
Total | $ 31 |
Loans - Schedule of Loan Portfo
Loans - Schedule of Loan Portfolio by Credit Quality Classification and Origination Year (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | $ 700,703 | |
2019 | 373,375 | |
2018 | 195,683 | |
2017 | 170,152 | |
2016 | 113,118 | |
Prior | 220,861 | |
Revolving Loans | 189,516 | |
Revolving Loans Converted to Term Loans | 16,546 | |
Total | 1,979,954 | $ 1,714,361 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 694,955 | |
2019 | 370,471 | |
2018 | 193,209 | |
2017 | 169,385 | |
2016 | 109,331 | |
Prior | 207,555 | |
Revolving Loans | 185,756 | |
Revolving Loans Converted to Term Loans | 4,669 | |
Total | 1,935,331 | 1,660,759 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 2,970 | |
2019 | 792 | |
2018 | 302 | |
2017 | 74 | |
2016 | 964 | |
Prior | 1,796 | |
Revolving Loans | 1,801 | |
Revolving Loans Converted to Term Loans | 632 | |
Total | 9,331 | 13,764 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 2,778 | |
2019 | 2,112 | |
2018 | 2,172 | |
2017 | 693 | |
2016 | 2,823 | |
Prior | 11,510 | |
Revolving Loans | 1,959 | |
Revolving Loans Converted to Term Loans | 11,245 | |
Total | 35,292 | 39,838 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 0 | 0 |
One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 59,087 | |
2019 | 65,104 | |
2018 | 46,579 | |
2017 | 49,202 | |
2016 | 38,108 | |
Prior | 118,339 | |
Revolving Loans | 17,762 | |
Revolving Loans Converted to Term Loans | 1,457 | |
Total | 395,638 | 430,820 |
One- to four-family first mortgage | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 58,958 | |
2019 | 65,070 | |
2018 | 46,412 | |
2017 | 48,851 | |
2016 | 37,039 | |
Prior | 114,588 | |
Revolving Loans | 17,762 | |
Revolving Loans Converted to Term Loans | 1,457 | |
Total | 390,137 | 421,965 |
One- to four-family first mortgage | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 167 | |
2017 | 16 | |
2016 | 0 | |
Prior | 1,057 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,240 | 2,159 |
One- to four-family first mortgage | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 129 | |
2019 | 34 | |
2018 | 0 | |
2017 | 335 | |
2016 | 1,069 | |
Prior | 2,694 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 4,261 | 6,696 |
One- to four-family first mortgage | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 0 | 0 |
Home equity loans and lines | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 1,172 | |
2019 | 1,307 | |
2018 | 2,028 | |
2017 | 1,007 | |
2016 | 1,889 | |
Prior | 5,595 | |
Revolving Loans | 53,313 | |
Revolving Loans Converted to Term Loans | 1,389 | |
Total | 67,700 | 79,812 |
Home equity loans and lines | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 1,172 | |
2019 | 1,307 | |
2018 | 2,028 | |
2017 | 964 | |
2016 | 1,889 | |
Prior | 5,537 | |
Revolving Loans | 53,309 | |
Revolving Loans Converted to Term Loans | 1,389 | |
Total | 67,595 | 78,399 |
Home equity loans and lines | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 43 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 43 | 181 |
Home equity loans and lines | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 58 | |
Revolving Loans | 4 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 62 | 1,232 |
Home equity loans and lines | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 237,506 | |
2019 | 158,640 | |
2018 | 97,895 | |
2017 | 102,504 | |
2016 | 62,154 | |
Prior | 68,884 | |
Revolving Loans | 22,962 | |
Revolving Loans Converted to Term Loans | 78 | |
Total | 750,623 | 722,807 |
Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 235,900 | |
2019 | 156,646 | |
2018 | 96,153 | |
2017 | 102,166 | |
2016 | 59,859 | |
Prior | 60,720 | |
Revolving Loans | 22,962 | |
Revolving Loans Converted to Term Loans | 56 | |
Total | 734,462 | 698,705 |
Commercial real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 15 | |
2016 | 951 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 966 | 1,800 |
Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 1,606 | |
2019 | 1,994 | |
2018 | 1,742 | |
2017 | 323 | |
2016 | 1,344 | |
Prior | 8,164 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 22 | |
Total | 15,195 | 22,302 |
Commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 0 | 0 |
Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 88,868 | |
2019 | 91,387 | |
2018 | 16,703 | |
2017 | 5,486 | |
2016 | 2,837 | |
Prior | 2,372 | |
Revolving Loans | 1,892 | |
Revolving Loans Converted to Term Loans | 12,278 | |
Total | 221,823 | 195,748 |
Construction and land | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 87,540 | |
2019 | 91,337 | |
2018 | 16,703 | |
2017 | 5,486 | |
2016 | 2,585 | |
Prior | 1,505 | |
Revolving Loans | 1,892 | |
Revolving Loans Converted to Term Loans | 429 | |
Total | 207,477 | 184,187 |
Construction and land | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 877 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 618 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 627 | |
Total | 2,122 | 8,854 |
Construction and land | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 451 | |
2019 | 50 | |
2018 | 0 | |
2017 | 0 | |
2016 | 252 | |
Prior | 249 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 11,222 | |
Total | 12,224 | 2,707 |
Construction and land | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 0 | 0 |
Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 40,462 | |
2019 | 24,329 | |
2018 | 9,711 | |
2017 | 3,844 | |
2016 | 2,889 | |
Prior | 4,645 | |
Revolving Loans | 1,452 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 87,332 | 54,869 |
Multi-family residential | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 40,462 | |
2019 | 24,329 | |
2018 | 9,711 | |
2017 | 3,844 | |
2016 | 2,889 | |
Prior | 4,539 | |
Revolving Loans | 1,452 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 87,226 | 54,148 |
Multi-family residential | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 0 | 502 |
Multi-family residential | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 106 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 106 | 219 |
Multi-family residential | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 266,760 | |
2019 | 29,907 | |
2018 | 21,611 | |
2017 | 6,024 | |
2016 | 4,093 | |
Prior | 2,425 | |
Revolving Loans | 85,795 | |
Revolving Loans Converted to Term Loans | 1,311 | |
Total | 417,926 | 184,701 |
Commercial and industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 264,079 | |
2019 | 29,115 | |
2018 | 21,053 | |
2017 | 6,001 | |
2016 | 3,952 | |
Prior | 2,408 | |
Revolving Loans | 82,039 | |
Revolving Loans Converted to Term Loans | 1,311 | |
Total | 409,958 | 178,142 |
Commercial and industrial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 2,089 | |
2019 | 792 | |
2018 | 131 | |
2017 | 0 | |
2016 | 0 | |
Prior | 1 | |
Revolving Loans | 1,801 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 4,814 | 56 |
Commercial and industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 592 | |
2019 | 0 | |
2018 | 427 | |
2017 | 23 | |
2016 | 141 | |
Prior | 16 | |
Revolving Loans | 1,955 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 3,154 | 6,503 |
Commercial and industrial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 6,848 | |
2019 | 2,701 | |
2018 | 1,156 | |
2017 | 2,085 | |
2016 | 1,148 | |
Prior | 18,601 | |
Revolving Loans | 6,340 | |
Revolving Loans Converted to Term Loans | 33 | |
Total | 38,912 | 45,604 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 6,844 | |
2019 | 2,667 | |
2018 | 1,149 | |
2017 | 2,073 | |
2016 | 1,118 | |
Prior | 18,258 | |
Revolving Loans | 6,340 | |
Revolving Loans Converted to Term Loans | 27 | |
Total | 38,476 | 45,213 |
Consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 4 | |
2019 | 0 | |
2018 | 4 | |
2017 | 0 | |
2016 | 13 | |
Prior | 120 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 5 | |
Total | 146 | 212 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 34 | |
2018 | 3 | |
2017 | 12 | |
2016 | 17 | |
Prior | 223 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 1 | |
Total | 290 | 179 |
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | $ 0 | $ 0 |
Loans - Schedule of Credit Qual
Loans - Schedule of Credit Quality Indicators of Loan Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1,979,954 | $ 1,714,361 |
Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,625,139 | 1,251,201 |
Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 354,815 | 463,160 |
One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 395,638 | 430,820 |
One- to four-family first mortgage | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 251,346 | |
One- to four-family first mortgage | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 179,474 | |
Home equity loans and lines | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 67,700 | 79,812 |
Home equity loans and lines | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 56,964 | |
Home equity loans and lines | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 22,848 | |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 750,623 | 722,807 |
Commercial real estate | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 529,139 | |
Commercial real estate | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 193,668 | |
Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 221,823 | 195,748 |
Construction and land | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 173,687 | |
Construction and land | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 22,061 | |
Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 87,332 | 54,869 |
Multi-family residential | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 48,661 | |
Multi-family residential | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,208 | |
Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 417,926 | 184,701 |
Commercial and industrial | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 155,724 | |
Commercial and industrial | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 28,977 | |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 38,912 | 45,604 |
Consumer | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 35,680 | |
Consumer | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,924 | |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,935,331 | 1,660,759 |
Pass | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,223,929 | |
Pass | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 436,830 | |
Pass | One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 390,137 | 421,965 |
Pass | One- to four-family first mortgage | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 248,483 | |
Pass | One- to four-family first mortgage | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 173,482 | |
Pass | Home equity loans and lines | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 67,595 | 78,399 |
Pass | Home equity loans and lines | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 56,029 | |
