Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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 | |
Trading Symbol | HBCP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,281,634 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001436425 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 150,556 | $ 601,443 |
Interest-bearing deposits in banks | 349 | 349 |
Investment securities available for sale, at fair value | 492,758 | 327,632 |
Investment securities held to maturity (fair values of $1,066 and $2,132, respectively) | 1,080 | 2,102 |
Mortgage loans held for sale | 169 | 1,104 |
Loans, net of unearned income | 2,303,279 | 1,840,093 |
Allowance for loan losses | (27,351) | (21,089) |
Total loans, net of unearned income and allowance for loan losses | 2,275,928 | 1,819,004 |
Office properties and equipment, net | 43,685 | 43,542 |
Cash surrender value of bank-owned life insurance | 46,019 | 40,361 |
Goodwill and core deposit intangibles | 87,839 | 61,949 |
Accrued interest receivable and other assets | 69,283 | 40,758 |
Total Assets | 3,167,666 | 2,938,244 |
Deposits: | ||
Noninterest-bearing | 921,089 | 766,385 |
Interest-bearing | 1,817,335 | 1,769,464 |
Total Deposits | 2,738,424 | 2,535,849 |
Other borrowings | 5,539 | 5,539 |
Subordinated debt, net of issuance cost | 53,958 | 0 |
Long-term Federal Home Loan Bank advances | 24,816 | 26,046 |
Accrued interest payable and other liabilities | 28,273 | 18,907 |
Total Liabilities | 2,851,010 | 2,586,341 |
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; 8,273,334 and 8,526,907 shares issued and outstanding, respectively | 83 | 85 |
Additional paid-in capital | 164,024 | 164,982 |
Unallocated common stock held by: | ||
Employee Stock Ownership Plan (ESOP) | (2,142) | (2,410) |
Recognition and Retention Plan (RRP) | (8) | (13) |
Retained earnings | 197,553 | 188,515 |
Accumulated other comprehensive (loss) income | (42,854) | 744 |
Total Shareholders’ Equity | 316,656 | 351,903 |
Total Liabilities and Shareholders’ Equity | $ 3,167,666 | $ 2,938,244 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 1,066 | $ 2,132 |
Preferred stock par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Common stock par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock issued (in shares) | 8,273,334 | 8,526,907 |
Common stock outstanding (in shares) | 8,273,334 | 8,526,907 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest Income | ||||
Loans, including fees | $ 29,859 | $ 27,045 | $ 79,834 | $ 77,362 |
Investment securities: | ||||
Taxable interest | 2,812 | 1,108 | 6,576 | 3,069 |
Tax-exempt interest | 146 | 81 | 338 | 262 |
Other investments and deposits | 1,447 | 189 | 2,587 | 421 |
Total interest income | 34,264 | 28,423 | 89,335 | 81,114 |
Interest Expense | ||||
Deposits | 1,270 | 1,120 | 3,266 | 4,256 |
Other borrowings | 53 | 53 | 160 | 159 |
Subordinated debt expense | 859 | 0 | 859 | 0 |
Long-term Federal Home Loan Bank advances | 105 | 116 | 321 | 360 |
Total interest expense | 2,287 | 1,289 | 4,606 | 4,775 |
Net interest income | 31,977 | 27,134 | 84,729 | 76,339 |
Provision (reversal) for loan losses | 1,696 | (2,385) | 5,502 | (7,513) |
Net interest income after provision (reversal) for loan losses | 30,281 | 29,519 | 79,227 | 83,852 |
Noninterest Income | ||||
Gain on sale of loans, net | 78 | 415 | 641 | 2,142 |
Income from bank-owned life insurance | 231 | 1,938 | 658 | 2,384 |
Gain (loss) on sale of assets, net | 18 | (3) | 17 | (460) |
Other income | 224 | 254 | 795 | 777 |
Total noninterest income | 3,474 | 5,383 | 10,546 | 12,737 |
Noninterest Expense | ||||
Compensation and benefits | 12,128 | 9,809 | 34,870 | 29,160 |
Occupancy | 2,297 | 1,717 | 6,454 | 5,146 |
Marketing and advertising | 658 | 399 | 1,713 | 838 |
Data processing and communication | 2,284 | 2,118 | 7,012 | 6,263 |
Professional services | 331 | 234 | 1,348 | 685 |
Forms, printing and supplies | 185 | 158 | 584 | 480 |
Franchise and shares tax | 633 | 360 | 1,415 | 1,079 |
Regulatory fees | 467 | 301 | 1,611 | 986 |
Foreclosed assets and ORE, net | 101 | 74 | 493 | 298 |
Amortization of acquisition intangible | 453 | 291 | 1,159 | 884 |
Provision for credit losses on unfunded commitments | 146 | 0 | 448 | 375 |
Other expenses | 1,040 | 970 | 3,621 | 2,771 |
Total noninterest expense | 20,723 | 16,431 | 60,728 | 48,965 |
Income before income tax expense | 13,032 | 18,471 | 29,045 | 47,624 |
Income tax expense | 2,598 | 3,412 | 5,749 | 9,241 |
Net Income | $ 10,434 | $ 15,059 | $ 23,296 | $ 38,383 |
Earnings per share: | ||||
Basic (in usd per share) | $ 1.29 | $ 1.80 | $ 2.86 | $ 4.56 |
Diluted (in usd per share) | 1.28 | 1.79 | 2.84 | 4.54 |
Cash dividends declared per common share (in usd per share) | $ 0.23 | $ 0.23 | $ 0.69 | $ 0.68 |
Service fees and charges | ||||
Noninterest Income | ||||
Fees and charges | $ 1,300 | $ 1,260 | $ 3,722 | $ 3,478 |
Bank card fees | ||||
Noninterest Income | ||||
Fees and charges | $ 1,623 | $ 1,519 | $ 4,713 | $ 4,416 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 10,434 | $ 15,059 | $ 23,296 | $ 38,383 |
Other Comprehensive Loss | ||||
Unrealized losses on available for sale investment securities | (25,149) | (1,897) | (58,980) | (5,201) |
Unrealized gains on cash flow hedges | 1,297 | 55 | 3,793 | 974 |
Tax effect | 5,009 | 387 | 11,589 | 887 |
Other comprehensive loss, net of taxes | (18,843) | (1,455) | (43,598) | (3,340) |
Comprehensive (Loss) Income | $ (8,409) | $ 13,604 | $ (20,302) | $ 35,043 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common stock | Additional Paid-in capital | Unallocated Common Stock Held by ESOP | Unallocated Common Stock Held by RRP | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance at Dec. 31, 2020 | $ 321,842 | $ 87 | $ 164,988 | $ (2,767) | $ (22) | $ 154,282 | $ 5,274 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 38,383 | ||||||
Other comprehensive loss | (3,340) | (3,340) | |||||
Purchase of Company's common stock at cost | (8,798) | (2) | (2,433) | (6,363) | |||
Cash dividends declared | (5,906) | (5,906) | |||||
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 176 | 245 | (69) | ||||
Exercise of stock options | 80 | 80 | |||||
RRP shares released for allocation | 0 | (8) | 8 | ||||
ESOP shares released for allocation | 1,117 | 849 | 268 | ||||
Share-based compensation cost | 595 | 595 | |||||
Balance at Sep. 30, 2021 | 344,149 | 85 | 164,316 | (2,499) | (14) | 180,327 | 1,934 |
Balance at Jun. 30, 2021 | 337,812 | 87 | 165,296 | (2,589) | (15) | 171,644 | 3,389 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 15,059 | 15,059 | |||||
Other comprehensive loss | (1,455) | (1,455) | |||||
Purchase of Company's common stock at cost | (5,984) | (2) | (1,596) | (4,386) | |||
Cash dividends declared | (1,988) | (1,988) | |||||
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 85 | 87 | (2) | ||||
Exercise of stock options | 26 | 26 | |||||
RRP shares released for allocation | 0 | (1) | 1 | ||||
ESOP shares released for allocation | 359 | 269 | 90 | ||||
Share-based compensation cost | 235 | 235 | |||||
Balance at Sep. 30, 2021 | 344,149 | 85 | 164,316 | (2,499) | (14) | 180,327 | 1,934 |
Balance at Dec. 31, 2021 | 351,903 | 85 | 164,982 | (2,410) | (13) | 188,515 | 744 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 23,296 | 23,296 | |||||
Other comprehensive loss | (43,598) | (43,598) | |||||
Purchase of Company's common stock at cost | (11,277) | (2) | (2,868) | (8,407) | |||
Cash dividends declared | (5,790) | (5,790) | |||||
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 243 | 304 | (61) | ||||
Exercise of stock options | 182 | 182 | |||||
RRP shares released for allocation | 0 | (5) | 5 | ||||
ESOP shares released for allocation | 1,201 | 933 | 268 | ||||
Share-based compensation cost | 496 | 496 | |||||
Balance at Sep. 30, 2022 | 316,656 | 83 | 164,024 | (2,142) | (8) | 197,553 | (42,854) |
Balance at Jun. 30, 2022 | 329,124 | 84 | 164,177 | (2,231) | (9) | 191,114 | (24,011) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 10,434 | ||||||
Other comprehensive loss | (18,843) | (18,843) | |||||
Purchase of Company's common stock at cost | (2,855) | (1) | (770) | (2,084) | |||
Cash dividends declared | (1,910) | (1,910) | |||||
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 96 | 97 | (1) | ||||
Exercise of stock options | 53 | 53 | |||||
RRP shares released for allocation | 0 | (1) | 1 | ||||
ESOP shares released for allocation | 398 | 309 | 89 | ||||
Share-based compensation cost | 159 | 159 | |||||
Balance at Sep. 30, 2022 | $ 316,656 | $ 83 | $ 164,024 | $ (2,142) | $ (8) | $ 197,553 | $ (42,854) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash dividends declared, per share (in usd per share) | $ 0.23 | $ 0.23 | $ 0.69 | $ 0.68 |
Common stock | ||||
Purchase of Company's common shares at cost (in shares) | 77,021 | 159,762 | 287,035 | 243,497 |
Common Stock issued under incentive plans (in shares) | 3,260 | 3,549 | 22,837 | 22,273 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net Income | $ 23,296 | $ 38,383 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision (reversal) for loan losses | 5,502 | (7,513) |
Depreciation | 2,538 | 2,301 |
Amortization and accretion of purchase accounting valuations and intangibles | 3,020 | 2,762 |
Federal Home Loan Bank stock dividends | (22) | (11) |
Net amortization of discount on investments | 871 | 1,484 |
Amortization of subordinated debt issuance cost | 60 | 0 |
Gain on loans sold, net | (641) | (2,142) |
Proceeds, including principal payments, from loans held for sale | 64,755 | 165,995 |
Originations of loans held for sale | (63,179) | (157,770) |
(Gain) loss on sale of assets, net | (17) | 460 |
Non-cash compensation | 1,697 | 1,712 |
Deferred income tax (benefit) expense | (425) | 1,747 |
Increase in accrued interest receivable and other assets | (9,207) | (3,612) |
Increase in cash surrender value of bank-owned life insurance | (658) | (667) |
Increase in accrued interest payable and other liabilities | 9,085 | 793 |
Net cash provided by operating activities | 36,675 | 43,922 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | (236,236) | (125,380) |
Proceeds from maturities, prepayments and calls on securities available for sale | 44,692 | 64,278 |
Proceeds from maturities, prepayments and calls on securities held to maturity | 1,000 | 800 |
Proceeds from sales of securities available for sale | 0 | 5,068 |
(Increase) decrease in loans, net | (151,039) | 99,621 |
Proceeds from sale of foreclosed assets | 2,557 | 2,274 |
Purchases of office properties and equipment | (1,904) | (1,998) |
Net cash disbursed in sale of banking center | (11,182) | 0 |
Net cash disbursed in business combination | (16,123) | 0 |
Purchase of bank-owned life insurance | (5,000) | 0 |
Proceeds from bank-owned life insurance | 0 | 1,717 |
Proceeds from sale of office properties and equipment | 73 | 400 |
Net cash (used in) provided by investing activities | (373,162) | 46,780 |
Cash flows from financing activities: | ||
(Decrease) increase in deposits, net | (150,411) | 151,896 |
Borrowings on Federal Home Loan Bank advances | 0 | 0 |
Repayments of Federal Home Loan Bank advances | (1,245) | (2,408) |
Proceeds from issuance of subordinated debt, net of issuance cost | 53,898 | 0 |
Proceeds from exercise of stock options | 182 | 80 |
Issuance of stock under incentive plans, net | 243 | 176 |
Dividends paid to shareholders | (5,790) | (5,906) |
Purchase of Company’s common stock | (11,277) | (8,798) |
Net cash (used in) provided by financing activities | (114,400) | 135,040 |
Net change in cash and cash equivalents | (450,887) | 225,742 |
Cash and cash equivalents, beginning | 601,443 | 187,952 |
Cash and cash equivalents, ending | $ 150,556 | $ 413,694 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in shareholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. Certain reclassifications have been made to prior period balances to conform to the current period presentation. The results of operations for the three and nine months ended September 30, 2022 and 2021 are not necessarily indicative of the results which may be expected for the entire fiscal year. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2021. Critical Accounting Policies and Estimates Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties and could reflect materially different results under different assumptions and conditions. Methodologies the Company uses when applying critical accounting policies and developing critical accounting estimates are included in its Annual Report on Form 10-K for the year ended December 31, 2021. There have been no material changes from the critical accounting policies previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. In preparing its financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to prior period balances to conform to the current period presentation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Issued but Not Yet Adopted Accounting Standards Accounting Standard Update (“ASU”) ASU 2022-01, “Derivatives and Hedging (Topic 815)” (“ASU 2022-01”) clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios and financial assets. Among other things, the amended guidance established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible and renamed that method the “portfolio layer” method. ASU 2022-01 is effective January 1, 2023 and is not expected to have a significant impact on our consolidated financial statements. ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)” (“ASU 2022-02”) eliminates the guidance on troubled debt restructurings and requires entities to evaluate all loan modifications to determine if they result in a new loan or a continuation of the existing loan. ASU 2022-02 also requires that entities disclose current-period gross charge-offs by year of origination for loans and leases. ASU 2022-02 is effective January 1, 2023 and is not expected to have a significant impact on our financial statement disclosures. ASU 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" was issued to improve fair value guidance for equity securities subject to contractual sale restrictions. These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions. These amendments are effective for fiscal years beginning after December 15, 2023, and are not expected to have a significant impact on our financial statement disclosures. |
Acquisition Activity
Acquisition Activity | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition Activity | Acquisition Activity On March 26, 2022, the Company completed the acquisition of Friendswood Capital Corporation (“Friendswood”), the former holding company of Texan Bank, N. A. (“Texan Bank”) of Houston, Texas. Shareholders of Friendswood received $15.34 per share in cash, yielding an aggregate purchase price of $64,864,000. The acquisition was accounted for under the purchase method of accounting in accordance with ASC 805, Business Combinations. In accordance with ASC 805, the Company recorded goodwill totaling $22,452,000 from the acquisition as a result of consideration transferred over net assets acquired. Both the assets acquired and liabilities assumed were recorded at their respective acquisition date fair values. Identifiable intangible assets, including core deposit intangible assets, were recorded at fair value. The fair value estimates of the Friendswood assets and liabilities are preliminary and require management to make estimates about discount rates, expected cash flows, market conditions, and other future events that are highly subjective in nature and are subject to refinement for a one year period after the date of the acquisition. Under current accounting principles, the Company’s estimates of fair values may be adjusted for a period of up to one year from the acquisition date. The assets acquired and liabilities assumed, as well as the adjustments to record the assets and liabilities at fair value, are presented in the following table as of March 26, 2022. (dollars in thousands) As Acquired Fair Value Adjustments As recorded by Home Bancorp Assets Cash and cash equivalents $ 48,741 $ — $ 48,741 Investment securities 33,679 (268) (a) 33,411 Loans 320,050 (2,558) (b) 317,492 Repossessed assets 950 (246) (c) 704 Office properties and equipment, net 1,663 (116) (d) 1,547 Core deposit intangible — 4,597 (e) 4,597 Other assets 9,687 (1,688) (f) 7,999 Total assets acquired $ 414,770 $ (279) $ 414,491 Liabilities Noninterest-bearing deposits $ 97,668 — $ 97,668 Interest-bearing deposits 269,301 1,022 (g) 270,323 Other liabilities 3,873 215 (h) 4,088 Total liabilities assumed $ 370,842 $ 1,237 $ 372,079 Excess of assets acquired over liabilities assumed 42,412 Cash consideration paid (64,864) Total goodwill recorded $ 22,452 (a) The adjustment represents the market value adjustments on Friendswood's investment securities based on their interest rate risk and credit risk. (b) The adjustment to reflect the fair value of loans includes: • Adjustment of $3.0 million to reflect the removal of Friendswood's allowance for loan losses, net of the allowance for credit losses on PCD loans at the acquisition date, in accordance with ASC 805. • Net discount of $5.5 million for all remaining loans determined not to be within the scope of ASC 310-30 which totaled $309.8 million. In determining the fair value of the loans which were not within the scope of ASC 310-30, the acquired loan portfolio was evaluated based on risk characteristics and other credit and market criteria to determine credit quality and interest adjustments to the fair value of the loans acquired. The acquired loan balance was reduced by the net amount of the credit quality and interest adjustments in determining the fair value of the loans. (c) The adjustment represents the write-down of the book value of Friendswood's repossessed assets to their estimated fair value, as adjusted for estimated costs to sell. (d) The adjustment represents the write-down of the book value of Friendswood’s office properties and equipment to their estimated fair value at the acquisition date. (e) The adjustment represents the value of the core deposit base assumed in the acquisition. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated life of the deposit base of 10 years. (f) The adjustment is to record the deferred tax asset on the transaction and the estimated fair value on other assets. (g) Adjustment to reflect the fair value of certificates of deposit acquired based on current interest rates for similar instruments. The adjustment will be recognized using a level yield amortization method based on maturities of the deposit liabilities. (h) Adjustment to reflect the fair value of liabilities at the acquisition date. The Company acquired loans at the acquisition date of Friendswood with more than significant deterioration of credit quality since origination (purchased credit deteriorated loans or "PCD" loans). The carrying amount of these loans at acquisition was as follows: (in thousands) Acquisition Date of March 26, 2022 Purchase price of PCD loans at acquisition $ 10,228 Allowance for credit losses on PCD loans at acquisition 1,415 Par value of PCD acquired loans at acquisition $ 11,643 The following pro forma information for the nine months ended September 30, 2022 and 2021 reflects the Company’s estimated consolidated results of operations as if the acquisition of Friendswood occurred at January 1, 2021, unadjusted for potential cost savings. Merger-related costs for the nine months ended September 30, 2022 and 2021 were approximately $1,971,000 and $299,000, respectively, and have been excluded from the pro-forma information presented below. (dollars in thousands except per share information) 2022 2021 Net interest income $ 89,764 $ 91,007 Noninterest income 11,450 15,024 Noninterest expense 64,263 60,522 Net income 24,845 41,887 Earnings per share - basic $ 3.07 $ 4.98 Earnings per share - diluted 3.05 4.95 The selected pro forma financial information presented above is for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the acquisition actually been completed at the beginning of the periods presented, nor does it indicate future results for any other interim or full-year period. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following tables summarize the Company’s available for sale and held to maturity investment securities at September 30, 2022 and December 31, 2021. (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2022 Available for sale: U.S. agency mortgage-backed $ 361,235 $ 7 $ 42,025 $ 319,217 Collateralized mortgage obligations 95,699 — 5,163 90,536 Municipal bonds 67,629 2 10,726 56,905 U.S. government agency 20,849 2 1,238 19,613 Corporate bonds 6,979 — 492 6,487 Total available for sale $ 552,391 $ 11 $ 59,644 $ 492,758 Held to maturity: Municipal bonds $ 1,080 $ — $ 14 $ 1,066 Total held to maturity $ 1,080 $ — $ 14 $ 1,066 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2021 Available for sale: U.S. agency mortgage-backed $ 234,720 $ 1,793 $ 2,740 $ 233,773 Collateralized mortgage obligations 31,356 557 1 31,912 Municipal bonds 51,094 402 777 50,719 U.S. government agency 5,615 8 9 5,614 Corporate bonds 5,500 114 — 5,614 Total available for sale $ 328,285 $ 2,874 $ 3,527 $ 327,632 Held to maturity: Municipal bonds $ 2,102 $ 30 $ — $ 2,132 Total held to maturity $ 2,102 $ 30 $ — $ 2,132 The estimated fair value and amortized cost by contractual maturity of the Company’s investment securities as of September 30, 2022 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 prepayments or the exercise of call options. 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 $ 4,104 $ 38,846 $ 121,211 $ 155,056 $ 319,217 Collateralized mortgage obligations — 50,855 16,609 23,072 90,536 Municipal bonds 500 5,330 21,401 29,674 56,905 U.S. government agency — 5,971 13,292 350 19,613 Corporate bonds — — 6,487 — 6,487 Total available for sale $ 4,604 $ 101,002 $ 179,000 $ 208,152 $ 492,758 Held to maturity: Municipal bonds $ — $ 1,066 $ — $ — $ 1,066 Total held to maturity $ — $ 1,066 $ — $ — $ 1,066 (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 $ 4,126 $ 41,683 $ 135,526 $ 179,900 $ 361,235 Collateralized mortgage obligations — 53,238 18,154 24,307 95,699 Municipal bonds 500 5,407 24,284 37,438 67,629 U.S. government agency — 6,083 14,414 352 20,849 Corporate bonds — — 6,979 — 6,979 Total available for sale $ 4,626 $ 106,411 $ 199,357 $ 241,997 $ 552,391 Held to maturity: Municipal bonds $ — $ 1,080 $ — $ — $ 1,080 Total held to maturity $ — $ 1,080 $ — $ — $ 1,080 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 September 30, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale: U.S. agency mortgage-backed $ 221,881 $ 22,585 $ 96,763 $ 19,440 $ 318,644 $ 42,025 Collateralized mortgage obligations 89,820 5,160 698 3 90,518 5,163 Municipal bonds 36,410 4,846 19,493 5,880 55,903 10,726 U.S. government agency 17,862 1,232 666 6 18,528 1,238 Corporate bonds 3,301 178 3,186 314 6,487 492 Total available for sale $ 369,274 $ 34,001 $ 120,806 $ 25,643 $ 490,080 $ 59,644 Held to maturity: Municipal bonds $ 1,066 $ 14 $ — $ — $ 1,066 $ 14 Total held to maturity $ 1,066 $ 14 $ — $ — $ 1,066 $ 14 (dollars in thousands) Less Than 1 Year Over 1 Year Total December 31, 2021 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale: U.S. agency mortgage-backed $ 158,908 $ 2,382 $ 11,575 $ 358 $ 170,483 $ 2,740 Collateralized mortgage obligations 254 1 988 — 1,242 1 Municipal bonds 29,047 719 1,228 58 30,275 777 U.S. government agency — — 1,001 9 1,001 9 Corporate bonds 3,499 — — — 3,499 — Total available for sale $ 191,708 $ 3,102 $ 14,792 $ 425 $ 206,500 $ 3,527 Held to maturity: Municipal bonds $ — $ — $ — $ — $ — $ — Total held to maturity $ — $ — $ — $ — $ — $ — At September 30, 2022, 324 of the Company’s debt securities had unrealized losses totaling 10.8% of the individual securities’ amortized cost basis and 10.8% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, 51 of the 324 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 September 30, 2022. At September 30, 2022, 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 tables present the amortized cost of the Company's held-to-maturity securities by credit quality rating at September 30, 2022 and December 31, 2021. Credit Ratings (dollars in thousands) AAA/AA/A BBB/BB/B Total September 30, 2022 Held to maturity: Municipal bonds $ 1,080 $ — $ 1,080 Credit Ratings (dollars in thousands) AAA/AA/A BBB/BB/B Total December 31, 2021 Held to maturity: Municipal bonds $ 2,102 $ — $ 2,102 Accrued interest receivable on the Company's investment securities was $1,548,000 and $942,000 at September 30, 2022 and December 31, 2021, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. At September 30, 2022 and December 31, 2021, the Company had $182,022,000 and $156,492,000, respectively, of securities pledged to secure public deposits. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per common share was computed based on the following: Three Months Ended Nine Months Ended (in thousands, except per share data) 2022 2021 2022 2021 Numerator: Net income available to common shareholders $ 10,434 $ 15,059 $ 23,296 $ 38,383 Denominator: Weighted average common shares outstanding 8,089 8,354 8,162 8,413 Effect of dilutive securities: Restricted stock 11 12 14 12 Stock options 38 40 43 35 Weighted average common shares outstanding – assuming dilution 8,138 8,406 8,219 8,460 Basic earnings per common share $ 1.29 $ 1.80 $ 2.86 $ 4.56 Diluted earnings per common share $ 1.28 $ 1.79 $ 2.84 $ 4.54 Options for 75,789 and 106,190 shares of common stock were not included in the computation of diluted EPS for the three months ended September 30, 2022 and 2021, respectively, because the effect of those shares was anti-dilutive. For the nine months ended September 30, 2022 and 2021, options on 66,866 and 98,262, respectively, shares of common stock were not included in the computation of diluted EPS because the effect of these shares was anti-dilutive. |
Credit Quality and Allowance fo
Credit Quality and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Credit Quality and Allowance for Credit Losses | Credit Quality and Allowance for Credit Losses The following briefly describes the distinction between originated and acquired loans and certain significant accounting policies. Loans Loans are reported at the principal balance outstanding net of unearned income and fair value discounts, if applicable. Interest on loans and the accretion of unearned income are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recorded as income is earned. The accrual of interest is discontinued when it is probable the borrower will not be able to meet payment obligations as they become due. It is our policy, with certain limited exceptions, to discontinue accruing interest and reverse any interest accrued on any loan which is 90 days or more past due. Interest income is not accrued on these loans until the borrower’s financial condition and payment record demonstrate an ability to service the debt. If it is determined that all or part of a loan is uncollectible, the potion of the loan deemed uncollectible is charged to the allowance for credit losses. Originated vs. Acquired Loans "Originated loans" are loans that were originated for investment by the Company. Loans that were acquired as a result of business combinations are referred to as “acquired loans” and are recorded at their estimated fair value on the acquisition date. The Company's acquired loans purchased prior to the adoption of ASC Topic 326 on January 1, 2020 were initially classified as either purchased credit impaired (“PCI”) loans (i.e., loans that reflect credit deterioration since origination and for which it was probable at acquisition that the Company would be unable to collect all contractually required payments) or purchased non-impaired loans (i.e., “performing acquired loans”). The Company estimated the fair value of PCI loans based on the amount and timing of expected principal, interest and other cash flows for each loan. The excess of the loan’s contractual principal and interest payments over all cash flows expected to be collected at acquisition was considered an amount that should not be accreted. These credit discounts (“nonaccretable marks”) were included in the determination of the initial fair value for acquired loans; therefore, no allowance for credit losses was recorded at the acquisition date. Differences between the estimated fair values and expected cash flows of acquired loans at the acquisition date that were not credit-based (“accretable marks”) were subsequently accreted to interest income over the estimated life of the loans. Subsequent to the acquisition date for PCI loans, increases in cash flows over those expected at the acquisition date resulted in a move of the discount from nonaccretable to accretable, while decreases in expected cash flows after the acquisition date were recognized through the provision for credit losses. Subsequent to January 1, 2020, acquired loans that have evidence of more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At acquisition, an estimate of expected credit losses is made for PCD loans. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair value to establish the initial amortized cost basis of the PCD loans. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors, resulting in a discount or premium that is amortized to interest income. For acquired loans not deemed PCD loans at acquisition, the difference between the initial fair value mark and the unpaid principal balance are recognized in interest income over the estimated life of the loans. In addition, an initial allowance for expected credit losses is estimated and recorded as provision expense at the acquisition date. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. Allowance for Credit Losses Due to the adoption of ASC Topic 326 on January 1, 2020, management maintains, based on current and forecasted information, an allowance for credit losses ("ACL") that reflects a current estimate of expected credit losses ("CECL") for the estimated life of the loan portfolio at reporting periods subsequent to the adoption date. The ACL, which equals the sum of the ALL and the ACL on unfunded lending commitments, is established through provisions for credit losses. Management recalculates the ACL at least quarterly to reassess the estimate of credit losses for the total portfolio at the relevant reporting date. Under ASC Topic 326, the ACL is measured on a pool basis when similar risk characteristics exist. 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 industry 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. Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis. The ACL policy described above is supplemented by periodic reviews and validations performed by independent loan reviewers. The results of the reviews are reported to the Audit Committee of the Board of Directors. The establishment of the ACL is significantly affected by management judgment. There is likelihood that different amounts would be reported under different conditions or assumptions. Federal regulatory agencies, as an integral part of their examination process, periodically review our ACL. Such agencies may require management to make additional provisions for estimated losses based upon judgments different from those of management. We continue to monitor and modify our ACL as conditions warrant. No assurance can be given that our level of ACL will cover all of the losses on our loans or that future adjustments to the ACL will not be necessary if economic and other conditions differ substantially from the conditions used by management to determine the current level of the ACL. The Company’s loans, net of unearned income, consisted of the following as of the dates indicated. (dollars in thousands) September 30, 2022 December 31, 2021 Real estate loans: One- to four-family first mortgage $ 376,028 $ 350,843 Home equity loans and lines 60,624 60,312 Commercial real estate 1,086,656 801,624 Construction and land 328,753 259,652 Multi-family residential 97,212 90,518 Total real estate loans 1,949,273 1,562,949 Other loans: Commercial and industrial 320,900 244,123 Consumer 33,106 33,021 Total other loans 354,006 277,144 Total loans $ 2,303,279 $ 1,840,093 Loans increased during the first quarter of 2022 with the addition of Friendswood's loan portfolio, which amounted to $317.5 million on March 26, 2022 (the date of acquisition). The net investment in PPP loans, which is included in commercial and industrial loans, was $7,094,000 and $43,637,000 at September 30, 2022 and December 31, 2021, respectively. The net discount on the Company’s acquired loans was $7,616,000 and $4,289,000 at September 30, 2022 and December 31, 2021, respectively. In addition, loan balances as of September 30, 2022 and December 31, 2021 are reported net of unearned income of $4,244,000 and $4,924,000, respectively. Unearned income at September 30, 2022 and December 31, 2021 included PPP deferred lender fees of $103,000 and $1,301,000, respectively. Accrued interest receivable on the Company's loans was $7,742,000 and $6,496,000 at September 30, 2022 and December 31, 2021, respectively, and is excluded from the estimate of the ACL. Those amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. Allowance for Credit Losses 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. September 30, 2022 (dollars in thousands) Collectively Evaluated Individually Evaluated Total Allowance for credit losses: One- to four-family first mortgage $ 2,293 $ 32 $ 2,325 Home equity loans and lines 500 — 500 Commercial real estate 12,504 1,193 13,697 Construction and land 4,973 — 4,973 Multi-family residential 498 — 498 Commercial and industrial 4,523 188 4,711 Consumer 647 — 647 Total allowance for loan losses $ 25,938 $ 1,413 $ 27,351 Unfunded lending commitments (1) $ 2,263 $ — $ 2,263 Total allowance for credit losses $ 28,201 $ 1,413 $ 29,614 September 30, 2022 (dollars in thousands) Collectively Evaluated Individually Evaluated (2) Total Loans: One- to four-family first mortgage $ 375,916 $ 112 $ 376,028 Home equity loans and lines 60,624 — 60,624 Commercial real estate 1,075,964 10,692 1,086,656 Construction and land 328,753 — 328,753 Multi-family residential 97,212 — 97,212 Commercial and industrial 320,656 244 320,900 Consumer 33,020 86 33,106 Total loans $ 2,292,145 $ 11,134 $ 2,303,279 December 31, 2021 (dollars in thousands) Collectively Evaluated Individually Evaluated Total Allowance for credit losses: One- to four-family first mortgage $ 1,944 $ — $ 1,944 Home equity loans and lines 508 — 508 Commercial real estate 10,207 247 10,454 Construction and land 3,572 — 3,572 Multi-family residential 457 — 457 Commercial and industrial 3,095 425 3,520 Consumer 634 — 634 Total allowance for loan losses $ 20,417 $ 672 $ 21,089 Unfunded lending commitments (1) $ 1,815 $ — $ 1,815 Total allowance for credit losses $ 22,232 $ 672 $ 22,904 December 31, 2021 (dollars in thousands) Collectively Evaluated Individually Evaluated (2) Total Loans: One- to four-family first mortgage $ 350,843 $ — $ 350,843 Home equity loans and lines 60,312 — 60,312 Commercial real estate 797,751 3,873 801,624 Construction and land 259,652 — 259,652 Multi-family residential 90,518 — 90,518 Commercial and industrial 243,379 744 244,123 Consumer 33,021 — 33,021 Total loans $ 1,835,476 $ 4,617 $ 1,840,093 (1) The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. (2) Three and zero PCD loans were individually evaluated at September 30, 2022 and December 31, 2021, respectively. A summary of activity in the ACL for the nine months ended September 30, 2022 and September 30, 2021 follows. Nine Months Ended September 30, 2022 (dollars in thousands) Beginning Allowance for Acquired PCD Loans (1) Charge-offs Recoveries Provision (Reversal) Ending Allowance for credit losses: One- to four-family first mortgage $ 1,944 $ — $ — $ 6 $ 375 $ 2,325 Home equity loans and lines 508 — — 7 (15) 500 Commercial real estate 10,454 1,220 (270) — 2,293 13,697 Construction and land 3,572 — — — 1,401 4,973 Multi-family residential 457 — — — 41 498 Commercial and industrial 3,520 195 (750) 468 1,278 4,711 Consumer 634 — (240) 124 129 647 Total allowance for loan losses $ 21,089 $ 1,415 $ (1,260) $ 605 $ 5,502 $ 27,351 Unfunded lending commitments $ 1,815 $ — $ — $ — $ 448 $ 2,263 Total allowance for credit losses $ 22,904 $ 1,415 $ (1,260) $ 605 $ 5,950 $ 29,614 Nine Months Ended September 30, 2021 (dollars in thousands) Beginning Balance Charge-offs Recoveries Provision (Reversal) Ending Balance Allowance for credit losses: One- to four-family first mortgage $ 3,065 $ (176) $ 13 $ (757) $ 2,145 Home equity loans and lines 676 (6) 6 (155) 521 Commercial real estate 18,851 (1,024) — (4,500) 13,327 Construction and land 4,155 — 63 (590) 3,628 Multi-family residential 1,077 — — (450) 627 Commercial and industrial 4,276 (522) 307 (811) 3,250 Consumer 863 (79) 117 (250) 651 Total allowance for loan losses $ 32,963 $ (1,807) $ 506 $ (7,513) $ 24,149 Unfunded lending commitments $ 1,425 $ — $ — $ 375 $ 1,800 Total allowance for credit losses $ 34,388 $ (1,807) $ 506 $ (7,138) $ 25,949 (1) On January 1, 2020 the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced a new model known as CECL. The following tables present the Company’s loan portfolio by credit quality classification and origination year as of September 30, 2022 and December 31, 2021. September 30, 2022 Term Loans by Origination Year (dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total One- to four-family first mortgage: Pass $ 79,286 $ 80,482 $ 39,464 $ 35,406 $ 27,804 $ 99,681 $ 7,975 $ 1,715 $ 371,813 Special Mention 150 189 — — — 358 — 500 1,197 Substandard 277 29 392 93 172 2,055 — — 3,018 Doubtful — — — — — — — — — Total one- to four-family first mortgages $ 79,713 $ 80,700 $ 39,856 $ 35,499 $ 27,976 $ 102,094 $ 7,975 $ 2,215 $ 376,028 Home equity loans and lines: Pass $ 1,460 $ 1,554 $ 804 $ 1,165 $ 633 $ 3,579 $ 51,264 $ 132 $ 60,591 Special Mention — — — — — — — — — Substandard — — — — — 33 — — 33 Doubtful — — — — — — — — — Total home equity loans and lines $ 1,460 $ 1,554 $ 804 $ 1,165 $ 633 $ 3,612 $ 51,264 $ 132 $ 60,624 Commercial real estate: Pass $ 232,390 $ 273,789 $ 206,929 $ 156,285 $ 68,110 $ 102,580 $ 29,227 $ 443 $ 1,069,753 Special Mention 1,118 — 350 585 — 351 751 — 3,155 Substandard 101 — 170 5,476 534 7,467 — — 13,748 Doubtful — — — — — — — — — Total commercial real estate loans $ 233,609 $ 273,789 $ 207,449 $ 162,346 $ 68,644 $ 110,398 $ 29,978 $ 443 $ 1,086,656 Construction and land: Pass $ 119,984 $ 141,095 $ 32,738 $ 20,991 $ 3,671 $ 3,602 $ 4,013 $ 1,618 $ 327,712 Special Mention 184 533 — — — — — — 717 Substandard 87 — 151 — — 86 — — 324 Doubtful — — — — — — — — — Total construction and land loans $ 120,255 $ 141,628 $ 32,889 $ 20,991 $ 3,671 $ 3,688 $ 4,013 $ 1,618 $ 328,753 September 30, 2022 Term Loans by Origination Year (dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Multi-family residential: Pass $ 25,111 $ 20,687 $ 26,163 $ 13,207 $ 2,269 $ 3,351 $ 176 $ 2,859 $ 93,823 Special Mention — — — — 3,312 — — — 3,312 Substandard — — — — 77 — — — 77 Doubtful — — — — — — — — — Total multi-family residential loans $ 25,111 $ 20,687 $ 26,163 $ 13,207 $ 5,658 $ 3,351 $ 176 $ 2,859 $ 97,212 Commercial and industrial: Pass $ 81,508 $ 53,550 $ 17,678 $ 11,214 $ 12,140 $ 3,337 $ 136,107 $ 672 $ 316,206 Special Mention 941 — 278 — 7 — 1,154 — 2,380 Substandard — — 1,946 — — 17 325 26 2,314 Doubtful — — — — — — — — — Total commercial and industrial loans $ 82,449 $ 53,550 $ 19,902 $ 11,214 $ 12,147 $ 3,354 $ 137,586 $ 698 $ 320,900 Consumer: Pass $ 6,165 $ 2,573 $ 1,759 $ 733 $ 173 $ 13,643 $ 7,509 $ 5 $ 32,560 Special Mention — — — — — — — — — Substandard — 312 — — — 234 — — 546 Doubtful — — — — — — — — — Total consumer loans $ 6,165 $ 2,885 $ 1,759 $ 733 $ 173 $ 13,877 $ 7,509 $ 5 $ 33,106 Total loans: Pass $ 545,904 $ 573,730 $ 325,535 $ 239,001 $ 114,800 $ 229,773 $ 236,271 $ 7,444 $ 2,272,458 Special Mention 2,393 722 628 585 3,319 709 1,905 500 10,761 Substandard 465 341 2,659 5,569 783 9,892 325 26 20,060 Doubtful — — — — — — — — — Total loans $ 548,762 $ 574,793 $ 328,822 $ 245,155 $ 118,902 $ 240,374 $ 238,501 $ 7,970 $ 2,303,279 December 31, 2021 Term Loans by Origination Year (dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total One- to four-family first mortgage: Pass $ 77,865 $ 44,152 $ 45,542 $ 34,301 $ 35,048 $ 96,975 $ 12,412 $ 351 $ 346,646 Special Mention — — — — — 369 — — 369 Substandard — 347 716 266 463 2,036 — — 3,828 Doubtful — — — — — — — — — Total one- to four-family first mortgages $ 77,865 $ 44,499 $ 46,258 $ 34,567 $ 35,511 $ 99,380 $ 12,412 $ 351 $ 350,843 Home equity loans and lines: Pass $ 1,688 $ 873 $ 1,114 $ 919 $ 816 $ 3,567 $ 50,323 $ 975 $ 60,275 Special Mention — — — — — — — — — Substandard — — — — 37 — — — 37 Doubtful — — — — — — — — — Total home equity loans and lines $ 1,688 $ 873 $ 1,114 $ 919 $ 853 $ 3,567 $ 50,323 $ 975 $ 60,312 Commercial real estate: Pass $ 226,989 $ 193,637 $ 142,045 $ 68,949 $ 73,555 $ 59,396 $ 23,310 $ 1,699 $ 789,580 Special Mention — — — — 1,841 366 — — 2,207 Substandard 437 821 381 1,741 306 5,991 — 160 9,837 Doubtful — — — — — — — — — Total commercial real estate loans $ 227,426 $ 194,458 $ 142,426 $ 70,690 $ 75,702 $ 65,753 $ 23,310 $ 1,859 $ 801,624 Construction and land: Pass $ 148,054 $ 50,062 $ 48,432 $ 4,832 $ 2,867 $ 1,738 $ 2,845 $ — $ 258,830 Special Mention 575 — — — — — — — 575 Substandard — — — — 5 242 — — 247 Doubtful — — — — — — — — — Total construction and land loans $ 148,629 $ 50,062 $ 48,432 $ 4,832 $ 2,872 $ 1,980 $ 2,845 $ — $ 259,652 December 31, 2021 Term Loans by Origination Year (dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Multi-family residential: Pass $ 31,236 $ 31,805 $ 14,467 $ 6,363 $ 2,588 $ 2,762 $ 1,297 $ — $ 90,518 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total multi-family residential loans $ 31,236 $ 31,805 $ 14,467 $ 6,363 $ 2,588 $ 2,762 $ 1,297 $ — $ 90,518 Commercial and industrial: Pass $ 82,765 $ 32,465 $ 14,794 $ 8,737 $ 3,066 $ 1,690 $ 96,648 $ 296 $ 240,461 Special Mention — — — — — — 267 — 267 Substandard — 2,013 — 417 5 18 942 — 3,395 Doubtful — — — — — — — — — Total commercial and industrial loans $ 82,765 $ 34,478 $ 14,794 $ 9,154 $ 3,071 $ 1,708 $ 97,857 $ 296 $ 244,123 Consumer: Pass $ 5,472 $ 2,627 $ 1,211 $ 411 $ 1,041 $ 15,530 $ 6,488 $ 37 $ 32,817 Special Mention — — — — — 2 — — 2 Substandard 16 — — — 7 179 — — 202 Doubtful — — — — — — — — — Total consumer loans $ 5,488 $ 2,627 $ 1,211 $ 411 $ 1,048 $ 15,711 $ 6,488 $ 37 $ 33,021 Total loans: Pass $ 574,069 $ 355,621 $ 267,605 $ 124,512 $ 118,981 $ 181,658 $ 193,323 $ 3,358 $ 1,819,127 Special Mention 575 — — — 1,841 737 267 — 3,420 Substandard 453 3,181 1,097 2,424 823 8,466 942 160 17,546 Doubtful — — — — — — — — — Total loans $ 575,097 $ 358,802 $ 268,702 $ 126,936 $ 121,645 $ 190,861 $ 194,532 $ 3,518 $ 1,840,093 The above 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 performance. Such loans 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-agency regulatory methodology that incorporates, among other factors, the extent of delinquencies and loan-to-value ratios. These classifications were the most current available as of the dates indicated and were generally updated within the quarter. Age analysis of past due loans as of the dates indicated are as