Pass | Home equity loans and lines | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 22,370 | |
Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 734,462 | 698,705 |
Pass | Commercial real estate | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 517,615 | |
Pass | Commercial real estate | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 181,090 | |
Pass | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 207,477 | 184,187 |
Pass | Construction and land | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 164,310 | |
Pass | Construction and land | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 19,877 | |
Pass | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 87,226 | 54,148 |
Pass | Multi-family residential | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 48,661 | |
Pass | Multi-family residential | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,487 | |
Pass | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 409,958 | 178,142 |
Pass | Commercial and industrial | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 153,286 | |
Pass | Commercial and industrial | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 24,856 | |
Pass | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 38,476 | 45,213 |
Pass | Consumer | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 35,545 | |
Pass | Consumer | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,668 | |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,331 | 13,764 |
Special Mention | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,143 | |
Special Mention | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,621 | |
Special Mention | One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,240 | 2,159 |
Special Mention | One- to four-family first mortgage | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 730 | |
Special Mention | One- to four-family first mortgage | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,429 | |
Special Mention | Home equity loans and lines | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 43 | 181 |
Special Mention | Home equity loans and lines | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 53 | |
Special Mention | Home equity loans and lines | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 128 | |
Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 966 | 1,800 |
Special Mention | Commercial real estate | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 207 | |
Special Mention | Commercial real estate | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,593 | |
Special Mention | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,122 | 8,854 |
Special Mention | Construction and land | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,107 | |
Special Mention | Construction and land | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 747 | |
Special Mention | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 502 |
Special Mention | Multi-family residential | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Special Mention | Multi-family residential | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 502 | |
Special Mention | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,814 | 56 |
Special Mention | Commercial and industrial | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Special Mention | Commercial and industrial | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 56 | |
Special Mention | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 146 | 212 |
Special Mention | Consumer | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 46 | |
Special Mention | Consumer | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 166 | |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 35,292 | 39,838 |
Substandard | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 18,129 | |
Substandard | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 21,709 | |
Substandard | One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,261 | 6,696 |
Substandard | One- to four-family first mortgage | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,133 | |
Substandard | One- to four-family first mortgage | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,563 | |
Substandard | Home equity loans and lines | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 62 | 1,232 |
Substandard | Home equity loans and lines | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 882 | |
Substandard | Home equity loans and lines | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 350 | |
Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 15,195 | 22,302 |
Substandard | Commercial real estate | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 11,317 | |
Substandard | Commercial real estate | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,985 | |
Substandard | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,224 | 2,707 |
Substandard | Construction and land | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,270 | |
Substandard | Construction and land | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,437 | |
Substandard | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 106 | 219 |
Substandard | Multi-family residential | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Substandard | Multi-family residential | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 219 | |
Substandard | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,154 | 6,503 |
Substandard | Commercial and industrial | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,438 | |
Substandard | Commercial and industrial | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,065 | |
Substandard | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 290 | 179 |
Substandard | Consumer | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 89 | |
Substandard | Consumer | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 90 | |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful | One- to four-family first mortgage | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | One- to four-family first mortgage | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Home equity loans and lines | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful | Home equity loans and lines | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Home equity loans and lines | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful | Commercial real estate | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Commercial real estate | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful | Construction and land | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Construction and land | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful | Multi-family residential | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Multi-family residential | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful | Commercial and industrial | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Commercial and industrial | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 0 | 0 |
Doubtful | Consumer | Originated loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful | Consumer | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 0 |
Loans - Schedule of Past Due Lo
Loans - Schedule of Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 20,405 | $ 29,639 |
Current Loans | 1,959,549 | 1,684,722 |
Total | 1,979,954 | 1,714,361 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,077 | 9,402 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,689 | 3,637 |
Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,639 | 16,600 |
Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,070 | 16,541 |
Current Loans | 1,613,069 | 1,234,660 |
Total | 1,625,139 | 1,251,201 |
Originated loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,396 | 3,568 |
Originated loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 791 | 1,778 |
Originated loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,883 | 11,195 |
Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,335 | 13,098 |
Current Loans | 346,480 | 450,062 |
Total | 354,815 | 463,160 |
Acquired loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,681 | 5,834 |
Acquired loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 898 | 1,859 |
Acquired loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,756 | 5,405 |
Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17,444 | 26,535 |
Current Loans | 1,505,672 | 1,457,521 |
Total | 1,523,116 | 1,484,056 |
Real estate loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,932 | 8,394 |
Real estate loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,594 | 3,296 |
Real estate loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,918 | 14,845 |
Real estate loans | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,261 | 14,735 |
Current Loans | 1,181,990 | 1,045,062 |
Total | 1,192,251 | 1,059,797 |
Real estate loans | Originated loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,380 | 2,822 |
Real estate loans | Originated loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 746 | 1,621 |
Real estate loans | Originated loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,135 | 10,292 |
Real estate loans | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,183 | 11,800 |
Current Loans | 323,682 | 412,459 |
Total | 330,865 | 424,259 |
Real estate loans | Acquired loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,552 | 5,572 |
Real estate loans | Acquired loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 848 | 1,675 |
Real estate loans | Acquired loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,783 | 4,553 |
Other loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,961 | 3,104 |
Current Loans | 453,877 | 227,201 |
Total | 456,838 | 230,305 |
Other loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,145 | 1,008 |
Other loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 95 | 341 |
Other loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,721 | 1,755 |
Other loans | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,809 | 1,806 |
Current Loans | 431,079 | 189,598 |
Total | 432,888 | 191,404 |
Other loans | Originated loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,016 | 746 |
Other loans | Originated loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 45 | 157 |
Other loans | Originated loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 748 | 903 |
Other loans | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,152 | 1,298 |
Current Loans | 22,798 | 37,603 |
Total | 23,950 | 38,901 |
Other loans | Acquired loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 129 | 262 |
Other loans | Acquired loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 50 | 184 |
Other loans | Acquired loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 973 | 852 |
One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 395,638 | 430,820 |
One- to four-family first mortgage | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 251,346 | |
One- to four-family first mortgage | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 179,474 | |