follows. September 30, 2022 (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 $ 1,502 $ 205 $ 446 $ 2,153 $ 280,343 $ 282,496 Home equity loans and lines — — — — 51,635 51,635 Commercial real estate 154 — 27 181 789,988 790,169 Construction and land — — 151 151 288,952 289,103 Multi-family residential — — — — 90,021 90,021 Total real estate loans 1,656 205 624 2,485 1,500,939 1,503,424 Other loans: Commercial and industrial 95 490 236 821 280,852 281,673 Consumer 187 20 190 397 28,817 29,214 Total other loans 282 510 426 1,218 309,669 310,887 Total originated loans $ 1,938 $ 715 $ 1,050 $ 3,703 $ 1,810,608 $ 1,814,311 Acquired loans: Real estate loans: One- to four-family first mortgage $ 1,152 $ 387 $ 408 $ 1,947 $ 91,585 $ 93,532 Home equity loans and lines 23 — — 23 8,966 8,989 Commercial real estate — — 629 629 295,858 296,487 Construction and land — — 139 139 39,511 39,650 Multi-family residential — — — — 7,191 7,191 Total real estate loans 1,175 387 1,176 2,738 443,111 445,849 Other loans: Commercial and industrial 309 294 — 603 38,624 39,227 Consumer 47 — 35 82 3,810 3,892 Total other loans 356 294 35 685 42,434 43,119 Total acquired loans $ 1,531 $ 681 $ 1,211 $ 3,423 $ 485,545 $ 488,968 Total loans: Real estate loans: One- to four-family first mortgage $ 2,654 $ 592 $ 854 $ 4,100 $ 371,928 $ 376,028 Home equity loans and lines 23 — — 23 60,601 60,624 Commercial real estate 154 — 656 810 1,085,846 1,086,656 Construction and land — — 290 290 328,463 328,753 Multi-family residential — — — — 97,212 97,212 Total real estate loans 2,831 592 1,800 5,223 1,944,050 1,949,273 Other loans: Commercial and industrial 404 784 236 1,424 319,476 320,900 Consumer 234 20 225 479 32,627 33,106 Total other loans 638 804 461 1,903 352,103 354,006 Total loans $ 3,469 $ 1,396 $ 2,261 $ 7,126 $ 2,296,153 $ 2,303,279 December 31, 2021 (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 $ 1,267 $ 266 $ 1,151 $ 2,684 $ 254,880 $ 257,564 Home equity loans and lines — — — — 48,561 48,561 Commercial real estate 438 — 4,854 5,292 682,323 687,615 Construction and land 428 — — 428 249,802 250,230 Multi-family residential — — — — 87,316 87,316 Total real estate loans 2,133 266 6,005 8,404 1,322,882 1,331,286 Other loans: Commercial and industrial 51 31 271 353 232,569 232,922 Consumer 289 — 25 314 29,247 29,561 Total other loans 340 31 296 667 261,816 262,483 Total originated loans $ 2,473 $ 297 $ 6,301 $ 9,071 $ 1,584,698 $ 1,593,769 Acquired loans: Real estate loans: One- to four-family first mortgage $ 1,233 $ 428 $ 1,322 $ 2,983 $ 90,296 $ 93,279 Home equity loans and lines 141 — — 141 11,610 11,751 Commercial real estate 54 — 2,139 2,193 111,816 114,009 Construction and land — — 241 241 9,181 9,422 Multi-family residential — — — — 3,202 3,202 Total real estate loans 1,428 428 3,702 5,558 226,105 231,663 Other loans: Commercial and industrial 81 — 430 511 10,690 11,201 Consumer 53 3 21 77 3,383 3,460 Total other loans 134 3 451 588 14,073 14,661 Total acquired loans $ 1,562 $ 431 $ 4,153 $ 6,146 $ 240,178 $ 246,324 Total loans: Real estate loans: One- to four-family first mortgage $ 2,500 $ 694 $ 2,473 $ 5,667 $ 345,176 $ 350,843 Home equity loans and lines 141 — — 141 60,171 60,312 Commercial real estate 492 — 6,993 7,485 794,139 801,624 Construction and land 428 — 241 669 258,983 259,652 Multi-family residential — — — — 90,518 90,518 Total real estate loans 3,561 694 9,707 13,962 1,548,987 1,562,949 Other loans: Commercial and industrial 132 31 701 864 243,259 244,123 Consumer 342 3 46 391 32,630 33,021 Total other loans 474 34 747 1,255 275,889 277,144 Total loans $ 4,035 $ 728 $ 10,454 $ 15,217 $ 1,824,876 $ 1,840,093 There were $3,000 and $6,000 of loans greater than 90 days past due and accruing at September 30, 2022 and December 31, 2021, respectively. The following tables summarize information pertaining to nonaccrual loans as of dates indicated. September 30, 2022 (dollars in thousands) With Related Allowance Without Related Allowance Total Nonaccrual loans (1) : One- to four-family first mortgage $ 2,463 $ — $ 2,463 Home equity loans and lines 34 — 34 Commercial real estate 10,304 3,031 13,335 Construction and land 327 — 327 Multi-family residential — — — Commercial and industrial 352 16 368 Consumer 467 86 553 Total $ 13,947 $ 3,133 $ 17,080 December 31, 2021 (dollars in thousands) With Related Allowance Without Related Allowance Total Nonaccrual loans (1) : One- to four-family first mortgage $ 3,575 $ — $ 3,575 Home equity loans and lines 38 — 38 Commercial real estate 8,315 116 8,431 Construction and land 258 — 258 Multi-family residential — — — Commercial and industrial 743 20 763 Consumer 204 — 204 Total $ 13,133 $ 136 $ 13,269 (1) Nonaccrual acquired loans include PCD loans of $7,693,000 at September 30, 2022. There were no nonaccrual acquired PCD loans at December 31, 2021. 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. Collateral Dependent Loans The Company held loans that were individually evaluated for credit losses at September 30, 2022 and December 31, 2021 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 tables below summarize collateral dependent loans and the related ACL at September 30, 2022 and December 31, 2021. September 30, 2022 (dollars in thousands) Loans ACL One- to four-family first mortgage $ 112 $ 32 Home equity loans and lines — — Commercial real estate 10,692 1,193 Construction and land — — Multi-family residential — — Commercial and industrial 244 188 Consumer 86 — Total $ 11,134 $ 1,413 December 31, 2021 (dollars in thousands) Loans ACL One- to four-family first mortgage $ — $ — Home equity loans and lines — — Commercial real estate 3,873 247 Construction and land — — Multi-family residential — — Commercial and industrial 744 425 Consumer — — Total $ 4,617 $ 672 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 $390,000 and $1,189,000 at September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021 totaled $147,000 and $136,000, respectively. Loans secured by single family residential real estate that were in the process of foreclosure at September 30, 2022 and December 31, 2021 totaled $314,000 and $505,000, 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 $423,000 at December 31, 2021. During the nine months ended September 30, 2022, the Company sold the asset held for sale at the recorded carrying value of $423,000 at December 31, 2021. 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. At least quarterly, the Company evaluates larger commercial TDRs (i.e., TDRs with balances of $500,000 or greater) to determine if the assets should be individually evaluated for credit losses. 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. The following table summarizes information pertaining to TDRs modified during the periods indicated. Nine Months Ended September 30, 2022 2021 (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 6 $ 1,185 $ 1,142 2 $ 77 $ 74 Home equity loans and lines — — — — — — Commercial real estate 2 407 344 2 479 445 Construction and land — — — — — — Multi-family residential — — — — — — Commercial and industrial 1 7 7 2 2,397 2,308 Other consumer 1 19 16 1 5 2 Total 10 $ 1,618 $ 1,509 7 $ 2,958 $ 2,829 None of the the loans modified during the nine months ended September 30, 2022 defaulted during the same period. One commercial real estate loan totaling $342,000, two one- to four-family first mortgage loans totaling $73,000, and one commercial and industrial loan totaling $304,000 were modified during the nine months ended September 30, 2021 and defaulted within twelve months of modification. The defaults did not h |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
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, 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. 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 $1,554,000 will be reclassified as additional interest income. 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 tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition as of September 30, 2022 and December 31, 2021. September 30, 2022 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 $ 5,462 $ — $ — Derivatives not designated as hedging instruments: Risk participation agreements — — 10,000 10 Netting adjustments — — Net derivative amounts $ 5,462 $ 10 December 31, 2021 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 $ 1,589 $ — $ — Derivatives not designated as hedging instruments: Risk participation agreements — — 10,000 43 Netting adjustments — — Net derivative amounts $ 1,589 $ 43 (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. At September 30, 2022 and December 31, 2021, accumulated unrealized gains, net of taxes, on derivative instruments totaled $4,256,000 and $1,259,000, respectively. Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income as of September 30, 2022 and September 30, 2021. Three Months Ended September 30, 2022 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Gain 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 $ 1,490 $ 1,490 Interest income $ 193 $ 193 Nine Months Ended September 30, 2022 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Gain 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 $ 4,024 $ 4,024 Interest income $ 231 $ 231 Three Months Ended September 30, 2021 Amount of Gain Recognized in OCI Location of Loss 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 $ 39 $ 39 Interest expense $ (16) $ (16) Nine Months Ended September 30, 2021 Amount of Gain Recognized in OCI Location of Loss 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 $ 926 $ 926 Interest expense $ (48) $ (48) 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 September 30, 2022. (dollars in thousands) Location of Income Recognized on Non-designated Hedges Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Effects of non-designated hedges Risk participation agreements Other noninterest income $ 6 $ 73 (dollars in thousands) Location of Income Recognized on Non-designated Hedges Three months ended September 30, 2021 Nine months ended September 30, 2021 Effects of non-designated hedges Risk participation agreements Other noninterest income $ 6 $ 26 At and during the three and nine months ended September 30, 2021, the Company was not a party to derivative contracts not designated as hedging instruments. Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision to the effect that, 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 to the effect that, 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 September 30, 2022, 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 September 30, 2022, it would not have been required to settle any obligations under the agreements since the termination value was $0. |
Long Term Debt
Long Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long Term Debt | Long Term Debt On June 30, 2022, the Company issued $55,000,000 in aggregate principal amount of its 5.75% Fixed-to-Floating Rate Subordinated Notes (the "Notes") due 2032. The Notes were issued at a price equal to 100% of the aggregate principal amount. The Notes have a stated maturity date of June 30, 2032 and will bear interest at a fixed rate of 5.75% per year from and including the issue date to but excluding June 30, 2027. From June 30, 2027, the Notes will bear interest at a floating rate equal to the then current three-month term secured overnight financing rate (“SOFR”), plus 282 basis points. The Notes may be redeemed by the Company, in whole or in part, on or after June 30, 2027. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. The carrying value of subordinated debt was $53,958,000 at September 30, 2022. The subordinated debt was recorded net of issuance costs of $1,102,000 at September 30, 2022, which is being amortized using the straight-line method over five years. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | Fair Value Measurements and Disclosures The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company groups assets and liabilities measured or disclosed 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 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 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 pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities bids, offers and other 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 are estimated primarily by the use of pricing models. Level 2 investment securities are 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 September 30, 2022, 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 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. 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 vale hierarchy. The following tables present the balances of assets measured for fair value on a recurring basis as of September 30, 2022 and December 31, 2021. (dollars in thousands) September 30, 2022 Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. agency mortgage-backed $ 319,217 $ — $ 319,217 $ — Collateralized mortgage obligations 90,536 — 90,536 — Municipal bonds 56,905 — 56,905 — U.S. government agency 19,613 — 19,613 — Corporate bonds 6,487 — 6,487 — Total $ 492,758 $ — $ 492,758 $ — Derivative assets $ 5,462 $ — $ 5,462 $ — Total $ 498,220 $ — $ 498,220 $ — Liabilities Derivative liabilities $ 10 $ — $ 10 $ — (dollars in thousands) December 31, 2021 Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. agency mortgage-backed $ 233,773 $ — $ 233,773 $ — Collateralized mortgage obligations 31,912 — 31,912 — Municipal bonds 50,719 — 50,719 — U.S. government agency 5,614 — 5,614 — Corporate bonds 5,614 — 5,614 — Total $ 327,632 $ — $ 327,632 $ — Derivative assets $ 1,589 $ — $ 1,589 $ — Total $ 329,221 $ — $ 329,221 $ — Liabilities Derivative liabilities $ 43 $ — $ 43 $ — Nonrecurring Basis The Company records loans individually evaluated for credit losses at fair value on a nonrecurring basis. 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. Loans individually evaluated 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 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 as reflected in the table below. Fair Value Measurements Using (dollars in thousands) September 30, 2022 Level 1 Level 2 Level 3 Assets Loans individually evaluated $ 9,721 $ — $ — $ 9,721 Foreclosed assets and ORE 390 — — 390 Total $ 10,111 $ — $ — $ 10,111 Fair Value Measurements Using (dollars in thousands) December 31, 2021 Level 1 Level 2 Level 3 Assets Loans individually evaluated $ 3,945 $ — $ — $ 3,945 Foreclosed assets and ORE 1,189 — — 1,189 Total $ 5,134 $ — $ — $ 5,134 The following table shows 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 September 30, 2022 Loans individually evaluated $ 9,721 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 0% - 83% 13% Foreclosed assets and ORE $ 390 Third party appraisals, sales contracts, broker price opinions Collateral values, market discounts and estimated costs to sell 0% - 27% 6% (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range of Weighted Average Discount December 31, 2021 Loans individually evaluated $ 3,945 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 0% - 100% 15% Foreclosed assets and ORE $ 1,189 Third party appraisals, sales contracts, broker price opinions Collateral values, market discounts and estimated costs to sell 6% - 16% 12% 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 statements. These estimates are subjective in nature, 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. Methods and assumptions used to estimate fair value of each class of financial instruments for which it is practicable to estimate fair value are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The fair value of subordinated debt is estimated based on current market rates on similar debt in the market. The Company classifies this debt in Level 2 of the fair value table. There have been no other material changes from the fair value estimate methods and assumptions previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The following table presents estimated fair values of the Company’s financial instruments as of the dates indicated. Fair Value Measurements at September 30, 2022 (dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 150,556 $ 150,556 $ 150,556 $ — $ — Interest-bearing deposits in banks 349 349 349 — — Investment securities available for sale 492,758 492,758 — 492,758 — Investment securities held to maturity 1,080 1,066 — 1,066 — Mortgage loans held for sale 169 169 — 169 — Loans, net 2,275,928 2,174,834 — 2,165,113 9,721 Cash surrender value of BOLI 46,019 46,019 46,019 — — Derivative assets (1) 5,462 5,462 — 5,462 — Financial Liabilities Deposits $ 2,738,424 $ 2,725,412 $ — $ 2,725,412 $ — Other borrowings 5,539 4,890 — 4,890 — Subordinated debt 53,958 52,299 — 52,299 — Long-term FHLB advances 24,816 23,571 — 23,571 — Derivative liabilities (1) 10 10 — 10 — Fair Value Measurements at December 31, 2021 (dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 601,443 $ 601,443 $ 601,443 $ — $ — Interest-bearing deposits in banks 349 349 349 — — Investment securities available for sale 327,632 327,632 — 327,632 — Investment securities held to maturity 2,102 2,132 — 2,132 — Mortgage loans held for sale 1,104 1,104 — 1,104 — Loans, net 1,819,004 1,834,023 — 1,830,078 3,945 Cash surrender value of BOLI 40,361 40,361 40,361 — — Derivative assets (1) 1,589 1,589 — 1,589 — Financial Liabilities Deposits $ 2,535,849 $ 2,533,951 $ — $ 2,533,951 $ — Other borrowings 5,539 5,860 — 5,860 — Long-term FHLB advances 26,046 26,263 — 26,263 — Derivative liabilities (1) 43 43 — 43 — (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. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Issued but Not Yet Adopted Accounting Standards Accounting Standard Update (“ASU”) ASU 2022-01, “Derivatives and Hedging (Topic 815)” (“ASU 2022-01”) clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios and financial assets. Among other things, the amended guidance established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible and renamed that method the “portfolio layer” method. ASU 2022-01 is effective January 1, 2023 and is not expected to have a significant impact on our consolidated financial statements. ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)” (“ASU 2022-02”) eliminates the guidance on troubled debt restructurings and requires entities to evaluate all loan modifications to determine if they result in a new loan or a continuation of the existing loan. ASU 2022-02 also requires that entities disclose current-period gross charge-offs by year of origination for loans and leases. ASU 2022-02 is effective January 1, 2023 and is not expected to have a significant impact on our financial statement disclosures. ASU 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" was issued to improve fair value guidance for equity securities subject to contractual sale restrictions. These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions. These amendments are effective for fiscal years beginning after December 15, 2023, and are not expected to have a significant impact on our financial statement disclosures. |
Loans | Loans Loans are reported at the principal balance outstanding net of unearned income and fair value discounts, if applicable. Interest on loans and the accretion of unearned income are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recorded as income is earned. The accrual of interest is discontinued when it is probable the borrower will not be able to meet payment obligations as they become due. It is our policy, with certain limited exceptions, to discontinue accruing interest and reverse any interest accrued on any loan which is 90 days or more past due. Interest income is not accrued on these loans until the borrower’s financial condition and payment record demonstrate an ability to service the debt. If it is determined that all or part of a loan is uncollectible, the potion of the loan deemed uncollectible is charged to the allowance for credit losses. Originated vs. Acquired Loans "Originated loans" are loans that were originated for investment by the Company. Loans that were acquired as a result of business combinations are referred to as “acquired loans” and are recorded at their estimated fair value on the acquisition date. The Company's acquired loans purchased prior to the adoption of ASC Topic 326 on January 1, 2020 were initially classified as either purchased credit impaired (“PCI”) loans (i.e., loans that reflect credit deterioration since origination and for which it was probable at acquisition that the Company would be unable to collect all contractually required payments) or purchased non-impaired loans (i.e., “performing acquired loans”). The Company estimated the fair value of PCI loans based on the amount and timing of expected principal, interest and other cash flows for each loan. The excess of the loan’s contractual principal and interest payments over all cash flows expected to be collected at acquisition was considered an amount that should not be accreted. These credit discounts (“nonaccretable marks”) were included in the determination of the initial fair value for acquired loans; therefore, no allowance for credit losses was recorded at the acquisition date. Differences between the estimated fair values and expected cash flows of acquired loans at the acquisition date that were not credit-based (“accretable marks”) were subsequently accreted to interest income over the estimated life of the loans. Subsequent to the acquisition date for PCI loans, increases in cash flows over those expected at the acquisition date resulted in a move of the discount from nonaccretable to accretable, while decreases in expected cash flows after the acquisition date were recognized through the provision for credit losses. Subsequent to January 1, 2020, acquired loans that have evidence of more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At acquisition, an estimate of expected credit losses is made for PCD loans. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair value to establish the initial amortized cost basis of the PCD loans. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors, resulting in a discount or premium that is amortized to interest income. For acquired loans not deemed PCD loans at acquisition, the difference between the initial fair value mark and the unpaid principal balance are recognized in interest income over the estimated life of the loans. In addition, an initial allowance for expected credit losses is estimated and recorded as provision expense at the acquisition date. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. |
Allowance for Credit Losses | Allowance for Credit Losses Due to the adoption of ASC Topic 326 on January 1, 2020, management maintains, based on current and forecasted information, an allowance for credit losses ("ACL") that reflects a current estimate of expected credit losses ("CECL") for the estimated life of the loan portfolio at reporting periods subsequent to the adoption date. The ACL, which equals the sum of the ALL and the ACL on unfunded lending commitments, is established through provisions for credit losses. Management recalculates the ACL at least quarterly to reassess the estimate of credit losses for the total portfolio at the relevant reporting date. Under ASC Topic 326, the ACL is measured on a pool basis when similar risk characteristics exist. 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 industry 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. Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis. The ACL policy described above is supplemented by periodic reviews and validations performed by independent loan reviewers. The results of the reviews are reported to the Audit Committee of the Board of Directors. The establishment of the ACL is significantly affected by management judgment. There is likelihood that different amounts would be reported under different conditions or assumptions. Federal regulatory agencies, as an integral part of their examination process, periodically review our ACL. Such agencies may require management to make additional provisions for estimated losses based upon judgments different from those of management. We continue to monitor and modify our ACL as conditions warrant. No assurance can be given that our level of ACL will cover all of the losses on our loans or that future adjustments to the ACL will not be necessary if economic and other conditions differ substantially from the conditions used by management to determine the current level of the ACL. |
Fair Value Measurements and Disclosures | The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company groups assets and liabilities measured or disclosed 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 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 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. |
Nonrecurring Basis | Nonrecurring Basis The Company records loans individually evaluated for credit losses at fair value on a nonrecurring basis. 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. Loans individually evaluated 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. |
Acquisition Activity (Tables)
Acquisition Activity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Recognized Identified Assets Acquired and Liabilities Assumed | The assets acquired and liabilities assumed, as well as the adjustments to record the assets and liabilities at fair value, are presented in the following table as of March 26, 2022. (dollars in thousands) As Acquired Fair Value Adjustments As recorded by Home Bancorp Assets Cash and cash equivalents $ 48,741 $ — $ 48,741 Investment securities 33,679 (268) (a) 33,411 Loans 320,050 (2,558) (b) 317,492 Repossessed assets 950 (246) (c) 704 Office properties and equipment, net 1,663 (116) (d) 1,547 Core deposit intangible — 4,597 (e) 4,597 Other assets 9,687 (1,688) (f) 7,999 Total assets acquired $ 414,770 $ (279) $ 414,491 Liabilities Noninterest-bearing deposits $ 97,668 — $ 97,668 Interest-bearing deposits 269,301 1,022 (g) 270,323 Other liabilities 3,873 215 (h) 4,088 Total liabilities assumed $ 370,842 $ 1,237 $ 372,079 Excess of assets acquired over liabilities assumed 42,412 Cash consideration paid (64,864) Total goodwill recorded $ 22,452 (a) The adjustment represents the market value adjustments on Friendswood's investment securities based on their interest rate risk and credit risk. (b) The adjustment to reflect the fair value of loans includes: • Adjustment of $3.0 million to reflect the removal of Friendswood's allowance for loan losses, net of the allowance for credit losses on PCD loans at the acquisition date, in accordance with ASC 805. • Net discount of $5.5 million for all remaining loans determined not to be within the scope of ASC 310-30 which totaled $309.8 million. In determining the fair value of the loans which were not within the scope of ASC 310-30, the acquired loan portfolio was evaluated based on risk characteristics and other credit and market criteria to determine credit quality and interest adjustments to the fair value of the loans acquired. The acquired loan balance was reduced by the net amount of the credit quality and interest adjustments in determining the fair value of the loans. (c) The adjustment represents the write-down of the book value of Friendswood's repossessed assets to their estimated fair value, as adjusted for estimated costs to sell. (d) The adjustment represents the write-down of the book value of Friendswood’s office properties and equipment to their estimated fair value at the acquisition date. (e) The adjustment represents the value of the core deposit base assumed in the acquisition. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated life of the deposit base of 10 years. (f) The adjustment is to record the deferred tax asset on the transaction and the estimated fair value on other assets. (g) Adjustment to reflect the fair value of certificates of deposit acquired based on current interest rates for similar instruments. The adjustment will be recognized using a level yield amortization method based on maturities of the deposit liabilities. (h) Adjustment to reflect the fair value of liabilities at the acquisition date. |
Summary of Business Acquisition Carrying Amount of Loans Acquisition | The carrying amount of these loans at acquisition was as follows: (in thousands) Acquisition Date of March 26, 2022 Purchase price of PCD loans at acquisition $ 10,228 Allowance for credit losses on PCD loans at acquisition 1,415 Par value of PCD acquired loans at acquisition $ 11,643 |
Summary of Business Acquisition, Pro Forma Information | The following pro forma information for the nine months ended September 30, 2022 and 2021 reflects the Company’s estimated consolidated results of operations as if the acquisition of Friendswood occurred at January 1, 2021, unadjusted for potential cost savings. Merger-related costs for the nine months ended September 30, 2022 and 2021 were approximately $1,971,000 and $299,000, respectively, and have been excluded from the pro-forma information presented below. (dollars in thousands except per share information) 2022 2021 Net interest income $ 89,764 $ 91,007 Noninterest income 11,450 15,024 Noninterest expense 64,263 60,522 Net income 24,845 41,887 Earnings per share - basic $ 3.07 $ 4.98 Earnings per share - diluted 3.05 4.95 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Information Regarding Company's Investment Securities Classified as Available for Sale and Held to Maturity | The following tables summarize the Company’s available for sale and held to maturity investment securities at September 30, 2022 and December 31, 2021. (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2022 Available for sale: U.S. agency mortgage-backed $ 361,235 $ 7 $ 42,025 $ 319,217 Collateralized mortgage obligations 95,699 — 5,163 90,536 Municipal bonds 67,629 2 10,726 56,905 U.S. government agency 20,849 2 1,238 19,613 Corporate bonds 6,979 — 492 6,487 Total available for sale $ 552,391 $ 11 $ 59,644 $ 492,758 Held to maturity: Municipal bonds $ 1,080 $ — $ 14 $ 1,066 Total held to maturity $ 1,080 $ — $ 14 $ 1,066 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2021 Available for sale: U.S. agency mortgage-backed $ 234,720 $ 1,793 $ 2,740 $ 233,773 Collateralized mortgage obligations 31,356 557 1 31,912 Municipal bonds 51,094 402 777 50,719 U.S. government agency 5,615 8 9 5,614 Corporate bonds 5,500 114 — 5,614 Total available for sale $ 328,285 $ 2,874 $ 3,527 $ 327,632 Held to maturity: Municipal bonds $ 2,102 $ 30 $ — $ 2,132 Total held to maturity $ 2,102 $ 30 $ — $ 2,132 |
Summary of Amortized Cost and Estimated Fair Value by Maturity of Company's Investment Securities | The estimated fair value and amortized cost by contractual maturity of the Company’s investment securities as of September 30, 2022 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 prepayments or the exercise of call options. 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 $ 4,104 $ 38,846 $ 121,211 $ 155,056 $ 319,217 Collateralized mortgage obligations — 50,855 16,609 23,072 90,536 Municipal bonds 500 5,330 21,401 29,674 56,905 U.S. government agency — 5,971 13,292 350 19,613 Corporate bonds — — 6,487 — 6,487 Total available for sale $ 4,604 $ 101,002 $ 179,000 $ 208,152 $ 492,758 Held to maturity: Municipal bonds $ — $ 1,066 $ — $ — $ 1,066 Total held to maturity $ — $ 1,066 $ — $ — $ 1,066 (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 $ 4,126 $ 41,683 $ 135,526 $ 179,900 $ 361,235 Collateralized mortgage obligations — 53,238 18,154 24,307 95,699 Municipal bonds 500 5,407 24,284 37,438 67,629 U.S. government agency — 6,083 14,414 352 20,849 Corporate bonds — — 6,979 — 6,979 Total available for sale $ 4,626 $ 106,411 $ 199,357 $ 241,997 $ 552,391 Held to maturity: Municipal bonds $ — $ 1,080 $ — $ — $ 1,080 Total held to maturity $ — $ 1,080 $ — $ — $ 1,080 |
Summary of 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 September 30, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale: U.S. agency mortgage-backed $ 221,881 $ 22,585 $ 96,763 $ 19,440 $ 318,644 $ 42,025 Collateralized mortgage obligations 89,820 5,160 698 3 90,518 5,163 Municipal bonds 36,410 4,846 19,493 5,880 55,903 10,726 U.S. government agency 17,862 1,232 666 6 18,528 1,238 Corporate bonds 3,301 178 3,186 314 6,487 492 Total available for sale $ 369,274 $ 34,001 $ 120,806 $ 25,643 $ 490,080 $ 59,644 Held to maturity: Municipal bonds $ 1,066 $ 14 $ — $ — $ 1,066 $ 14 Total held to maturity $ 1,066 $ 14 $ — $ — $ 1,066 $ 14 (dollars in thousands) Less Than 1 Year Over 1 Year Total December 31, 2021 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale: U.S. agency mortgage-backed $ 158,908 $ 2,382 $ 11,575 $ 358 $ 170,483 $ 2,740 Collateralized mortgage obligations 254 1 988 — 1,242 1 Municipal bonds 29,047 719 1,228 58 30,275 777 U.S. government agency — — 1,001 9 1,001 9 Corporate bonds 3,499 — — — 3,499 — Total available for sale $ 191,708 $ 3,102 $ 14,792 $ 425 $ 206,500 $ 3,527 Held to maturity: Municipal bonds $ — $ — $ — $ — $ — $ — Total held to maturity $ — $ — $ — $ — $ — $ — |
Summary of Amortized Cost of Held-to-maturity Securities by Credit Rating | The following tables present the amortized cost of the Company's held-to-maturity securities by credit quality rating at September 30, 2022 and December 31, 2021. Credit Ratings (dollars in thousands) AAA/AA/A BBB/BB/B Total September 30, 2022 Held to maturity: Municipal bonds $ 1,080 $ — $ 1,080 Credit Ratings (dollars in thousands) AAA/AA/A BBB/BB/B Total December 31, 2021 Held to maturity: Municipal bonds $ 2,102 $ — $ 2,102 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Common Share | Earnings per common share was computed based on the following: Three Months Ended Nine Months Ended (in thousands, except per share data) 2022 2021 2022 2021 Numerator: Net income available to common shareholders $ 10,434 $ 15,059 $ 23,296 $ 38,383 Denominator: Weighted average common shares outstanding 8,089 8,354 8,162 8,413 Effect of dilutive securities: Restricted stock 11 12 14 12 Stock options 38 40 43 35 Weighted average common shares outstanding – assuming dilution 8,138 8,406 8,219 8,460 Basic earnings per common share $ 1.29 $ 1.80 $ 2.86 $ 4.56 Diluted earnings per common share $ 1.28 $ 1.79 $ 2.84 $ 4.54 |
Credit Quality and Allowance _2
Credit Quality and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Summary of Loans, Net of Unearned Income | The Company’s loans, net of unearned income, consisted of the following as of the dates indicated. (dollars in thousands) September 30, 2022 December 31, 2021 Real estate loans: One- to four-family first mortgage $ 376,028 $ 350,843 Home equity loans and lines 60,624 60,312 Commercial real estate 1,086,656 801,624 Construction and land 328,753 259,652 Multi-family residential 97,212 90,518 Total real estate loans 1,949,273 1,562,949 Other loans: Commercial and industrial 320,900 244,123 Consumer 33,106 33,021 Total other loans 354,006 277,144 Total loans $ 2,303,279 $ 1,840,093 The tables below summarize collateral dependent loans and the related ACL at September 30, 2022 and December 31, 2021. September 30, 2022 (dollars in thousands) Loans ACL One- to four-family first mortgage $ 112 $ 32 Home equity loans and lines — — Commercial real estate 10,692 1,193 Construction and land — — Multi-family residential — — Commercial and industrial 244 188 Consumer 86 — Total $ 11,134 $ 1,413 December 31, 2021 (dollars in thousands) Loans ACL One- to four-family first mortgage $ — $ — Home equity loans and lines — — Commercial real estate 3,873 247 Construction and land — — Multi-family residential — — Commercial and industrial 744 425 Consumer — — Total $ 4,617 $ 672 |
Summary of Allowance for Credit 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. September 30, 2022 (dollars in thousands) Collectively Evaluated Individually Evaluated Total Allowance for credit losses: One- to four-family first mortgage $ 2,293 $ 32 $ 2,325 Home equity loans and lines 500 — 500 Commercial real estate 12,504 1,193 13,697 Construction and land 4,973 — 4,973 Multi-family residential 498 — 498 Commercial and industrial 4,523 188 4,711 Consumer 647 — 647 Total allowance for loan losses $ 25,938 $ 1,413 $ 27,351 Unfunded lending commitments (1) $ 2,263 $ — $ 2,263 Total allowance for credit losses $ 28,201 $ 1,413 $ 29,614 September 30, 2022 (dollars in thousands) Collectively Evaluated Individually Evaluated (2) Total Loans: One- to four-family first mortgage $ 375,916 $ 112 $ 376,028 Home equity loans and lines 60,624 — 60,624 Commercial real estate 1,075,964 10,692 1,086,656 Construction and land 328,753 — 328,753 Multi-family residential 97,212 — 97,212 Commercial and industrial 320,656 244 320,900 Consumer 33,020 86 33,106 Total loans $ 2,292,145 $ 11,134 $ 2,303,279 December 31, 2021 (dollars in thousands) Collectively Evaluated Individually Evaluated Total Allowance for credit losses: One- to four-family first mortgage $ 1,944 $ — $ 1,944 Home equity loans and lines 508 — 508 Commercial real estate 10,207 247 10,454 Construction and land 3,572 — 3,572 Multi-family residential 457 — 457 Commercial and industrial 3,095 425 3,520 Consumer 634 — 634 Total allowance for loan losses $ 20,417 $ 672 $ 21,089 Unfunded lending commitments (1) $ 1,815 $ — $ 1,815 Total allowance for credit losses $ 22,232 $ 672 $ 22,904 December 31, 2021 (dollars in thousands) Collectively Evaluated Individually Evaluated (2) Total Loans: One- to four-family first mortgage $ 350,843 $ — $ 350,843 Home equity loans and lines 60,312 — 60,312 Commercial real estate 797,751 3,873 801,624 Construction and land 259,652 — 259,652 Multi-family residential 90,518 — 90,518 Commercial and industrial 243,379 744 244,123 Consumer 33,021 — 33,021 Total loans $ 1,835,476 $ 4,617 $ 1,840,093 (1) The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. (2) Three and zero PCD loans were individually evaluated at September 30, 2022 and December 31, 2021, respectively. |
Summary of Activity in Allowance for Credit Losses | A summary of activity in the ACL for the nine months ended September 30, 2022 and September 30, 2021 follows. Nine Months Ended September 30, 2022 (dollars in thousands) Beginning Allowance for Acquired PCD Loans (1) Charge-offs Recoveries Provision (Reversal) Ending Allowance for credit losses: One- to four-family first mortgage $ 1,944 $ — $ — $ 6 $ 375 $ 2,325 Home equity loans and lines 508 — — 7 (15) 500 Commercial real estate 10,454 1,220 (270) — 2,293 13,697 Construction and land 3,572 — — — 1,401 4,973 Multi-family residential 457 — — — 41 498 Commercial and industrial 3,520 195 (750) 468 1,278 4,711 Consumer 634 — (240) 124 129 647 Total allowance for loan losses $ 21,089 $ 1,415 $ (1,260) $ 605 $ 5,502 $ 27,351 Unfunded lending commitments $ 1,815 $ — $ — $ — $ 448 $ 2,263 Total allowance for credit losses $ 22,904 $ 1,415 $ (1,260) $ 605 $ 5,950 $ 29,614 Nine Months Ended September 30, 2021 (dollars in thousands) Beginning Balance Charge-offs Recoveries Provision (Reversal) Ending Balance Allowance for credit losses: One- to four-family first mortgage $ 3,065 $ (176) $ 13 $ (757) $ 2,145 Home equity loans and lines 676 (6) 6 (155) 521 Commercial real estate 18,851 (1,024) — (4,500) 13,327 Construction and land 4,155 — 63 (590) 3,628 Multi-family residential 1,077 — — (450) 627 Commercial and industrial 4,276 (522) 307 (811) 3,250 Consumer 863 (79) 117 (250) 651 Total allowance for loan losses $ 32,963 $ (1,807) $ 506 $ (7,513) $ 24,149 Unfunded lending commitments $ 1,425 $ — $ — $ 375 $ 1,800 Total allowance for credit losses $ 34,388 $ (1,807) $ 506 $ (7,138) $ 25,949 (1) On January 1, 2020 the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced a new model known as CECL. The tables below summarize collateral dependent loans and the related ACL at September 30, 2022 and December 31, 2021. September 30, 2022 (dollars in thousands) Loans ACL One- to four-family first mortgage $ 112 $ 32 Home equity loans and lines — — Commercial real estate 10,692 1,193 Construction and land — — Multi-family residential — — Commercial and industrial 244 188 Consumer 86 — Total $ 11,134 $ 1,413 December 31, 2021 (dollars in thousands) Loans ACL One- to four-family first mortgage $ — $ — Home equity loans and lines — — Commercial real estate 3,873 247 Construction and land — — Multi-family residential — — Commercial and industrial 744 425 Consumer — — Total $ 4,617 $ 672 |
Summary of Loan Portfolio by Credit Quality Classification | The following tables present the Company’s loan portfolio by credit quality classification and origination year as of September 30, 2022 and December 31, 2021. September 30, 2022 Term Loans by Origination Year (dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total One- to four-family first mortgage: Pass $ 79,286 $ 80,482 $ 39,464 $ 35,406 $ 27,804 $ 99,681 $ 7,975 $ 1,715 $ 371,813 Special Mention 150 189 — — — 358 — 500 1,197 Substandard 277 29 392 93 172 2,055 — — 3,018 Doubtful — — — — — — — — — Total one- to four-family first mortgages $ 79,713 $ 80,700 $ 39,856 $ 35,499 $ 27,976 $ 102,094 $ 7,975 $ 2,215 $ 376,028 Home equity loans and lines: Pass $ 1,460 $ 1,554 $ 804 $ 1,165 $ 633 $ 3,579 $ 51,264 $ 132 $ 60,591 Special Mention — — — — — — — — — Substandard — — — — — 33 — — 33 Doubtful — — — — — — — — — Total home equity loans and lines $ 1,460 $ 1,554 $ 804 $ 1,165 $ 633 $ 3,612 $ 51,264 $ 132 $ 60,624 Commercial real estate: Pass $ 232,390 $ 273,789 $ 206,929 $ 156,285 $ 68,110 $ 102,580 $ 29,227 $ 443 $ 1,069,753 Special Mention 1,118 — 350 585 — 351 751 — 3,155 Substandard 101 — 170 5,476 534 7,467 — — 13,748 Doubtful — — — — — — — — — Total commercial real estate loans $ 233,609 $ 273,789 $ 207,449 $ 162,346 $ 68,644 $ 110,398 $ 29,978 $ 443 $ 1,086,656 Construction and land: Pass $ 119,984 $ 141,095 $ 32,738 $ 20,991 $ 3,671 $ 3,602 $ 4,013 $ 1,618 $ 327,712 Special Mention 184 533 — — — — — — 717 Substandard 87 — 151 — — 86 — — 324 Doubtful — — — — — — — — — Total construction and land loans $ 120,255 $ 141,628 $ 32,889 $ 20,991 $ 3,671 $ 3,688 $ 4,013 $ 1,618 $ 328,753 September 30, 2022 Term Loans by Origination Year (dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Multi-family residential: Pass $ 25,111 $ 20,687 $ 26,163 $ 13,207 $ 2,269 $ 3,351 $ 176 $ 2,859 $ 93,823 Special Mention — — — — 3,312 — — — 3,312 Substandard — — — — 77 — — — 77 Doubtful — — — — — — — — — Total multi-family residential loans $ 25,111 $ 20,687 $ 26,163 $ 13,207 $ 5,658 $ 3,351 $ 176 $ 2,859 $ 97,212 Commercial and industrial: Pass $ 81,508 $ 53,550 $ 17,678 $ 11,214 $ 12,140 $ 3,337 $ 136,107 $ 672 $ 316,206 Special Mention 941 — 278 — 7 — 1,154 — 2,380 Substandard — — 1,946 — — 17 325 26 2,314 Doubtful — — — — — — — — — Total commercial and industrial loans $ 82,449 $ 53,550 $ 19,902 $ 11,214 $ 12,147 $ 3,354 $ 137,586 $ 698 $ 320,900 Consumer: Pass $ 6,165 $ 2,573 $ 1,759 $ 733 $ 173 $ 13,643 $ 7,509 $ 5 $ 32,560 Special Mention — — — — — — — — — Substandard — 312 — — — 234 — — 546 Doubtful — — — — — — — — — Total consumer loans $ 6,165 $ 2,885 $ 1,759 $ 733 $ 173 $ 13,877 $ 7,509 $ 5 $ 33,106 Total loans: Pass $ 545,904 $ 573,730 $ 325,535 $ 239,001 $ 114,800 $ 229,773 $ 236,271 $ 7,444 $ 2,272,458 Special Mention 2,393 722 628 585 3,319 709 1,905 500 10,761 Substandard 465 341 2,659 5,569 783 9,892 325 26 20,060 Doubtful — — — — — — — — — Total loans $ 548,762 $ 574,793 $ 328,822 $ 245,155 $ 118,902 $ 240,374 $ 238,501 $ 7,970 $ 2,303,279 December 31, 2021 Term Loans by Origination Year (dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total One- to four-family first mortgage: Pass $ 77,865 $ 44,152 $ 45,542 $ 34,301 $ 35,048 $ 96,975 $ 12,412 $ 351 $ 346,646 Special Mention — — — — — 369 — — 369 Substandard — 347 716 266 463 2,036 — — 3,828 Doubtful — — — — — — — — — Total one- to four-family first mortgages $ 77,865 $ 44,499 $ 46,258 $ 34,567 $ 35,511 $ 99,380 $ 12,412 $ 351 $ 350,843 Home equity loans and lines: Pass $ 1,688 $ 873 $ 1,114 $ 919 $ 816 $ 3,567 $ 50,323 $ 975 $ 60,275 Special Mention — — — — — — — — — Substandard — — — — 37 — — — 37 Doubtful — — — — — — — — — Total home equity loans and lines $ 1,688 $ 873 $ 1,114 $ 919 $ 853 $ 3,567 $ 50,323 $ 975 $ 60,312 Commercial real estate: Pass $ 226,989 $ 193,637 $ 142,045 $ 68,949 $ 73,555 $ 59,396 $ 23,310 $ 1,699 $ 789,580 Special Mention — — — — 1,841 366 — — 2,207 Substandard 437 821 381 1,741 306 5,991 — 160 9,837 Doubtful — — — — — — — — — Total commercial real estate loans $ 227,426 $ 194,458 $ 142,426 $ 70,690 $ 75,702 $ 65,753 $ 23,310 $ 1,859 $ 801,624 Construction and land: Pass $ 148,054 $ 50,062 $ 48,432 $ 4,832 $ 2,867 $ 1,738 $ 2,845 $ — $ 258,830 Special Mention 575 — — — — — — — 575 Substandard — — — — 5 242 — — 247 Doubtful — — — — — — — — — Total construction and land loans $ 148,629 $ 50,062 $ 48,432 $ 4,832 $ 2,872 $ 1,980 $ 2,845 $ — $ 259,652 December 31, 2021 Term Loans by Origination Year (dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Multi-family residential: Pass $ 31,236 $ 31,805 $ 14,467 $ 6,363 $ 2,588 $ 2,762 $ 1,297 $ — $ 90,518 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total multi-family residential loans $ 31,236 $ 31,805 $ 14,467 $ 6,363 $ 2,588 $ 2,762 $ 1,297 $ — $ 90,518 Commercial and industrial: Pass $ 82,765 $ 32,465 $ 14,794 $ 8,737 $ 3,066 $ 1,690 $ 96,648 $ 296 $ 240,461 Special Mention — — — — — — 267 — 267 Substandard — 2,013 — 417 5 18 942 — 3,395 Doubtful — — — — — — — — — Total commercial and industrial loans $ 82,765 $ 34,478 $ 14,794 $ 9,154 $ 3,071 $ 1,708 $ 97,857 $ 296 $ 244,123 Consumer: Pass $ 5,472 $ 2,627 $ 1,211 $ 411 $ 1,041 $ 15,530 $ 6,488 $ 37 $ 32,817 Special Mention — — — — — 2 — — 2 Substandard 16 — — — 7 179 — — 202 Doubtful — — — — — — — — — Total consumer loans $ 5,488 $ 2,627 $ 1,211 $ 411 $ 1,048 $ 15,711 $ 6,488 $ 37 $ 33,021 Total loans: Pass $ 574,069 $ 355,621 $ 267,605 $ 124,512 $ 118,981 $ 181,658 $ 193,323 $ 3,358 $ 1,819,127 Special Mention 575 — — — 1,841 737 267 — 3,420 Substandard 453 3,181 1,097 2,424 823 8,466 942 160 17,546 Doubtful — — — — — — — — — Total loans $ 575,097 $ 358,802 $ 268,702 $ 126,936 $ 121,645 $ 190,861 $ 194,532 $ 3,518 $ 1,840,093 |