One- to four-family first mortgage | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,561 | 9,443 |
Current Loans | 390,077 | 421,377 |
Total | 395,638 | 430,820 |
One- to four-family first mortgage | Real estate loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,474 | 6,079 |
One- to four-family first mortgage | Real estate loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 568 | 1,289 |
One- to four-family first mortgage | Real estate loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,519 | 2,075 |
One- to four-family first mortgage | Real estate loans | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,082 | 2,664 |
Current Loans | 258,386 | 248,682 |
Total | 260,468 | 251,346 |
One- to four-family first mortgage | Real estate loans | Originated loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,651 | 1,524 |
One- to four-family first mortgage | Real estate loans | Originated loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 66 | 173 |
One- to four-family first mortgage | Real estate loans | Originated loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 365 | 967 |
One- to four-family first mortgage | Real estate loans | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,479 | 6,779 |
Current Loans | 131,691 | 172,695 |
Total | 135,170 | 179,474 |
One- to four-family first mortgage | Real estate loans | Acquired loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,823 | 4,555 |
One- to four-family first mortgage | Real estate loans | Acquired loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 502 | 1,116 |
One- to four-family first mortgage | Real estate loans | Acquired loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,154 | 1,108 |
Home equity loans and lines | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 67,700 | 79,812 |
Home equity loans and lines | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 56,964 | |
Home equity loans and lines | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 22,848 | |
Home equity loans and lines | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 367 | 962 |
Current Loans | 67,333 | 78,850 |
Total | 67,700 | 79,812 |
Home equity loans and lines | Real estate loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 151 | 441 |
Home equity loans and lines | Real estate loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 191 | 93 |
Home equity loans and lines | Real estate loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 25 | 428 |
Home equity loans and lines | Real estate loans | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 265 | 272 |
Current Loans | 52,101 | 56,692 |
Total | 52,366 | 56,964 |
Home equity loans and lines | Real estate loans | Originated loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 117 | 174 |
Home equity loans and lines | Real estate loans | Originated loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 148 | 0 |
Home equity loans and lines | Real estate loans | Originated loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 98 |
Home equity loans and lines | Real estate loans | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 102 | 690 |
Current Loans | 15,232 | 22,158 |
Total | 15,334 | 22,848 |
Home equity loans and lines | Real estate loans | Acquired loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 34 | 267 |
Home equity loans and lines | Real estate loans | Acquired loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 43 | 93 |
Home equity loans and lines | Real estate loans | Acquired loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 25 | 330 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 750,623 | 722,807 |
Commercial real estate | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 529,139 | |
Commercial real estate | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 193,668 | |
Commercial real estate | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,188 | 13,376 |
Current Loans | 739,435 | 709,431 |
Total | 750,623 | 722,807 |
Commercial real estate | Real estate loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,121 | 1,461 |
Commercial real estate | Real estate loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 835 | 1,914 |
Commercial real estate | Real estate loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,232 | 10,001 |
Commercial real estate | Real estate loans | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,820 | 10,628 |
Current Loans | 581,524 | 518,511 |
Total | 589,344 | 529,139 |
Commercial real estate | Real estate loans | Originated loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 518 | 1,124 |
Commercial real estate | Real estate loans | Originated loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 532 | 1,448 |
Commercial real estate | Real estate loans | Originated loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,770 | 8,056 |
Commercial real estate | Real estate loans | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,368 | 2,748 |
Current Loans | 157,911 | 190,920 |
Total | 161,279 | 193,668 |
Commercial real estate | Real estate loans | Acquired loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 603 | 337 |
Commercial real estate | Real estate loans | Acquired loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 303 | 466 |
Commercial real estate | Real estate loans | Acquired loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,462 | 1,945 |
Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 221,823 | 195,748 |
Construction and land | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 173,687 | |
Construction and land | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 22,061 | |
Construction and land | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 142 | 2,754 |
Current Loans | 221,681 | 192,994 |
Total | 221,823 | 195,748 |
Construction and land | Real estate loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 413 |
Construction and land | Real estate loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction and land | Real estate loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 142 | 2,341 |
Construction and land | Real estate loans | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 1,171 |
Current Loans | 207,928 | 172,516 |
Total | 207,928 | 173,687 |
Construction and land | Real estate loans | Originated loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction and land | Real estate loans | Originated loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction and land | Real estate loans | Originated loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 1,171 |
Construction and land | Real estate loans | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 142 | 1,583 |
Current Loans | 13,753 | 20,478 |
Total | 13,895 | 22,061 |
Construction and land | Real estate loans | Acquired loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 413 |
Construction and land | Real estate loans | Acquired loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction and land | Real estate loans | Acquired loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 142 | 1,170 |
Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 87,332 | 54,869 |
Multi-family residential | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 48,661 | |
Multi-family residential | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 6,208 | |
Multi-family residential | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 186 | 0 |
Current Loans | 87,146 | 54,869 |
Total | 87,332 | 54,869 |
Multi-family residential | Real estate loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 186 | 0 |
Multi-family residential | Real estate loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-family residential | Real estate loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-family residential | Real estate loans | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 94 | 0 |
Current Loans | 82,051 | 48,661 |
Total | 82,145 | 48,661 |
Multi-family residential | Real estate loans | Originated loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 94 | 0 |
Multi-family residential | Real estate loans | Originated loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-family residential | Real estate loans | Originated loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-family residential | Real estate loans | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 92 | 0 |
Current Loans | 5,095 | 6,208 |
Total | 5,187 | 6,208 |
Multi-family residential | Real estate loans | Acquired loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 92 | 0 |
Multi-family residential | Real estate loans | Acquired loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-family residential | Real estate loans | Acquired loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 417,926 | 184,701 |
Commercial and industrial | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 155,724 | |
Commercial and industrial | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 28,977 | |
Commercial and industrial | Other loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,313 | 2,034 |
Current Loans | 415,613 | 182,667 |
Total | 417,926 | 184,701 |
Commercial and industrial | Other loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 800 | 216 |
Commercial and industrial | Other loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3 | 157 |
Commercial and industrial | Other loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,510 | 1,661 |
Commercial and industrial | Other loans | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,403 | 1,182 |
Current Loans | 398,377 | 154,542 |
Total | 399,780 | 155,724 |
Commercial and industrial | Other loans | Originated loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 797 | 213 |
Commercial and industrial | Other loans | Originated loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3 | 100 |
Commercial and industrial | Other loans | Originated loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 603 | 869 |
Commercial and industrial | Other loans | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 910 | 852 |
Current Loans | 17,236 | 28,125 |
Total | 18,146 | 28,977 |
Commercial and industrial | Other loans | Acquired loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3 | 3 |
Commercial and industrial | Other loans | Acquired loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 57 |
Commercial and industrial | Other loans | Acquired loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 907 | 792 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 38,912 | 45,604 |
Consumer | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 35,680 | |
Consumer | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 9,924 | |
Consumer | Other loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 648 | 1,070 |
Current Loans | 38,264 | 44,534 |
Total | 38,912 | 45,604 |
Consumer | Other loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 345 | 792 |
Consumer | Other loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 92 | 184 |