Summary of Past Due Loans | Age analysis of past due loans as of the dates indicated are as follows. September 30, 2022 (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 $ 1,502 $ 205 $ 446 $ 2,153 $ 280,343 $ 282,496 Home equity loans and lines — — — — 51,635 51,635 Commercial real estate 154 — 27 181 789,988 790,169 Construction and land — — 151 151 288,952 289,103 Multi-family residential — — — — 90,021 90,021 Total real estate loans 1,656 205 624 2,485 1,500,939 1,503,424 Other loans: Commercial and industrial 95 490 236 821 280,852 281,673 Consumer 187 20 190 397 28,817 29,214 Total other loans 282 510 426 1,218 309,669 310,887 Total originated loans $ 1,938 $ 715 $ 1,050 $ 3,703 $ 1,810,608 $ 1,814,311 Acquired loans: Real estate loans: One- to four-family first mortgage $ 1,152 $ 387 $ 408 $ 1,947 $ 91,585 $ 93,532 Home equity loans and lines 23 — — 23 8,966 8,989 Commercial real estate — — 629 629 295,858 296,487 Construction and land — — 139 139 39,511 39,650 Multi-family residential — — — — 7,191 7,191 Total real estate loans 1,175 387 1,176 2,738 443,111 445,849 Other loans: Commercial and industrial 309 294 — 603 38,624 39,227 Consumer 47 — 35 82 3,810 3,892 Total other loans 356 294 35 685 42,434 43,119 Total acquired loans $ 1,531 $ 681 $ 1,211 $ 3,423 $ 485,545 $ 488,968 Total loans: Real estate loans: One- to four-family first mortgage $ 2,654 $ 592 $ 854 $ 4,100 $ 371,928 $ 376,028 Home equity loans and lines 23 — — 23 60,601 60,624 Commercial real estate 154 — 656 810 1,085,846 1,086,656 Construction and land — — 290 290 328,463 328,753 Multi-family residential — — — — 97,212 97,212 Total real estate loans 2,831 592 1,800 5,223 1,944,050 1,949,273 Other loans: Commercial and industrial 404 784 236 1,424 319,476 320,900 Consumer 234 20 225 479 32,627 33,106 Total other loans 638 804 461 1,903 352,103 354,006 Total loans $ 3,469 $ 1,396 $ 2,261 $ 7,126 $ 2,296,153 $ 2,303,279 December 31, 2021 (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 $ 1,267 $ 266 $ 1,151 $ 2,684 $ 254,880 $ 257,564 Home equity loans and lines — — — — 48,561 48,561 Commercial real estate 438 — 4,854 5,292 682,323 687,615 Construction and land 428 — — 428 249,802 250,230 Multi-family residential — — — — 87,316 87,316 Total real estate loans 2,133 266 6,005 8,404 1,322,882 1,331,286 Other loans: Commercial and industrial 51 31 271 353 232,569 232,922 Consumer 289 — 25 314 29,247 29,561 Total other loans 340 31 296 667 261,816 262,483 Total originated loans $ 2,473 $ 297 $ 6,301 $ 9,071 $ 1,584,698 $ 1,593,769 Acquired loans: Real estate loans: One- to four-family first mortgage $ 1,233 $ 428 $ 1,322 $ 2,983 $ 90,296 $ 93,279 Home equity loans and lines 141 — — 141 11,610 11,751 Commercial real estate 54 — 2,139 2,193 111,816 114,009 Construction and land — — 241 241 9,181 9,422 Multi-family residential — — — — 3,202 3,202 Total real estate loans 1,428 428 3,702 5,558 226,105 231,663 Other loans: Commercial and industrial 81 — 430 511 10,690 11,201 Consumer 53 3 21 77 3,383 3,460 Total other loans 134 3 451 588 14,073 14,661 Total acquired loans $ 1,562 $ 431 $ 4,153 $ 6,146 $ 240,178 $ 246,324 Total loans: Real estate loans: One- to four-family first mortgage $ 2,500 $ 694 $ 2,473 $ 5,667 $ 345,176 $ 350,843 Home equity loans and lines 141 — — 141 60,171 60,312 Commercial real estate 492 — 6,993 7,485 794,139 801,624 Construction and land 428 — 241 669 258,983 259,652 Multi-family residential — — — — 90,518 90,518 Total real estate loans 3,561 694 9,707 13,962 1,548,987 1,562,949 Other loans: Commercial and industrial 132 31 701 864 243,259 244,123 Consumer 342 3 46 391 32,630 33,021 Total other loans 474 34 747 1,255 275,889 277,144 Total loans $ 4,035 $ 728 $ 10,454 $ 15,217 $ 1,824,876 $ 1,840,093 |
Summary of Information Pertaining to Non-accrual Non-covered Loans | The following tables summarize information pertaining to nonaccrual loans as of dates indicated. September 30, 2022 (dollars in thousands) With Related Allowance Without Related Allowance Total Nonaccrual loans (1) : One- to four-family first mortgage $ 2,463 $ — $ 2,463 Home equity loans and lines 34 — 34 Commercial real estate 10,304 3,031 13,335 Construction and land 327 — 327 Multi-family residential — — — Commercial and industrial 352 16 368 Consumer 467 86 553 Total $ 13,947 $ 3,133 $ 17,080 December 31, 2021 (dollars in thousands) With Related Allowance Without Related Allowance Total Nonaccrual loans (1) : One- to four-family first mortgage $ 3,575 $ — $ 3,575 Home equity loans and lines 38 — 38 Commercial real estate 8,315 116 8,431 Construction and land 258 — 258 Multi-family residential — — — Commercial and industrial 743 20 763 Consumer 204 — 204 Total $ 13,133 $ 136 $ 13,269 (1) Nonaccrual acquired loans include PCD loans of $7,693,000 at September 30, 2022. There were no nonaccrual acquired PCD loans at December 31, 2021. |
Summary of TDRs Modified During The Period | The following table summarizes information pertaining to TDRs modified during the periods indicated. Nine Months Ended September 30, 2022 2021 (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 6 $ 1,185 $ 1,142 2 $ 77 $ 74 Home equity loans and lines — — — — — — Commercial real estate 2 407 344 2 479 445 Construction and land — — — — — — Multi-family residential — — — — — — Commercial and industrial 1 7 7 2 2,397 2,308 Other consumer 1 19 16 1 5 2 Total 10 $ 1,618 $ 1,509 7 $ 2,958 $ 2,829 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Amounts and Fair Value of Derivative Liabilities | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition as of September 30, 2022 and December 31, 2021. September 30, 2022 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 $ 5,462 $ — $ — Derivatives not designated as hedging instruments: Risk participation agreements — — 10,000 10 Netting adjustments — — Net derivative amounts $ 5,462 $ 10 December 31, 2021 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 $ 1,589 $ — $ — Derivatives not designated as hedging instruments: Risk participation agreements — — 10,000 43 Netting adjustments — — Net derivative amounts $ 1,589 $ 43 |
Summary of Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income | The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income as of September 30, 2022 and September 30, 2021. Three Months Ended September 30, 2022 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Gain 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 $ 1,490 $ 1,490 Interest income $ 193 $ 193 Nine Months Ended September 30, 2022 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Gain 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 $ 4,024 $ 4,024 Interest income $ 231 $ 231 Three Months Ended September 30, 2021 Amount of Gain Recognized in OCI Location of Loss 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 $ 39 $ 39 Interest expense $ (16) $ (16) Nine Months Ended September 30, 2021 Amount of Gain Recognized in OCI Location of Loss 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 $ 926 $ 926 Interest expense $ (48) $ (48) |
Summary of 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 that are not designated as hedging instruments on the Consolidated Statements of Income as of September 30, 2022. (dollars in thousands) Location of Income Recognized on Non-designated Hedges Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Effects of non-designated hedges Risk participation agreements Other noninterest income $ 6 $ 73 (dollars in thousands) Location of Income Recognized on Non-designated Hedges Three months ended September 30, 2021 Nine months ended September 30, 2021 Effects of non-designated hedges Risk participation agreements Other noninterest income $ 6 $ 26 |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured on Recurring Basis | The following tables present the balances of assets measured for fair value on a recurring basis as of September 30, 2022 and December 31, 2021. (dollars in thousands) September 30, 2022 Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. agency mortgage-backed $ 319,217 $ — $ 319,217 $ — Collateralized mortgage obligations 90,536 — 90,536 — Municipal bonds 56,905 — 56,905 — U.S. government agency 19,613 — 19,613 — Corporate bonds 6,487 — 6,487 — Total $ 492,758 $ — $ 492,758 $ — Derivative assets $ 5,462 $ — $ 5,462 $ — Total $ 498,220 $ — $ 498,220 $ — Liabilities Derivative liabilities $ 10 $ — $ 10 $ — (dollars in thousands) December 31, 2021 Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. agency mortgage-backed $ 233,773 $ — $ 233,773 $ — Collateralized mortgage obligations 31,912 — 31,912 — Municipal bonds 50,719 — 50,719 — U.S. government agency 5,614 — 5,614 — Corporate bonds 5,614 — 5,614 — Total $ 327,632 $ — $ 327,632 $ — Derivative assets $ 1,589 $ — $ 1,589 $ — Total $ 329,221 $ — $ 329,221 $ — Liabilities Derivative liabilities $ 43 $ — $ 43 $ — |
Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis | The Company has segregated all financial assets 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 as reflected in the table below. Fair Value Measurements Using (dollars in thousands) September 30, 2022 Level 1 Level 2 Level 3 Assets Loans individually evaluated $ 9,721 $ — $ — $ 9,721 Foreclosed assets and ORE 390 — — 390 Total $ 10,111 $ — $ — $ 10,111 Fair Value Measurements Using (dollars in thousands) December 31, 2021 Level 1 Level 2 Level 3 Assets Loans individually evaluated $ 3,945 $ — $ — $ 3,945 Foreclosed assets and ORE 1,189 — — 1,189 Total $ 5,134 $ — $ — $ 5,134 |
Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets | The following table shows 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 September 30, 2022 Loans individually evaluated $ 9,721 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 0% - 83% 13% Foreclosed assets and ORE $ 390 Third party appraisals, sales contracts, broker price opinions Collateral values, market discounts and estimated costs to sell 0% - 27% 6% (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range of Weighted Average Discount December 31, 2021 Loans individually evaluated $ 3,945 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 0% - 100% 15% Foreclosed assets and ORE $ 1,189 Third party appraisals, sales contracts, broker price opinions Collateral values, market discounts and estimated costs to sell 6% - 16% 12% |
Summary of Fair Values of Company's Financial Instruments | The following table presents estimated fair values of the Company’s financial instruments as of the dates indicated. Fair Value Measurements at September 30, 2022 (dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 150,556 $ 150,556 $ 150,556 $ — $ — Interest-bearing deposits in banks 349 349 349 — — Investment securities available for sale 492,758 492,758 — 492,758 — Investment securities held to maturity 1,080 1,066 — 1,066 — Mortgage loans held for sale 169 169 — 169 — Loans, net 2,275,928 2,174,834 — 2,165,113 9,721 Cash surrender value of BOLI 46,019 46,019 46,019 — — Derivative assets (1) 5,462 5,462 — 5,462 — Financial Liabilities Deposits $ 2,738,424 $ 2,725,412 $ — $ 2,725,412 $ — Other borrowings 5,539 4,890 — 4,890 — Subordinated debt 53,958 52,299 — 52,299 — Long-term FHLB advances 24,816 23,571 — 23,571 — Derivative liabilities (1) 10 10 — 10 — Fair Value Measurements at December 31, 2021 (dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 601,443 $ 601,443 $ 601,443 $ — $ — Interest-bearing deposits in banks 349 349 349 — — Investment securities available for sale 327,632 327,632 — 327,632 — Investment securities held to maturity 2,102 2,132 — 2,132 — Mortgage loans held for sale 1,104 1,104 — 1,104 — Loans, net 1,819,004 1,834,023 — 1,830,078 3,945 Cash surrender value of BOLI 40,361 40,361 40,361 — — Derivative assets (1) 1,589 1,589 — 1,589 — Financial Liabilities Deposits $ 2,535,849 $ 2,533,951 $ — $ 2,533,951 $ — Other borrowings 5,539 5,860 — 5,860 — Long-term FHLB advances 26,046 26,263 — 26,263 — Derivative liabilities (1) 43 43 — 43 — (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. |
Acquisition Activity - Summary
Acquisition Activity - Summary of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Friendswood - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Mar. 26, 2022 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||
Price per share (in usd per share) | $ 15.34 | |
Aggregate purchase price | $ 64,864 | |
Goodwill | 22,452 | $ 22,452 |
Assets | ||
Cash and cash equivalents | 48,741 | 48,741 |
Investment securities | 33,679 | 33,411 |
Loans | 320,050 | 317,492 |
Repossessed assets | 950 | 704 |
Office properties and equipment, net | 1,663 | 1,547 |
Core deposit intangible | 0 | 4,597 |
Other assets | 9,687 | 7,999 |
Total assets acquired | 414,770 | 414,491 |
Liabilities | ||
Noninterest-bearing deposits | 97,668 | 97,668 |
Interest-bearing deposits | 269,301 | 270,323 |
Other liabilities | 3,873 | 4,088 |
Total liabilities assumed | $ 370,842 | 372,079 |
Excess of assets acquired over liabilities assumed | 42,412 | |
Cash consideration paid | (64,864) | |
Fair Value Adjustments | ||
Cash and cash equivalents | 0 | |
Investment securities | (268) | |
Loans | (2,558) | |
Repossessed assets | (246) | |
Office properties and equipment, net | (116) | |
Core deposit intangible | 4,597 | |
Other assets | (1,688) | |
Total assets acquired | (279) | |
Noninterest-bearing deposits | 0 | |
Interest-bearing deposits | 1,022 | |
Other liabilities | 215 | |
Excess of assets acquired over liabilities assumed | 1,237 | |
Adjustment to reflect removal of allowance for loan losses | 3,000 | |
Purchased loans outside of the scope | 5,500 | |
Fair value of loans which are outside of the scope | $ 309,800 | |
Core Deposits | ||
Fair Value Adjustments | ||
Weighted average useful life | 10 years |
Acquisition Activity - Carrying
Acquisition Activity - Carrying amount of Loans at Acquisition (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 26, 2022 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||
Allowance for credit losses on PCD loans at acquisition | $ 1,415 | |
Friendswood | ||
Business Acquisition [Line Items] | ||
Purchase price of PCD loans at acquisition | $ 10,228 | |
Allowance for credit losses on PCD loans at acquisition | 1,415 | |
Par value of PCD acquired loans at acquisition | $ 11,643 |
Acquisition Activity - Business
Acquisition Activity - Business Acquisition, Pro Forma Information (Details) - Friendswood - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||
Merger related costs | $ 1,971 | $ 299 |
Net interest income | 89,764 | 91,007 |
Noninterest income | 11,450 | 15,024 |
Noninterest expense | 64,263 | 60,522 |
Net income | $ 24,845 | $ 41,887 |
Earnings per share - basic (in usd per share) | $ 3.07 | $ 4.98 |
Earnings per share - diluted (in usd per share) | $ 3.05 | $ 4.95 |
Investment Securities - Summary
Investment Securities - Summary of Information Regarding Investment Securities Classified as Available for Sale and Held to Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | $ 552,391 | $ 328,285 |
Available for sale, Gross Unrealized Gains | 11 | 2,874 |
Available for sale, Gross Unrealized Losses | 59,644 | 3,527 |
Available for sale securities: | 492,758 | 327,632 |
Held to maturity, Amortized Cost | 1,080 | 2,102 |
Held to maturity, Gross Unrealized Gains | 0 | 30 |
Held to maturity, Gross Unrealized Losses | 14 | 0 |
Investment securities held to maturity | 1,066 | 2,132 |
U.S. agency mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 361,235 | 234,720 |
Available for sale, Gross Unrealized Gains | 7 | 1,793 |
Available for sale, Gross Unrealized Losses | 42,025 | 2,740 |
Available for sale securities: | 319,217 | 233,773 |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 95,699 | 31,356 |
Available for sale, Gross Unrealized Gains | 0 | 557 |
Available for sale, Gross Unrealized Losses | 5,163 | 1 |
Available for sale securities: | 90,536 | 31,912 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 67,629 | 51,094 |
Available for sale, Gross Unrealized Gains | 2 | 402 |
Available for sale, Gross Unrealized Losses | 10,726 | 777 |
Available for sale securities: | 56,905 | 50,719 |
Held to maturity, Amortized Cost | 1,080 | 2,102 |
Held to maturity, Gross Unrealized Gains | 0 | 30 |
Held to maturity, Gross Unrealized Losses | 14 | 0 |
Investment securities held to maturity | 1,066 | 2,132 |
U.S. government agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 20,849 | 5,615 |
Available for sale, Gross Unrealized Gains | 2 | 8 |
Available for sale, Gross Unrealized Losses | 1,238 | 9 |
Available for sale securities: | 19,613 | 5,614 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 6,979 | 5,500 |
Available for sale, Gross Unrealized Gains | 0 | 114 |
Available for sale, Gross Unrealized Losses | 492 | 0 |
Available for sale securities: | $ 6,487 | $ 5,614 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value by Maturity of Company's Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities available for sale, One Year or Less, Fair Value | $ 4,604 | |
Securities available for sale, One Year to Five Years, Fair Value | 101,002 | |
Securities available for sale, Five to Ten Years, Fair Value | 179,000 | |
Securities available for sale, Over Ten Years, Fair Value | 208,152 | |
Available for sale, Fair Value | 492,758 | $ 327,632 |
Investment securities, One Year or Less, Fair Value | 0 | |
Investment securities, One Year to Five Years, Fair Value | 1,066 | |
Investment securities, Five to Ten Years, Fair Value | 0 | |
Investment securities, Over Ten Years, Fair Value | 0 | |
Held to maturity, Fair Value | 1,066 | 2,132 |
Securities available for sale, Amortized Cost, One Year or Less | 4,626 | |
Securities available for sale, Amortized Cost, One Year to Five Years | 106,411 | |
Securities available for sale, Amortized Cost, Five to Ten Years | 199,357 | |
Securities available for sale, Amortized Cost, Over Ten Years | 241,997 | |
Available for sale, Amortized Cost | 552,391 | 328,285 |
Investment securities, Amortized Cost, One Year or Less | 0 | |
Investment securities, Amortized Cost, One Year to Five Years | 1,080 | |
Investment securities, Amortized Cost, Five to Ten Years | 0 | |
Investment securities, Amortized Cost, Over Ten Years | 0 | |
Held to maturity, Amortized Cost | 1,080 | 2,102 |
U.S. agency mortgage-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities available for sale, One Year or Less, Fair Value | 4,104 | |
Securities available for sale, One Year to Five Years, Fair Value | 38,846 | |
Securities available for sale, Five to Ten Years, Fair Value | 121,211 | |
Securities available for sale, Over Ten Years, Fair Value | 155,056 | |
Available for sale, Fair Value | 319,217 | 233,773 |
Securities available for sale, Amortized Cost, One Year or Less | 4,126 | |
Securities available for sale, Amortized Cost, One Year to Five Years | 41,683 | |
Securities available for sale, Amortized Cost, Five to Ten Years | 135,526 | |
Securities available for sale, Amortized Cost, Over Ten Years | 179,900 | |
Available for sale, Amortized Cost | 361,235 | 234,720 |