Consumer | Other loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 211 | 94 |
Consumer | Other loans | Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 406 | 624 |
Current Loans | 32,702 | 35,056 |
Total | 33,108 | 35,680 |
Consumer | Other loans | Originated loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 219 | 533 |
Consumer | Other loans | Originated loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 42 | 57 |
Consumer | Other loans | Originated loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 145 | 34 |
Consumer | Other loans | Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 242 | 446 |
Current Loans | 5,562 | 9,478 |
Total | 5,804 | 9,924 |
Consumer | Other loans | Acquired loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 126 | 259 |
Consumer | Other loans | Acquired loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 50 | 127 |
Consumer | Other loans | Acquired loans | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 66 | $ 60 |
Loans - Summary of Information
Loans - Summary of Information Pertaining to Non Accrual Non Covered Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | $ 18,677 | |
Without Related Allowance | 0 | |
Nonaccrual loans | 18,677 | $ 24,386 |
One- to four-family first mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 3,838 | |
Without Related Allowance | 0 | |
Nonaccrual loans | 3,838 | 3,948 |
Home equity loans and lines | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 63 | |
Without Related Allowance | 0 | |
Nonaccrual loans | 63 | 1,244 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 12,298 | |
Without Related Allowance | 0 | |
Nonaccrual loans | 12,298 | 13,325 |
Construction and land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 469 | |
Without Related Allowance | 0 | |
Nonaccrual loans | 469 | 2,469 |
Multi-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 0 | |
Without Related Allowance | 0 | |
Nonaccrual loans | 0 | 0 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 1,717 | |
Without Related Allowance | 0 | |
Nonaccrual loans | 1,717 | 3,224 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 292 | |
Without Related Allowance | 0 | |
Nonaccrual loans | $ 292 | $ 176 |
Loans - Summary of Informatio_2
Loans - Summary of Information Pertaining to Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | $ 7,811 | $ 7,747 | |||
Allowance for loan losses | $ 32,963 | $ 22,501 | 17,868 | 16,348 | $ 14,807 |
Collateral Pledged | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 9,012 | ||||
Allowance for loan losses | 1,539 | ||||
One- to four-family first mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 | |||
Allowance for loan losses | 3,065 | 3,701 | 2,715 | 2,136 | 1,663 |
One- to four-family first mortgage | Residential Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 1,006 | ||||
Allowance for loan losses | 100 | ||||
Home equity loans and lines | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 380 | 425 | |||
Allowance for loan losses | 676 | 1,083 | 1,084 | 1,079 | 1,102 |
Home equity loans and lines | Residential Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 0 | ||||
Allowance for loan losses | 0 | ||||
Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 6,499 | 6,910 | |||
Allowance for loan losses | 18,851 | 8,515 | 6,541 | 6,125 | 4,906 |
Commercial real estate | Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 7,400 | ||||
Allowance for loan losses | 1,008 | ||||
Construction and land | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 | |||
Allowance for loan losses | 4,155 | 3,189 | 2,670 | 2,285 | 1,749 |
Construction and land | Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 0 | ||||
Allowance for loan losses | 0 | ||||
Multi-family residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 | |||
Allowance for loan losses | 1,077 | 327 | 572 | 550 | 355 |
Multi-family residential | Residential Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 0 | ||||
Allowance for loan losses | 0 | ||||
Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 932 | 412 | |||
Allowance for loan losses | 4,276 | 4,937 | 3,694 | 3,228 | 4,530 |
Commercial and industrial | Equipment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 606 | ||||
Allowance for loan losses | 431 | ||||
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 | |||
Allowance for loan losses | 863 | $ 749 | $ 592 | $ 945 | $ 502 |
Consumer | Collateral Pledged | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loans with an allowance recorded, Recorded Investment | 0 | ||||
Allowance for loan losses | $ 0 |
Loans - Summary of Informatio_3
Loans - Summary of Information Pertaining to Impaired Loans Excluding Acquired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, Recorded Investment | $ 901 | $ 2,130 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 987 | 2,541 |
Impaired loans with no related allowance recorded, Average Recorded Investment | 1,631 | 924 |
Impaired loans with no related allowance recorded, Interest Income Recognized | 0 | 7 |
Impaired loans with an allowance recorded, Recorded Investment | 7,811 | 7,747 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 8,226 | 7,809 |
Impaired loans with an allowance recorded, Related Allowance | 1,347 | 1,154 |
Impaired loans with an allowance recorded, Average Recorded Investment | 7,605 | 3,864 |
Impaired loans with an allowance recorded, Interest Income Recognized | 15 | 39 |
Impaired loans Recorded Investment | 8,712 | 9,877 |
Impaired loans Unpaid Principal Balance | 9,213 | 10,350 |
Impaired loans Related Allowance | 1,347 | 1,154 |
Impaired loans Average Recorded Investment | 9,236 | 4,788 |
Impaired loans Interest Income Recognized | 15 | 46 |
One- to four-family first mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 187 | 0 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 187 | 0 |
Impaired loans with no related allowance recorded, Average Recorded Investment | 109 | 0 |
Impaired loans with no related allowance recorded, Interest Income Recognized | 0 | 0 |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Impaired loans with an allowance recorded, Average Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Impaired loans Recorded Investment | 187 | 0 |
Impaired loans Unpaid Principal Balance | 187 | 0 |
Impaired loans Related Allowance | 0 | 0 |
Impaired loans Average Recorded Investment | 109 | 0 |
Impaired loans Interest Income Recognized | 0 | 0 |
Home equity loans and lines | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 404 | 441 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 450 | 476 |
Impaired loans with no related allowance recorded, Average Recorded Investment | 418 | 454 |
Impaired loans with no related allowance recorded, Interest Income Recognized | 0 | 0 |
Impaired loans with an allowance recorded, Recorded Investment | 380 | 425 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 425 | 457 |
Impaired loans with an allowance recorded, Related Allowance | 348 | 349 |
Impaired loans with an allowance recorded, Average Recorded Investment | 400 | 440 |
Impaired loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Impaired loans Recorded Investment | 784 | 866 |
Impaired loans Unpaid Principal Balance | 875 | 933 |
Impaired loans Related Allowance | 348 | 349 |
Impaired loans Average Recorded Investment | 818 | 894 |
Impaired loans Interest Income Recognized | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 19 | 149 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 21 | 161 |
Impaired loans with no related allowance recorded, Average Recorded Investment | 41 | 32 |
Impaired loans with no related allowance recorded, Interest Income Recognized | 0 | 7 |
Impaired loans with an allowance recorded, Recorded Investment | 6,499 | 6,910 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 6,587 | 6,910 |
Impaired loans with an allowance recorded, Related Allowance | 298 | 484 |
Impaired loans with an allowance recorded, Average Recorded Investment | 6,639 | 2,057 |
Impaired loans with an allowance recorded, Interest Income Recognized | 15 | 38 |
Impaired loans Recorded Investment | 6,518 | 7,059 |
Impaired loans Unpaid Principal Balance | 6,608 | 7,071 |
Impaired loans Related Allowance | 298 | 484 |
Impaired loans Average Recorded Investment | 6,680 | 2,089 |
Impaired loans Interest Income Recognized | 15 | 45 |
Construction and land | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with no related allowance recorded, Average Recorded Investment | 0 | 0 |
Impaired loans with no related allowance recorded, Interest Income Recognized | 0 | 0 |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Impaired loans with an allowance recorded, Average Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Impaired loans Recorded Investment | 0 | 0 |
Impaired loans Unpaid Principal Balance | 0 | 0 |
Impaired loans Related Allowance | 0 | 0 |
Impaired loans Average Recorded Investment | 0 | 0 |
Impaired loans Interest Income Recognized | 0 | 0 |
Multi-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with no related allowance recorded, Average Recorded Investment | 0 | 0 |
Impaired loans with no related allowance recorded, Interest Income Recognized | 0 | 0 |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Impaired loans with an allowance recorded, Average Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Impaired loans Recorded Investment | 0 | 0 |
Impaired loans Unpaid Principal Balance | 0 | 0 |
Impaired loans Related Allowance | 0 | 0 |
Impaired loans Average Recorded Investment | 0 | 0 |
Impaired loans Interest Income Recognized | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 291 | 1,540 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 329 | 1,904 |
Impaired loans with no related allowance recorded, Average Recorded Investment | 1,063 | 438 |
Impaired loans with no related allowance recorded, Interest Income Recognized | 0 | 0 |
Impaired loans with an allowance recorded, Recorded Investment | 932 | 412 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 1,214 | 442 |
Impaired loans with an allowance recorded, Related Allowance | 701 | 321 |
Impaired loans with an allowance recorded, Average Recorded Investment | 566 | 1,367 |
Impaired loans with an allowance recorded, Interest Income Recognized | 0 | 1 |
Impaired loans Recorded Investment | 1,223 | 1,952 |
Impaired loans Unpaid Principal Balance | 1,543 | 2,346 |
Impaired loans Related Allowance | 701 | 321 |
Impaired loans Average Recorded Investment | 1,629 | 1,805 |
Impaired loans Interest Income Recognized | 0 | 1 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with no related allowance recorded, Average Recorded Investment | 0 | 0 |
Impaired loans with no related allowance recorded, Interest Income Recognized | 0 | 0 |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Impaired loans with an allowance recorded, Average Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Impaired loans Recorded Investment | 0 | 0 |
Impaired loans Unpaid Principal Balance | 0 | 0 |
Impaired loans Related Allowance | 0 | 0 |
Impaired loans Average Recorded Investment | 0 | 0 |
Impaired loans Interest Income Recognized | $ 0 | $ 0 |
Loans - Information about Compa
Loans - Information about Company's TDRs (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 1,828 | $ 2,243 |
Past Due Greater Than 30 Days | 257 | 135 |
Nonaccrual TDRs | 10,297 | 9,805 |
Total TDRs | 12,382 | 12,183 |
Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,749 | 2,131 |
Past Due Greater Than 30 Days | 257 | 135 |
Nonaccrual TDRs | 9,710 | 8,061 |
Total TDRs | 11,716 | 10,327 |
Real estate loans | One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 718 | 1,036 |
Past Due Greater Than 30 Days | 257 | 82 |
Nonaccrual TDRs | 2,063 | 1,987 |
Total TDRs | 3,038 | 3,105 |
Real estate loans | Home equity loans and lines | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 48 | 235 |
Past Due Greater Than 30 Days | 0 | 53 |
Nonaccrual TDRs | 38 | 56 |
Total TDRs | 86 | 344 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 798 | 760 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 7,424 | 6,018 |
Total TDRs | 8,222 | 6,778 |
Real estate loans | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 83 | 100 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 185 | 0 |
Total TDRs | 268 | 100 |
Real estate loans | Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 102 | 0 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 0 | 0 |
Total TDRs | 102 | 0 |
Other loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 79 | 112 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 587 | 1,744 |
Total TDRs | 666 | 1,856 |
Other loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 0 | 0 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 520 | 1,665 |
Total TDRs | 520 | 1,665 |
Other loans | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 79 | 112 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 67 | 79 |
Total TDRs | 146 | 191 |
Originated loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,255 | 1,768 |
Past Due Greater Than 30 Days | 257 | 135 |
Nonaccrual TDRs | 6,458 | 7,587 |
Total TDRs | 7,970 | 9,490 |
Originated loans | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,185 | 1,676 |
Past Due Greater Than 30 Days | 257 | 135 |
Nonaccrual TDRs | 6,414 | 7,230 |
Total TDRs | 7,856 | 9,041 |
Originated loans | Real estate loans | One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 342 | 671 |
Past Due Greater Than 30 Days | 257 | 82 |
Nonaccrual TDRs | 1,099 | 1,370 |
Total TDRs | 1,698 | 2,123 |
Originated loans | Real estate loans | Home equity loans and lines | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 48 | 235 |
Past Due Greater Than 30 Days | 0 | 53 |
Nonaccrual TDRs | 24 | 36 |
Total TDRs | 72 | 324 |
Originated loans | Real estate loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 712 | 670 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 5,291 | 5,824 |
Total TDRs | 6,003 | 6,494 |
Originated loans | Real estate loans | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 83 | 100 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 0 | 0 |
Total TDRs | 83 | 100 |
Originated loans | Real estate loans | Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 0 | 0 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 0 | 0 |
Total TDRs | 0 | 0 |
Originated loans | Other loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 70 | 92 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 44 | 357 |
Total TDRs | 114 | 449 |
Originated loans | Other loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 0 | 0 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 0 | 303 |
Total TDRs | 0 | 303 |
Originated loans | Other loans | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 70 | 92 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 44 | 54 |
Total TDRs | 114 | 146 |
Acquired loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 573 | 475 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 3,839 | 2,218 |
Total TDRs | 4,412 | 2,693 |
Acquired loans | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 564 | 455 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 3,296 | 831 |
Total TDRs | 3,860 | 1,286 |
Acquired loans | Real estate loans | One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 376 | 365 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 964 | 617 |
Total TDRs | 1,340 | 982 |
Acquired loans | Real estate loans | Home equity loans and lines | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 0 | 0 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 14 | 20 |
Total TDRs | 14 | 20 |
Acquired loans | Real estate loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 86 | 90 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 2,133 | 194 |
Total TDRs | 2,219 | 284 |
Acquired loans | Real estate loans | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 0 | 0 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 185 | 0 |
Total TDRs | 185 | 0 |
Acquired loans | Real estate loans | Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 102 | 0 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 0 | 0 |
Total TDRs | 102 | 0 |
Acquired loans | Other loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 9 | 20 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 543 | 1,387 |
Total TDRs | 552 | 1,407 |
Acquired loans | Other loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 0 | 0 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 520 | 1,362 |
Total TDRs | 520 | 1,362 |
Acquired loans | Other loans | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 9 | 20 |
Past Due Greater Than 30 Days | 0 | 0 |
Nonaccrual TDRs | 23 | 25 |
Total TDRs | $ 32 | $ 45 |
Loans - Summary of Informatio_4
Loans - Summary of Information Pertaining to Loans Modified (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)contract | Dec. 31, 2019USD ($)contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 28 | 32 |
Pre-modification Outstanding Recorded Investment | $ 4,896 | $ 2,045 |
Post-modification Outstanding Recorded Investment | $ 4,152 | $ 2,001 |
One- to four-family first mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 11 | 6 |
Pre-modification Outstanding Recorded Investment | $ 1,409 | $ 932 |
Post-modification Outstanding Recorded Investment | $ 778 | $ 919 |
Home equity loans and lines | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 9 | 2 |
Pre-modification Outstanding Recorded Investment | $ 3,193 | $ 193 |
Post-modification Outstanding Recorded Investment | $ 3,100 | $ 192 |
Construction and land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1 | 0 |
Pre-modification Outstanding Recorded Investment | $ 185 | $ 0 |
Post-modification Outstanding Recorded Investment | $ 185 | $ 0 |
Multi-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 5 | 18 |
Pre-modification Outstanding Recorded Investment | $ 96 | $ 842 |
Post-modification Outstanding Recorded Investment | $ 81 | $ 820 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 2 | 6 |
Pre-modification Outstanding Recorded Investment | $ 13 | $ 78 |
Post-modification Outstanding Recorded Investment | $ 8 | $ 70 |
Loan Servicing - Unpaid Princip
Loan Servicing - Unpaid Principal Balance of Serviced Mortgage Loans for Others (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total, end of period | $ 80,898 | $ 118,818 |
Mortgage loans sold to Federal Home Loan Mortgage Corporation without recourse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total, end of period | 2,633 | 3,723 |
Mortgage loans sold to Federal National Mortgage Association without recourse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total, end of period | 78,080 | 114,895 |
Mortgage loans sold to Federal Home Loan Bank without recourse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total, end of period | $ 185 | $ 200 |
Loan Servicing - Activity Relat
Loan Servicing - Activity Related to Servicing Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Servicing Asset [Roll Forward] | |||
Balance, beginning of period | $ 161 | $ 272 | $ 422 |
Amortization | (161) | (111) | (150) |
Balance, end of period | 0 | 161 | 272 |
Fair value, end of period | $ 0 | $ 530 | $ 789 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loan servicing arrangements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Foregoing loan servicing arrangements | $ 1,761 | $ 2,201 |
Office Properties and Equipme_3
Office Properties and Equipment - Summary of Office Properties and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total office properties and equipment | $ 66,541 | $ 65,108 |
Less accumulated depreciation | 21,044 | 18,683 |
Total office properties and equipment, net | 45,497 | 46,425 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total office properties and equipment | 14,245 | 14,245 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total office properties and equipment | 36,880 | 36,364 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total office properties and equipment | $ 15,416 | $ 14,499 |
Office Properties and Equipme_4
Office Properties and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 3,063 | $ 2,875 | $ 2,504 |
Held for sale | |||
Property, Plant and Equipment [Line Items] | |||
Carrying value of foreclosed assets | $ 212 | $ 1,275 |
Goodwill and Intangibles (Detai
Goodwill and Intangibles (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill | |||
Goodwill beginning balance | $ 58,488 | $ 58,488 | $ 58,621 |
Goodwill acquired during period | (133) | ||
Goodwill ending balance | 58,488 | 58,488 | 58,488 |
CDI | |||
Core deposit intangibles beginning balance | 5,984 | 7,567 | 9,412 |
Core deposit intangibles amortization of intangibles | (1,360) | (1,583) | (1,845) |
Core deposit intangibles ending balance | $ 4,624 | $ 5,984 | $ 7,567 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits Classifications (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | ||
Demand deposit accounts | $ 615,700 | $ 437,828 |
Savings | 250,165 | 201,887 |
Money market accounts | 333,078 | 273,741 |
NOW accounts | 646,085 | 512,054 |
Certificates of deposit | 368,793 | 395,465 |
Total deposits | $ 2,213,821 | $ 1,820,975 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | |
2021 | $ 297,387 |
2022 | 50,672 |
2023 | 11,917 |
2024 | 4,419 |
2025 | 3,221 |
Thereafter | 1,177 |
Total certificates of deposit | $ 368,793 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | ||
Threshold for significant investments | $ 250,000 | $ 250,000 |
Aggregate amount of certificates of deposit | $ 69,060,000 | $ 74,813,000 |
Other Borrowings (Detail)
Other Borrowings (Detail) - Other Borrowings - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Borrowings [Line Items] | ||
Note payable | $ 5,539 | $ 5,539 |
Note payable interest rate (percent) | 3.83% | 3.83% |
Note payable leverage loan term | 20 years | 20 years |
Note payable leverage loan payments year | 7 years | 7 years |
Short-term FHLB Advances - Addi