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, One Year to Five Years, Fair Value | 50,855 | |
Securities available for sale, Five to Ten Years, Fair Value | 16,609 | |
Securities available for sale, Over Ten Years, Fair Value | 23,072 | |
Available for sale, Fair Value | 90,536 | 31,912 |
Securities available for sale, Amortized Cost, One Year or Less | 0 | |
Securities available for sale, Amortized Cost, One Year to Five Years | 53,238 | |
Securities available for sale, Amortized Cost, Five to Ten Years | 18,154 | |
Securities available for sale, Amortized Cost, Over Ten Years | 24,307 | |
Available for sale, Amortized Cost | 95,699 | 31,356 |
Municipal bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities available for sale, One Year or Less, Fair Value | 500 | |
Securities available for sale, One Year to Five Years, Fair Value | 5,330 | |
Securities available for sale, Five to Ten Years, Fair Value | 21,401 | |
Securities available for sale, Over Ten Years, Fair Value | 29,674 | |
Available for sale, Fair Value | 56,905 | 50,719 |
Investment securities, One Year or Less, Fair Value | 0 | |
Investment securities, One Year to Five Years, Fair Value | 1,066 | |
Investment securities, Five to Ten Years, Fair Value | 0 | |
Investment securities, Over Ten Years, Fair Value | 0 | |
Held to maturity, Fair Value | 1,066 | 2,132 |
Securities available for sale, Amortized Cost, One Year or Less | 500 | |
Securities available for sale, Amortized Cost, One Year to Five Years | 5,407 | |
Securities available for sale, Amortized Cost, Five to Ten Years | 24,284 | |
Securities available for sale, Amortized Cost, Over Ten Years | 37,438 | |
Available for sale, Amortized Cost | 67,629 | 51,094 |
Investment securities, Amortized Cost, One Year or Less | 0 | |
Investment securities, Amortized Cost, One Year to Five Years | 1,080 | |
Investment securities, Amortized Cost, Five to Ten Years | 0 | |
Investment securities, Amortized Cost, Over Ten Years | 0 | |
Held to maturity, Amortized Cost | 1,080 | 2,102 |
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, One Year to Five Years, Fair Value | 5,971 | |
Securities available for sale, Five to Ten Years, Fair Value | 13,292 | |
Securities available for sale, Over Ten Years, Fair Value | 350 | |
Available for sale, Fair Value | 19,613 | 5,614 |
Securities available for sale, Amortized Cost, One Year or Less | 0 | |
Securities available for sale, Amortized Cost, One Year to Five Years | 6,083 | |
Securities available for sale, Amortized Cost, Five to Ten Years | 14,414 | |
Securities available for sale, Amortized Cost, Over Ten Years | 352 | |
Available for sale, Amortized Cost | 20,849 | 5,615 |
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, One Year to Five Years, Fair Value | 0 | |
Securities available for sale, Five to Ten Years, Fair Value | 6,487 | |
Securities available for sale, Over Ten Years, Fair Value | 0 | |
Available for sale, Fair Value | 6,487 | 5,614 |
Securities available for sale, Amortized Cost, One Year or Less | 0 | |
Securities available for sale, Amortized Cost, One Year to Five Years | 0 | |
Securities available for sale, Amortized Cost, Five to Ten Years | 6,979 | |
Securities available for sale, Amortized Cost, Over Ten Years | 0 | |
Available for sale, Amortized Cost | $ 6,979 | $ 5,500 |
Investment Securities - Company
Investment Securities - Company's Investment Securities With Unrealized Losses, Aggregated by Type and Length (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities available-for-sale, Fair Value | ||
Fair Value, Less Than 1 Year | $ 369,274 | $ 191,708 |
Fair Value, Over 1 Year | 120,806 | 14,792 |
Fair Value | 490,080 | 206,500 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 34,001 | 3,102 |
Gross unrealized losses, Over 1 Year | 25,643 | 425 |
Unrealized Losses | 59,644 | 3,527 |
Securities held-to-maturity, Fair Value | ||
Fair Value, Less Than 1 Year | 1,066 | 0 |
Fair Value, Over 1 Year | 0 | 0 |
Fair Value | 1,066 | 0 |
Securities held-to-maturity, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 14 | 0 |
Gross unrealized losses, Over 1 Year | 0 | 0 |
Unrealized Losses | 14 | 0 |
U.S. agency mortgage-backed | ||
Securities available-for-sale, Fair Value | ||
Fair Value, Less Than 1 Year | 221,881 | 158,908 |
Fair Value, Over 1 Year | 96,763 | 11,575 |
Fair Value | 318,644 | 170,483 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 22,585 | 2,382 |
Gross unrealized losses, Over 1 Year | 19,440 | 358 |
Unrealized Losses | 42,025 | 2,740 |
Collateralized mortgage obligations | ||
Securities available-for-sale, Fair Value | ||
Fair Value, Less Than 1 Year | 89,820 | 254 |
Fair Value, Over 1 Year | 698 | 988 |
Fair Value | 90,518 | 1,242 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 5,160 | 1 |
Gross unrealized losses, Over 1 Year | 3 | 0 |
Unrealized Losses | 5,163 | 1 |
Municipal bonds | ||
Securities available-for-sale, Fair Value | ||
Fair Value, Less Than 1 Year | 36,410 | 29,047 |
Fair Value, Over 1 Year | 19,493 | 1,228 |
Fair Value | 55,903 | 30,275 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 4,846 | 719 |
Gross unrealized losses, Over 1 Year | 5,880 | 58 |
Unrealized Losses | 10,726 | 777 |
Securities held-to-maturity, Fair Value | ||
Fair Value, Less Than 1 Year | 1,066 | 0 |
Fair Value, Over 1 Year | 0 | 0 |
Fair Value | 1,066 | 0 |
Securities held-to-maturity, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 14 | 0 |
Gross unrealized losses, Over 1 Year | 0 | 0 |
Unrealized Losses | 14 | 0 |
U.S. government agency | ||
Securities available-for-sale, Fair Value | ||
Fair Value, Less Than 1 Year | 17,862 | 0 |
Fair Value, Over 1 Year | 666 | 1,001 |
Fair Value | 18,528 | 1,001 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 1,232 | 0 |
Gross unrealized losses, Over 1 Year | 6 | 9 |
Unrealized Losses | 1,238 | 9 |
Corporate bonds | ||
Securities available-for-sale, Fair Value | ||
Fair Value, Less Than 1 Year | 3,301 | 3,499 |
Fair Value, Over 1 Year | 3,186 | 0 |
Fair Value | 6,487 | 3,499 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 178 | 0 |
Gross unrealized losses, Over 1 Year | 314 | 0 |
Unrealized Losses | $ 492 | $ 0 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | Sep. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) |
Investments, Debt and Equity Securities [Abstract] | ||
Number of investment securities with unrealized losses | security | 324 | |
Percentage of gross unrealized losses (percent) | 10.80% | |
Percentage of amortized investment securities portfolio (percent) | 10.80% | |
Number of investment securities in a continuous loss position for over 12 months | security | 51 | |
Allowance for credit losses on available-for-sale securities | $ 0 | |
Allowance for credit losses on held-to-maturity securities | 0 | |
Accrued interest receivable | 1,548,000 | $ 942,000 |
Securities pledged to secure public deposits | $ 182,022,000 | $ 156,492,000 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost of Held-to-Maturity Securities by Credit Quality (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Held-to-maturity, Amortized cost | $ 1,080 | $ 2,102 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Held-to-maturity, Amortized cost | 1,080 | 2,102 |
Municipal bonds | AAA/AA/A | ||
Debt Securities, Available-for-sale [Line Items] | ||
Held-to-maturity, Amortized cost | 1,080 | 2,102 |
Municipal bonds | BBB/BB/B | ||
Debt Securities, Available-for-sale [Line Items] | ||
Held-to-maturity, Amortized cost | $ 0 | $ 0 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||
Net income available to common shareholders | $ 10,434 | $ 15,059 | $ 23,296 | $ 38,383 |
Denominator: | ||||
Weighted average common shares outstanding (in shares) | 8,089 | 8,354 | 8,162 | 8,413 |
Effect of dilutive securities: | ||||
Weighted average common shares outstanding-assuming dilution (in shares) | 8,138 | 8,406 | 8,219 | 8,460 |
Basic earnings per common share (in usd per share) | $ 1.29 | $ 1.80 | $ 2.86 | $ 4.56 |
Diluted earnings per common share (in usd per share) | $ 1.28 | $ 1.79 | $ 2.84 | $ 4.54 |
Restricted stock | ||||
Effect of dilutive securities: | ||||
Restricted stock / Stock options (in shares) | 11 | 12 | 14 | 12 |
Stock options | ||||
Effect of dilutive securities: | ||||
Restricted stock / Stock options (in shares) | 38 | 40 | 43 | 35 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Number of options and common stock not included in computing diluted earnings per share (in shares) | 75,789 | 106,190 | 66,866 | 98,262 |
Credit Quality and Allowance _3
Credit Quality and Allowance for Credit Losses - Summary of Loans, Net of Unearned Income (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 2,303,279 | $ 1,840,093 |
Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,949,273 | 1,562,949 |
Other loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 354,006 | 277,144 |
One- to four-family first mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 376,028 | 350,843 |
One- to four-family first mortgage | Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 376,028 | 350,843 |
Home equity loans and lines | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 60,624 | 60,312 |
Home equity loans and lines | Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 60,624 | 60,312 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,086,656 | 801,624 |
Commercial real estate | Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,086,656 | 801,624 |
Construction and land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 328,753 | 259,652 |
Construction and land | Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 328,753 | 259,652 |
Multi-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 97,212 | 90,518 |
Multi-family residential | Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 97,212 | 90,518 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 320,900 | 244,123 |
Commercial and industrial | Other loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 320,900 | 244,123 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 33,106 | 33,021 |
Consumer | Other loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 33,106 | $ 33,021 |
Credit Quality and Allowance _4
Credit Quality and Allowance for Credit Losses - Additional Information (Details) | 9 Months Ended | |||
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Mar. 26, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | $ 2,303,279,000 | $ 1,840,093,000 | ||
Net discount on loans | 7,616,000 | 4,289,000 | ||
Deferred discounts finance charges and interest included in receivables | 4,244,000 | 4,924,000 | ||
Loans greater than 90 days past due and still accruing | 3,000 | 6,000 | ||
Foreclosed assets and ORE | 390,000 | 1,189,000 | ||
Mortgage loans in process of foreclosure | 314,000 | 505,000 | ||
TDR threshold for determining ACL | $ 500,000 | |||
Troubled debt restructurings for which there was a payment default | loan | 0 | |||
Held for sale | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Foreclosed assets and ORE | 423,000 | |||
PPP loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Deferred lender fees | $ 103,000 | 1,301,000 | ||
Company's loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable | 7,742,000 | 6,496,000 | ||
Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Foreclosed real estate assets | 147,000 | 136,000 | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 1,086,656,000 | 801,624,000 | ||
Troubled debt restructurings for which there was a payment default | loan | 1 | |||
Troubled debt restructurings with subsequent default | $ 342,000 | |||
One- to four-family first mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 376,028,000 | 350,843,000 | ||
Troubled debt restructurings for which there was a payment default | loan | 2 | |||
Troubled debt restructurings with subsequent default | $ 73,000 | |||
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 320,900,000 | 244,123,000 | ||
Troubled debt restructurings for which there was a payment default | loan | 1 | |||
Troubled debt restructurings with subsequent default | $ 304,000 | |||
Commercial and industrial | PPP loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | $ 7,094,000 | $ 43,637,000 | ||
Friendswood | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | $ 317,500,000 |
Credit Quality and Allowance _5
Credit Quality and Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investment in Loans (Details) $ in Thousands | Sep. 30, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Allowance for loan losses | $ 25,938 | $ 20,417 | ||
Individually evaluated for impairment, Allowance for loan losses | 1,413 | 672 | ||
Allowance for loan losses | 27,351 | 21,089 | $ 24,149 | $ 32,963 |
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | 28,201 | 22,232 | ||
Individually evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | 1,413 | 672 | ||
Total allowance for credit losses | 29,614 | 22,904 | 25,949 | 34,388 |
Collectively evaluated for impairment, Recorded investment in loans | 2,292,145 | 1,835,476 | ||
Individually evaluated for impairment, Recorded investment in loans | 11,134 | 4,617 | ||
Total Loans | $ 2,303,279 | $ 1,840,093 | ||
PCD Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of loans | loan | 3 | 0 | ||
Unfunded lending commitments | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Allowance for loan losses | $ 2,263 | $ 1,815 | ||
Individually evaluated for impairment, Allowance for loan losses | 0 | 0 | ||
Allowance for loan losses | 2,263 | 1,815 | 1,800 | 1,425 |
One- to four-family first mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Allowance for loan losses | 2,293 | 1,944 | ||
Individually evaluated for impairment, Allowance for loan losses | 32 | 0 | ||
Allowance for loan losses | 2,325 | 1,944 | 2,145 | 3,065 |
Collectively evaluated for impairment, Recorded investment in loans | 375,916 | 350,843 | ||
Individually evaluated for impairment, Recorded investment in loans | 112 | 0 | ||
Total Loans | 376,028 | 350,843 | ||
Home equity loans and lines | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Allowance for loan losses | 500 | 508 | ||
Individually evaluated for impairment, Allowance for loan losses | 0 | 0 | ||
Allowance for loan losses | 500 | 508 | 521 | 676 |
Collectively evaluated for impairment, Recorded investment in loans | 60,624 | 60,312 | ||
Individually evaluated for impairment, Recorded investment in loans | 0 | 0 | ||
Total Loans | 60,624 | 60,312 | ||
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Allowance for loan losses | 12,504 | 10,207 | ||
Individually evaluated for impairment, Allowance for loan losses | 1,193 | 247 | ||
Allowance for loan losses | 13,697 | 10,454 | 13,327 | 18,851 |
Collectively evaluated for impairment, Recorded investment in loans | 1,075,964 | 797,751 | ||
Individually evaluated for impairment, Recorded investment in loans | 10,692 | 3,873 | ||
Total Loans | 1,086,656 | 801,624 | ||
Construction and land | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Allowance for loan losses | 4,973 | 3,572 | ||
Individually evaluated for impairment, Allowance for loan losses | 0 | 0 | ||
Allowance for loan losses | 4,973 | 3,572 | 3,628 | 4,155 |
Collectively evaluated for impairment, Recorded investment in loans | 328,753 | 259,652 | ||
Individually evaluated for impairment, Recorded investment in loans | 0 | 0 | ||
Total Loans | 328,753 | 259,652 | ||
Multi-family residential | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Allowance for loan losses | 498 | 457 | ||
Individually evaluated for impairment, Allowance for loan losses | 0 | 0 | ||
Allowance for loan losses | 498 | 457 | 627 | 1,077 |
Collectively evaluated for impairment, Recorded investment in loans | 97,212 | 90,518 | ||
Individually evaluated for impairment, Recorded investment in loans | 0 | 0 | ||
Total Loans | 97,212 | 90,518 | ||
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Allowance for loan losses | 4,523 | 3,095 | ||
Individually evaluated for impairment, Allowance for loan losses | 188 | 425 | ||
Allowance for loan losses | 4,711 | 3,520 | 3,250 | 4,276 |
Collectively evaluated for impairment, Recorded investment in loans | 320,656 | 243,379 | ||
Individually evaluated for impairment, Recorded investment in loans | 244 | 744 | ||
Total Loans | 320,900 | 244,123 | ||
Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Allowance for loan losses | 647 | 634 | ||
Individually evaluated for impairment, Allowance for loan losses | 0 | 0 | ||
Allowance for loan losses | 647 | 634 | $ 651 | $ 863 |
Collectively evaluated for impairment, Recorded investment in loans | 33,020 | 33,021 | ||
Individually evaluated for impairment, Recorded investment in loans | 86 | 0 | ||
Total Loans | $ 33,106 | $ 33,021 |
Credit Quality and Allowance _6
Credit Quality and Allowance for Credit Losses - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance for credit losses: | ||||
Beginning Balance | $ 21,089 | $ 32,963 | ||
Beginning Balance | 22,904 | 34,388 | ||
Allowance for credit losses on PCD loans at acquisition | 1,415 | |||
Allowance for Acquired PCD Loans | 1,415 | |||
Charge-offs | (1,260) | (1,807) | ||
Recoveries | 605 | 506 | ||
Provision (Reversal) | $ 1,696 | $ (2,385) | 5,502 | (7,513) |
Provision (Reversal) | 5,950 | (7,138) | ||
Ending Balance | 27,351 | 24,149 | 27,351 | 24,149 |
Ending Balance | 29,614 | 25,949 | 29,614 | 25,949 |
Unfunded lending commitments | ||||
Allowance for credit losses: | ||||
Beginning Balance | 1,815 | 1,425 | ||
Allowance for credit losses on PCD loans at acquisition | 0 | |||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision (Reversal) | 448 | 375 | ||
Ending Balance | 2,263 | 1,800 | 2,263 | 1,800 |
One- to four-family first mortgage | ||||
Allowance for credit losses: | ||||
Beginning Balance | 1,944 | 3,065 | ||
Allowance for credit losses on PCD loans at acquisition | 0 | |||
Charge-offs | 0 | (176) | ||
Recoveries | 6 | 13 | ||
Provision (Reversal) | 375 | (757) | ||
Ending Balance | 2,325 | 2,145 | 2,325 | 2,145 |
Home equity loans and lines | ||||
Allowance for credit losses: | ||||
Beginning Balance | 508 | 676 | ||
Allowance for credit losses on PCD loans at acquisition | 0 | |||
Charge-offs | 0 | (6) | ||
Recoveries | 7 | 6 | ||
Provision (Reversal) | (15) | (155) | ||
Ending Balance | 500 | 521 | 500 | 521 |
Commercial real estate | ||||
Allowance for credit losses: | ||||
Beginning Balance | 10,454 | 18,851 | ||
Allowance for credit losses on PCD loans at acquisition | 1,220 | |||
Charge-offs | (270) | (1,024) | ||
Recoveries | 0 | 0 | ||
Provision (Reversal) | 2,293 | (4,500) | ||
Ending Balance | 13,697 | 13,327 | 13,697 | 13,327 |
Construction and land | ||||
Allowance for credit losses: | ||||
Beginning Balance | 3,572 | 4,155 | ||
Allowance for credit losses on PCD loans at acquisition | 0 | |||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 63 | ||
Provision (Reversal) | 1,401 | (590) | ||
Ending Balance | 4,973 | 3,628 | 4,973 | 3,628 |
Multi-family residential | ||||
Allowance for credit losses: | ||||
Beginning Balance | 457 | 1,077 | ||
Allowance for credit losses on PCD loans at acquisition | 0 | |||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision (Reversal) | 41 | (450) | ||
Ending Balance | 498 | 627 | 498 | 627 |
Commercial and industrial | ||||
Allowance for credit losses: | ||||
Beginning Balance | 3,520 | 4,276 | ||
Allowance for credit losses on PCD loans at acquisition | 195 | |||
Charge-offs | (750) | (522) | ||
Recoveries | 468 | 307 | ||
Provision (Reversal) | 1,278 | (811) | ||
Ending Balance | 4,711 | 3,250 | 4,711 | 3,250 |
Consumer | ||||
Allowance for credit losses: | ||||
Beginning Balance | 634 | 863 | ||
Allowance for credit losses on PCD loans at acquisition | 0 | |||
Charge-offs | (240) | (79) | ||
Recoveries | 124 | 117 | ||
Provision (Reversal) | 129 | (250) | ||
Ending Balance | $ 647 | $ 651 | $ 647 | $ 651 |
Credit Quality and Allowance _7
Credit Quality and Allowance for Credit Losses - Summary of Loan Portfolio by Credit Quality Classification and Origination Year (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | $ 548,762 | $ 575,097 |
Origination year - 1 year before current fiscal year | 574,793 | 358,802 |
Origination year - 2 years prior to current fiscal year | 328,822 | 268,702 |
Origination year - 3 years prior to current fiscal year | 245,155 | 126,936 |
Origination year - 4 years prior to current fiscal year | 118,902 | 121,645 |
Origination year - more than 4 years prior to current fiscal year | 240,374 | 190,861 |
Revolving Loans | 238,501 | 194,532 |
Revolving Loans Converted to Term Loans | 7,970 | 3,518 |
Total Loans | 2,303,279 | 1,840,093 |
One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 79,713 | 77,865 |
Origination year - 1 year before current fiscal year | 80,700 | 44,499 |
Origination year - 2 years prior to current fiscal year | 39,856 | 46,258 |
Origination year - 3 years prior to current fiscal year | 35,499 | 34,567 |
Origination year - 4 years prior to current fiscal year | 27,976 | 35,511 |
Origination year - more than 4 years prior to current fiscal year | 102,094 | 99,380 |
Revolving Loans | 7,975 | 12,412 |
Revolving Loans Converted to Term Loans | 2,215 | 351 |
Total Loans | 376,028 | 350,843 |
Home equity loans and lines | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 1,460 | 1,688 |
Origination year - 1 year before current fiscal year | 1,554 | 873 |
Origination year - 2 years prior to current fiscal year | 804 | 1,114 |
Origination year - 3 years prior to current fiscal year | 1,165 | 919 |
Origination year - 4 years prior to current fiscal year | 633 | 853 |
Origination year - more than 4 years prior to current fiscal year | 3,612 | 3,567 |
Revolving Loans | 51,264 | 50,323 |