Short-term FHLB Advances - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Advances from Federal Home Loan Banks [Abstract] | ||
Short-term FHLB advances | $ 0 | $ 0 |
Average volume of FHLB balances | 8,081,000 | 17,000 |
Additional FHLB advances | 787,232,000 | 738,955,000 |
Loans pledged through the Bank's blanket lien | $ 836,829,000 | $ 768,549,000 |
Long-term FHLB Advances - Addit
Long-term FHLB Advances - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Advances from Federal Home Loan Banks [Abstract] | ||
Long-term FHLB advances | $ 28,824 | $ 40,620 |
Long-term FHLB Advances - Summa
Long-term FHLB Advances - Summary of Long-term Advances (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Amount | |
2021 | $ 1,174 |
2022 | 5,042 |
2023 | 3,066 |
2024 | 4,434 |
2025 | 11,296 |
Thereafter | 3,812 |
Total long-term FHLB advances | $ 28,824 |
Weighted Average Rate | |
2021 | 2.04% |
2022 | 2.08% |
2023 | 1.37% |
2024 | 1.76% |
2025 | 1.64% |
Thereafter | 1.68% |
Total long-term FHLB advances | 1.73% |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Estimate of additional amounts to be reclassified as additional interest expense | $ 60 |
Net derivative liabilities | 0 |
Agreement termination value | $ 0 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Details) | Dec. 31, 2020USD ($) |
Interest rate swaps | |
Derivatives, Fair Value [Line Items] | |
Netting adjustments | $ 0 |
Net derivative amounts | 214,000 |
Netting adjustments | 0 |
Net derivative amounts | 58,000 |
Interest rate swaps | Designated as Hedging Instruments | |
Derivatives, Fair Value [Line Items] | |
Derivative asset - notional amount | 40,000,000 |
Derivative assets | 214,000 |
Derivative liabilities - notional amount | 0 |
Derivative liabilities | 0 |
Risk participation agreements | Not Designated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Derivative asset - notional amount | 0 |
Derivative assets | 0 |
Derivative liabilities - notional amount | 10,000,000 |
Derivative liabilities | $ 58,000 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2020 | |
Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in OCI | $ 176 | |
Interest expense | Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Reclassified from AOCI into Income | $ (44) | |
Interest expense | Interest rate swaps | Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Reclassified from AOCI into Income | $ (44) | |
Other noninterest income | Risk participation agreements | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effect of derivatives not designated as hedging instruments on the Consolidated Statements of Income | $ 111 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Federal income tax statutory rate (percent) | 21.00% | 21.00% | 21.00% | 35.00% |
Portion of retained earnings not treated for deferred federal income tax liability | $ 5,837 | $ 5,837 | ||
Unrecorded deferred income tax liability | $ 1,985 | $ 1,985 |
Income Taxes - Summarized Incom
Income Taxes - Summarized Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||||||
Current | $ 8,030 | $ 6,123 | $ 5,747 | ||||||||||||
Deferred | (1,588) | 137 | 2,137 | ||||||||||||
NMTC | (400) | (400) | (400) | ||||||||||||
Impact of Tax Cuts and Jobs Act | 0 | 0 | (789) | ||||||||||||
Total income tax expense | $ 2,673 | $ 2,168 | $ 675 | $ 526 | $ 1,686 | $ 1,303 | $ 1,555 | $ 1,316 | $ 616 | $ 2,107 | $ 2,002 | $ 1,970 | $ 6,042 | $ 5,860 | $ 6,695 |
Income Taxes - Summarized Defer
Income Taxes - Summarized Deferred Tax Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Provision for loan losses | $ 5,949 | $ 3,752 |
Discount on purchased loans | 1,146 | 1,842 |
Salary continuation plan | 700 | 678 |
Mortgage servicing rights | 80 | 95 |
Deferred compensation | 5 | 52 |
Stock-based compensation | 257 | 264 |
ASC 326 Adoption Impact | 1,063 | 0 |
Other | 65 | 101 |
Deferred tax assets | 9,265 | 6,784 |
Deferred tax liabilities: | ||
FHLB stock dividends | (64) | (108) |
Accumulated depreciation | (3,457) | (2,974) |
Intangible assets | (628) | (858) |
Premium on investment securities acquired | 0 | 0 |
Unrealized gain on securities available for sale | (1,356) | (184) |
NMTC | (72) | (48) |
Other | (105) | (96) |
Deferred tax liabilities | (5,682) | (4,268) |
Net deferred tax asset | $ 3,583 | $ 2,516 |
Income Taxes - Provision for Fe
Income Taxes - Provision for Federal Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||||||
Federal tax based on statutory rate | $ 6,544 | $ 7,089 | $ 8,023 | ||||||||||||
State tax based on statutory rate | 42 | 34 | 82 | ||||||||||||
(Decrease) increase resulting from: | |||||||||||||||
NMTC | (400) | (400) | (400) | ||||||||||||
Effect of tax-exempt income | (136) | (128) | (171) | ||||||||||||
Changes in the cash surrender value of bank owned life insurance | (209) | (435) | (138) | ||||||||||||
Nondeductible share based compensation expense | 162 | 177 | 191 | ||||||||||||
Exercise of stock options | (8) | (599) | (131) | ||||||||||||
DTA adjustment – impact of Tax Act | 0 | 0 | (789) | ||||||||||||
Other | 47 | 122 | 28 | ||||||||||||
Total income tax expense | $ 2,673 | $ 2,168 | $ 675 | $ 526 | $ 1,686 | $ 1,303 | $ 1,555 | $ 1,316 | $ 616 | $ 2,107 | $ 2,002 | $ 1,970 | $ 6,042 | $ 5,860 | $ 6,695 |
Effective tax rate (percent) | 19.60% | 17.30% | 17.50% |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan commitments maturities period | 1 year |
Commitments which present an unusual risk | $ 0 |
Material losses anticipated | $ 0 |
Commitments - Summary of Outsta
Commitments - Summary of Outstanding Commitments to Originate Loans and to Advance Additional Amounts (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Contract Amount | $ 5,781 | $ 6,098 |
Available portion of lines of credit | ||
Other Commitments [Line Items] | ||
Contract Amount | 266,349 | 247,670 |
Undisbursed portion of loans in process | ||
Other Commitments [Line Items] | ||
Contract Amount | 99,527 | 111,466 |
Commitments to originate loans | ||
Other Commitments [Line Items] | ||
Contract Amount | $ 139,471 | $ 87,446 |
Regulatory Matters (Detail)
Regulatory Matters (Detail) - Home Bank N.A. $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital ratio, actual amount | $ 245,090 | $ 240,176 |
Tier 1 risk-based capital, Actual amount | 245,090 | 240,176 |
Total risk-based capital, Actual amount | 267,254 | 258,044 |
Tier 1 leverage capital, Actual amount | $ 245,090 | $ 240,176 |
Common equity tier 1 capital ratio, actual ratio (percent) | 0.1392 | 0.1422 |
Tier 1 risk-based capital, Actual ratio (percent) | 0.1392 | 0.1422 |
Total risk-based capital, Actual ratio (percent) | 0.1518 | 0.1528 |
Tier 1 leverage capital, Actual ratio (percent) | 0.0968 | 0.1117 |
Common equity tier 1 capital ratio, Minimum Capital Required - Basel III Fully Phased-In, Amount | $ 123,263 | $ 118,213 |
Tier 1 risk-based capital, Minimum Capital Required - Basel III Fully Phased-In, Amount | 149,677 | 143,545 |
Total risk-based capital, Minimum Capital Required - Basel III Fully Phased-In, Amount | 184,895 | 177,320 |
Tier 1 leverage capital, Minimum Capital Required - Basel III Fully Phased-In, Amount | $ 101,247 | $ 86,004 |
Common equity tier 1 capital ratio, Minimum Capital Required - Basel III Fully Phased-In (percent) | 7.00% | 7.00% |
Tier 1 risk-based capital, Minimum Capital Required - Basel III Fully Phased-In (percent) | 8.50% | 8.50% |
Total risk-based capital, Minimum Capital Required - Basel III Fully Phased-In (percent) | 10.50% | 10.50% |
Tier 1 leverage capital, Minimum Capital Required - Basel III Fully Phased-In (percent) | 4.00% | 4.00% |
Common equity tier 1 capital ratio, minimum required to be well capitalized under prompt corrective action provisions amount | $ 114,459 | $ 109,769 |
Tier 1 risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, amount | 140,872 | 135,101 |
Total risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, amount | 176,090 | 168,876 |
Tier 1 leverage capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 126,559 | $ 107,506 |
Common equity tier 1 capital ratio, minimum required to be well capitalized under prompt corrective action provisions, Ratio (percent) | 6.50% | 6.50% |
Tier 1 risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio (percent) | 0.0800 | 0.0800 |
Total risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio (percent) | 0.1000 | 0.1000 |
Tier 1 leverage capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio (percent) | 0.0500 | 0.0500 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) $ in Thousands | May 20, 2019 | Dec. 31, 2017USD ($) | Sep. 30, 2015USD ($) | Feb. 28, 2014USD ($) | Dec. 31, 2020USD ($)securityemployee | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 31, 2020USD ($) |
Benefit Plans [Line Items] | ||||||||
Eligibility to participate in ESOP based on service | 6 months | |||||||
Eligibility age to participate in ESOP | 21 years | |||||||
Contributions for the plan necessary to amortize the debt to the company, period | 20 years | |||||||
Compensation cost related to ESOP | $ 726 | $ 1,085 | $ 1,345 | |||||
Fair value of the unearned ESOP shares | $ 7,746 | 12,245 | ||||||
401 (k) and Profit Sharing Plan | ||||||||
Benefit Plans [Line Items] | ||||||||
Percent of employee's pretax annual earnings allowed to be contributed into the plan (percent) | 75.00% | |||||||
Employer matching contribution as percentage of employee contributions made on first 2% of employee's pay (percent) | 100.00% | |||||||
Percent of employee's pay to be matched by employer (percent) | 2.00% | |||||||
Additional employer matching contribution on employee contributions between 2% and 6% (percent) | 50.00% | |||||||
Contributions made by company, amount | $ 964 | 919 | $ 872 | |||||
401 (k) and Profit Sharing Plan | Maximum | ||||||||
Benefit Plans [Line Items] | ||||||||
Percent of employee's pay to be matched by employer (percent) | 6.00% | |||||||
Salary Continuation Agreements | ||||||||
Benefit Plans [Line Items] | ||||||||
Post retirement liability outstanding | $ 3,331 | $ 3,227 | ||||||
2007 Salary Continuation Agreements | ||||||||
Benefit Plans [Line Items] | ||||||||
Number of employees covered | employee | 3 | |||||||
2007 Salary Continuation Agreements | Chief Executive Officer | ||||||||
Benefit Plans [Line Items] | ||||||||
Period of stated annual benefit | 10 years | |||||||
Vested period | 10 years | |||||||
Percent of period vested (percent) | 100.00% | |||||||
2007 Salary Continuation Agreements | Chief Credit Officer | ||||||||
Benefit Plans [Line Items] | ||||||||
Period of stated annual benefit | 10 years | |||||||
Period for which executive's beneficiary will receive upon death | 120 months | |||||||
Age after which employees will be entitled to a stated annual benefit | 65 years | |||||||
Period of separation from service | 24 months | |||||||
Delay in periods | 6 months | |||||||
2007 Salary Continuation Agreements | Former executive | American Bank | ||||||||
Benefit Plans [Line Items] | ||||||||
Contribution to salary agreement | $ 358 | |||||||