Revolving Loans Converted to Term Loans | 132 | 975 |
Total Loans | 60,624 | 60,312 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 233,609 | 227,426 |
Origination year - 1 year before current fiscal year | 273,789 | 194,458 |
Origination year - 2 years prior to current fiscal year | 207,449 | 142,426 |
Origination year - 3 years prior to current fiscal year | 162,346 | 70,690 |
Origination year - 4 years prior to current fiscal year | 68,644 | 75,702 |
Origination year - more than 4 years prior to current fiscal year | 110,398 | 65,753 |
Revolving Loans | 29,978 | 23,310 |
Revolving Loans Converted to Term Loans | 443 | 1,859 |
Total Loans | 1,086,656 | 801,624 |
Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 120,255 | 148,629 |
Origination year - 1 year before current fiscal year | 141,628 | 50,062 |
Origination year - 2 years prior to current fiscal year | 32,889 | 48,432 |
Origination year - 3 years prior to current fiscal year | 20,991 | 4,832 |
Origination year - 4 years prior to current fiscal year | 3,671 | 2,872 |
Origination year - more than 4 years prior to current fiscal year | 3,688 | 1,980 |
Revolving Loans | 4,013 | 2,845 |
Revolving Loans Converted to Term Loans | 1,618 | 0 |
Total Loans | 328,753 | 259,652 |
Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 25,111 | 31,236 |
Origination year - 1 year before current fiscal year | 20,687 | 31,805 |
Origination year - 2 years prior to current fiscal year | 26,163 | 14,467 |
Origination year - 3 years prior to current fiscal year | 13,207 | 6,363 |
Origination year - 4 years prior to current fiscal year | 5,658 | 2,588 |
Origination year - more than 4 years prior to current fiscal year | 3,351 | 2,762 |
Revolving Loans | 176 | 1,297 |
Revolving Loans Converted to Term Loans | 2,859 | 0 |
Total Loans | 97,212 | 90,518 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 82,449 | 82,765 |
Origination year - 1 year before current fiscal year | 53,550 | 34,478 |
Origination year - 2 years prior to current fiscal year | 19,902 | 14,794 |
Origination year - 3 years prior to current fiscal year | 11,214 | 9,154 |
Origination year - 4 years prior to current fiscal year | 12,147 | 3,071 |
Origination year - more than 4 years prior to current fiscal year | 3,354 | 1,708 |
Revolving Loans | 137,586 | 97,857 |
Revolving Loans Converted to Term Loans | 698 | 296 |
Total Loans | 320,900 | 244,123 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 6,165 | 5,488 |
Origination year - 1 year before current fiscal year | 2,885 | 2,627 |
Origination year - 2 years prior to current fiscal year | 1,759 | 1,211 |
Origination year - 3 years prior to current fiscal year | 733 | 411 |
Origination year - 4 years prior to current fiscal year | 173 | 1,048 |
Origination year - more than 4 years prior to current fiscal year | 13,877 | 15,711 |
Revolving Loans | 7,509 | 6,488 |
Revolving Loans Converted to Term Loans | 5 | 37 |
Total Loans | 33,106 | 33,021 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 545,904 | 574,069 |
Origination year - 1 year before current fiscal year | 573,730 | 355,621 |
Origination year - 2 years prior to current fiscal year | 325,535 | 267,605 |
Origination year - 3 years prior to current fiscal year | 239,001 | 124,512 |
Origination year - 4 years prior to current fiscal year | 114,800 | 118,981 |
Origination year - more than 4 years prior to current fiscal year | 229,773 | 181,658 |
Revolving Loans | 236,271 | 193,323 |
Revolving Loans Converted to Term Loans | 7,444 | 3,358 |
Total Loans | 2,272,458 | 1,819,127 |
Pass | One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 79,286 | 77,865 |
Origination year - 1 year before current fiscal year | 80,482 | 44,152 |
Origination year - 2 years prior to current fiscal year | 39,464 | 45,542 |
Origination year - 3 years prior to current fiscal year | 35,406 | 34,301 |
Origination year - 4 years prior to current fiscal year | 27,804 | 35,048 |
Origination year - more than 4 years prior to current fiscal year | 99,681 | 96,975 |
Revolving Loans | 7,975 | 12,412 |
Revolving Loans Converted to Term Loans | 1,715 | 351 |
Total Loans | 371,813 | 346,646 |
Pass | Home equity loans and lines | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 1,460 | 1,688 |
Origination year - 1 year before current fiscal year | 1,554 | 873 |
Origination year - 2 years prior to current fiscal year | 804 | 1,114 |
Origination year - 3 years prior to current fiscal year | 1,165 | 919 |
Origination year - 4 years prior to current fiscal year | 633 | 816 |
Origination year - more than 4 years prior to current fiscal year | 3,579 | 3,567 |
Revolving Loans | 51,264 | 50,323 |
Revolving Loans Converted to Term Loans | 132 | 975 |
Total Loans | 60,591 | 60,275 |
Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 232,390 | 226,989 |
Origination year - 1 year before current fiscal year | 273,789 | 193,637 |
Origination year - 2 years prior to current fiscal year | 206,929 | 142,045 |
Origination year - 3 years prior to current fiscal year | 156,285 | 68,949 |
Origination year - 4 years prior to current fiscal year | 68,110 | 73,555 |
Origination year - more than 4 years prior to current fiscal year | 102,580 | 59,396 |
Revolving Loans | 29,227 | 23,310 |
Revolving Loans Converted to Term Loans | 443 | 1,699 |
Total Loans | 1,069,753 | 789,580 |
Pass | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 119,984 | 148,054 |
Origination year - 1 year before current fiscal year | 141,095 | 50,062 |
Origination year - 2 years prior to current fiscal year | 32,738 | 48,432 |
Origination year - 3 years prior to current fiscal year | 20,991 | 4,832 |
Origination year - 4 years prior to current fiscal year | 3,671 | 2,867 |
Origination year - more than 4 years prior to current fiscal year | 3,602 | 1,738 |
Revolving Loans | 4,013 | 2,845 |
Revolving Loans Converted to Term Loans | 1,618 | 0 |
Total Loans | 327,712 | 258,830 |
Pass | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 25,111 | 31,236 |
Origination year - 1 year before current fiscal year | 20,687 | 31,805 |
Origination year - 2 years prior to current fiscal year | 26,163 | 14,467 |
Origination year - 3 years prior to current fiscal year | 13,207 | 6,363 |
Origination year - 4 years prior to current fiscal year | 2,269 | 2,588 |
Origination year - more than 4 years prior to current fiscal year | 3,351 | 2,762 |
Revolving Loans | 176 | 1,297 |
Revolving Loans Converted to Term Loans | 2,859 | 0 |
Total Loans | 93,823 | 90,518 |
Pass | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 81,508 | 82,765 |
Origination year - 1 year before current fiscal year | 53,550 | 32,465 |
Origination year - 2 years prior to current fiscal year | 17,678 | 14,794 |
Origination year - 3 years prior to current fiscal year | 11,214 | 8,737 |
Origination year - 4 years prior to current fiscal year | 12,140 | 3,066 |
Origination year - more than 4 years prior to current fiscal year | 3,337 | 1,690 |
Revolving Loans | 136,107 | 96,648 |
Revolving Loans Converted to Term Loans | 672 | 296 |
Total Loans | 316,206 | 240,461 |
Pass | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 6,165 | 5,472 |
Origination year - 1 year before current fiscal year | 2,573 | 2,627 |
Origination year - 2 years prior to current fiscal year | 1,759 | 1,211 |
Origination year - 3 years prior to current fiscal year | 733 | 411 |
Origination year - 4 years prior to current fiscal year | 173 | 1,041 |
Origination year - more than 4 years prior to current fiscal year | 13,643 | 15,530 |
Revolving Loans | 7,509 | 6,488 |
Revolving Loans Converted to Term Loans | 5 | 37 |
Total Loans | 32,560 | 32,817 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 2,393 | 575 |
Origination year - 1 year before current fiscal year | 722 | 0 |
Origination year - 2 years prior to current fiscal year | 628 | 0 |
Origination year - 3 years prior to current fiscal year | 585 | 0 |
Origination year - 4 years prior to current fiscal year | 3,319 | 1,841 |
Origination year - more than 4 years prior to current fiscal year | 709 | 737 |
Revolving Loans | 1,905 | 267 |
Revolving Loans Converted to Term Loans | 500 | 0 |
Total Loans | 10,761 | 3,420 |
Special Mention | One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 150 | 0 |
Origination year - 1 year before current fiscal year | 189 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 358 | 369 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 500 | 0 |
Total Loans | 1,197 | 369 |
Special Mention | Home equity loans and lines | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 1,118 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 350 | 0 |
Origination year - 3 years prior to current fiscal year | 585 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 1,841 |
Origination year - more than 4 years prior to current fiscal year | 351 | 366 |
Revolving Loans | 751 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 3,155 | 2,207 |
Special Mention | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 184 | 575 |
Origination year - 1 year before current fiscal year | 533 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 717 | 575 |
Special Mention | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 3,312 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 3,312 | 0 |
Special Mention | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 941 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 278 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 7 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 1,154 | 267 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 2,380 | 267 |
Special Mention | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 2 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 2 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 465 | 453 |
Origination year - 1 year before current fiscal year | 341 | 3,181 |
Origination year - 2 years prior to current fiscal year | 2,659 | 1,097 |
Origination year - 3 years prior to current fiscal year | 5,569 | 2,424 |
Origination year - 4 years prior to current fiscal year | 783 | 823 |
Origination year - more than 4 years prior to current fiscal year | 9,892 | 8,466 |
Revolving Loans | 325 | 942 |
Revolving Loans Converted to Term Loans | 26 | 160 |
Total Loans | 20,060 | 17,546 |
Substandard | One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 277 | 0 |
Origination year - 1 year before current fiscal year | 29 | 347 |
Origination year - 2 years prior to current fiscal year | 392 | 716 |
Origination year - 3 years prior to current fiscal year | 93 | 266 |
Origination year - 4 years prior to current fiscal year | 172 | 463 |
Origination year - more than 4 years prior to current fiscal year | 2,055 | 2,036 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 3,018 | 3,828 |
Substandard | Home equity loans and lines | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 37 |
Origination year - more than 4 years prior to current fiscal year | 33 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 33 | 37 |
Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 101 | 437 |
Origination year - 1 year before current fiscal year | 0 | 821 |
Origination year - 2 years prior to current fiscal year | 170 | 381 |
Origination year - 3 years prior to current fiscal year | 5,476 | 1,741 |
Origination year - 4 years prior to current fiscal year | 534 | 306 |
Origination year - more than 4 years prior to current fiscal year | 7,467 | 5,991 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 160 |
Total Loans | 13,748 | 9,837 |
Substandard | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 87 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 151 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 5 |
Origination year - more than 4 years prior to current fiscal year | 86 | 242 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 324 | 247 |
Substandard | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 77 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 77 | 0 |
Substandard | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 2,013 |
Origination year - 2 years prior to current fiscal year | 1,946 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 417 |
Origination year - 4 years prior to current fiscal year | 0 | 5 |
Origination year - more than 4 years prior to current fiscal year | 17 | 18 |
Revolving Loans | 325 | 942 |
Revolving Loans Converted to Term Loans | 26 | 0 |
Total Loans | 2,314 | 3,395 |
Substandard | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 16 |
Origination year - 1 year before current fiscal year | 312 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 7 |
Origination year - more than 4 years prior to current fiscal year | 234 | 179 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 546 | 202 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Doubtful | One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Doubtful | Home equity loans and lines | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Doubtful | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Doubtful | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Doubtful | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Doubtful | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Doubtful | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year before current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | $ 0 | $ 0 |
Credit Quality and Allowance _8
Credit Quality and Allowance for Credit Losses - Summary of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | $ 2,303,279 | $ 1,840,093 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 3,469 | 4,035 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,396 | 728 |
Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,261 | 10,454 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 7,126 | 15,217 |
Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,296,153 | 1,824,876 |
Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,814,311 | 1,593,769 |
Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,938 | 2,473 |
Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 715 | 297 |
Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,050 | 6,301 |
Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 3,703 | 9,071 |
Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,810,608 | 1,584,698 |
Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 488,968 | 246,324 |
Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,531 | 1,562 |
Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 681 | 431 |
Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,211 | 4,153 |
Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 3,423 | 6,146 |
Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 485,545 | 240,178 |
Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,949,273 | 1,562,949 |
Real estate loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,831 | 3,561 |
Real estate loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 592 | 694 |
Real estate loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,800 | 9,707 |
Real estate loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 5,223 | 13,962 |
Real estate loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,944,050 | 1,548,987 |
Real estate loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,503,424 | 1,331,286 |
Real estate loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,656 | 2,133 |
Real estate loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 205 | 266 |
Real estate loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 624 | 6,005 |
Real estate loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,485 | 8,404 |
Real estate loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,500,939 | 1,322,882 |
Real estate loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 445,849 | 231,663 |
Real estate loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,175 | 1,428 |
Real estate loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 387 | 428 |
Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,176 | 3,702 |
Real estate loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,738 | 5,558 |
Real estate loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 443,111 | 226,105 |
Other loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 354,006 | 277,144 |
Other loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 638 | 474 |
Other loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 804 | 34 |
Other loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 461 | 747 |
Other loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,903 | 1,255 |
Other loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 352,103 | 275,889 |
Other loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 310,887 | 262,483 |
Other loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 282 | 340 |
Other loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 510 | 31 |
Other loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 426 | 296 |
Other loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,218 | 667 |
Other loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 309,669 | 261,816 |
Other loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 43,119 | 14,661 |
Other loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 356 | 134 |
Other loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 294 | 3 |
Other loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 35 | 451 |
Other loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 685 | 588 |
Other loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 42,434 | 14,073 |
One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 376,028 | 350,843 |
One- to four-family first mortgage | Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 376,028 | 350,843 |
One- to four-family first mortgage | Real estate loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,654 | 2,500 |
One- to four-family first mortgage | Real estate loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 592 | 694 |
One- to four-family first mortgage | Real estate loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 854 | 2,473 |
One- to four-family first mortgage | Real estate loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 4,100 | 5,667 |
One- to four-family first mortgage | Real estate loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 371,928 | 345,176 |
One- to four-family first mortgage | Real estate loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 282,496 | 257,564 |
One- to four-family first mortgage | Real estate loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,502 | 1,267 |
One- to four-family first mortgage | Real estate loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 205 | 266 |
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] | ||
Loans, net of unearned income | 446 | 1,151 |
One- to four-family first mortgage | Real estate loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,153 | 2,684 |
One- to four-family first mortgage | Real estate loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 280,343 | 254,880 |
One- to four-family first mortgage | Real estate loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 93,532 | 93,279 |
One- to four-family first mortgage | Real estate loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,152 | 1,233 |
One- to four-family first mortgage | Real estate loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 387 | 428 |
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] | ||
Loans, net of unearned income | 408 | 1,322 |
One- to four-family first mortgage | Real estate loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,947 | 2,983 |
One- to four-family first mortgage | Real estate loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 91,585 | 90,296 |
Home equity loans and lines | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 60,624 | 60,312 |
Home equity loans and lines | Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 60,624 | 60,312 |
Home equity loans and lines | Real estate loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 23 | 141 |
Home equity loans and lines | Real estate loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Home equity loans and lines | Real estate loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Home equity loans and lines | Real estate loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 23 | 141 |
Home equity loans and lines | Real estate loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 60,601 | 60,171 |
Home equity loans and lines | Real estate loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 51,635 | 48,561 |
Home equity loans and lines | Real estate loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Home equity loans and lines | Real estate loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 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] | ||
Loans, net of unearned income | 0 | 0 |
Home equity loans and lines | Real estate loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Home equity loans and lines | Real estate loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 51,635 | 48,561 |
Home equity loans and lines | Real estate loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 8,989 | 11,751 |
Home equity loans and lines | Real estate loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 23 | 141 |
Home equity loans and lines | Real estate loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Home equity loans and lines | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Home equity loans and lines | Real estate loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 23 | 141 |
Home equity loans and lines | Real estate loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 8,966 | 11,610 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,086,656 | 801,624 |