Payment period | 14 years | |||||||
2019 Salary Continuation Agreements | Chief Executive Officer | ||||||||
Benefit Plans [Line Items] | ||||||||
Period of stated annual benefit | 10 years | |||||||
Percent of period vested (percent) | 100.00% | |||||||
Age after which employees will be entitled to a stated annual benefit | 65 years | |||||||
2019 Salary Continuation Agreements | Chief Financial Officer | ||||||||
Benefit Plans [Line Items] | ||||||||
Period of stated annual benefit | 10 years | |||||||
Vested period | 10 years | |||||||
Age after which employees will be entitled to a stated annual benefit | 65 years | |||||||
Period of separation from service | 24 months | |||||||
Vested salary benefits due | $ 36 | |||||||
2014 Salary Continuation Agreements | Former executive | Britton & Koontz | ||||||||
Benefit Plans [Line Items] | ||||||||
Contribution to salary agreement | $ 465 | |||||||
Payment period | 15 years | |||||||
2015 Salary Continuation Agreements | Louisiana Bancorp, Inc. | ||||||||
Benefit Plans [Line Items] | ||||||||
Contribution to salary agreement | $ 1,200 | |||||||
Number of salary continuation agreements | security | 2 | |||||||
Stated annual benefit for executive | 10 years |
Benefit Plans - Summary of Empl
Benefit Plans - Summary of Employee Stock Ownership Plan (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
ESOP Share Allocation [Roll Forward] | ||
Shares allocated, beginning of year | 303,395 | 284,290 |
Shares allocated during the year | 35,708 | 35,708 |
Shares distributed during the year | (21,082) | (16,603) |
Allocated shares held by ESOP trust as of year end | 318,021 | 303,395 |
Unallocated shares | 276,733 | 312,441 |
Total ESOP shares | 594,754 | 615,836 |
Stock-based Payment Arrangeme_3
Stock-based Payment Arrangements - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum option term | 10 years | ||||
Options outstanding (shares) | 204,540 | 180,585 | 352,370 | 408,478 | |
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 5 years | ||||
Unrecognized compensation cost | $ 393 | ||||
Unrecognized compensation cost, period for recognition | 2 years 10 months 24 days | ||||
Compensation and benefits expense | $ 216 | $ 200 | $ 168 | ||
2009 Stock Option Plan | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares issuable under the Stock Option Plan | 892,687 | ||||
2009 Recognition and Retention Plan | Restricted Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares issuable under the Stock Option Plan | 357,075 | ||||
Percent of outstanding common to be approved for restricted stock awards under the RRP (percent) | 4.00% | ||||
Award vesting period | 5 years | ||||
Unrecognized compensation cost | $ 1,089 | ||||
Compensation and benefits expense | 573 | $ 602 | $ 573 | ||
Average cost of shares in open market required to fund the 2009 plan (in usd per share) | $ 11.81 | ||||
Total cost of shares held by the 2009 plan | $ 22 | ||||
2014 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant (shares) | 350,000 |
Stock-based Payment Arrangeme_4
Stock-based Payment Arrangements - Assumptions Made to Estimate Fair Value (Detail) - Stock Options | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected dividends (percent) | 3.95% |
Expected volatility (percent) | 24.65% |
Risk-free interest rate (percent) | 0.70% |
Expected term (in years) | 6 years 6 months |
Stock-based Payment Arrangeme_5
Stock-based Payment Arrangements - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Options | |||
Outstanding, Number of Option, Beginning Balance (shares) | 180,585 | 352,370 | 408,478 |
Granted, Number of Options (shares) | 35,850 | 38,180 | 28,790 |
Exercised, Number of Options (shares) | (4,625) | (198,786) | (83,348) |
Forfeited, Number of Options (shares) | (7,270) | (11,179) | (1,550) |
Outstanding, Number of Option, Ending Balance (shares) | 204,540 | 180,585 | 352,370 |
Weighted Average Exercise Price [Abstract] | |||
Outstanding, Weighted Average Exercise Price, Beginning Balance (in usd per share) | $ 30.33 | $ 19.78 | $ 16.64 |
Granted, Weighted-Average Exercise Price (in usd per share) | 22.34 | 35.78 | 44.88 |
Exercised, Weighted-Average Exercise Price (in usd per share) | 21.33 | 12.52 | 12.90 |
Forfeited, Weighted-Average Exercise Price (in usd per share) | 29.47 | 33.13 | 28.34 |
Outstanding, Weighted Average Exercise Price, Ending Balance (in usd per share) | 29.17 | 30.33 | 19.78 |
Weighted-Average Grant Date Fair Value | |||
Outstanding, Weighted-Average Grant Date Fair Value, Beginning Balance (in usd per share) | 6.57 | 5.05 | 4.46 |
Granted, Weighted-Average Grant Date Fair Value (in usd per share) | 3.03 | 6.52 | 10.35 |
Exercised, Weighted-Average Grant Date Fair Value (in usd per share) | 5.30 | 3.85 | 3.99 |
Forfeited, Weighted-Average Grant Date Fair Value (in usd per share) | 5.58 | 6.79 | 5.59 |
Outstanding, Weighted-Average Grant Date Fair Value, Ending Balance (in usd per share) | $ 6.02 | $ 6.57 | $ 5.05 |
Exercisable, Number of Options (shares) | 113,988 | 86,401 | 258,319 |
Exercisable, Weighted Average Exercise Price (in usd per share) | $ 27.07 | $ 24.73 | $ 14.65 |
Exercisable, Weighted-Average Grant Date Fair Value (in usd per share) | $ 6.16 | $ 5.94 | $ 4.27 |
Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months 12 days | 6 years 7 months 6 days | 3 years 7 months 6 days |
Exercisable, Weighted Average Remaining Contractual Term | 4 years 9 months 18 days | 5 years 1 month 6 days | 2 years |
Stock-based Payment Arrangeme_6
Stock-based Payment Arrangements - Unvested Restricted Stock Activity (Detail) - Restricted Stock Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | |||
Number of Shares, Beginning Balance (shares) | 51,478 | 55,380 | 54,635 |
Granted, Number of Shares (shares) | 17,305 | 19,145 | 16,345 |
Forfeited, Number of Shares (shares) | (5,183) | (4,336) | (195) |
Released, Number of Shares (shares) | (19,247) | (18,711) | (15,405) |
Number of Shares, Ending Balance (shares) | 44,353 | 51,478 | 55,380 |
Weighted-Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Beginning Balance (in usd per share) | $ 35.73 | $ 34.36 | $ 29.26 |
Granted, Weighted-Average Grant Date Fair Value (in usd per share) | 22.19 | 35.84 | 44.88 |
Forfeited, Weighted-Average Grant Date Fair Value (in usd per share) | 33.06 | 36.01 | 30.79 |
Released, Weighted-Average Grant Date Fair Value (in usd per share) | 32.77 | 31.79 | 27.46 |
Weighted-Average Grant Date Fair Value, Ending Balance (in usd per share) | $ 32.04 | $ 35.73 | $ 34.36 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||||||
Income applicable to common shares | $ 10,580 | $ 8,782 | $ 2,921 | $ 2,482 | $ 6,606 | $ 6,856 | $ 6,580 | $ 7,890 | $ 8,089 | $ 8,262 | $ 7,776 | $ 7,463 | $ 24,765 | $ 27,932 | $ 31,590 |
Denominator: | |||||||||||||||
Weighted average common shares outstanding (shares) | 8,674 | 9,074 | 9,069 | ||||||||||||
Effect of dilutive securities: | |||||||||||||||
Weighted average common shares outstanding-assuming dilution (shares) | 8,704 | 9,146 | 9,299 | ||||||||||||
Earnings per common share (in usd per share) | $ 1.25 | $ 1.01 | $ 0.33 | $ 0.27 | $ 0.74 | $ 0.76 | $ 0.72 | $ 0.86 | $ 0.89 | $ 0.91 | $ 0.85 | $ 0.83 | $ 2.86 | $ 3.08 | $ 3.48 |
Earnings per common share-assuming dilution (in usd per share) | $ 1.24 | $ 1.01 | $ 0.33 | $ 0.27 | $ 0.73 | $ 0.75 | $ 0.72 | $ 0.85 | $ 0.87 | $ 0.89 | $ 0.83 | $ 0.81 | $ 2.85 | $ 3.05 | $ 3.40 |
Restricted Stock Awards | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||
Restricted stock / Stock options (shares) | 9 | 12 | 20 | ||||||||||||
Stock Options | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||
Restricted stock / Stock options (shares) | 21 | 60 | 210 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Number of options and common stock not included in computing diluted earnings per share(in shares) | 134,714 | 92,420 | 29,334 |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Loan Activity (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Related party loan activity [Roll Forward] | |
Balance, beginning of year | $ 6,215 |
New loans | 2,694 |
Repayments, net | (554) |
Balance, end of year | $ 8,355 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Management $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)SecurityLoan | Dec. 31, 2019USD ($) | |
Related Party Transaction [Line Items] | ||
Number of related party loans not treated as impaired | SecurityLoan | 0 | |
Maximum limit of percent of shareholders equity related party loans to identified as impaired (percent) | 5.00% | |
Related party deposits | $ | $ 6,610 | $ 13,887 |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures - Summary of Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | $ 254,752 | $ 257,321 |
Derivative assets | 214 | |
U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 142,812 | 95,172 |
Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 75,620 | 142,451 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 28,011 | 16,005 |
U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 6,255 | 3,693 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 2,054 | |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 214 | |
Total | 254,966 | |
Derivative liabilities | 58 | |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Derivative assets | 0 | |
Total | 0 | |
Derivative liabilities | 0 | |
Recurring | Level 1 | U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 254,752 | 257,321 |
Derivative assets | 214 | |
Total | 254,966 | |
Derivative liabilities | 58 | |
Recurring | Level 2 | U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 142,812 | 95,172 |
Recurring | Level 2 | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 75,620 | 142,451 |
Recurring | Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 28,011 | 16,005 |
Recurring | Level 2 | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 6,255 | 3,693 |
Recurring | Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 2,054 | |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Derivative assets | 0 | |
Total | 0 | |
Derivative liabilities | 0 | |
Recurring | Level 3 | U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | $ 0 |
Recurring | Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | $ 0 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures - Summary of Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Foreclosed assets and ORE | $ 1,302 | $ 4,156 |
Nonrecurring | ||
Assets | ||
Loans individually evaluated for impairment | 7,473 | 7,365 |
Foreclosed assets and ORE | 1,302 | 4,156 |
Total | 8,775 | 11,521 |
Level 1 | Nonrecurring | ||
Assets | ||
Loans individually evaluated for impairment | 0 | 0 |
Foreclosed assets and ORE | 0 | 0 |
Total | 0 | 0 |
Level 2 | Nonrecurring | ||
Assets | ||
Loans individually evaluated for impairment | 0 | 0 |
Foreclosed assets and ORE | 0 | 0 |
Total | 0 | 0 |
Level 3 | Nonrecurring | ||
Assets | ||
Loans individually evaluated for impairment | 7,473 | 7,365 |
Foreclosed assets and ORE | 1,302 | 4,156 |
Total | $ 8,775 | $ 11,521 |
Fair Value Measurements and D_5
Fair Value Measurements and Disclosures - Schedule of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed assets and ORE | $ 1,302 | $ 4,156 |
Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually evaluated for impairment | 7,473 | 7,365 |
Foreclosed assets and ORE | 1,302 | 4,156 |
Level 3 | Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually evaluated for impairment | 7,473 | 7,365 |
Foreclosed assets and ORE | $ 1,302 | $ 4,156 |
Level 3 | Nonrecurring | Minimum | Collateral values, market discounts and estimated costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral discounts and discount rates (percent) | 3.00% | 0.00% |
Level 3 | Nonrecurring | Minimum | Collateral values, market discounts and estimated costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral discounts and estimated costs to sell (percent) | 6.00% | 6.00% |
Level 3 | Nonrecurring | Maximum | Collateral values, market discounts and estimated costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral discounts and discount rates (percent) | 87.00% | 84.00% |
Level 3 | Nonrecurring | Maximum | Collateral values, market discounts and estimated costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral discounts and estimated costs to sell (percent) | 42.00% | 61.00% |
Level 3 | Nonrecurring | Weighted Average | Collateral values, market discounts and estimated costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral discounts and discount rates (percent) | 17.00% | 13.00% |
Level 3 | Nonrecurring | Weighted Average | Collateral values, market discounts and estimated costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral discounts and estimated costs to sell (percent) | 11.00% | 14.00% |
Fair Value Measurements and D_6
Fair Value Measurements and Disclosures - Summary of Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Assets | ||
Cash and cash equivalents | $ 187,952 | $ 39,847 |
Interest-bearing deposits in banks | 349 | 449 |
Investment securities available for sale | 254,752 | 257,321 |
Investment securities held to maturity | 2,934 | 7,149 |
Mortgage loans held for sale | 9,559 | 6,990 |
Total loans | 1,946,991 | 1,696,493 |
Cash surrender value of BOLI | 40,334 | 39,466 |
Derivative assets | 214 | |
Financial Liabilities | ||
Deposits | 2,213,821 | 1,820,975 |
Other borrowings | 5,539 | 5,539 |
Long-term FHLB advances | 28,824 | 40,620 |
Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 187,952 | 39,847 |
Interest-bearing deposits in banks | 349 | 449 |
Investment securities available for sale | 254,752 | 257,321 |
Investment securities held to maturity | 2,996 | 7,194 |
Mortgage loans held for sale | 9,559 | 6,990 |
Total loans | 1,957,705 | 1,690,308 |
Cash surrender value of BOLI | 40,334 | 39,466 |
Derivative assets | 214 | |
Financial Liabilities | ||
Deposits | 2,216,002 | 1,821,868 |
Other borrowings | 6,224 | 5,895 |
Long-term FHLB advances | 29,662 | 40,580 |
Derivative liabilities | 58 | |
Carrying Amount | ||
Financial Liabilities | ||
Derivative liabilities | 58 | |
Level 1 | Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 187,952 | 39,847 |
Interest-bearing deposits in banks | 349 | 449 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Total loans | 0 | 0 |
Cash surrender value of BOLI | 40,334 | 39,466 |
Derivative assets | 0 | |
Financial Liabilities | ||
Deposits | 0 | 0 |
Other borrowings | 0 | 0 |
Long-term FHLB advances | 0 | 0 |
Derivative liabilities | 0 | |
Level 2 | Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing deposits in banks | 0 | 0 |
Investment securities available for sale | 254,752 | 257,321 |
Investment securities held to maturity | 2,996 | 7,194 |
Mortgage loans held for sale | 9,559 | 6,990 |
Total loans | 1,950,232 | 1,682,943 |
Cash surrender value of BOLI | 0 | 0 |
Derivative assets | 214 | |
Financial Liabilities | ||
Deposits | 2,216,002 | 1,821,868 |
Other borrowings | 6,224 | 5,895 |
Long-term FHLB advances | 29,662 | 40,580 |
Derivative liabilities | 58 | |
Level 3 | Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing deposits in banks | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Total loans | 7,473 | 7,365 |
Cash surrender value of BOLI | 0 | 0 |
Derivative assets | 0 | |
Financial Liabilities | ||
Deposits | 0 | 0 |
Other borrowings | 0 | 0 |
Long-term FHLB advances | 0 | $ 0 |
Derivative liabilities | $ 0 |
Condensed Parent Company Only_3
Condensed Parent Company Only Financial Statements - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||||
Cash and cash equivalents | $ 187,952 | $ 39,847 | ||
Total Assets | 2,591,850 | 2,200,465 | ||
Liabilities | 2,270,008 | 1,884,136 | ||
Shareholders’ equity | 321,842 | 316,329 | $ 304,040 | $ 277,871 |
Total Liabilities and Shareholders’ Equity | 2,591,850 | 2,200,465 | ||
Parent Company | ||||
Assets | ||||
Cash and cash equivalents | 3,048 | 6,400 | ||
Investment in subsidiary | 313,476 | 305,340 | ||
Other assets | 5,366 | 4,613 | ||
Total Assets | 321,890 | 316,353 | ||
Liabilities | 48 | 24 | ||
Shareholders’ equity | 321,842 | 316,329 | ||
Total Liabilities and Shareholders’ Equity | $ 321,890 | $ 316,353 |
Condensed Parent Company Only_4
Condensed Parent Company Only Financial Statements - Condensed Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating income | |||||||||||||||
Interest income | $ 27,368 | $ 25,842 | $ 25,670 | $ 25,249 | $ 25,444 | $ 25,474 | $ 25,921 | $ 25,369 | $ 25,903 | $ 26,109 | $ 25,575 | $ 24,725 | $ 104,129 | $ 102,208 | $ 102,312 |
Operating expenses | |||||||||||||||
Income before income tax expense | 13,253 | 10,950 | 3,596 | 3,008 | 8,292 | 8,159 | 8,135 | 9,206 | 8,705 | 10,369 | 9,778 | 9,433 | 30,807 | 33,792 | 38,285 |
Income tax benefit | (2,673) | (2,168) | (675) | (526) | (1,686) | (1,303) | (1,555) | (1,316) | (616) | (2,107) | (2,002) | (1,970) | (6,042) | (5,860) | (6,695) |
Net Income | $ 10,580 | $ 8,782 | $ 2,921 | $ 2,482 | $ 6,606 | $ 6,856 | $ 6,580 | $ 7,890 | $ 8,089 | $ 8,262 | $ 7,776 | $ 7,463 | 24,765 | 27,932 | 31,590 |
Parent Company | |||||||||||||||
Operating income | |||||||||||||||
Interest income | 0 | 0 | 0 | ||||||||||||
Dividend from subsidiary | 18,200 | 21,000 | 0 | ||||||||||||
Total operating income | 18,200 | 21,000 | 0 | ||||||||||||
Operating expenses | |||||||||||||||
Other expenses | 234 | 192 | 219 | ||||||||||||
Total operating expenses | 234 | 192 | 219 | ||||||||||||
Income before income tax expense | 17,966 | 20,808 | (219) | ||||||||||||
Income tax benefit | 49 | 40 | 44 | ||||||||||||
Income (loss) before equity in undistributed earnings of subsidiary | 18,015 | 20,848 | (175) | ||||||||||||
Undistributed earnings of subsidiary | 6,750 | 7,084 | 31,765 | ||||||||||||
Net Income | $ 24,765 | $ 27,932 | $ 31,590 |
Condensed Parent Company Only_5
Condensed Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities | |||
Net income | $ 24,765 | $ 27,932 | $ 31,590 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Non-cash compensation | 2,050 | 2,414 | 2,540 |
(Increase) decrease in accrued interest receivable and other assets | (601) | 58 | (8,970) |
Increase (decrease) in accrued expenses and other liabilities | 3,651 | 5,109 | (88) |
Net cash provided by operating activities | 49,030 | 43,938 | 47,128 |
Cash Flows from Financing Activities | |||
Proceeds from exercise of stock options | 30 | 2,231 | 914 |
Payment of dividends on common stock | (7,903) | (7,898) | (6,706) |
Issuance of stock under incentive plans | (13) | 157 | 70 |
Purchase of Company’s common stock | (14,013) | (15,445) | (1,194) |
Net cash provided by (used in) financing activities | 359,111 | 8,620 | (113,243) |
Net change in cash and cash equivalents | 148,105 | (19,771) | (90,800) |
Cash and cash equivalents at beginning of year | 39,847 | 59,618 | 150,418 |
Cash and cash equivalents at end of year | 187,952 | 39,847 | 59,618 |
Parent Company | |||
Cash Flows from Operating Activities | |||
Net income | 24,765 | 27,932 | 31,590 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Non-cash compensation | 1,261 | 1,613 | 1,799 |
(Increase) decrease in accrued interest receivable and other assets | (753) | (1,118) | (1,173) |
Undistributed earnings in subsidiary | (6,750) | (7,084) | (31,765) |
Increase (decrease) in accrued expenses and other liabilities | 24 | 14 | (68) |
Net cash provided by operating activities | 18,547 | 21,357 | 383 |
Cash Flows from Financing Activities | |||
Proceeds from exercise of stock options | 30 | 2,231 | 914 |
Payment of dividends on common stock | (7,903) | (7,898) | (6,706) |
Issuance of stock under incentive plans | (13) | 157 | 70 |
Purchase of Company’s common stock | (14,013) | (15,445) | (1,194) |
Net cash provided by (used in) financing activities | (21,899) | (20,955) | (6,916) |
Net change in cash and cash equivalents | (3,352) | 402 | (6,533) |
Cash and cash equivalents at beginning of year | 6,400 | 5,998 | 12,531 |
Cash and cash equivalents at end of year | $ 3,048 | $ 6,400 | $ 5,998 |
Consolidated Quarterly Result_3
Consolidated Quarterly Results of Operations (unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |||||||||||||||
Interest income | $ 27,368 | $ 25,842 | $ 25,670 | $ 25,249 | $ 25,444 | $ 25,474 | $ 25,921 | $ 25,369 | $ 25,903 | $ 26,109 | $ 25,575 | $ 24,725 | $ 104,129 | $ 102,208 | $ 102,312 |
Total interest expense | 2,169 | 2,570 | 3,253 | 3,926 | 4,186 | 4,333 | 4,046 | 3,647 | 3,248 | 2,599 | 2,239 | 2,220 | 11,918 | 16,212 | 10,306 |
Net interest income | 25,199 | 23,272 | 22,417 | 21,323 | 21,258 | 21,141 | 21,875 | 21,722 | 22,655 | 23,510 | 23,336 | 22,505 | 92,211 | 85,996 | 92,006 |
Provision for loan losses | 0 | 0 | 6,471 | 6,257 | 713 | 1,146 | 765 | 390 | 1,612 | 786 | 581 | 964 | 12,728 | 3,014 | 3,943 |
Net interest income after provision for loan losses | 25,199 | 23,272 | 15,946 | 15,066 | 20,545 | 19,995 | 21,110 | 21,332 | 21,043 | 22,724 | 22,755 | 21,541 | 79,483 | 82,982 | 88,063 |
Noninterest income | 4,050 | 3,794 | 3,103 | 3,358 | 3,499 | 4,774 | 2,977 | 3,165 | 3,279 | 3,341 | 3,345 | 3,482 | 14,305 | 14,415 | 13,447 |
Noninterest expense | 15,996 | 16,116 | 15,453 | 15,416 | 15,752 | 16,610 | 15,952 | 15,291 | 15,617 | 15,696 | 16,322 | 15,590 | 62,981 | 63,605 | 63,225 |
Income before income tax expense | 13,253 | 10,950 | 3,596 | 3,008 | 8,292 | 8,159 | 8,135 | 9,206 | 8,705 | 10,369 | 9,778 | 9,433 | 30,807 | 33,792 | 38,285 |
Income tax expense | 2,673 | 2,168 | 675 | 526 | 1,686 | 1,303 | 1,555 | 1,316 | 616 | 2,107 | 2,002 | 1,970 | 6,042 | 5,860 | 6,695 |
Net Income | $ 10,580 | $ 8,782 | $ 2,921 | $ 2,482 | $ 6,606 | $ 6,856 | $ 6,580 | $ 7,890 | $ 8,089 | $ 8,262 | $ 7,776 | $ 7,463 | $ 24,765 | $ 27,932 | $ 31,590 |
Basic (in usd per share) | $ 1.25 | $ 1.01 | $ 0.33 | $ 0.27 | $ 0.74 | $ 0.76 | $ 0.72 | $ 0.86 | $ 0.89 | $ 0.91 | $ 0.85 | $ 0.83 | $ 2.86 | $ 3.08 | $ 3.48 |
Diluted (in usd per share) | $ 1.24 | $ 1.01 | $ 0.33 | $ 0.27 | $ 0.73 | $ 0.75 | $ 0.72 | $ 0.85 | $ 0.87 | $ 0.89 | $ 0.83 | $ 0.81 | $ 2.85 | $ 3.05 | $ 3.40 |