Commercial real estate | Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,086,656 | 801,624 |
Commercial real estate | Real estate loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 154 | 492 |
Commercial real estate | Real estate loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Commercial real estate | Real estate loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 656 | 6,993 |
Commercial real estate | Real estate loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 810 | 7,485 |
Commercial real estate | Real estate loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,085,846 | 794,139 |
Commercial real estate | Real estate loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 790,169 | 687,615 |
Commercial real estate | Real estate loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 154 | 438 |
Commercial real estate | Real estate loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Commercial real estate | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 27 | 4,854 |
Commercial real estate | Real estate loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 181 | 5,292 |
Commercial real estate | Real estate loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 789,988 | 682,323 |
Commercial real estate | Real estate loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 296,487 | 114,009 |
Commercial real estate | Real estate loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 54 |
Commercial real estate | Real estate loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Commercial real estate | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 629 | 2,139 |
Commercial real estate | Real estate loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 629 | 2,193 |
Commercial real estate | Real estate loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 295,858 | 111,816 |
Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 328,753 | 259,652 |
Construction and land | Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 328,753 | 259,652 |
Construction and land | Real estate loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 428 |
Construction and land | Real estate loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Construction and land | Real estate loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 290 | 241 |
Construction and land | Real estate loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 290 | 669 |
Construction and land | Real estate loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 328,463 | 258,983 |
Construction and land | Real estate loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 289,103 | 250,230 |
Construction and land | Real estate loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 428 |
Construction and land | Real estate loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Construction and land | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 151 | 0 |
Construction and land | Real estate loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 151 | 428 |
Construction and land | Real estate loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 288,952 | 249,802 |
Construction and land | Real estate loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 39,650 | 9,422 |
Construction and land | Real estate loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Construction and land | Real estate loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Construction and land | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 139 | 241 |
Construction and land | Real estate loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 139 | 241 |
Construction and land | Real estate loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 39,511 | 9,181 |
Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 97,212 | 90,518 |
Multi-family residential | Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 97,212 | 90,518 |
Multi-family residential | Real estate loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 97,212 | 90,518 |
Multi-family residential | Real estate loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 90,021 | 87,316 |
Multi-family residential | Real estate loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 90,021 | 87,316 |
Multi-family residential | Real estate loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 7,191 | 3,202 |
Multi-family residential | Real estate loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 7,191 | 3,202 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 320,900 | 244,123 |
Commercial and industrial | Other loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 320,900 | 244,123 |
Commercial and industrial | Other loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 404 | 132 |
Commercial and industrial | Other loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 784 | 31 |
Commercial and industrial | Other loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 236 | 701 |
Commercial and industrial | Other loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,424 | 864 |
Commercial and industrial | Other loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 319,476 | 243,259 |
Commercial and industrial | Other loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 281,673 | 232,922 |
Commercial and industrial | Other loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 95 | 51 |
Commercial and industrial | Other loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 490 | 31 |
Commercial and industrial | Other loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 236 | 271 |
Commercial and industrial | Other loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 821 | 353 |
Commercial and industrial | Other loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 280,852 | 232,569 |
Commercial and industrial | Other loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 39,227 | 11,201 |
Commercial and industrial | Other loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 309 | 81 |
Commercial and industrial | Other loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 294 | 0 |
Commercial and industrial | Other loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 430 |
Commercial and industrial | Other loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 603 | 511 |
Commercial and industrial | Other loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 38,624 | 10,690 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 33,106 | 33,021 |
Consumer | Other loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 33,106 | 33,021 |
Consumer | Other loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 234 | 342 |
Consumer | Other loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 20 | 3 |
Consumer | Other loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 225 | 46 |
Consumer | Other loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 479 | 391 |
Consumer | Other loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 32,627 | 32,630 |
Consumer | Other loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 29,214 | 29,561 |
Consumer | Other loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 187 | 289 |
Consumer | Other loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 20 | 0 |
Consumer | Other loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 190 | 25 |
Consumer | Other loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 397 | 314 |
Consumer | Other loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 28,817 | 29,247 |
Consumer | Other loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 3,892 | 3,460 |
Consumer | Other loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 47 | 53 |
Consumer | Other loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 3 |
Consumer | Other loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 35 | 21 |
Consumer | Other loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 82 | 77 |
Consumer | Other loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | $ 3,810 | $ 3,383 |
Credit Quality and Allowance _9
Credit Quality and Allowance for Credit Losses - Summary of Information Pertaining to Non Accrual Non Covered Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | $ 13,947 | $ 13,133 |
Without Related Allowance | 3,133 | 136 |
Total | 17,080 | 13,269 |
PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 7,693 | 0 |
One- to four-family first mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 2,463 | 3,575 |
Without Related Allowance | 0 | 0 |
Total | 2,463 | 3,575 |
Home equity loans and lines | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 34 | 38 |
Without Related Allowance | 0 | 0 |
Total | 34 | 38 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 10,304 | 8,315 |
Without Related Allowance | 3,031 | 116 |
Total | 13,335 | 8,431 |
Construction and land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 327 | 258 |
Without Related Allowance | 0 | 0 |
Total | 327 | 258 |
Multi-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 0 | 0 |
Without Related Allowance | 0 | 0 |
Total | 0 | 0 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 352 | 743 |
Without Related Allowance | 16 | 20 |
Total | 368 | 763 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 467 | 204 |
Without Related Allowance | 86 | 0 |
Total | $ 553 | $ 204 |
Credit Quality and Allowance_10
Credit Quality and Allowance for Credit Losses - Summary of Information Pertaining to Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL | $ 27,351 | $ 21,089 | $ 24,149 | $ 32,963 |
Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 11,134 | 4,617 | ||
ACL | 1,413 | 672 | ||
One- to four-family first mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL | 2,325 | 1,944 | 2,145 | 3,065 |
One- to four-family first mortgage | Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 112 | 0 | ||
ACL | 32 | 0 | ||
Home equity loans and lines | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL | 500 | 508 | 521 | 676 |
Home equity loans and lines | Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
ACL | 0 | 0 | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL | 13,697 | 10,454 | 13,327 | 18,851 |
Commercial real estate | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 10,692 | 3,873 | ||
ACL | 1,193 | 247 | ||
Construction and land | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL | 4,973 | 3,572 | 3,628 | 4,155 |
Construction and land | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
ACL | 0 | 0 | ||
Multi-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL | 498 | 457 | 627 | 1,077 |
Multi-family residential | Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
ACL | 0 | 0 | ||
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL | 4,711 | 3,520 | 3,250 | 4,276 |
Commercial and industrial | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 244 | 744 | ||
ACL | 188 | 425 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL | 647 | 634 | $ 651 | $ 863 |
Consumer | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 86 | 0 | ||
ACL | $ 0 | $ 0 |
Credit Quality and Allowance_11
Credit Quality and Allowance for Credit Losses - Summary of Information Pertaining to TDRs Modified (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) contract | Sep. 30, 2021 USD ($) contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 10 | 7 |
Pre-modification Outstanding Recorded Investment | $ 1,618 | $ 2,958 |
Post-modification Outstanding Recorded Investment | $ 1,509 | $ 2,829 |
One- to four-family first mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 6 | 2 |
Pre-modification Outstanding Recorded Investment | $ 1,185 | $ 77 |
Post-modification Outstanding Recorded Investment | $ 1,142 | $ 74 |
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 | 2 | 2 |
Pre-modification Outstanding Recorded Investment | $ 407 | $ 479 |
Post-modification Outstanding Recorded Investment | $ 344 | $ 445 |
Construction and land | ||
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 |
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 | 1 | 2 |
Pre-modification Outstanding Recorded Investment | $ 7 | $ 2,397 |
Post-modification Outstanding Recorded Investment | $ 7 | $ 2,308 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1 | 1 |
Pre-modification Outstanding Recorded Investment | $ 19 | $ 5 |
Post-modification Outstanding Recorded Investment | $ 16 | $ 2 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Accumulated unrealized gains, net of taxes, on derivative instruments | $ 4,256 | $ 1,259 |
Net derivative liabilities | 0 | |
Agreement termination value | 0 | |
Cash Flow Hedging | Designated as Hedging | ||
Derivative [Line Items] | ||
Gain (loss) to be reclassified within twelve months | $ 1,554 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Netting adjustments | $ 0 | $ 0 |
Net derivative amounts | 5,462,000 | 1,589,000 |
Netting adjustments | 0 | 0 |
Net derivative amounts | 10,000 | 43,000 |
Interest rate swaps | Designated as Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets - notional amount | 40,000,000 | 40,000,000 |
Derivative assets | 5,462,000 | 1,589,000 |
Notional Amount | 0 | 0 |
Interest rate swaps - variable rate liabilities | 0 | 0 |
Risk participation agreements | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets - notional amount | 0 | 0 |
Derivative assets | 0 | 0 |
Notional Amount | 10,000,000 | 10,000,000 |
Interest rate swaps - variable rate liabilities | $ 10,000 | $ 43,000 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest rate swaps - variable rate liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain Recognized in OCI | $ 1,490 | $ 39 | $ 4,024 | $ 926 |
Interest Income Expense | Interest rate swaps - variable rate liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCI into Income | 193 | (16) | 231 | (48) |
Other noninterest income | Risk participation agreements | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification from accumulated other comprehensive income, current period, before tax | $ 6 | $ 6 | $ 73 | $ 26 |
Long Term Debt (Details)
Long Term Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Subordinated debt | $ 53,958 | $ 0 | |
Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Debt issuance as a percentage of aggregate principal (percent) | 100% | ||
5.75% Fixed-to-Floating Rate Subordinated Notes | Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 55,000 | ||
Fixed-to-floating rate (percent) | 5.75% | ||
Subordinated debt, net of issuance cost | $ 1,102 | ||
Subordinated debt amortization period | 5 years | ||
5.75% Fixed-to-Floating Rate Subordinated Notes | Subordinated Debt | SOFR | |||
Debt Instrument [Line Items] | |||
Debt instrument basis points | 2.82% |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures - Summary of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | $ 492,758 | $ 327,632 |
U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 319,217 | 233,773 |
Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 90,536 | 31,912 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 56,905 | 50,719 |
U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 19,613 | 5,614 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 6,487 | 5,614 |
Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 492,758 | 327,632 |
Derivative assets | 5,462 | 1,589 |
Total | 498,220 | 329,221 |
Derivative liabilities | 10 | 43 |
Recurring Basis | U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 319,217 | 233,773 |
Recurring Basis | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 90,536 | 31,912 |
Recurring Basis | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 56,905 | 50,719 |
Recurring Basis | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 19,613 | 5,614 |
Recurring Basis | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 6,487 | 5,614 |
Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Derivative assets | 0 | 0 |
Total | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring Basis | Level 1 | U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 1 | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 1 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 1 | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 492,758 | 327,632 |
Derivative assets | 5,462 | 1,589 |
Total | 498,220 | 329,221 |
Derivative liabilities | 10 | 43 |
Recurring Basis | Level 2 | U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 319,217 | 233,773 |
Recurring Basis | Level 2 | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 90,536 | 31,912 |
Recurring Basis | Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 56,905 | 50,719 |
Recurring Basis | Level 2 | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 19,613 | 5,614 |
Recurring Basis | Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 6,487 | 5,614 |
Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Derivative assets | 0 | 0 |
Total | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring Basis | Level 3 | U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 3 | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 3 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 3 | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | $ 0 | $ 0 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring Basis - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Loans individually evaluated | $ 9,721 | $ 3,945 |
Foreclosed assets and ORE | 390 | 1,189 |
Total | 10,111 | 5,134 |
Level 1 | ||
Assets | ||
Loans individually evaluated | 0 | 0 |
Foreclosed assets and ORE | 0 | 0 |
Total | 0 | 0 |
Level 2 | ||
Assets | ||
Loans individually evaluated | 0 | 0 |
Foreclosed assets and ORE | 0 | 0 |
Total | 0 | 0 |
Level 3 | ||
Assets | ||
Loans individually evaluated | 9,721 | 3,945 |
Foreclosed assets and ORE | 390 | 1,189 |
Total | $ 10,111 | $ 5,134 |
Fair Value Measurements and D_5
Fair Value Measurements and Disclosures - Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Nonrecurring Basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed assets and ORE | $ 390 | $ 1,189 |
Level 3 | Minimum | Costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually evaluated - Weighted average / Range of discounts (percent) | 0% | 0% |
Foreclosed assets and ORE - Weighted average / Range of discounts (percent) | 0% | 6% |
Level 3 | Maximum | Costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually evaluated - Weighted average / Range of discounts (percent) | 83% | 100% |
Foreclosed assets and ORE - Weighted average / Range of discounts (percent) | 27% | 16% |
Level 3 | Weighted Average | Costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually evaluated - Weighted average / Range of discounts (percent) | 13% | 15% |
Foreclosed assets and ORE - Weighted average / Range of discounts (percent) | 6% | 12% |
Level 3 | Nonrecurring Basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually evaluated | $ 9,721 | $ 3,945 |
Foreclosed assets and ORE | $ 390 | $ 1,189 |
Fair Value Measurements and D_6
Fair Value Measurements and Disclosures - Summary of Fair Values of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financial Assets | ||
Investment securities available for sale | $ 492,758 | $ 327,632 |
Investment securities held to maturity | 1,066 | 2,132 |
Financial Liabilities | ||
Subordinated debt | 53,958 | 0 |
Carrying Amount | ||
Financial Assets | ||
Cash and cash equivalents | 150,556 | 601,443 |
Interest-bearing deposits in banks | 349 | 349 |
Investment securities available for sale | 492,758 | 327,632 |
Investment securities held to maturity | 1,080 | 2,102 |
Mortgage loans held for sale | 169 | 1,104 |
Loans, net | 2,275,928 | 1,819,004 |
Cash surrender value of BOLI | 46,019 | 40,361 |
Derivative assets | 5,462 | 1,589 |
Financial Liabilities | ||
Deposits | 2,738,424 | 2,535,849 |
Other borrowings | 5,539 | 5,539 |
Subordinated debt | 53,958 | |
Long-term FHLB advances | 24,816 | 26,046 |
Derivative liabilities | 10 | 43 |
Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 150,556 | 601,443 |
Interest-bearing deposits in banks | 349 | 349 |
Investment securities available for sale | 492,758 | 327,632 |
Investment securities held to maturity | 1,066 | 2,132 |
Mortgage loans held for sale | 169 | 1,104 |
Loans, net | 2,174,834 | 1,834,023 |
Cash surrender value of BOLI | 46,019 | 40,361 |
Derivative assets | 5,462 | 1,589 |
Financial Liabilities | ||
Deposits | 2,725,412 | 2,533,951 |
Other borrowings | 4,890 | 5,860 |
Subordinated debt | 52,299 | |
Long-term FHLB advances | 23,571 | 26,263 |
Derivative liabilities | 10 | 43 |
Level 1 | Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 150,556 | 601,443 |
Interest-bearing deposits in banks | 349 | 349 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Cash surrender value of BOLI | 46,019 | 40,361 |
Derivative assets | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
Other borrowings | 0 | 0 |
Subordinated debt | 0 | |
Long-term FHLB advances | 0 | 0 |
Derivative liabilities | 0 | 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 | 492,758 | 327,632 |
Investment securities held to maturity | 1,066 | 2,132 |
Mortgage loans held for sale | 169 | 1,104 |
Loans, net | 2,165,113 | 1,830,078 |
Cash surrender value of BOLI | 0 | 0 |
Derivative assets | 5,462 | 1,589 |
Financial Liabilities | ||
Deposits | 2,725,412 | 2,533,951 |
Other borrowings | 4,890 | 5,860 |
Subordinated debt | 52,299 | |
Long-term FHLB advances | 23,571 | 26,263 |
Derivative liabilities | 10 | 43 |
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 |
Loans, net | 9,721 | 3,945 |
Cash surrender value of BOLI | 0 | 0 |
Derivative assets | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
Other borrowings | 0 | 0 |
Subordinated debt | 0 | |
Long-term FHLB advances | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |