Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38589 | |
Entity Registrant Name | COASTAL FINANCIAL CORPORATION | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 56-2392007 | |
Entity Address, Address Line One | 5415 Evergreen Way | |
Entity Address, City or Town | Everett | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98203 | |
City Area Code | 425 | |
Local Phone Number | 257-9000 | |
Title of 12(b) Security | Common Stock, no par value per share | |
Trading Symbol | CCB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,419,491 | |
Entity Central Index Key | 0001437958 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 32,790 | $ 31,345 |
Interest earning deposits with other banks (restricted cash of $0 at March 31, 2024 and December 31, 2023) | 482,338 | 451,783 |
Investment securities, available for sale, at fair value | 41 | 99,504 |
Investment securities, held to maturity, at amortized cost | 50,049 | 50,860 |
Other investments | 10,583 | 10,227 |
Loans held for sale | 797 | 0 |
Loans receivable | 3,199,554 | 3,026,092 |
Allowance for credit losses | (139,258) | (116,958) |
Total loans receivable, net | 3,060,296 | 2,909,134 |
CCBX credit enhancement asset | 137,276 | 107,921 |
CCBX receivable | 10,369 | 9,088 |
Premises and equipment, net | 22,995 | 22,090 |
Operating lease right-of-use assets | 5,756 | 5,932 |
Accrued interest receivable | 24,681 | 26,819 |
Bank-owned life insurance, net | 12,991 | 12,870 |
Deferred tax asset, net | 2,221 | 3,806 |
Other assets | 12,075 | 11,987 |
Total assets | 3,865,258 | 3,753,366 |
LIABILITIES | ||
Deposits | 3,462,979 | 3,360,363 |
Principal amount $45,000 (less unamortized debt issuance costs of $819 and $856) at March 31, 2024 and December 31, 2023, respectively | 44,181 | 44,144 |
Principal amount $3,609 (less unamortized debt issuance costs of $19 at March 31, 2024 and December 31, 2023) | 3,590 | 3,590 |
Deferred compensation | 442 | 479 |
Accrued interest payable | 1,061 | 892 |
Operating lease liabilities | 5,946 | 6,124 |
CCBX payable | 33,095 | 33,651 |
Other liabilities | 10,255 | 9,145 |
Total liabilities | 3,561,549 | 3,458,388 |
SHAREHOLDERS’ EQUITY | ||
Authorized: 25,000,000 shares at March 31, 2024 and December 31, 2023; issued and outstanding: zero shares at March 31, 2024 and December 31, 2023 | 0 | 0 |
Authorized: 300,000,000 shares at March 31, 2024 and December 31, 2023; 13,407,320 shares at March 31, 2024 issued and outstanding and 13,304,339 shares at December 31, 2023 issued and outstanding | 131,601 | 130,136 |
Retained earnings | 172,110 | 165,311 |
Accumulated other comprehensive loss, net of tax | (2) | (469) |
Total shareholders’ equity | 303,709 | 294,978 |
Total liabilities and shareholders’ equity | $ 3,865,258 | $ 3,753,366 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Restricted cash | $ 0 | $ 0 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares, issued (in shares) | 13,407,320 | 13,304,339 |
Common stock, shares, outstanding (in shares) | 13,407,320 | 13,304,339 |
Subordinated Debt | ||
Principal amount | $ 45,000 | $ 45,000 |
Unamortized debt issuance cost | 819 | 856 |
Junior Subordinated Debentures | ||
Principal amount | 3,609 | 3,609 |
Unamortized debt issuance cost | $ 19 | $ 19 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST AND DIVIDEND INCOME | ||
Interest and fees on loans | $ 84,621 | $ 66,431 |
Interest on interest earning deposits with other banks | 4,780 | 3,097 |
Interest on investment securities | 1,034 | 553 |
Dividends on other investments | 37 | 30 |
Total interest income | 90,472 | 70,111 |
INTEREST EXPENSE | ||
Interest on deposits | 28,867 | 14,958 |
Interest on borrowed funds | 669 | 662 |
Total interest expense | 29,536 | 15,620 |
Net interest income | 60,936 | 54,491 |
PROVISION FOR CREDIT LOSSES | 83,158 | 43,697 |
Net interest income/(expense) after provision for credit losses | (22,222) | 10,794 |
NONINTEREST INCOME | ||
Deposit service charges and fees | 908 | 910 |
Loan referral fees | 168 | 0 |
Gain on sales of loans, net | 0 | 123 |
Unrealized gain (loss) on equity securities, net | 15 | 39 |
Other income | 308 | 299 |
Noninterest income, excluding BaaS program income and BaaS indemnification income | 1,399 | 1,371 |
Total noninterest income | 86,955 | 49,307 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 17,984 | 15,575 |
Occupancy | 1,518 | 1,219 |
Data processing and software licenses | 2,892 | 1,840 |
Legal and professional expenses | 3,672 | 3,062 |
Point of sale expense | 869 | 753 |
Excise taxes | 320 | 455 |
Federal Deposit Insurance Corporation ("FDIC") assessments | 683 | 595 |
Director and staff expenses | 400 | 626 |
Marketing | 53 | 95 |
Other expense | 1,867 | 890 |
Noninterest expense, excluding BaaS loan and BaaS fraud expense | 30,258 | 25,110 |
BaaS loan and fraud expense | 25,760 | 19,553 |
Total noninterest expense | 56,018 | 44,663 |
Income before provision for income taxes | 8,715 | 15,438 |
PROVISION FOR INCOME TAXES | 1,915 | 3,047 |
NET INCOME | $ 6,800 | $ 12,391 |
Basic earnings per common share (in usd per share) | $ 0.51 | $ 0.94 |
Diluted earnings per common share (in usd per share) | $ 0.50 | $ 0.91 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 13,340,997 | 13,196,960 |
Diluted (in shares) | 13,676,917 | 13,609,491 |
BaaS program income | ||
NONINTEREST INCOME | ||
Noninterest income | $ 4,825 | $ 3,575 |
BaaS indemnification income | ||
NONINTEREST INCOME | ||
Noninterest income | 80,731 | 44,361 |
Servicing and other BaaS fees | BaaS program income | ||
NONINTEREST INCOME | ||
Noninterest income | 1,131 | 948 |
Transaction fees | BaaS program income | ||
NONINTEREST INCOME | ||
Noninterest income | 1,122 | 917 |
Interchange fees | BaaS program income | ||
NONINTEREST INCOME | ||
Noninterest income | 1,539 | 789 |
Reimbursement of expenses | BaaS program income | ||
NONINTEREST INCOME | ||
Noninterest income | 1,033 | 921 |
BaaS credit enhancements | BaaS indemnification income | ||
NONINTEREST INCOME | ||
Noninterest income | 79,808 | 42,362 |
BaaS fraud enhancements | BaaS indemnification income | ||
NONINTEREST INCOME | ||
Noninterest income | 923 | 1,999 |
BaaS loan expense | ||
NONINTEREST EXPENSE | ||
BaaS loan and fraud expense | 24,837 | 17,554 |
BaaS fraud expense | ||
NONINTEREST EXPENSE | ||
BaaS loan and fraud expense | $ 923 | $ 1,999 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 6,800 | $ 12,391 |
Securities available-for-sale | ||
Unrealized holding income (loss) during the period | 534 | 678 |
Income tax (expense) benefit related to unrealized holding gain/loss | (68) | (151) |
OTHER COMPREHENSIVE INCOME (LOSS), net of tax | 466 | 527 |
COMPREHENSIVE INCOME | $ 7,266 | $ 12,918 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Revision of Prior Period, Accounting Standards Update, Adjustment | Common Stock | Retained Earnings | Retained Earnings Revision of Prior Period, Accounting Standards Update, Adjustment | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2022 | 13,161,147 | |||||
Beginning balance at Dec. 31, 2022 | $ 243,494 | $ 734 | $ 125,830 | $ 119,998 | $ 734 | $ (2,334) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 12,391 | 12,391 | ||||
Vesting of restricted stock units (in shares) | 42,402 | |||||
Exercise of stock options (in shares) | 77,984 | |||||
Exercise of stock options | 567 | $ 567 | ||||
Stock-based compensation | 1,050 | $ 1,050 | ||||
Other comprehensive income (loss), net of tax | 527 | 527 | ||||
Ending balance (in shares) at Mar. 31, 2023 | 13,281,533 | |||||
Ending balance at Mar. 31, 2023 | 258,763 | $ 127,447 | 133,123 | (1,807) | ||
Beginning balance (in shares) at Dec. 31, 2023 | 13,304,339 | |||||
Beginning balance at Dec. 31, 2023 | 294,978 | $ 130,136 | 165,310 | (468) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 6,800 | 6,800 | ||||
Vesting of restricted stock units (in shares) | 57,841 | |||||
Exercise of stock options (in shares) | 45,140 | |||||
Exercise of stock options | 285 | $ 285 | ||||
Stock-based compensation | 1,180 | $ 1,180 | ||||
Other comprehensive income (loss), net of tax | 466 | 466 | ||||
Ending balance (in shares) at Mar. 31, 2024 | 13,407,320 | |||||
Ending balance at Mar. 31, 2024 | $ 303,709 | $ 131,601 | $ 172,110 | $ (2) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
NET INCOME | $ 6,800 | $ 12,391 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
PROVISION FOR CREDIT LOSSES | 83,158 | 43,697 |
Depreciation and amortization | 882 | 466 |
Increase in operating lease right-of-use assets | 196 | 206 |
Increase in operating lease liabilities | (198) | (212) |
Gain on sales of loans | 0 | (123) |
Net amortization (accretion) on investment securities | 5 | (6) |
Unrealized holding (gain) loss on equity investment | (15) | (39) |
Stock-based compensation | 1,180 | 1,050 |
Increase in bank-owned life insurance value | (121) | (94) |
Deferred tax benefit (expense) | 1,517 | (2,439) |
Net change in CCBX receivable | (1,281) | (3,265) |
Net change in CCBX credit enhancement asset | (29,355) | (18,553) |
Net change in CCBX payable | (556) | 10,375 |
Net change in other assets and liabilities | (312) | 3,177 |
Total adjustments | 55,100 | 34,240 |
Net cash provided by operating activities | 61,900 | 46,631 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Change in other investments, net | (341) | (2,679) |
Principal paydowns of investment securities available-for-sale | 1 | (752) |
Principal paydowns of investment securities held-to-maturity | 802 | 2 |
Maturities and calls of investment securities available-for-sale | 100,000 | 9 |
Proceeds from sales of loans held for sale | 100,492 | 74,050 |
Purchase of loans | (20,705) | (47,886) |
Increase in loans receivable, net | (311,264) | (295,583) |
Purchases of premises and equipment, net | (1,786) | (284) |
Net cash used by investing activities | (132,801) | (273,123) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in demand deposits, money market, and savings | 105,860 | 280,089 |
Net decrease in time deposits | (3,244) | (2,387) |
Proceeds from exercise of stock options | 285 | 567 |
Net cash provided by financing activities | 102,901 | 278,269 |
NET CHANGE IN CASH, DUE FROM BANKS AND RESTRICTED CASH | 32,000 | 51,777 |
CASH, DUE FROM BANKS AND RESTRICTED CASH, beginning of year | 483,128 | 342,139 |
CASH, DUE FROM BANKS AND RESTRICTED CASH, end of quarter | 515,128 | 393,916 |
SUPPLEMENTAL SCHEDULE OF OPERATING AND INVESTING ACTIVITIES | ||
Interest paid | 29,367 | 15,430 |
Income taxes paid | 98 | 165 |
SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS | ||
Fair value adjustment of securities available-for-sale, gross | 534 | 678 |
Operating lease right-of-use assets | 20 | 69 |
Operating lease liabilities | (20) | (69) |
Transfer from loans to loans held for sale | 101,289 | 101,219 |
Adjustment to retained earnings - adoption of ASU 2016-13, net of deferred tax | (303,709) | (258,763) |
Retained Earnings | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
NET INCOME | 6,800 | 12,391 |
SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS | ||
Adjustment to retained earnings - adoption of ASU 2016-13, net of deferred tax | $ (172,110) | $ (133,123) |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Nature of operations - Coastal Financial Corporation (“Corporation” or “Company”) is a registered bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC (“LLC”). The Company is a Washington state corporation that was organized in 2003. The Bank was incorporated and commenced operations in 1997 and is a Washington state-chartered commercial bank that is a member bank of the Federal Reserve system. Arlington Olympic LLC was formed in 2019 and owns the Company’s Arlington branch site, which the Bank leases from the LLC. The Company operates through the Bank and is headquartered in Everett, Washington, which by population is the largest city in, and the county seat of, Snohomish County. The Company’s business is conducted through three reportable segments: The community bank, CCBX and treasury & administration. The community bank offers a full range of banking services to small and medium-sized businesses, professionals, and individuals throughout the greater Puget Sound region through its 14 branches in Snohomish, Island and King Counties, the Internet, and its mobile banking application. The CCBX segment provides Banking as a Service (“BaaS”) that allows our broker dealers and digital financial service partners to offer their customers banking services. Through CCBX’s partners the Company is able to offer banking services and products across the nation. The treasury & administration segment includes treasury management, overall administration and all other aspects of the Company. The Bank’s deposits are insured in whole or in part by the Federal Deposit Insurance Corporation (“FDIC”). The community bank’s loans and deposits are primarily within the greater Puget Sound region, while CCBX loans and deposits are dependent upon the partner’s market. The Bank’s primary funding source is deposits from customers. The Bank is subject to regulation and supervision by the Board of Governors of the Federal Reserve System and the Washington State Department of Financial Institutions Division of Banks. The Federal Reserve also has regulatory and supervisory authority over the Company. Financial statement presentation - The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim reporting requirements and with instructions to Form 10-Q and Article 10 of Regulation S-X, and therefore do not include all the information and notes included in the annual consolidated financial statements in conformity with GAAP. These interim condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual report on Form 10-K as filed with the U.S. Securities and Exchange Commission (“SEC”) on March 15, 2024. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the entire year. Amounts presented in the consolidated financial statements and footnote tables are rounded and presented in thousands of dollars except per-share amounts, which are presented in dollars. In the narrative footnote discussion, amounts are rounded to thousands and presented in dollars. In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying consolidated financial statements have been made. These adjustments include normal and recurring accruals considered necessary for a fair and accurate presentation. Principles of consolidation - The consolidated financial statements include the accounts of the Company, the Bank and the LLC. All significant intercompany accounts have been eliminated in consolidation. Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that its critical accounting policies include determining the allowance for credit losses, the valuation of the Company’s deferred tax assets, and fair value of financial instruments. Actual results could differ significantly from those estimates. Subsequent Events - The Company has evaluated events and transactions subsequent to March 31, 2024 for potential recognition or disclosure. Reclassifications - Certain amounts reported in prior quarters' consolidated financial statements may have been reclassified to conform to the current presentation with no effect on stockholders’ equity or net income. |
Recent accounting standards
Recent accounting standards | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent accounting standards | Recent accounting standards Recent Accounting Guidance In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to provide financial statement users with more disaggregated expense information about a public entity’s reportable segments. The ASU addresses the concern that more segment information is needed, including allowing the disclosure of multiple measures of segment profit or loss, requiring the disclosure of significant segment expenses, and requiring the qualitative disclosure of other segment items.This ASU is effective for all entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.We are currently evaluating the impact of this ASU on our reporting. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table summarizes the amortized cost, fair value, and allowance for credit losses and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held-to-maturity securities: Amortized Gross Gross Fair Allowance for Credit Losses (dollars in thousands; unaudited) March 31, 2024 Available-for-sale U.S. Treasury securities $ — $ — $ — $ — $ — U.S. Agency collateralized 44 — (3) 41 — Municipal bonds — — — — — Total available-for-sale 44 — (3) 41 — Held-to-maturity U.S. Agency residential 50,049 223 (522) 49,750 — Total investment securities $ 50,093 $ 223 $ (525) $ 49,791 $ — Amortized Gross Gross Fair Allowance for Credit Losses (dollars in thousands; unaudited) December 31, 2023 Available-for-sale U.S. Treasury securities $ 99,996 $ — $ (535) $ 99,461 $ — U.S. Agency collateralized 45 — (2) 43 — Total available-for-sale 100,041 — (537) 99,504 — Held-to-maturity U.S. Agency residential 50,860 467 (286) 51,041 — Total investment securities $ 150,901 $ 467 $ (823) $ 150,545 $ — Accrued interest on available-for-sale securities was less than $1,000 and $187,000 at March 31, 2024 and December 31, 2023, respectively, accrued interest on held-to-maturity securities was $230,000 and $14,000 at March 31, 2024 and December 31, 2023, respectively. Accrued interest on securities is excluded from the balances in the preceding table of securities receivable, and is included in accrued interest receivable on the Company's consolidated balance sheets. The amortized cost and fair value of debt securities at March 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers or the underlying borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are shown separately, since they are not due at a single maturity date. Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair (dollars in thousands; unaudited) March 31, 2024 Amounts maturing in One year or less $ — $ — $ — $ — — — — — U.S. Agency residential mortgage-backed securities and collateralized mortgage obligations 44 41 50,049 49,750 $ 44 $ 41 $ 50,049 $ 49,750 Investments in debt securities with an amortized cost of $21.5 million at March 31, 2024 and $21.8 million as of December 31, 2023, were pledged to secure public deposits and for other purposes as required or permitted by law and an additional $24.5 million and $25.0 million in securities were pledged for borrowing lines at March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024, two securities matured. During the three months ended March 31, 2024, no securities were purchased. There were no sales of securities during the three months ended March 31, 2024 or 2023. There were thirteen securities with a $525,000 unrealized loss as of March 31, 2024. There were nine securities in an unrealized loss position as of December 31, 2023. The following table shows the investments’ gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for which an allowance for credit losses has not been recorded: Less Than 12 Months 12 Months or Greater Total Fair Gross Fair Gross Fair Gross (dollars in thousands; unaudited) March 31, 2024 Available-for-sale U.S. Treasury securities $ — $ — $ — $ — $ — $ — U.S. Agency collateralized mortgage obligations — — 41 3 41 3 Total available-for-sale securities — — 41 3 41 3 Held-to-maturity U.S. Agency residential mortgage-backed securities 19,713 70 11,718 452 31,431 522 Total investment securities $ 19,713 $ 70 $ 11,759 $ 455 $ 31,472 $ 525 Management has evaluated the above securities and does not believe that any individual unrealized loss as of March 31, 2024, will be recognized into income. Unrealized losses have not been recognized into income because management does not intend to sell and does not expect it will be required to sell the investments. The decline is largely due to changes in market conditions and interest rates, rather than credit quality. The fair value is expected to recover as the underlying securities in the portfolio approach maturity date and market conditions improve. Management believes there is a high probability of collecting all contractual amounts due, because the majority of the securities in the portfolio are backed by government agencies or government sponsored enterprises. However, a recovery in value may not occur for some time, if at all, and may be delayed for greater than the one year time horizon or perhaps even until maturity. Based on management's analysis no allowance for credit losses was required on these securities. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses During the quarter ended March 31, 2024, $101.3 million in CCBX loans were transferred to loans held for sale, with $100.5 million in loans sold. The Company sells CCBX loans to manage loan portfolio size by partner and by loan category, with such limits established and documented in the relevant partner agreement. As of March 31, 2024 there were $797,000 loans held for sale and no loans were held for sale as of December 31, 2023. The composition of the loan portfolio is as follows as of the periods indicated: March 31, December 31, 2024 2023 (dollars in thousands; unaudited) Community Bank Commercial and industrial loans $ 154,395 $ 149,502 Real estate loans: Construction, land and land development loans 160,862 157,100 Residential real estate loans 231,157 225,391 Commercial real estate loans 1,342,489 1,303,533 Consumer and other loans: Other consumer and other loans 1,447 1,628 Gross Community Bank loans receivable 1,890,350 1,837,154 CCBX Commercial and industrial loans: Capital call lines $ 135,671 $ 87,494 All other commercial & industrial loans 47,160 54,298 Real estate loans: Residential real estate loans 265,148 238,035 Consumer and other loans: Credit cards 505,706 505,837 Other consumer and other loans 362,981 310,574 Gross CCBX loans receivable 1,316,666 1,196,238 Total gross loans receivable 3,207,016 3,033,392 Net deferred origination fees and premiums (7,462) (7,300) Loans receivable $ 3,199,554 $ 3,026,092 Accrued interest on loans, which is excluded from the balances in the preceding table of loans receivable, was $23.7 million and $25.6 million at March 31, 2024 and December 31, 2023, respectively, and was included in accrued interest receivable on the Company's consolidated balance sheets. Included in commercial and industrial loans as of March 31, 2024 and December 31, 2023, is $135.7 million and $87.5 million, respectively in capital call lines, provided to venture capital firms through one of our BaaS clients. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards by our BaaS client and the underwriting is reviewed by the Bank on every line/loan. Also included in commercial and industrial loans are Paycheck Protection Program (“PPP”) loans of $2.9 million at March 31, 2024 and $3.0 million at December 31, 2023. PPP loans are 100% guaranteed by the Small Business Administration (“SBA”). Consumer and other loans includes overdrafts of $1.3 million and $2.8 million at March 31, 2024 and December 31, 2023, respectively. Community bank overdrafts were $17,000 and $255,000 at March 31, 2024 and December 31, 2023, respectively and CCBX overdrafts were $1.3 million and $2.5 million at March 31, 2024 and December 31, 2023. The Company has pledged loans totaling $985.6 million at March 31, 2024 and $1.01 billion at December 31, 2023, for borrowing lines at the FHLB and FRB. Additional loans were pledged during the first six months of 2023 and continues to be pledged to increase and maintain the borrowing capacity of the Bank in the event of a liquidity crisis. The balance of SBA and United States Department of Agriculture ("USDA") loans and participations sold and serviced for others totaled $7.4 million and $8.7 million at March 31, 2024 and December 31, 2023, respectively. The gross balance of Main Street Lending Program (“MSLP”) loans participated and serviced for others, totaled $53.4 million at March 31, 2024 and December 31, 2023, with $2.8 million in MSLP loans on the balance sheet and included in commercial and industrial loans at March 31, 2024 and December 31, 2023. Servicing is retained on the gross balance. The Company, through the community bank, at times purchases individual loans at fair value as of the acquisition date. The Company held purchased loans with remaining balances that totaled $8.1 million as of March 31, 2024 and December 31, 2023. Unamortized premiums on these loans totaled $152,000 and $154,000 as of March 31, 2024 and December 31, 2023, respectively, and are amortized into interest income over the life of the loans. The Company, through the community bank, has purchased participation loans with remaining balances totaling $51.3 million and $53.5 million as of March 31, 2024 and December 31, 2023, respectively. These loans are included in the applicable loan category depending upon the collateral and purpose of the individual loan and underwritten to the Bank's credit standards. The Company, through the community bank, purchased loans from CCBX partners, at par, through agreements with those CCBX partners, and those loans had a remaining balance of $56.0 million as of March 31, 2024 and $46.5 million as of December 31, 2023. As of March 31, 2024, $50.7 million is included in consumer and other loans and $5.3 million is included in commercial and industrial loans, compared to $40.2 million in consumer and other loans and $6.3 million in commercial and industrial loans as of December 31, 2023. The following is a summary of the Company’s loan portfolio segments: Commercial and industrial loans – Commercial and industrial loans are secured by business assets including inventory, receivables and machinery and equipment of businesses located generally in the Company’s primary market area and capital calls on venture and investment funds. Also included in commercial and industrial loans are $47.2 million in unsecured CCBX partner loans. Loan types include revolving lines of credit, term loans, PPP loans, and loans secured by liquid collateral such as cash deposits or marketable securities. Also included in commercial and industrial loans are loans to other financial institutions. Additionally, the Company issues letters of credit on behalf of its customers. Risk arises primarily due to the difference between expected and actual cash flows of the borrowers. In addition, the recoverability of the Company’s investment in these loans is also dependent on other factors primarily dictated by the type of collateral securing these loans. The fair value of the collateral securing these loans may fluctuate as market conditions change. In the case of loans secured by accounts receivable, the recovery of the Company’s investment is dependent upon the borrower’s ability to collect amounts due from its customers. As of March 31, 2024, $135.7 million in outstanding CCBX capital call lines are included in commercial and industrial loans compared to $87.5 million at December 31, 2023. Capital call lines are provided to venture capital firms. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards by our CCBX partner and the underwriting is reviewed by the Bank on every line/loan. Construction, land and land development loans – The Company originates loans for the construction of 1-4 family, multifamily, and Commercial Real Estate (“CRE”) properties in the Company’s market area. Construction loans are considered to have higher risks due to construction completion and timing risk, the ultimate repayment being sensitive to interest rate changes, government regulation of real property and the availability of long-term financing. Additionally, economic conditions may impact the Company’s ability to recover its investment in construction loans, as adverse economic conditions may negatively impact the real estate market, which could affect the borrower’s ability to complete and sell the project. Additionally, the fair value of the underlying collateral may fluctuate as market conditions change. The Company occasionally originates land loans for the purpose of facilitating the ultimate construction of a home or commercial building. The primary risks include the borrower’s ability to pay and the inability of the Company to recover its investment due to a material decline in the fair value of the underlying collateral. Residential real estate loans – Residential real estate includes various types of loans for which the Company holds real property as collateral. Included in this segment are first and second lien single family loans, occasionally purchased by the Company to diversify its loan portfolio, and rental portfolios secured by one-to-four family homes. The primary risks of residential real estate loans include the borrower’s inability to pay, material decreases in the value of the collateral, and significant increases in interest rates which may make the loan unprofitable. As of March 31, 2024, $265.1 million in loans originated through CCBX partners are included in residential real estate loans, compared to $238.0 million at December 31, 2023. These home equity lines of credit are secured by residential real estate and are accessed by using a credit card. Home equity lines of credit are classified as residential real estate per regulatory guidelines. Commercial real estate (includes owner occupied and nonowner occupied) loans – Commercial real estate loans include various types of loans for which the Company holds real property as collateral. We have commercial mortgage loans totaling $386.7 million that are collateralized by owner-occupied real-estate and $575.6 million that are collateralized by non-owner-occupied real estate, as well as $369.4 million of multi-family residential loans and $10.9 million of farmland loans, as of March 31, 2024. The primary risks of commercial real estate loans include the borrower’s inability to pay, material decreases in the value of the collateralized real estate and significant increases in interest rates, which may make the real estate loan unprofitable. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. Consumer and other loans – The community bank originates a limited number of consumer loans, generally for banking customers only, which consist primarily of lines of credit, saving account secured loans, and auto loans. CCBX originates consumer loans including credit cards, consumer term loans and secured and unsecured lines of credit. This loan category includes overdrafts. Repayment of these loans is dependent on the borrower’s ability to pay and the fair value of the underlying collateral, if any. As of March 31, 2024, $868.7 million in CCBX loans are included in consumer and other loans compared to $816.4 million at December 31, 2023. Not included in this category is $265.1 million and $238.0 million as of March 31, 2024 and December 31, 2023, respectively, in home equity lines of credit that are secured by residential real estate and are accessed by using a credit card. These credit card accessed home equity lines of credit are classified as residential real estate per regulatory guidelines. Past Due and Nonaccrual Loans The following table illustrates an age analysis of past due loans as of the dates indicated: 30-89 90 Days Total Current Total 90 Days or (dollars in thousands; unaudited) March 31, 2024 Community Bank Commercial and industrial $ — $ 1,445 $ 1,445 $ 152,950 $ 154,395 $ 1,445 Real estate loans: Construction, land and land development — — — 160,862 160,862 — Residential real estate 1,086 44 1,130 230,027 231,157 — Commercial real estate — 7,731 7,731 1,334,758 1,342,489 — Consumer and other loans 3 — 3 1,444 1,447 — Total community bank $ 1,089 $ 9,220 $ 10,309 $ 1,880,041 $ 1,890,350 $ 1,445 CCBX Commercial and industrial loans: Capital call lines $ — $ — $ — $ 135,671 $ 135,671 $ — All other commercial & industrial loans 3,069 1,793 4,862 42,298 47,160 1,793 Real estate loans: Residential real 3,079 1,796 4,875 $ 260,273 $ 265,148 1,796 Consumer and other loans: Credit cards 27,983 37,603 65,586 $ 440,120 $ 505,706 37,603 Other consumer and 23,400 5,731 29,131 333,850 362,981 5,731 Total CCBX $ 57,531 $ 46,923 $ 104,454 $ 1,212,212 $ 1,316,666 $ 46,923 Total Consolidated $ 58,620 $ 56,143 $ 114,763 $ 3,092,253 3,207,016 $ 48,368 Less net deferred origination fees and premiums (7,462) Loans receivable $ 3,199,554 30-89 90 Days Total Current Total 90 Days or (dollars in thousands; unaudited) December 31, 2023 Community Bank Commercial and industrial $ — $ — $ — $ 149,502 $ 149,502 $ — Real estate loans: Construction, land and land development — — — 157,100 157,100 — Residential real estate 44 — 44 225,347 225,391 — Commercial real estate — 7,145 7,145 1,296,388 1,303,533 — Consumer and other loans 2 — 2 1,626 1,628 — Total community bank $ 46 $ 7,145 $ 7,191 $ 1,829,963 $ 1,837,154 $ — CCBX Commercial and industrial loans: Capital call lines $ — $ — $ — $ 87,494 $ 87,494 $ — All other commercial & industrial loans 3,433 2,086 5,519 48,779 54,298 2,086 Real estate loans: Residential real 3,198 1,115 4,313 $ 233,722 $ 238,035 $ 1,115 Consumer and other loans: Credit cards 28,383 34,835 63,218 $ 442,619 $ 505,837 $ 34,835 Other consumer and 29,645 8,488 38,133 $ 272,441 $ 310,574 $ 8,488 Total CCBX 64,659 46,524 111,183 1,085,055 1,196,238 46,524 Total Consolidated 64,705 53,669 118,374 2,915,018 3,033,392 46,524 Less net deferred origination fees and premiums (7,300) Loans receivable $ 3,026,092 There were $48.4 million in loans past due 90 days or more and still accruing interest as of March 31, 2024, and $46.5 million as of December 31, 2023. This is attributed to loans originated through CCBX lending partners which continue to accrue interest up to 180 days past due. As of March 31, 2024 and December 31, 2023, $44.3 million of loans past due 90 days or more are covered by credit enhancements provided by our CCBX partners that protect the Bank against losses. The accrual of interest on community bank loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due or when they are 90 days past due as to either principal or interest, unless they are well secured and in the process of collection. Installment/closed-end, and revolving/open-end consumer loans originated through CCBX lending partners will continue to accrue interest until 120 and 180 days past due, respectively and an allowance is recorded through provision expense for these expected losses. For installment/closed-end and revolving/open-end consumer loans originated through CCBX lending partners with balances outstanding beyond 120 days and 180 days past due, respectively, principal and capitalized interest outstanding is charged off against the allowance and accrued interest outstanding is reversed against interest income. These consumer loans are reported as nonperforming/substandard, 90 days or more days past due and still accruing. When loans are placed on nonaccrual status, all accrued interest is reversed from current period earnings. Payments received on nonaccrual loans are generally applied as a reduction to the loan principal balance. If the likelihood of further loss is removed, the Company will recognize interest on a cash basis only. Loans may be returned to accruing status if the Company believes that all remaining principal and interest is fully collectible and there has been at least six months of sustained repayment performance since the loan was placed on nonaccrual. An analysis of nonaccrual loans by category consisted of the following at the periods indicated: March 31, December 31, 2024 2023 Total Nonaccrual Nonaccrual with No ACL Nonaccrual with Total Nonaccrual Nonaccrual with No ACL (dollars in thousands; unaudited) Community Bank Commercial and industrial loans $ — $ — $ — $ — $ — Real estate loans: Construction, land and land — — — — — Residential real estate 212 212 — 170 170 Commercial real estate 7,731 830 6,901 7,145 7,145 Consumer and other loans — — — — — Total nonaccrual loans $ 7,943 $ 1,042 $ 6,901 $ 7,315 $ 7,315 In some circumstances, the Company modifies loans in response to borrower financial difficulty, and generally provides for a temporary modification of loan repayment terms. In order for a modified loan to be considered for accrual status, the loan’s collateral coverage generally will be greater than or equal to 100% of the loan balance, the loan is current on payments, and the borrower must either prefund an interest reserve or demonstrate the ability to make payments from a verified source of cash flow for an extended period of time, usually at least six months in duration. No loans were modified for community bank borrowers experiencing financial difficulty in the three months ended March 31, 2024 and 2023. The following table presents the CCBX loans at March 31, 2024 that were both experiencing financial difficulty and were modified during the twelve months prior to March 31, 2024 by class and by type of modification. The percentage of the loans that were modified to borrowers in financial distress as compared to the total of each class of loans is also presented below. Term Extension Interest Rate Reduction Principal Forgiveness & Payment Delay Principal Forgiveness, Payment Delay & Term Extension Total Total Class of Financing Receivable (dollars in thousands; unaudited) CCBX Commercial and industrial loans: All other commercial & industrial loans $ 1,314 $ — $ 260 $ 47 $ 1,621 3.44 % Consumer and other loans: Credit cards — 7,063 — — 7,063 1.40 Other consumer and other loans 10,055 — 7,463 5,041 22,559 6.21 Total $ 11,369 $ 7,063 $ 7,723 $ 5,088 $ 31,243 0.98 % The Company has committed to lend additional amounts totaling $589,000 to the borrowers included in the table above. The performance of loans modified is monitored to understand the effectiveness of the modification efforts. The following table presents the performance of such loans that have been modified in the last 12 months: 30-89 90 Days Total Past Due (dollars in thousands; unaudited) CCBX Commercial and industrial loans: All other commercial & industrial loans $ 242 $ 97 $ 339 Consumer and other loans: Credit cards 1,512 2,069 3,581 Other consumer and other loans 2,283 711 2,994 Total CCBX $ 4,037 $ 2,877 $ 6,914 The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the preceding 12 months ended March 31, 2024: Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension (years) (dollars in thousands; unaudited) CCBX Commercial and industrial loans: All other commercial & industrial loans $ — — % 0.95 Real estate loans: Residential real estate loans 42 — n/a Consumer and other loans: Credit cards — 18.0 n/a Other consumer and other loans — — 0.97 Total CCBX $ 42 18.0 % 0.97 The following table presents the total of loans that had a payment default during the preceding 12 months ended March 31, 2024 and which were modified for borrowers experiencing financial difficulty in the twelve months prior to that default. Term Extension Interest Rate Reduction Principal Forgiveness & Payment Delay Principal Forgiveness, Payment Delay & Term Extension Total (dollars in thousands; unaudited) CCBX Commercial and industrial loans: All other commercial & industrial loans $ 777 $ — $ 189 $ 11 $ 977 Consumer and other loans: Credit cards — 5,291 — — 5,291 Other consumer and other loans 5,579 — 4,210 3,057 12,846 Total $ 6,356 $ 5,291 $ 4,399 $ 3,068 $ 19,114 Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged-off against the allowance for credit losses. Therefore, the loan balance is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. Credit Quality and Credit Risk Federal regulations require that the Company periodically evaluate the risks inherent in its loan portfolio. In addition, the Company’s regulatory agencies have authority to identify problem loans and, if appropriate, require them to be reclassified. The Company establishes loan grades for loans at the origination of the loan. Changes to community bank loan grades are considered at the time new information about the performance of a loan becomes available, including the receipt of updated financial information from the borrower and after loan reviews. For consumer loans, the Bank follows the Federal Financial Institutions Examination Council’s Uniform Retail Credit Classification and Account Management Policy for subsequent classification in the event of payment delinquencies or default. Typically, an individual loan grade will not be changed from the prior period unless there is a specific indication of credit deterioration or improvement. Credit deterioration is evidenced by delinquency, direct communications with the borrower or other borrower information that becomes known to management. Credit improvements are evidenced by known facts regarding the borrower or the collateral property. The Company classifies some loans as Watch or Other Loans Especially Mentioned (“OLEM”). Loans classified as Watch are performing assets but have elements of risk that require more monitoring than other performing loans and are reported in the OLEM column in the following table. Loans classified as OLEM are assets that continue to perform but have shown deterioration in credit quality and require close monitoring. There are three classifications for problem loans: Substandard, Doubtful, and Loss. Substandard loans have one or more defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Revolving (open-ended loans, such as credit cards) and installment (closed end) consumer loans originated through CCBX partners continue to accrue interest until they are charged-off at 120 days past due for installment loans (primarily unsecured loans to consumers) and 180 days past due for revolving loans (primarily credit cards) and are classified as substandard. Doubtful loans have the weaknesses of loans classified as Substandard, with additional characteristics that suggest the weaknesses make collection or recovery in full after liquidation of collateral questionable on the basis of currently existing facts, conditions, and values. There is a high possibility of loss in loans classified as Doubtful. A loan classified as Loss is considered uncollectible and of such little value that continued classification of the credit as a loan is not warranted. If a loan or a portion thereof is classified as Loss, it must be charged-off, meaning the amount of the loss is charged against the allowance for credit losses, thereby reducing that reserve. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal of loan constitutes a current period origination. The following tables show the risk category of community bank loans by year of origination for the periods indicated, based on the most recent analysis performed as of each period end: Term Loans Amortized Cost Basis by Origination Year Community Bank 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of March 31, 2024 Commercial and industrial loans Risk rating Pass $ 5,867 $ 14,062 $ 55,194 $ 14,970 $ 9,580 $ 13,338 $ 36,764 $ 856 $ 150,631 Other Loan Especially Mentioned — — — — 105 — 3,659 — 3,764 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total commercial and industrial $ 5,867 $ 14,062 $ 55,194 $ 14,970 $ 9,685 $ 13,338 $ 40,423 $ 856 $ 154,395 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate loans - Risk rating Pass $ 2,537 $ 99,547 $ 39,591 $ 14,757 $ 772 $ 2,239 $ 360 $ — $ 159,803 Other Loan Especially Mentioned — — — 459 — — 600 — 1,059 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total real estate loans - $ 2,537 $ 99,547 $ 39,591 $ 15,216 $ 772 $ 2,239 $ 960 $ — $ 160,862 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Year Community Bank 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of March 31, 2024 Real estate loans - Risk rating Pass $ 6,802 $ 32,483 $ 41,545 $ 38,889 $ 29,091 $ 53,905 $ 24,795 $ 17 $ 227,527 Other Loan Especially Mentioned — — 1,094 2,013 22 39 250 — 3,418 Substandard — — — — — — 44 168 212 Doubtful — — — — — — — — — Total real estate loans - 6,802 32,483 42,639 40,902 29,113 53,944 25,089 185 231,157 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate loans - Risk rating Pass $ 56,325 $ 241,523 $ 301,683 $ 223,012 $ 140,329 $ 348,428 $ 8,138 $ 1,704 $ 1,321,142 Other Loan Especially Mentioned — — 3,239 5,733 168 4,306 170 — 13,616 Substandard — — — — 830 6,901 — — 7,731 Doubtful — — — — — — — — — Total real estate loans - $ 56,325 $ 241,523 $ 304,922 $ 228,745 $ 141,327 $ 359,635 $ 8,308 $ 1,704 $ 1,342,489 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Year Community Bank 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of March 31, 2024 Consumer and other loans - Risk rating Pass $ 93 $ 64 $ 239 $ 5 $ 670 $ 185 $ 191 $ — $ 1,447 Other Loan Especially Mentioned — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total consumer and other $ 93 $ 64 $ 239 $ 5 $ 670 $ 185 $ 191 $ — $ 1,447 Current period gross charge-offs $ 15 $ — $ — $ — $ — $ — $ — $ — $ 15 Total community bank loans receivable Risk rating Pass $ 71,624 $ 387,679 $ 438,252 $ 291,633 $ 180,442 $ 418,095 $ 70,248 $ 2,577 $ 1,860,550 Other Loan Especially Mentioned — — 4,333 8,205 295 4,345 4,679 — 21,857 Substandard — — — — 830 6,901 44 168 7,943 Doubtful — — — — — — — — — Total community bank loans $ 71,624 $ 387,679 $ 442,585 $ 299,838 $ 181,567 $ 429,341 $ 74,971 $ 2,745 $ 1,890,350 Current period gross charge-offs $ 15 $ — $ — $ — $ — $ — $ — $ — $ 15 Term Loans Amortized Cost Basis by Origination Year Community Bank 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of December 31, 2023 Commercial and industrial loans Risk rating Pass $ 15,882 $ 56,428 $ 15,566 $ 10,044 $ 12,429 $ 1,442 $ 33,412 $ 1,020 $ 146,223 Other Loan Especially Mentioned — — — 111 — — 3,168 — 3,279 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total commercial and industrial $ 15,882 $ 56,428 $ 15,566 $ 10,155 $ 12,429 $ 1,442 $ 36,580 $ 1,020 $ 149,502 Current period gross charge-offs $ — $ — $ — $ — $ — $ 46 $ — $ — $ 46 Real estate loans - Risk rating Pass $ 75,129 $ 49,275 $ 20,811 $ 2,859 $ 914 $ 1,598 $ — $ — $ 150,586 Other Loan Especially Mentioned — — 3,589 2,325 — — — — 5,914 Substandard — — — — — — 600 — 600 Doubtful — — — — — — — — — Total real estate loans - $ 75,129 $ 49,275 $ 24,400 $ 5,184 $ 914 $ 1,598 $ 600 $ — $ 157,100 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Year Community Bank 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of December 31, 2023 Real estate loans - Risk rating Pass $ 32,352 $ 41,362 $ 39,137 $ 30,259 $ 31,982 $ 22,429 $ 24,396 $ 18 $ 221,935 Other Loan Especially Mentioned — 1,098 2,020 28 — 40 100 — 3,286 Substandard — — — — — — — 170 170 Doubtful — — — — — — — — — Total real estate loans - $ 32,352 $ 42,460 $ 41,157 $ 30,287 $ 31,982 $ 22,469 $ 24,496 $ 188 $ 225,391 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate loans - Risk rating Pass $ 244,169 $ 303,329 $ 222,287 $ 144,602 $ 126,437 $ 233,482 $ 7,509 $ 1,719 $ 1,283,534 Other Loan Especially Mentioned — 3,257 5,891 171 506 2,099 100 — 12,024 Substandard — — — 924 6,900 — 151 — 7,975 Doubtful — — — — — — — — — Total real estate loans - $ 244,169 $ 306,586 $ 228,178 $ 145,697 $ 133,843 $ 235,581 $ 7,760 $ 1,719 $ 1,303,533 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Year Community Bank 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of December 31, 2023 Consumer and other loans - Risk rating Pass $ 323 $ 272 $ 5 $ 679 $ 38 $ 164 $ 147 $ — $ 1,628 Other Loan Especially Mentioned — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total consumer and other $ 323 $ 272 $ 5 $ 679 $ 38 $ 164 $ 147 $ — $ 1,628 Current period gross charge-offs $ 18 $ — $ — $ — $ — $ — $ — $ — $ 18 Total community bank loans receivable Risk rating Pass $ 367,855 $ 450,666 $ 297,806 $ 188,443 $ 171,800 $ 259,115 $ 65,464 $ 2,757 $ 1,803,906 Other Loan Especially Mentioned — 4,355 11,500 2,635 506 2,139 3,368 — 24,503 Substandard — — — 924 6,900 — 751 170 8,745 Doubtful — — — — — — — — — Total community bank loans $ 367,855 $ 455,021 $ 309,306 $ 192,002 $ 179,206 $ 261,254 $ 69,583 $ 2,927 $ 1,837,154 Current period gross charge-offs $ 18 $ — $ — $ — $ — $ 46 $ — $ — $ 64 The Company considers the performance of the CCBX loan portfolio and its impact on the allowance for credit losses. For CCBX loans, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following tables present the loans in CCBX based on payment activity for the periods indicated: Term Loans Amortized Cost Basis by Origination Year CCBX 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of March 31, 2024 Commercial and industrial loans - Payment performance Performing $ — $ — $ — $ — $ — $ — $ 135,671 $ — $ 135,671 Nonperforming — — — — — — — — — Total commercial and industrial $ — $ — $ — $ — $ — $ — $ 135,671 $ — $ 135,671 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial loans - Payment performance Performing $ — $ 36,254 $ 5,867 $ 9 $ 10 $ — $ 3,227 $ — $ 45,367 Nonperforming — 1,185 162 — — — 446 — 1,793 Total commercial and industrial $ — $ 37,439 $ 6,029 $ 9 $ 10 $ — $ 3,673 $ — $ 47,160 Current period gross charge-offs $ 46 $ 3,770 $ 683 $ — $ — $ — $ 198 $ — $ 4,697 Real estate loans - Payment performance Performing $ — $ — $ — $ — $ — $ — $ 242,333 $ 21,019 $ 263,352 Nonperforming — — — — — — 1,796 — 1,796 Total real estate loans - $ — $ — $ — $ — $ — $ — $ 244,129 $ 21,019 $ 265,148 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 1,143 $ — $ 1,143 Term Loans Amortized Cost Basis by Origination Year CCBX 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of March 31, 2024 Consumer and other loans - Payment performance Performing $ — $ — $ — $ — $ — $ — $ 468,038 $ 65 $ 468,103 Nonperforming — — — — — — 37,603 — 37,603 Total consumer and other $ — $ — $ — $ — $ — $ — $ 505,641 $ 65 $ 505,706 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 31,705 $ — $ 31,705 Consumer and other loans - Payment performance Performing $ 111,255 $ 178,701 $ 40,740 $ 5,149 $ 91 $ 574 $ 20,740 $ — $ 357,250 Nonperforming — 3,062 1,545 421 — 23 680 — 5,731 Total consumer and other $ 111,255 $ 181,763 $ 42,285 $ 5,570 $ 91 $ 597 $ 21,420 $ — $ 362,981 Current period gross charge-offs $ 485 $ 11,542 $ 6,296 $ 1,594 $ 2 $ 71 $ 1,444 $ — $ 21,434 Total CCBX loans receivable Payment performance Performing $ 111,255 $ 214,955 $ 46,607 $ 5,158 $ 101 $ 574 $ 870,009 $ 21,084 $ 1,269,743 Nonperforming — 4,247 1,707 421 — 23 40,525 — 46,923 Total CCBX loans $ 111,255 $ 219,202 $ 48,314 $ 5,579 $ 101 $ 597 $ 910,534 $ 21,084 $ 1,316,666 Current period gross charge-offs $ 531 $ 15,312 $ 6,979 $ 1,594 $ 2 $ 71 $ 34,490 $ — $ 58,979 Term Loans Amortized Cost Basis by Origination Year CCBX 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of December 31, 2023 Commercial and industrial loans - Payment performance Performing $ — $ — $ — $ — $ — $ — $ 87,494 $ — $ 87,494 Nonperforming — — — — — — — — — Total commercial and industrial $ — $ — $ — $ — $ — $ — $ 87,494 $ — $ 87,494 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial loans - Payment performance Performing $ 42,267 $ 6,835 $ 9 $ 11 $ — $ — $ 3,090 $ — $ 52,212 Nonperforming 1,333 277 — |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Deposits | Deposits The composition of consolidated deposits consisted of the following at the periods indicated: March 31, December 31, (dollars in thousands; unaudited) Demand, noninterest bearing $ 574,112 $ 625,202 Interest bearing demand and money market 2,799,667 2,640,240 Savings 74,085 76,562 Total core deposits 3,447,864 3,342,004 Brokered deposits 1 1 Time deposits less than $250,000 11,837 13,917 Time deposits $250,000 and over 3,277 4,441 Total deposits $ 3,462,979 $ 3,360,363 The following table presents the maturity distribution of time deposits as of March 31, 2024: (dollars in thousands; unaudited) As of March 31, 2024 Twelve months $ 10,721 One to two years 2,825 Two to three years 705 Three to four years 625 Four to five years 238 Thereafter — $ 15,114 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company has committed to rent premises used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a lease upon inception. Operating lease right-of-use (“ROU”) assets represent a right to use an underlying asset for the contractual lease term. Operating lease liabilities represent an obligation to make lease payments arising from the lease. An operating lease ROU asset and operating lease liability will be recognized for any new operating leases at the commencement of the new lease. The Company’s leases do not provide an implicit interest rate, therefore the Company used its incremental collateralized borrowing rates commensurate with the underlying lease terms to determine the present value of operating lease liabilities. The weighted average discount rate as of March 31, 2024 was 3.88%. The Company’s operating lease agreements contain both lease and non-lease components, which are generally accounted for separately. The Company’s lease agreements do not contain any residual value guarantees. Operating leases with terms of 12 months or less are not included in ROU assets and operating lease liabilities recorded in the Company’s consolidated balance sheet. Operating lease terms include options to extend when it is reasonably certain that the Company will exercise such options, determined on a lease-by-lease basis. At March 31, 2024, lease expiration dates ranged from 8 months to 20.9 years, with additional renewal options on certain leases typically ranging from 1 to 10 years. At March 31, 2024, the weighted average remaining lease term inclusive of renewal options that the Company is reasonably certain to renew for the Company’s operating leases was 9.3 years. Rental expense for operating leases is recognized on a straight-line basis over the lease term and amounted to $299,000 for the three months ended March 31, 2024, and $358,000 for the three months ended March 31, 2023. Variable lease components, such as inflation adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. The following table presents the minimum annual lease payments under the terms of these leases, inclusive of renewal options that the Company is reasonably certain to renew, at March 31, 2024: (dollars in thousands; unaudited) March 31, April 1 to December 31, 2024 $ 775 2026 977 2027 977 2028 913 2029 692 2029 and thereafter 2,763 Total lease payments 7,097 Less: amounts representing interest 1,151 Present value of lease liabilities $ 5,946 The following table presents the components of total lease expense and operating cash flows for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, March 31, (dollars in thousands; unaudited) Lease expense: Operating lease expense $ 255 $ 321 Variable lease expense 67 52 Total lease expense (1) $ 322 $ 373 Cash paid: Cash paid reducing operating lease liabilities $ 325 $ 379 (1) Included in net occupancy expense in the Condensed Consolidated Statements of Income (unaudited). |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock Options and Restricted Stock The 2018 Coastal Financial Corporation Omnibus Plan (the "2018 Plan") authorizes the Company to grant awards, including but not limited to, stock options, restricted stock units, and restricted stock awards, to eligible employees, directors or individuals that provide service to the Company, up to an aggregate of 500,000 shares of common stock. On May 24, 2021, the Company’s shareholders approved the First Amendment to the 2018 Plan, which increased the authorized plan shares by 600,000. The 2018 Plan replaced the 2006 Plan for new awards. Existing awards will vest under the terms granted and no further awards will be granted under these prior plans. Shares available to be granted under the 2018 plan were 366,465 at March 31, 2024. Stock Option Awards The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. Expected volatilities are based on historical volatility of the Company’s stock and other factors. The Company uses the vesting term and contractual life to determine the expected life. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation expense related to unvested stock option awards is reversed at date of forfeiture. There were no new stock options granted in the three months ended March 31, 2024 and 2023. A summary of stock option activity under the 2018 Plan and 2006 Plan during the three months ended March 31, 2024: Options Number of Shares Weighted- Weighted- Aggregate (dollars in thousands, except per share amounts; unaudited) Outstanding at December 31, 2023 354,969 $ 9.11 3.3 $ 12,531 Granted — — Exercised (45,140) 7.98 $ 1,394 Expired — — Forfeited (760) 10.02 Outstanding at March 31, 2024 309,069 $ 9.27 3.2 $ 9,148 Vested or expected to vest at March 31, 2024 309,069 $ 9.27 3.2 $ 9,148 Exercisable at March 31, 2024 182,611 $ 8.92 2.9 $ 5,469 The total or aggregate intrinsic value (which is the amount by which the stock price exceeds the exercise price) of options exercised during the three months ended March 31, 2024 was $1.4 million. The total or aggregate intrinsic value of options exercised during the three months ended March 31, 2023 was $2.3 million. As of March 31, 2024, there was $686,000 of total unrecognized compensation cost related to nonvested stock options granted under the 2018 Plan and 2006 Plan. Total unrecognized compensation costs are adjusted for unvested forfeitures. The Company expects to recognize that cost over a remaining weighted-average period of approximately 3.2 years. Compensation expense recorded related to stock options was $114,000 for the three months ended March 31, 2024 and $140,000 for the three months ended March 31, 2023. Restricted Stock Units In the first quarter of 2024, the Company granted 76,473 restricted stock units ("RSUs") under the 2018 Plan to employees, which vest ratably over 4 years and 3,174 RSUs to employees which vest ratably over 5 years. RSUs provide for an interest in Company common stock to the recipient, the underlying stock is not issued until certain conditions are met. Vesting requirements include time-based, performance-based, or market-based conditions. Recipients of RSUs do not pay any cash consideration to the Company for the units and the holders of the restricted units do not have voting rights. The fair value of time-based and performance-based units is equal to the fair market value of the Company’s common stock on the grant date. The fair value of market-based units is estimated on the grant date using the Monte Carlo simulation model. Compensation expense is recognized over the vesting period that the awards are based. RSUs are nonparticipating securities. As of March 31, 2024, there was $10.9 million of total unrecognized compensation cost related to nonvested RSUs. The Company expects to recognize that cost over the remaining weighted-average vesting period of approximately 4.7 years. Compensation expense recorded related to RSUs was $945,000 for the three months ended March 31, 2024 and $812,000 for the three months ended March 31, 2023. A summary of the Company’s nonvested RSUs at March 31, 2024 and changes during the three month period is presented below: Nonvested shares - RSUs Number of Shares Weighted- (dollars in thousands, except per share amounts; unaudited) Nonvested shares at December 31, 2023 409,271 $ 31.22 Granted 79,647 $ 38.06 Forfeited or expired (12,168) $ 36.40 Vested (57,841) $ 33.36 Nonvested shares at March 31, 2024 418,909 $ 32.07 Restricted Stock Awards Employees There were no new restricted stock awards granted in the three months ended March 31, 2024. The fair value of restricted stock awards is equal to the fair value of the Company’s stock at the date of grant. Compensation expense is recognized over the vesting period that the awards are based. Restricted stock awards are participating securities. As of March 31, 2024, there was $34,000 of total unrecognized compensation cost related to nonvested restricted stock awards. The Company expects to recognize that cost over the remaining weighted-average vesting period of approximately 3.8 years. Compensation expense recorded related to restricted stock awards was $2,000 for the three months ended March 31, 2024 and March 31, 2023. Director’s Stock Compensation Under the 2018 Plan, eligible directors are granted stock with a total market value of approximately $45,000, and the Board Chair is granted stock with a total market value of approximately $75,000. Committee chairs receive additional stock in an amount that varies depending upon the nature and frequency of the committee meetings. The audit committee chair receives additional stock with a market value of approximately $10,000, non-financial risk and compensation committee chairs receive additional stock with a market value of approximately $7,500, and all other committee chairs receive additional stock with a market value of approximately $5,000. Stock is granted as of each annual meeting date and vest one day prior to the next annual meeting date. During the vesting period, the grants are considered participating securities. As of March 31, 2024, there was $76,000 of total unrecognized compensation expense related to director restricted stock awards which the Company expects to recognize over the remaining average vesting period of approximately 0.2 years. Director compensation expense recorded related to the 2018 Plan totaled $118,000 for the three months ended March 31, 2024 and $96,000 for the three months ended March 31, 2023. A summary of the Company’s nonvested shares at March 31, 2024 and changes during the three-month period is presented below: Nonvested shares - RSAs Number of Shares Weighted- (dollars in thousands, except per share amounts; unaudited) Nonvested shares at December 31, 2023 16,038 $ 32.41 Granted — $ — Forfeited — $ — Vested (500) $ 17.81 Nonvested shares at March 31, 2024 15,538 $ 32.88 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present estimated fair values of the Company’s financial instruments as of the period indicated, whether or not recognized or recorded in the consolidated balance sheets at the period indicated: March 31, 2024 Fair Value Measurements Using Carrying Estimated Level 1 Level 2 Level 3 (dollars in thousands; unaudited) Financial assets Cash and due from banks $ 32,790 $ 32,790 $ 32,790 $ — $ — Interest earning deposits with other banks 482,338 482,338 482,338 — — Investment securities 50,090 49,791 — 49,791 — Other investments 10,583 10,583 — 7,961 2,622 Loans receivable 3,199,554 3,102,679 — — 3,102,679 Accrued interest receivable 24,681 24,681 — 24,681 — Financial liabilities Deposits $ 3,462,979 3,462,458 $ — $ 3,462,458 $ — Subordinated debt 44,181 43,572 — 43,572 — Junior subordinated debentures 3,590 3,498 — 3,498 — Accrued interest payable 1,061 1,061 — 1,061 — December 31, 2023 Fair Value Measurements Using Carrying Estimated Level 1 Level 2 Level 3 (dollars in thousands; unaudited) Financial assets Cash and due from banks $ 31,345 $ 31,345 $ 31,345 $ — $ — Interest earning deposits with other banks 451,783 451,783 451,783 — — Investment securities 150,364 150,545 99,461 51,084 — Other investments 10,227 10,227 — 7,605 2,622 Loans receivable, net 3,026,092 2,936,917 — — 2,936,917 Accrued interest receivable 26,819 26,819 — 26,819 — Financial liabilities Deposits $ 3,360,363 $ 3,359,867 $ — $ 3,359,867 $ — Subordinated debt 44,144 43,908 — 43,908 — Junior subordinated debentures 3,590 3,491 — 3,491 — Accrued interest payable 892 892 — 892 — The Company measures and discloses certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (that is, not a forced liquidation or distressed sale). GAAP establishes a consistent framework for measuring fair value and disclosure requirements about fair value measurements. Among other things, the accounting standard requires the reporting entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s estimates for market assumptions. These two types of inputs create the following fair value hierarchy: • Level 1 – Quoted prices in active markets for identical instruments. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. • Level 2 – Observable inputs other than Level 1 including quoted prices in active markets for similar instruments, quoted prices in less active markets for identical or similar instruments, or other observable inputs that can be corroborated by observable market data. • Level 3 – Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs from nonbinding single dealer quotes not corroborated by observable market data. The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize at a future date. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates that must be made given the absence of active secondary markets for certain financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. Items measured at fair value on a recurring basis – The following fair value hierarchy table presents information about the Company’s assets that are measured at fair value on a recurring basis at the dates indicated: Level 1 Level 2 Level 3 Total (dollars in thousands; unaudited) March 31, 2024 Available-for-sale U.S. Treasury securities $ — $ — $ — $ — U.S. Agency collateralized mortgage obligations — 41 — 41 Municipals — — — — $ — $ 41 $ — $ 41 December 31, 2023 Available-for-sale U.S. Treasury securities $ 99,461 $ — $ — $ 99,461 U.S. Agency collateralized mortgage obligations — 43 — 43 U.S. Agency residential mortgage-backed securities — — — — Municipals — — — — $ 99,461 $ 43 $ — $ 99,504 The following methods were used to estimate the fair value of the class of financial instruments above: Investment securities - The fair value of securities is based on quoted market prices, pricing models, quoted prices of similar securities, independent pricing sources, and discounted cash flows. Limitations: The fair value estimates presented herein are based on pertinent information available to management as of March 31, 2024 and December 31, 2023. The factors used in the fair values estimates are subject to change subsequent to the dates the fair value estimates are completed, therefore, current estimates of fair value may differ significantly from the amounts presented herein. Items measured at fair value on a nonrecurring basis – The following table presents financial assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy of the fair value measurements for those assets at the dates indicated: Level 1 Level 2 Level 3 Total (dollars in thousands; unaudited) March 31, 2024 Collateral dependent loans $ — $ — $ 6,847 $ 6,847 Equity securities $ — $ — $ 2,622 $ 2,622 Total $ — $ — $ 9,469 $ 9,469 December 31, 2023 Collateral dependent loans $ — $ — $ 7,315 $ 7,315 Equity securities — — 2,622 2,622 Total $ — $ — $ 9,937 $ 9,937 The amounts disclosed above represent the fair values at the time the nonrecurring fair value measurements were made, and not necessarily the fair value as of the dates reported on. Individually evaluated loans - Fair values for individually evaluated loans are estimated using the fair value of the collateral less selling costs if the loan results in a Level 3 classification. Individually evaluated loan amounts are initially valued at the lower of cost or fair value. Individually evaluated loans carried at fair value generally receive specific allocations of the allowance for credit losses. For collateral dependent real estate loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Individually evaluated loans are evaluated on a quarterly basis for additional credit losses and adjusted accordingly. The estimated fair values of financial instruments disclosed above follow the guidance in ASU 2016-01 which prescribes an “exit price” approach in estimating and disclosing fair value of financial instruments incorporating discounts for credit, liquidity, and marketability factors. Valuation is measured based on the fair value of the underlying collateral or the discounted cash expected future cash flows. Subsequent changes in the value of loans are included within the provision for credit losses - loans in the same manner in which it initially was recognized or as a reduction in the provision that would otherwise be reported. Loans are evaluated quarterly to determine if valuation adjustments should be recorded. The need for valuation adjustments arises when observable market prices or current appraised values of collateral indicate a shortfall in collateral value compared to current carrying values of the related loan. If the Company determines that the value of the individually evaluated loan is less than the carrying value of the loan, the Company either establishes an reserve as a specific component of the allowance for credit losses or charges off that amount. These valuation adjustments are considered nonrecurring fair value adjustments. Equity securities – The Company measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer, with price changes recognized in earnings. Assets measured at fair value using significant unobservable inputs (Level 3) The following table presents the carrying value of equity securities without readily determinable fair values, as of March 31, 2024, with adjustments recorded during the periods presented for those securities with observable price changes, if applicable. These equity securities are included in other investments on the balance sheet. • As of March 31, 2024 and December 31, 2023, we had a $2.2 million equity interest in a specialized bank technology company. • We had a $350,000 equity interest in a technology company as of March 31, 2024 and December 31, 2023. • We had a $50,000 equity interest in an additional technology company as of March 31, 2024 and December 31, 2023. For the Three Months Ended (dollars in thousands; unaudited) 2024 2023 Carrying value, beginning of period $ 2,622 $ 2,572 Purchases — — Observable price change — — Carrying value, end of period $ 2,622 $ 2,572 The following table provides a description of the valuation technique, unobservable inputs, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a nonrecurring basis at the date indicated: (unaudited) Valuation Technique Unobservable Inputs March 31, 2024 Weighted Average Rate December 31, 2023 Weighted Average Rate Collateral dependent loans Collateral valuations Discount to appraised value 8.1% 8.0% |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following is a computation of basic and diluted earnings per common share at the periods indicated: Three Months Ended March 31, 2024 March 31, 2023 (dollars in thousands, except earnings per share data; unaudited) Net Income $ 6,800 $ 12,391 Basic weighted average number common shares outstanding 13,340,997 13,196,960 Dilutive effect of equity-based awards 335,920 412,531 Diluted weighted average number common shares outstanding 13,676,917 13,609,491 Basic earnings per share $ 0.51 $ 0.94 Diluted earnings per share $ 0.50 $ 0.91 Antidilutive stock options and restricted stock outstanding 153,659 124,714 Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings, however the difference in the two-class method was not significant. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting As defined in ASC 280, Segment Reporting , an operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision makers to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. We evaluate performance based on an internal performance measurement accounting system, which provides line of business results. This system uses various techniques to assign balance sheet and income statement amounts to the business segments, including allocations of income and expense. A primary objective of this measurement system and related internal financial reporting practices are to produce consistent results that reflect the underlying financial impact of the segments on the Company and to provide a basis of support for strategic decision making. The accounting policies applicable to our segments are those that apply to our preparation of the accompanying Consolidated Financial Statements. Based on these criteria, we have identified three segments: the community bank, CCBX, and treasury & administration. The community bank segment includes all community banking activities, with a primary focus of the community bank is on providing a wide range of banking products and services to consumers and small to medium sized businesses in the broader Puget Sound region in the state of Washington and through the Internet and our mobile banking application. We currently operate 14 full-service banking locations, 12 of which are located in Snohomish County, where we are the largest community bank by deposit market share, and two of which are located in neighboring counties (one in King County and one in Island County). The CCBX segment provides banking as a service (“BaaS”) that allows our broker-dealer and digital financial service partners to offer their customers banking services. The CCBX segment has 21 partners as of March 31, 2024. The treasury & administration segment includes investments, debt and other reporting items that are not specific to the community bank or CCBX segments. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. Changes in management structure or allocation methodologies and procedures may result in future changes to previously reported segment financial data. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. The Company continues to evaluate its methodology on allocating items to the Company’s various segments to support strategic business decisions by the Company’s executive leadership. Income and expenses that are specific to a segment are directly posted to each segment. Additionally, certain indirect expenses are allocated to each segment utilizing various metrics, such as number of employees, utilization of space, and allocations based on loan and deposit balances. We have implemented a transfer pricing process that credits or charges the community bank and CCBX segments with intrabank interest income or expense for the difference in average loans and average deposits, with the treasury & administration segment as the offset for those entries. Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables for the periods indicated: March 31, 2024 December 31, 2023 Community Bank CCBX Treasury & Administration Consolidated Community Bank CCBX Treasury & Administration Consolidated Assets (dollars in thousands; unaudited) Cash and Due from Banks $ 4,711 $ 10,358 $ 500,059 $ 515,128 $ 4,702 $ 9,601 $ 468,825 $ 483,128 Intrabank assets — 690,310 (690,310) — — 653,178 (653,178) — Securities — — 50,090 50,090 — — 150,364 150,364 Loans held for sale — 797 — 797 — — — — Total loans receivable 1,883,282 1,316,272 — 3,199,554 1,830,154 1,195,938 — 3,026,092 Allowance for credit losses (21,384) (117,874) — (139,258) (21,595) (95,363) — (116,958) All other assets 29,643 165,796 43,508 238,947 30,169 136,931 43,640 210,740 Total assets $ 1,896,252 $ 2,065,659 $ (96,653) $ 3,865,258 $ 1,843,430 $ 1,900,285 $ 9,651 $ 3,753,366 Liabilities Total deposits $ 1,434,030 $ 2,028,949 $ — $ 3,462,979 $ 1,497,601 $ 1,862,762 $ — $ 3,360,363 Total borrowings — — 47,771 47,771 — — 47,734 47,734 Intrabank liabilities 452,861 — (452,861) — 338,614 — (338,614) — All other liabilities 9,361 36,710 4,728 50,799 7,215 37,523 5,553 50,291 Total liabilities $ 1,896,252 $ 2,065,659 $ (400,362) $ 3,561,549 $ 1,843,430 $ 1,900,285 $ (285,327) $ 3,458,388 Three months ended March 31, 2024 Three months ended March 31, 2023 Community Bank CCBX Treasury & Administration Consolidated Community Bank CCBX Treasury & Administration Consolidated (dollars in thousands; unaudited) INTEREST INCOME AND EXPENSE Interest income $ 30,052 $ 54,569 $ 5,851 $ — $ 90,472 $ 24,211 $ 42,220 $ 3,680 $ 70,111 Interest (expense) income (5,599) 8,151 (2,552) — — (1,079) 2,652 (1,573) — Interest expense 6,013 22,854 669 29,536 2,534 12,424 662 15,620 Net interest income 18,440 39,866 2,630 60,936 20,598 32,448 1,445 54,491 (Recapture)/Provision for (199) 79,717 — 79,518 428 43,116 — 43,544 Provision for 2,209 1,431 — 3,640 137 16 — 153 Net interest income/(expense) after 16,430 (41,282) 2,630 (22,222) 20,033 (10,684) 1,445 10,794 NONINTEREST INCOME Deposit service charges and fees 896 12 — 908 899 11 — 910 Other income 285 68 138 491 191 133 137 461 BaaS program income — 4,825 — 4,825 — 3,575 — 3,575 BaaS indemnification income — 80,731 — 80,731 — 44,361 — 44,361 Noninterest income (1) 1,181 85,636 138 86,955 1,090 48,080 137 49,307 NONINTEREST EXPENSE Salaries and employee benefits 6,045 7,351 4,588 17,984 5,854 5,383 4,338 15,575 Occupancy 844 101 573 1,518 1,034 86 99 1,219 Data processing and software licenses 1,025 903 964 2,892 919 535 386 1,840 Legal and professional expenses 18 2,255 1,399 3,672 254 1,768 1,040 3,062 Other expense 1,035 1,578 1,579 4,192 1,031 1,114 1,269 3,414 BaaS loan expense — 24,837 — 24,837 — 17,554 — 17,554 BaaS fraud expense — 923 — 923 — 1,999 — 1,999 Total noninterest expense 8,967 8,967 37,948 9,103 56,018 9,092 28,439 7,132 44,663 Net income/(loss) before income taxes 8,644 6,406 (6,335) 8,715 12,031 8,957 (5,550) 15,438 Income taxes 1,822 1,581 (1,488) 1,915 2,375 1,768 (1,096) 3,047 Net income/(loss) $ 6,822 $ 4,825 $ (4,847) $ 6,800 $ 9,656 $ 7,189 $ (4,454) $ 12,391 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
NET INCOME | $ 6,800 | $ 12,391 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of operations | Nature of operations - Coastal Financial Corporation (“Corporation” or “Company”) is a registered bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC (“LLC”). The Company is a Washington state corporation that was organized in 2003. The Bank was incorporated and commenced operations in 1997 and is a Washington state-chartered commercial bank that is a member bank of the Federal Reserve system. Arlington Olympic LLC was formed in 2019 and owns the Company’s Arlington branch site, which the Bank leases from the LLC. The Company operates through the Bank and is headquartered in Everett, Washington, which by population is the largest city in, and the county seat of, Snohomish County. The Company’s business is conducted through three reportable segments: The community bank, CCBX and treasury & administration. The community bank offers a full range of banking services to small and medium-sized businesses, professionals, and individuals throughout the greater Puget Sound region through its 14 branches in Snohomish, Island and King Counties, the Internet, and its mobile banking application. The CCBX segment provides Banking as a Service (“BaaS”) that allows our broker dealers and digital financial service partners to offer their customers banking services. Through CCBX’s partners the Company is able to offer banking services and products across the nation. The treasury & administration segment includes treasury management, overall administration and all other aspects of the Company. The Bank’s deposits are insured in whole or in part by the Federal Deposit Insurance Corporation (“FDIC”). The community bank’s loans and deposits are primarily within the greater Puget Sound region, while CCBX loans and deposits are dependent upon the partner’s market. The Bank’s primary funding source is deposits from customers. The Bank is subject to regulation and supervision by the Board of Governors of the Federal Reserve System and the Washington State Department of Financial Institutions Division of Banks. The Federal Reserve also has regulatory and supervisory authority over the Company. |
Financial statement presentation | Financial statement presentation - The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim reporting requirements and with instructions to Form 10-Q and Article 10 of Regulation S-X, and therefore do not include all the information and notes included in the annual consolidated financial statements in conformity with GAAP. These interim condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual report on Form 10-K as filed with the U.S. Securities and Exchange Commission (“SEC”) on March 15, 2024. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the entire year. Amounts presented in the consolidated financial statements and footnote tables are rounded and presented in thousands of dollars except per-share amounts, which are presented in dollars. In the narrative footnote discussion, amounts are rounded to thousands and presented in dollars. |
Principles of consolidation | Principles of consolidation |
Estimates | Estimates |
Subsequent Events | Subsequent Events |
Reclassifications | Reclassifications - Certain amounts reported in prior quarters' consolidated financial statements may have been reclassified to conform to the current presentation with no effect on stockholders’ equity or net income. |
Recent Accounting Guidance Not Yet Effective | Recent Accounting Guidance In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to provide financial statement users with more disaggregated expense information about a public entity’s reportable segments. The ASU addresses the concern that more segment information is needed, including allowing the disclosure of multiple measures of segment profit or loss, requiring the disclosure of significant segment expenses, and requiring the qualitative disclosure of other segment items.This ASU is effective for all entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.We are currently evaluating the impact of this ASU on our reporting. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Values of Investments in Debt Securities | The following table summarizes the amortized cost, fair value, and allowance for credit losses and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held-to-maturity securities: Amortized Gross Gross Fair Allowance for Credit Losses (dollars in thousands; unaudited) March 31, 2024 Available-for-sale U.S. Treasury securities $ — $ — $ — $ — $ — U.S. Agency collateralized 44 — (3) 41 — Municipal bonds — — — — — Total available-for-sale 44 — (3) 41 — Held-to-maturity U.S. Agency residential 50,049 223 (522) 49,750 — Total investment securities $ 50,093 $ 223 $ (525) $ 49,791 $ — Amortized Gross Gross Fair Allowance for Credit Losses (dollars in thousands; unaudited) December 31, 2023 Available-for-sale U.S. Treasury securities $ 99,996 $ — $ (535) $ 99,461 $ — U.S. Agency collateralized 45 — (2) 43 — Total available-for-sale 100,041 — (537) 99,504 — Held-to-maturity U.S. Agency residential 50,860 467 (286) 51,041 — Total investment securities $ 150,901 $ 467 $ (823) $ 150,545 $ — |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair (dollars in thousands; unaudited) March 31, 2024 Amounts maturing in One year or less $ — $ — $ — $ — — — — — U.S. Agency residential mortgage-backed securities and collateralized mortgage obligations 44 41 50,049 49,750 $ 44 $ 41 $ 50,049 $ 49,750 |
Summary of Investment Securities Continuous Unrealized Loss Position | The following table shows the investments’ gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for which an allowance for credit losses has not been recorded: Less Than 12 Months 12 Months or Greater Total Fair Gross Fair Gross Fair Gross (dollars in thousands; unaudited) March 31, 2024 Available-for-sale U.S. Treasury securities $ — $ — $ — $ — $ — $ — U.S. Agency collateralized mortgage obligations — — 41 3 41 3 Total available-for-sale securities — — 41 3 41 3 Held-to-maturity U.S. Agency residential mortgage-backed securities 19,713 70 11,718 452 31,431 522 Total investment securities $ 19,713 $ 70 $ 11,759 $ 455 $ 31,472 $ 525 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Composition of Loan Portfolio | The composition of the loan portfolio is as follows as of the periods indicated: March 31, December 31, 2024 2023 (dollars in thousands; unaudited) Community Bank Commercial and industrial loans $ 154,395 $ 149,502 Real estate loans: Construction, land and land development loans 160,862 157,100 Residential real estate loans 231,157 225,391 Commercial real estate loans 1,342,489 1,303,533 Consumer and other loans: Other consumer and other loans 1,447 1,628 Gross Community Bank loans receivable 1,890,350 1,837,154 CCBX Commercial and industrial loans: Capital call lines $ 135,671 $ 87,494 All other commercial & industrial loans 47,160 54,298 Real estate loans: Residential real estate loans 265,148 238,035 Consumer and other loans: Credit cards 505,706 505,837 Other consumer and other loans 362,981 310,574 Gross CCBX loans receivable 1,316,666 1,196,238 Total gross loans receivable 3,207,016 3,033,392 Net deferred origination fees and premiums (7,462) (7,300) Loans receivable $ 3,199,554 $ 3,026,092 |
Summary of an Age Analysis of Past Due Loans | The following table illustrates an age analysis of past due loans as of the dates indicated: 30-89 90 Days Total Current Total 90 Days or (dollars in thousands; unaudited) March 31, 2024 Community Bank Commercial and industrial $ — $ 1,445 $ 1,445 $ 152,950 $ 154,395 $ 1,445 Real estate loans: Construction, land and land development — — — 160,862 160,862 — Residential real estate 1,086 44 1,130 230,027 231,157 — Commercial real estate — 7,731 7,731 1,334,758 1,342,489 — Consumer and other loans 3 — 3 1,444 1,447 — Total community bank $ 1,089 $ 9,220 $ 10,309 $ 1,880,041 $ 1,890,350 $ 1,445 CCBX Commercial and industrial loans: Capital call lines $ — $ — $ — $ 135,671 $ 135,671 $ — All other commercial & industrial loans 3,069 1,793 4,862 42,298 47,160 1,793 Real estate loans: Residential real 3,079 1,796 4,875 $ 260,273 $ 265,148 1,796 Consumer and other loans: Credit cards 27,983 37,603 65,586 $ 440,120 $ 505,706 37,603 Other consumer and 23,400 5,731 29,131 333,850 362,981 5,731 Total CCBX $ 57,531 $ 46,923 $ 104,454 $ 1,212,212 $ 1,316,666 $ 46,923 Total Consolidated $ 58,620 $ 56,143 $ 114,763 $ 3,092,253 3,207,016 $ 48,368 Less net deferred origination fees and premiums (7,462) Loans receivable $ 3,199,554 30-89 90 Days Total Current Total 90 Days or (dollars in thousands; unaudited) December 31, 2023 Community Bank Commercial and industrial $ — $ — $ — $ 149,502 $ 149,502 $ — Real estate loans: Construction, land and land development — — — 157,100 157,100 — Residential real estate 44 — 44 225,347 225,391 — Commercial real estate — 7,145 7,145 1,296,388 1,303,533 — Consumer and other loans 2 — 2 1,626 1,628 — Total community bank $ 46 $ 7,145 $ 7,191 $ 1,829,963 $ 1,837,154 $ — CCBX Commercial and industrial loans: Capital call lines $ — $ — $ — $ 87,494 $ 87,494 $ — All other commercial & industrial loans 3,433 2,086 5,519 48,779 54,298 2,086 Real estate loans: Residential real 3,198 1,115 4,313 $ 233,722 $ 238,035 $ 1,115 Consumer and other loans: Credit cards 28,383 34,835 63,218 $ 442,619 $ 505,837 $ 34,835 Other consumer and 29,645 8,488 38,133 $ 272,441 $ 310,574 $ 8,488 Total CCBX 64,659 46,524 111,183 1,085,055 1,196,238 46,524 Total Consolidated 64,705 53,669 118,374 2,915,018 3,033,392 46,524 Less net deferred origination fees and premiums (7,300) Loans receivable $ 3,026,092 |
Analysis of Nonaccrual Loans by Category | An analysis of nonaccrual loans by category consisted of the following at the periods indicated: March 31, December 31, 2024 2023 Total Nonaccrual Nonaccrual with No ACL Nonaccrual with Total Nonaccrual Nonaccrual with No ACL (dollars in thousands; unaudited) Community Bank Commercial and industrial loans $ — $ — $ — $ — $ — Real estate loans: Construction, land and land — — — — — Residential real estate 212 212 — 170 170 Commercial real estate 7,731 830 6,901 7,145 7,145 Consumer and other loans — — — — — Total nonaccrual loans $ 7,943 $ 1,042 $ 6,901 $ 7,315 $ 7,315 |
Financing Receivable, Modified | The following table presents the CCBX loans at March 31, 2024 that were both experiencing financial difficulty and were modified during the twelve months prior to March 31, 2024 by class and by type of modification. The percentage of the loans that were modified to borrowers in financial distress as compared to the total of each class of loans is also presented below. Term Extension Interest Rate Reduction Principal Forgiveness & Payment Delay Principal Forgiveness, Payment Delay & Term Extension Total Total Class of Financing Receivable (dollars in thousands; unaudited) CCBX Commercial and industrial loans: All other commercial & industrial loans $ 1,314 $ — $ 260 $ 47 $ 1,621 3.44 % Consumer and other loans: Credit cards — 7,063 — — 7,063 1.40 Other consumer and other loans 10,055 — 7,463 5,041 22,559 6.21 Total $ 11,369 $ 7,063 $ 7,723 $ 5,088 $ 31,243 0.98 % 30-89 90 Days Total Past Due (dollars in thousands; unaudited) CCBX Commercial and industrial loans: All other commercial & industrial loans $ 242 $ 97 $ 339 Consumer and other loans: Credit cards 1,512 2,069 3,581 Other consumer and other loans 2,283 711 2,994 Total CCBX $ 4,037 $ 2,877 $ 6,914 The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the preceding 12 months ended March 31, 2024: Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension (years) (dollars in thousands; unaudited) CCBX Commercial and industrial loans: All other commercial & industrial loans $ — — % 0.95 Real estate loans: Residential real estate loans 42 — n/a Consumer and other loans: Credit cards — 18.0 n/a Other consumer and other loans — — 0.97 Total CCBX $ 42 18.0 % 0.97 The following table presents the total of loans that had a payment default during the preceding 12 months ended March 31, 2024 and which were modified for borrowers experiencing financial difficulty in the twelve months prior to that default. Term Extension Interest Rate Reduction Principal Forgiveness & Payment Delay Principal Forgiveness, Payment Delay & Term Extension Total (dollars in thousands; unaudited) CCBX Commercial and industrial loans: All other commercial & industrial loans $ 777 $ — $ 189 $ 11 $ 977 Consumer and other loans: Credit cards — 5,291 — — 5,291 Other consumer and other loans 5,579 — 4,210 3,057 12,846 Total $ 6,356 $ 5,291 $ 4,399 $ 3,068 $ 19,114 |
Summary of Loans by Credit Quality Risk Rating | he following tables show the risk category of community bank loans by year of origination for the periods indicated, based on the most recent analysis performed as of each period end: Term Loans Amortized Cost Basis by Origination Year Community Bank 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of March 31, 2024 Commercial and industrial loans Risk rating Pass $ 5,867 $ 14,062 $ 55,194 $ 14,970 $ 9,580 $ 13,338 $ 36,764 $ 856 $ 150,631 Other Loan Especially Mentioned — — — — 105 — 3,659 — 3,764 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total commercial and industrial $ 5,867 $ 14,062 $ 55,194 $ 14,970 $ 9,685 $ 13,338 $ 40,423 $ 856 $ 154,395 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate loans - Risk rating Pass $ 2,537 $ 99,547 $ 39,591 $ 14,757 $ 772 $ 2,239 $ 360 $ — $ 159,803 Other Loan Especially Mentioned — — — 459 — — 600 — 1,059 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total real estate loans - $ 2,537 $ 99,547 $ 39,591 $ 15,216 $ 772 $ 2,239 $ 960 $ — $ 160,862 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Year Community Bank 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of March 31, 2024 Real estate loans - Risk rating Pass $ 6,802 $ 32,483 $ 41,545 $ 38,889 $ 29,091 $ 53,905 $ 24,795 $ 17 $ 227,527 Other Loan Especially Mentioned — — 1,094 2,013 22 39 250 — 3,418 Substandard — — — — — — 44 168 212 Doubtful — — — — — — — — — Total real estate loans - 6,802 32,483 42,639 40,902 29,113 53,944 25,089 185 231,157 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate loans - Risk rating Pass $ 56,325 $ 241,523 $ 301,683 $ 223,012 $ 140,329 $ 348,428 $ 8,138 $ 1,704 $ 1,321,142 Other Loan Especially Mentioned — — 3,239 5,733 168 4,306 170 — 13,616 Substandard — — — — 830 6,901 — — 7,731 Doubtful — — — — — — — — — Total real estate loans - $ 56,325 $ 241,523 $ 304,922 $ 228,745 $ 141,327 $ 359,635 $ 8,308 $ 1,704 $ 1,342,489 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Year Community Bank 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of March 31, 2024 Consumer and other loans - Risk rating Pass $ 93 $ 64 $ 239 $ 5 $ 670 $ 185 $ 191 $ — $ 1,447 Other Loan Especially Mentioned — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total consumer and other $ 93 $ 64 $ 239 $ 5 $ 670 $ 185 $ 191 $ — $ 1,447 Current period gross charge-offs $ 15 $ — $ — $ — $ — $ — $ — $ — $ 15 Total community bank loans receivable Risk rating Pass $ 71,624 $ 387,679 $ 438,252 $ 291,633 $ 180,442 $ 418,095 $ 70,248 $ 2,577 $ 1,860,550 Other Loan Especially Mentioned — — 4,333 8,205 295 4,345 4,679 — 21,857 Substandard — — — — 830 6,901 44 168 7,943 Doubtful — — — — — — — — — Total community bank loans $ 71,624 $ 387,679 $ 442,585 $ 299,838 $ 181,567 $ 429,341 $ 74,971 $ 2,745 $ 1,890,350 Current period gross charge-offs $ 15 $ — $ — $ — $ — $ — $ — $ — $ 15 Term Loans Amortized Cost Basis by Origination Year Community Bank 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of December 31, 2023 Commercial and industrial loans Risk rating Pass $ 15,882 $ 56,428 $ 15,566 $ 10,044 $ 12,429 $ 1,442 $ 33,412 $ 1,020 $ 146,223 Other Loan Especially Mentioned — — — 111 — — 3,168 — 3,279 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total commercial and industrial $ 15,882 $ 56,428 $ 15,566 $ 10,155 $ 12,429 $ 1,442 $ 36,580 $ 1,020 $ 149,502 Current period gross charge-offs $ — $ — $ — $ — $ — $ 46 $ — $ — $ 46 Real estate loans - Risk rating Pass $ 75,129 $ 49,275 $ 20,811 $ 2,859 $ 914 $ 1,598 $ — $ — $ 150,586 Other Loan Especially Mentioned — — 3,589 2,325 — — — — 5,914 Substandard — — — — — — 600 — 600 Doubtful — — — — — — — — — Total real estate loans - $ 75,129 $ 49,275 $ 24,400 $ 5,184 $ 914 $ 1,598 $ 600 $ — $ 157,100 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Year Community Bank 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of December 31, 2023 Real estate loans - Risk rating Pass $ 32,352 $ 41,362 $ 39,137 $ 30,259 $ 31,982 $ 22,429 $ 24,396 $ 18 $ 221,935 Other Loan Especially Mentioned — 1,098 2,020 28 — 40 100 — 3,286 Substandard — — — — — — — 170 170 Doubtful — — — — — — — — — Total real estate loans - $ 32,352 $ 42,460 $ 41,157 $ 30,287 $ 31,982 $ 22,469 $ 24,496 $ 188 $ 225,391 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate loans - Risk rating Pass $ 244,169 $ 303,329 $ 222,287 $ 144,602 $ 126,437 $ 233,482 $ 7,509 $ 1,719 $ 1,283,534 Other Loan Especially Mentioned — 3,257 5,891 171 506 2,099 100 — 12,024 Substandard — — — 924 6,900 — 151 — 7,975 Doubtful — — — — — — — — — Total real estate loans - $ 244,169 $ 306,586 $ 228,178 $ 145,697 $ 133,843 $ 235,581 $ 7,760 $ 1,719 $ 1,303,533 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Year Community Bank 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of December 31, 2023 Consumer and other loans - Risk rating Pass $ 323 $ 272 $ 5 $ 679 $ 38 $ 164 $ 147 $ — $ 1,628 Other Loan Especially Mentioned — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total consumer and other $ 323 $ 272 $ 5 $ 679 $ 38 $ 164 $ 147 $ — $ 1,628 Current period gross charge-offs $ 18 $ — $ — $ — $ — $ — $ — $ — $ 18 Total community bank loans receivable Risk rating Pass $ 367,855 $ 450,666 $ 297,806 $ 188,443 $ 171,800 $ 259,115 $ 65,464 $ 2,757 $ 1,803,906 Other Loan Especially Mentioned — 4,355 11,500 2,635 506 2,139 3,368 — 24,503 Substandard — — — 924 6,900 — 751 170 8,745 Doubtful — — — — — — — — — Total community bank loans $ 367,855 $ 455,021 $ 309,306 $ 192,002 $ 179,206 $ 261,254 $ 69,583 $ 2,927 $ 1,837,154 Current period gross charge-offs $ 18 $ — $ — $ — $ — $ 46 $ — $ — $ 64 Term Loans Amortized Cost Basis by Origination Year CCBX 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of March 31, 2024 Commercial and industrial loans - Payment performance Performing $ — $ — $ — $ — $ — $ — $ 135,671 $ — $ 135,671 Nonperforming — — — — — — — — — Total commercial and industrial $ — $ — $ — $ — $ — $ — $ 135,671 $ — $ 135,671 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial loans - Payment performance Performing $ — $ 36,254 $ 5,867 $ 9 $ 10 $ — $ 3,227 $ — $ 45,367 Nonperforming — 1,185 162 — — — 446 — 1,793 Total commercial and industrial $ — $ 37,439 $ 6,029 $ 9 $ 10 $ — $ 3,673 $ — $ 47,160 Current period gross charge-offs $ 46 $ 3,770 $ 683 $ — $ — $ — $ 198 $ — $ 4,697 Real estate loans - Payment performance Performing $ — $ — $ — $ — $ — $ — $ 242,333 $ 21,019 $ 263,352 Nonperforming — — — — — — 1,796 — 1,796 Total real estate loans - $ — $ — $ — $ — $ — $ — $ 244,129 $ 21,019 $ 265,148 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 1,143 $ — $ 1,143 Term Loans Amortized Cost Basis by Origination Year CCBX 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of March 31, 2024 Consumer and other loans - Payment performance Performing $ — $ — $ — $ — $ — $ — $ 468,038 $ 65 $ 468,103 Nonperforming — — — — — — 37,603 — 37,603 Total consumer and other $ — $ — $ — $ — $ — $ — $ 505,641 $ 65 $ 505,706 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 31,705 $ — $ 31,705 Consumer and other loans - Payment performance Performing $ 111,255 $ 178,701 $ 40,740 $ 5,149 $ 91 $ 574 $ 20,740 $ — $ 357,250 Nonperforming — 3,062 1,545 421 — 23 680 — 5,731 Total consumer and other $ 111,255 $ 181,763 $ 42,285 $ 5,570 $ 91 $ 597 $ 21,420 $ — $ 362,981 Current period gross charge-offs $ 485 $ 11,542 $ 6,296 $ 1,594 $ 2 $ 71 $ 1,444 $ — $ 21,434 Total CCBX loans receivable Payment performance Performing $ 111,255 $ 214,955 $ 46,607 $ 5,158 $ 101 $ 574 $ 870,009 $ 21,084 $ 1,269,743 Nonperforming — 4,247 1,707 421 — 23 40,525 — 46,923 Total CCBX loans $ 111,255 $ 219,202 $ 48,314 $ 5,579 $ 101 $ 597 $ 910,534 $ 21,084 $ 1,316,666 Current period gross charge-offs $ 531 $ 15,312 $ 6,979 $ 1,594 $ 2 $ 71 $ 34,490 $ — $ 58,979 Term Loans Amortized Cost Basis by Origination Year CCBX 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of December 31, 2023 Commercial and industrial loans - Payment performance Performing $ — $ — $ — $ — $ — $ — $ 87,494 $ — $ 87,494 Nonperforming — — — — — — — — — Total commercial and industrial $ — $ — $ — $ — $ — $ — $ 87,494 $ — $ 87,494 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial loans - Payment performance Performing $ 42,267 $ 6,835 $ 9 $ 11 $ — $ — $ 3,090 $ — $ 52,212 Nonperforming 1,333 277 — — — — 476 — 2,086 Total commercial and industrial $ 43,600 $ 7,112 $ 9 $ 11 $ — $ — $ 3,566 $ — $ 54,298 Current period gross charge-offs $ 3,848 $ 2,502 $ 15 $ 16 $ — $ — $ 224 $ — $ 6,605 Real estate loans - Payment performance Performing $ — $ — $ — $ — $ — $ — $ 212,435 $ 24,485 $ 236,920 Nonperforming — — — — — — 1,115 — 1,115 Total real estate loans - $ — $ — $ — $ — $ — $ — $ 213,550 $ 24,485 $ 238,035 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 4,641 $ — $ 4,641 Term Loans Amortized Cost Basis by Origination Year CCBX 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted To Term Total (dollars in thousands; unaudited) As of December 31, 2023 Consumer and other loans - Payment performance Performing $ — $ — $ — $ — $ — $ — $ 469,049 $ 1,953 $ 471,002 Nonperforming — — — — — — 33,655 1,180 34,835 Total consumer and other $ — $ — $ — $ — $ — $ — $ 502,704 $ 3,133 $ 505,837 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 61,358 $ — $ 61,358 Consumer and other loans - Payment performance Performing $ 216,024 $ 50,732 $ 6,888 $ 98 $ 418 $ 317 $ 27,609 $ — $ 302,086 Nonperforming 4,229 3,074 477 — 7 10 691 — 8,488 Total consumer and other $ 220,253 $ 53,806 $ 7,365 $ 98 $ 425 $ 327 $ 28,300 $ — $ 310,574 Current period gross charge-offs $ 17,815 $ 43,115 $ 11,574 $ 84 $ 346 $ 217 $ 6,178 $ — $ 79,329 Total CCBX loans receivable Payment performance Performing $ 258,291 $ 57,567 $ 6,897 $ 109 $ 418 $ 317 $ 799,677 $ 26,438 $ 1,149,714 Nonperforming 5,562 3,351 477 — 7 10 35,937 1,180 46,524 Total CCBX loans $ 263,853 $ 60,918 $ 7,374 $ 109 $ 425 $ 327 $ 835,614 $ 27,618 $ 1,196,238 Current period gross charge-offs $ 21,663 $ 45,617 $ 11,589 $ 100 $ 346 $ 217 $ 72,401 $ — $ 151,933 |
Summary of Allocation of Allowance for Loan Loss as well as Activity in Allowance for Loan Loss Attributed to Various Segments in Loan | The following tables summarize the allocation of the ACL, as well as the activity in the ACL attributed to various segments in the loan portfolio, as of and for the three months ended March 31, 2024 and for the three months ended March 31, 2023: Commercial Construction, Residential Commercial Consumer Unallocated Total (dollars in thousands; unaudited) Three Months Ended March 31, 2024 ACL balance, December 31, 2023 $ 8,877 $ 6,386 $ 13,049 $ 7,441 $ 81,205 $ — $ 116,958 Provision for credit losses or (recapture) 6,411 165 2,742 62 70,138 — 79,518 15,288 6,551 15,791 7,503 151,343 — 196,476 Loans charged-off (4,697) — (1,143) — (53,154) — (58,994) Recoveries of loans previously charged-off 199 — 2 — 1,575 — 1,776 Net charge-offs (4,498) — (1,141) — (51,579) — (57,218) ACL balance, March 31, 2024 $ 10,790 $ 6,551 $ 14,650 $ 7,503 $ 99,764 $ — $ 139,258 Three Months Ended March 31, 2023 ACL balance, December 31, 2022 $ 4,831 $ 7,425 $ 4,142 $ 5,470 $ 50,996 $ 1,165 $ 74,029 Impact of adopting CECL (ASC 326) 1,428 (1,589) 1,623 1,240 2,315 (1,165) 3,852 Provision for credit losses or (recapture) 3,165 (92) 1,958 796 37,717 — 43,544 9,424 5,744 7,723 7,506 91,028 — 121,425 Loans charged-off (776) — (737) — (32,654) — (34,167) Recoveries of loans previously charged-off 3 — — — 1,862 — 1,865 Net (charge-offs) recoveries (773) — (737) — (30,792) — (32,302) ACL Balance, March 31, 2023 $ 8,651 $ 5,744 $ 6,986 $ 7,506 $ 60,236 $ — $ 89,123 The following table presents the collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans as of the dates indicated: Real Estate Total ACL (dollars in thousands; unaudited) March 31, 2024 Real estate loans: Residential real estate $ 212 $ 212 $ — Commercial real estate 7,731 7,731 1,096 Total $ 7,943 $ 7,943 $ 1,096 Real Estate Total ACL (dollars in thousands; unaudited) December 31, 2023 Real estate loans: Residential real estate $ 170 $ 170 $ — Commercial real estate 7,145 7,145 — Total $ 7,315 $ 7,315 $ — |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Composition of Consolidated Deposits | The composition of consolidated deposits consisted of the following at the periods indicated: March 31, December 31, (dollars in thousands; unaudited) Demand, noninterest bearing $ 574,112 $ 625,202 Interest bearing demand and money market 2,799,667 2,640,240 Savings 74,085 76,562 Total core deposits 3,447,864 3,342,004 Brokered deposits 1 1 Time deposits less than $250,000 11,837 13,917 Time deposits $250,000 and over 3,277 4,441 Total deposits $ 3,462,979 $ 3,360,363 |
Schedule of Maturity Distribution of Time Deposits | The following table presents the maturity distribution of time deposits as of March 31, 2024: (dollars in thousands; unaudited) As of March 31, 2024 Twelve months $ 10,721 One to two years 2,825 Two to three years 705 Three to four years 625 Four to five years 238 Thereafter — $ 15,114 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Summary of Minimum Annual Lease Payments under Lease Terms | The following table presents the minimum annual lease payments under the terms of these leases, inclusive of renewal options that the Company is reasonably certain to renew, at March 31, 2024: (dollars in thousands; unaudited) March 31, April 1 to December 31, 2024 $ 775 2026 977 2027 977 2028 913 2029 692 2029 and thereafter 2,763 Total lease payments 7,097 Less: amounts representing interest 1,151 Present value of lease liabilities $ 5,946 |
Summary of Components of Total Lease Expense and Operating Cash Flows | The following table presents the components of total lease expense and operating cash flows for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, March 31, (dollars in thousands; unaudited) Lease expense: Operating lease expense $ 255 $ 321 Variable lease expense 67 52 Total lease expense (1) $ 322 $ 373 Cash paid: Cash paid reducing operating lease liabilities $ 325 $ 379 (1) Included in net occupancy expense in the Condensed Consolidated Statements of Income (unaudited). |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity under the 2018 Plan and 2006 Plan during the three months ended March 31, 2024: Options Number of Shares Weighted- Weighted- Aggregate (dollars in thousands, except per share amounts; unaudited) Outstanding at December 31, 2023 354,969 $ 9.11 3.3 $ 12,531 Granted — — Exercised (45,140) 7.98 $ 1,394 Expired — — Forfeited (760) 10.02 Outstanding at March 31, 2024 309,069 $ 9.27 3.2 $ 9,148 Vested or expected to vest at March 31, 2024 309,069 $ 9.27 3.2 $ 9,148 Exercisable at March 31, 2024 182,611 $ 8.92 2.9 $ 5,469 |
Summary of Nonvested RSUs | A summary of the Company’s nonvested RSUs at March 31, 2024 and changes during the three month period is presented below: Nonvested shares - RSUs Number of Shares Weighted- (dollars in thousands, except per share amounts; unaudited) Nonvested shares at December 31, 2023 409,271 $ 31.22 Granted 79,647 $ 38.06 Forfeited or expired (12,168) $ 36.40 Vested (57,841) $ 33.36 Nonvested shares at March 31, 2024 418,909 $ 32.07 A summary of the Company’s nonvested shares at March 31, 2024 and changes during the three-month period is presented below: Nonvested shares - RSAs Number of Shares Weighted- (dollars in thousands, except per share amounts; unaudited) Nonvested shares at December 31, 2023 16,038 $ 32.41 Granted — $ — Forfeited — $ — Vested (500) $ 17.81 Nonvested shares at March 31, 2024 15,538 $ 32.88 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Estimated Fair Values of Financial Instruments | The following tables present estimated fair values of the Company’s financial instruments as of the period indicated, whether or not recognized or recorded in the consolidated balance sheets at the period indicated: March 31, 2024 Fair Value Measurements Using Carrying Estimated Level 1 Level 2 Level 3 (dollars in thousands; unaudited) Financial assets Cash and due from banks $ 32,790 $ 32,790 $ 32,790 $ — $ — Interest earning deposits with other banks 482,338 482,338 482,338 — — Investment securities 50,090 49,791 — 49,791 — Other investments 10,583 10,583 — 7,961 2,622 Loans receivable 3,199,554 3,102,679 — — 3,102,679 Accrued interest receivable 24,681 24,681 — 24,681 — Financial liabilities Deposits $ 3,462,979 3,462,458 $ — $ 3,462,458 $ — Subordinated debt 44,181 43,572 — 43,572 — Junior subordinated debentures 3,590 3,498 — 3,498 — Accrued interest payable 1,061 1,061 — 1,061 — December 31, 2023 Fair Value Measurements Using Carrying Estimated Level 1 Level 2 Level 3 (dollars in thousands; unaudited) Financial assets Cash and due from banks $ 31,345 $ 31,345 $ 31,345 $ — $ — Interest earning deposits with other banks 451,783 451,783 451,783 — — Investment securities 150,364 150,545 99,461 51,084 — Other investments 10,227 10,227 — 7,605 2,622 Loans receivable, net 3,026,092 2,936,917 — — 2,936,917 Accrued interest receivable 26,819 26,819 — 26,819 — Financial liabilities Deposits $ 3,360,363 $ 3,359,867 $ — $ 3,359,867 $ — Subordinated debt 44,144 43,908 — 43,908 — Junior subordinated debentures 3,590 3,491 — 3,491 — Accrued interest payable 892 892 — 892 — |
Summary of Assets Measured at Fair Value on Recurring Basis | Items measured at fair value on a recurring basis – The following fair value hierarchy table presents information about the Company’s assets that are measured at fair value on a recurring basis at the dates indicated: Level 1 Level 2 Level 3 Total (dollars in thousands; unaudited) March 31, 2024 Available-for-sale U.S. Treasury securities $ — $ — $ — $ — U.S. Agency collateralized mortgage obligations — 41 — 41 Municipals — — — — $ — $ 41 $ — $ 41 December 31, 2023 Available-for-sale U.S. Treasury securities $ 99,461 $ — $ — $ 99,461 U.S. Agency collateralized mortgage obligations — 43 — 43 U.S. Agency residential mortgage-backed securities — — — — Municipals — — — — $ 99,461 $ 43 $ — $ 99,504 |
Summary of Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | Items measured at fair value on a nonrecurring basis – The following table presents financial assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy of the fair value measurements for those assets at the dates indicated: Level 1 Level 2 Level 3 Total (dollars in thousands; unaudited) March 31, 2024 Collateral dependent loans $ — $ — $ 6,847 $ 6,847 Equity securities $ — $ — $ 2,622 $ 2,622 Total $ — $ — $ 9,469 $ 9,469 December 31, 2023 Collateral dependent loans $ — $ — $ 7,315 $ 7,315 Equity securities — — 2,622 2,622 Total $ — $ — $ 9,937 $ 9,937 |
Summary of Carrying Value of Equity Securities Without Readily Determinable Fair Values | The following table presents the carrying value of equity securities without readily determinable fair values, as of March 31, 2024, with adjustments recorded during the periods presented for those securities with observable price changes, if applicable. These equity securities are included in other investments on the balance sheet. • As of March 31, 2024 and December 31, 2023, we had a $2.2 million equity interest in a specialized bank technology company. • We had a $350,000 equity interest in a technology company as of March 31, 2024 and December 31, 2023. • We had a $50,000 equity interest in an additional technology company as of March 31, 2024 and December 31, 2023. For the Three Months Ended (dollars in thousands; unaudited) 2024 2023 Carrying value, beginning of period $ 2,622 $ 2,572 Purchases — — Observable price change — — Carrying value, end of period $ 2,622 $ 2,572 |
Summary of Assets and Liabilities Classified as Level 3 and Measured at Fair Value on Nonrecurring Basis | The following table provides a description of the valuation technique, unobservable inputs, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a nonrecurring basis at the date indicated: (unaudited) Valuation Technique Unobservable Inputs March 31, 2024 Weighted Average Rate December 31, 2023 Weighted Average Rate Collateral dependent loans Collateral valuations Discount to appraised value 8.1% 8.0% |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share | The following is a computation of basic and diluted earnings per common share at the periods indicated: Three Months Ended March 31, 2024 March 31, 2023 (dollars in thousands, except earnings per share data; unaudited) Net Income $ 6,800 $ 12,391 Basic weighted average number common shares outstanding 13,340,997 13,196,960 Dilutive effect of equity-based awards 335,920 412,531 Diluted weighted average number common shares outstanding 13,676,917 13,609,491 Basic earnings per share $ 0.51 $ 0.94 Diluted earnings per share $ 0.50 $ 0.91 Antidilutive stock options and restricted stock outstanding 153,659 124,714 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Summary of Financial Information of Reportable Segments and Reconciliation to Consolidated Financial Results | Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables for the periods indicated: March 31, 2024 December 31, 2023 Community Bank CCBX Treasury & Administration Consolidated Community Bank CCBX Treasury & Administration Consolidated Assets (dollars in thousands; unaudited) Cash and Due from Banks $ 4,711 $ 10,358 $ 500,059 $ 515,128 $ 4,702 $ 9,601 $ 468,825 $ 483,128 Intrabank assets — 690,310 (690,310) — — 653,178 (653,178) — Securities — — 50,090 50,090 — — 150,364 150,364 Loans held for sale — 797 — 797 — — — — Total loans receivable 1,883,282 1,316,272 — 3,199,554 1,830,154 1,195,938 — 3,026,092 Allowance for credit losses (21,384) (117,874) — (139,258) (21,595) (95,363) — (116,958) All other assets 29,643 165,796 43,508 238,947 30,169 136,931 43,640 210,740 Total assets $ 1,896,252 $ 2,065,659 $ (96,653) $ 3,865,258 $ 1,843,430 $ 1,900,285 $ 9,651 $ 3,753,366 Liabilities Total deposits $ 1,434,030 $ 2,028,949 $ — $ 3,462,979 $ 1,497,601 $ 1,862,762 $ — $ 3,360,363 Total borrowings — — 47,771 47,771 — — 47,734 47,734 Intrabank liabilities 452,861 — (452,861) — 338,614 — (338,614) — All other liabilities 9,361 36,710 4,728 50,799 7,215 37,523 5,553 50,291 Total liabilities $ 1,896,252 $ 2,065,659 $ (400,362) $ 3,561,549 $ 1,843,430 $ 1,900,285 $ (285,327) $ 3,458,388 Three months ended March 31, 2024 Three months ended March 31, 2023 Community Bank CCBX Treasury & Administration Consolidated Community Bank CCBX Treasury & Administration Consolidated (dollars in thousands; unaudited) INTEREST INCOME AND EXPENSE Interest income $ 30,052 $ 54,569 $ 5,851 $ — $ 90,472 $ 24,211 $ 42,220 $ 3,680 $ 70,111 Interest (expense) income (5,599) 8,151 (2,552) — — (1,079) 2,652 (1,573) — Interest expense 6,013 22,854 669 29,536 2,534 12,424 662 15,620 Net interest income 18,440 39,866 2,630 60,936 20,598 32,448 1,445 54,491 (Recapture)/Provision for (199) 79,717 — 79,518 428 43,116 — 43,544 Provision for 2,209 1,431 — 3,640 137 16 — 153 Net interest income/(expense) after 16,430 (41,282) 2,630 (22,222) 20,033 (10,684) 1,445 10,794 NONINTEREST INCOME Deposit service charges and fees 896 12 — 908 899 11 — 910 Other income 285 68 138 491 191 133 137 461 BaaS program income — 4,825 — 4,825 — 3,575 — 3,575 BaaS indemnification income — 80,731 — 80,731 — 44,361 — 44,361 Noninterest income (1) 1,181 85,636 138 86,955 1,090 48,080 137 49,307 NONINTEREST EXPENSE Salaries and employee benefits 6,045 7,351 4,588 17,984 5,854 5,383 4,338 15,575 Occupancy 844 101 573 1,518 1,034 86 99 1,219 Data processing and software licenses 1,025 903 964 2,892 919 535 386 1,840 Legal and professional expenses 18 2,255 1,399 3,672 254 1,768 1,040 3,062 Other expense 1,035 1,578 1,579 4,192 1,031 1,114 1,269 3,414 BaaS loan expense — 24,837 — 24,837 — 17,554 — 17,554 BaaS fraud expense — 923 — 923 — 1,999 — 1,999 Total noninterest expense 8,967 8,967 37,948 9,103 56,018 9,092 28,439 7,132 44,663 Net income/(loss) before income taxes 8,644 6,406 (6,335) 8,715 12,031 8,957 (5,550) 15,438 Income taxes 1,822 1,581 (1,488) 1,915 2,375 1,768 (1,096) 3,047 Net income/(loss) $ 6,822 $ 4,825 $ (4,847) $ 6,800 $ 9,656 $ 7,189 $ (4,454) $ 12,391 |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 branch segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | segment | 3 |
Number of branches | branch | 14 |
Investments Securities - Amorti
Investments Securities - Amortized Cost and Fair Values of Investments in Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale | ||
Amortized Cost | $ 44 | $ 100,041 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3) | (537) |
Fair Value | 41 | 99,504 |
Allowance for Credit Losses | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 50,049 | |
Fair Value | 49,750 | |
Amortized Cost | 50,093 | 150,901 |
Gross Unrealized Gains | 223 | 467 |
Gross Unrealized Losses | (525) | (823) |
Fair Value | 49,791 | 150,545 |
Allowance for Credit Losses | 0 | 0 |
U.S. Treasury securities | ||
Available-for-sale | ||
Amortized Cost | 0 | 99,996 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (535) |
Fair Value | 0 | 99,461 |
Allowance for Credit Losses | 0 | 0 |
U.S. Agency collateralized mortgage obligations | ||
Available-for-sale | ||
Amortized Cost | 44 | 45 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3) | (2) |
Fair Value | 41 | 43 |
Allowance for Credit Losses | 0 | 0 |
Municipal bonds | ||
Available-for-sale | ||
Amortized Cost | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 0 | |
Allowance for Credit Losses | 0 | |
U.S. Agency residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 50,049 | 50,860 |
Gross Unrealized Gains | 223 | 467 |
Gross Unrealized Losses | (522) | (286) |
Fair Value | 49,750 | 51,041 |
Allowance for Credit Losses | $ 0 | $ 0 |
Investments Securities - Amor_2
Investments Securities - Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
One year or less | $ 0 | |
Total AFS Debt Securities | 0 | |
Amortized Cost | 44 | $ 100,041 |
Fair Value | ||
One year or less | 0 | |
Total AFS Debt Securities | 0 | |
Fair Value | 41 | $ 99,504 |
Amortized Cost | ||
One year or less | 0 | |
Total HTM Debt Securities | 0 | |
Amortized Cost | 50,049 | |
Fair Value | ||
One year or less | 0 | |
Total HTM Debt Securities | 0 | |
Fair Value | 49,750 | |
U.S. Agency residential mortgage-backed securities and collateralized mortgage obligations | ||
Amortized Cost | ||
Without single maturity date | 44 | |
Fair Value | ||
Without single maturity date | 41 | |
Amortized Cost | ||
Without single maturity date | 50,049 | |
Fair Value | ||
Without single maturity | $ 49,750 |
Investments Securities - Additi
Investments Securities - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) security | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) investment | |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-sale securities, accrued interest | $ 187,000 | ||
Held-to-maturity securities, accrued interest | $ 230,000 | 14,000 | |
Investments in debt securities with amortized cost pledged to secure public deposits | 21,500,000 | 21,800,000 | |
Investment securities pledged to secure debt | $ 24,500,000 | $ 25,000,000 | |
Number of securities matured | security | 2 | ||
Number of securities purchased | security | 0 | ||
Sale of securities | $ 0 | $ 0 | |
Number of securities in unrealized loss position | 13 | 9 | |
Gross unrealized losses for investment securities | $ 525,000 | ||
Maturity of time horizon | 1 year |
Investments Securities - Summar
Investments Securities - Summary of Investment Securities Continuous Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Available-for-sale, Less Than 12 Months, Fair Value | $ 0 |
Available-for-sale, Less Than 12 Months, Gross Unrealized Losses | 0 |
Available-for-sale, 12 Months or Greater, Fair Value | 41 |
Available-for-sale, 12 Months or Greater, Gross Unrealized Losses | 3 |
Available-for-Sale, Total Fair Value | 41 |
Available-for-Sale, Total Gross Unrealized Losses | 3 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Total investment securities, Less Than 12 Months, Fair Value | 19,713 |
Total investment securities, Less Than 12 Months, Gross Unrealized Losses | 70 |
Total investment securities, 12 Months or Greater, Fair Value | 11,759 |
Total investment securities, 12 Months or Greater, Gross Unrealized Losses | 455 |
Total investment securities, Total Fair Value | 31,472 |
Total investment securities, Total Gross Unrealized Losses | 525 |
U.S. Treasury securities | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Available-for-sale, Less Than 12 Months, Fair Value | 0 |
Available-for-sale, Less Than 12 Months, Gross Unrealized Losses | 0 |
Available-for-sale, 12 Months or Greater, Fair Value | 0 |
Available-for-sale, 12 Months or Greater, Gross Unrealized Losses | 0 |
Available-for-Sale, Total Fair Value | 0 |
Available-for-Sale, Total Gross Unrealized Losses | 0 |
U.S. Agency collateralized mortgage obligations | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Available-for-sale, Less Than 12 Months, Fair Value | 0 |
Available-for-sale, Less Than 12 Months, Gross Unrealized Losses | 0 |
Available-for-sale, 12 Months or Greater, Fair Value | 41 |
Available-for-sale, 12 Months or Greater, Gross Unrealized Losses | 3 |
Available-for-Sale, Total Fair Value | 41 |
Available-for-Sale, Total Gross Unrealized Losses | 3 |
U.S. Agency residential mortgage-backed securities | |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Held-to-maturity, Less Than 12 Months, Fair Value | 19,713 |
Held-to-maturity, Less Than 12 Months, Gross Unrealized Losses | 70 |
Held-to-maturity, 12 Months or Greater, Fair Value | 11,718 |
Held-to-maturity, 12 Months or Greater, Gross Unrealized Losses | 452 |
Held-to-Maturity, Total Fair Value | 31,431 |
Held-to-Maturity, Total Gross Unrealized Losses | $ 522 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Details) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 USD ($) loan | Mar. 31, 2023 USD ($) loan | Apr. 01, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Transfer from loans to loans held for sale | $ 101,289 | $ 101,219 | |||
Gain on sales of loans, net | 0 | $ 123 | |||
Loans held for sale | 797 | $ 0 | |||
Accrued interest on loans | 23,700 | 25,600 | |||
Pledged loans | 3,060,296 | 2,909,134 | |||
Balance of SBA and USDA loans and participations sold and serviced | 7,400 | 8,700 | |||
Balance of main street lending program loans and participations serviced | 53,400 | 53,400 | |||
Purchased loans | 8,100 | ||||
Unamortized premium | 152 | 154 | |||
Purchased participation loans | 51,300 | 53,500 | |||
90 Days or More Past Due and Still Accruing | $ 48,368 | 46,524 | |||
Threshold period for past due loans (in days) | 90 days | ||||
Accounts receivable, noncurrent, 90 days or more past due, still accruing | 46,500 | ||||
Number of loans restructured as troubled debt restructurings | loan | 0 | 0 | |||
Allowance for credit losses | $ 139,258 | $ 89,123 | 116,958 | $ 74,029 | |
Loans receivable | 3,199,554 | 3,026,092 | |||
Owner-Occupied Real Estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Commercial real estate loans | 386,700 | ||||
Non-Owner-Occupied Real Estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Commercial real estate loans | 575,600 | ||||
Multi-Family Residential Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Commercial real estate loans | 369,400 | ||||
Farmland Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Commercial real estate loans | 10,900 | ||||
Accounting Standards Update 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses | 3,852 | ||||
CCBX | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Accounts receivable, noncurrent, 90 days or more past due, amount covered by credit enhancements | $ 44,300 | ||||
Company's responsibility for credit losses (in percent) | 10% | ||||
Loans receivable | $ 317,800 | ||||
Amount of loans that company is responsible for credit loss | $ 32,000 | ||||
CCBX | Subsequent Event | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Company's responsibility for credit losses (in percent) | 5% | ||||
Amount of loans that company is responsible for credit loss | $ 16,000 | ||||
Minimum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Sustained repayment performance period of loan placed on nonaccrual | 6 months | ||||
Percentage of collateral coverage to loan balance | 100% | ||||
Loan repayment extended period of time | 6 months | ||||
Asset Pledged as Collateral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Pledged loans | $ 985,600 | 1,010,000 | |||
Commercial And Industrial Loans Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Capital call lines, provided to venture capital firms | 135,700 | 87,500 | |||
Balance of main street lending program loans and participations serviced | 2,800 | 2,800 | |||
Allowance for credit losses | 10,790 | 8,651 | 8,877 | 4,831 | |
Loans receivable | 154,395 | 149,502 | |||
Commercial And Industrial Loans Portfolio Segment [Member] | Accounting Standards Update 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses | 1,428 | ||||
Consumer And Other Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Overdrafts included in loans | 1,300 | 2,800 | |||
Allowance for credit losses | 99,764 | $ 60,236 | 81,205 | 50,996 | |
Loans receivable | 1,447 | 1,628 | |||
Consumer And Other Loans [Member] | Accounting Standards Update 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses | $ 2,315 | ||||
Community Bank | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Overdrafts included in loans | 17 | 255 | |||
CCBX | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Overdrafts included in loans | $ 1,300 | 2,500 | |||
Threshold period for past due loans (in days) | 180 days | ||||
Consumer Portfolio Segment | Installment/Closed-End Consumer Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Threshold period for past due loans (in days) | 120 days | ||||
Threshold period for past due loans, charge off (in days) | 120 days | ||||
Consumer Portfolio Segment | Revolving/Open-End Consumer Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Threshold period for past due loans (in days) | 180 days | ||||
Threshold period for past due loans, charge off (in days) | 180 days | ||||
CCBX Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Transfer from loans to loans held for sale | $ 101,300 | ||||
Proceeds from sales of loans held for sale | 100,500 | ||||
Consumer and other loans | 868,700 | 816,400 | |||
Commercial and industrial loans | 5,300 | 6,300 | |||
Residential real estate loans | 265,100 | 238,000 | |||
CCBX Loans | Consumer Loan | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Purchased loans | 56,000 | 46,500 | |||
Consumer and other loans | 50,700 | 40,200 | |||
Unsecured CCBX Partner Loan | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Commercial and industrial loans | 47,200 | ||||
CARES Act Paycheck Protection Program | Commercial And Industrial Loans Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance of SBA and USDA loans and participations serviced | $ 2,900 | 3,000 | |||
Small Business Administration | Commercial And Industrial Loans Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Percentage of unsecured, guaranteed and loan | 100% | ||||
Capital call lines | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Commercial and industrial loans | $ 135,700 | $ 87,500 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | $ 3,207,016 | $ 3,033,392 |
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount) | (7,462) | (7,300) |
Loans receivable | 3,199,554 | 3,026,092 |
Construction, land and land development loans | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | ||
Real Estate Portfolio Segment | Residential real estate loans | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Loans receivable | 231,157 | 225,391 |
Real Estate Portfolio Segment | Commercial real estate loans | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Loans receivable | 1,342,489 | 1,303,533 |
Consumer And Other Loans [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Loans receivable | 1,447 | 1,628 |
Community Bank | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | 1,890,350 | 1,837,154 |
Community Bank | Commercial and industrial loans | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | 154,395 | 149,502 |
Community Bank | Construction, land and land development loans | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | 160,862 | 157,100 |
Community Bank | Real Estate Portfolio Segment | Residential real estate loans | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | 231,157 | 225,391 |
Community Bank | Real Estate Portfolio Segment | Commercial real estate loans | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | 1,342,489 | 1,303,533 |
Community Bank | Consumer And Other Loans [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | 1,447 | 1,628 |
CCBX | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | 1,316,666 | 1,196,238 |
CCBX | Commercial and industrial loans | Capital call lines | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | 135,671 | 87,494 |
CCBX | Commercial and industrial loans | All other commercial & industrial loans | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | 47,160 | 54,298 |
CCBX | Real Estate Portfolio Segment | Residential real estate loans | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | 265,148 | 238,035 |
CCBX | Consumer And Other Loans [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | 362,981 | 310,574 |
CCBX | Consumer And Other Loans [Member] | Credit Card | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Gross loans receivable | $ 505,706 | $ 505,837 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Summary of an Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | $ 3,207,016 | $ 3,033,392 |
90 Days or More Past Due and Still Accruing | 48,368 | 46,524 |
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount) | (7,462) | (7,300) |
Loans receivable | 3,199,554 | 3,026,092 |
30-89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 58,620 | 64,705 |
90 Days or More Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 56,143 | 53,669 |
Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 114,763 | 118,374 |
Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 3,092,253 | 2,915,018 |
Construction, land and land development loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | ||
90 Days or More Past Due and Still Accruing | ||
Construction, land and land development loans | 30-89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | ||
Construction, land and land development loans | 90 Days or More Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | ||
Construction, land and land development loans | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | ||
Construction, land and land development loans | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | ||
Real Estate Portfolio Segment | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 231,157 | 225,391 |
Real Estate Portfolio Segment | Commercial real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 1,342,489 | 1,303,533 |
Consumer And Other Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 1,447 | 1,628 |
Community Bank | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,890,350 | 1,837,154 |
90 Days or More Past Due and Still Accruing | 1,445 | 0 |
Community Bank | 30-89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,089 | 46 |
Community Bank | 90 Days or More Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 9,220 | 7,145 |
Community Bank | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 10,309 | 7,191 |
Community Bank | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,880,041 | 1,829,963 |
Community Bank | Commercial and industrial loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 154,395 | 149,502 |
90 Days or More Past Due and Still Accruing | 1,445 | 0 |
Community Bank | Commercial and industrial loans | 30-89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
Community Bank | Commercial and industrial loans | 90 Days or More Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,445 | 0 |
Community Bank | Commercial and industrial loans | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,445 | 0 |
Community Bank | Commercial and industrial loans | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 152,950 | 149,502 |
Community Bank | Construction, land and land development loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 160,862 | 157,100 |
90 Days or More Past Due and Still Accruing | 0 | 0 |
Community Bank | Construction, land and land development loans | 30-89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
Community Bank | Construction, land and land development loans | 90 Days or More Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
Community Bank | Construction, land and land development loans | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
Community Bank | Construction, land and land development loans | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 160,862 | 157,100 |
Community Bank | Real Estate Portfolio Segment | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 231,157 | 225,391 |
90 Days or More Past Due and Still Accruing | 0 | 0 |
Community Bank | Real Estate Portfolio Segment | Commercial real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,342,489 | 1,303,533 |
90 Days or More Past Due and Still Accruing | 0 | 0 |
Community Bank | Real Estate Portfolio Segment | 30-89 Days Past Due | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,086 | 44 |
Community Bank | Real Estate Portfolio Segment | 30-89 Days Past Due | Commercial real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
Community Bank | Real Estate Portfolio Segment | 90 Days or More Past Due | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 44 | 0 |
Community Bank | Real Estate Portfolio Segment | 90 Days or More Past Due | Commercial real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 7,731 | 7,145 |
Community Bank | Real Estate Portfolio Segment | Total Past Due | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,130 | 44 |
Community Bank | Real Estate Portfolio Segment | Total Past Due | Commercial real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 7,731 | 7,145 |
Community Bank | Real Estate Portfolio Segment | Current | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 230,027 | 225,347 |
Community Bank | Real Estate Portfolio Segment | Current | Commercial real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,334,758 | 1,296,388 |
Community Bank | Consumer And Other Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,447 | 1,628 |
90 Days or More Past Due and Still Accruing | 0 | 0 |
Community Bank | Consumer And Other Loans [Member] | 30-89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 3 | 2 |
Community Bank | Consumer And Other Loans [Member] | 90 Days or More Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
Community Bank | Consumer And Other Loans [Member] | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 3 | 2 |
Community Bank | Consumer And Other Loans [Member] | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,444 | 1,626 |
CCBX | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,316,666 | 1,196,238 |
90 Days or More Past Due and Still Accruing | 46,923 | 46,524 |
CCBX | 30-89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 57,531 | 64,659 |
CCBX | 90 Days or More Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 46,923 | 46,524 |
CCBX | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 104,454 | 111,183 |
CCBX | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,212,212 | 1,085,055 |
CCBX | Commercial and industrial loans | Capital call lines | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 135,671 | 87,494 |
90 Days or More Past Due and Still Accruing | 0 | 0 |
CCBX | Commercial and industrial loans | CCBX Other Commercial and Industrial Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 47,160 | 54,298 |
90 Days or More Past Due and Still Accruing | 1,793 | 2,086 |
CCBX | Commercial and industrial loans | 30-89 Days Past Due | Capital call lines | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
CCBX | Commercial and industrial loans | 30-89 Days Past Due | CCBX Other Commercial and Industrial Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 3,069 | 3,433 |
CCBX | Commercial and industrial loans | 90 Days or More Past Due | Capital call lines | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
CCBX | Commercial and industrial loans | 90 Days or More Past Due | CCBX Other Commercial and Industrial Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,793 | 2,086 |
CCBX | Commercial and industrial loans | Total Past Due | Capital call lines | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
CCBX | Commercial and industrial loans | Total Past Due | CCBX Other Commercial and Industrial Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 4,862 | 5,519 |
CCBX | Commercial and industrial loans | Current | Capital call lines | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 135,671 | 87,494 |
CCBX | Commercial and industrial loans | Current | CCBX Other Commercial and Industrial Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 42,298 | 48,779 |
CCBX | Real Estate Portfolio Segment | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 265,148 | 238,035 |
90 Days or More Past Due and Still Accruing | 1,796 | 1,115 |
CCBX | Real Estate Portfolio Segment | 30-89 Days Past Due | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 3,079 | 3,198 |
CCBX | Real Estate Portfolio Segment | 90 Days or More Past Due | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,796 | 1,115 |
CCBX | Real Estate Portfolio Segment | Total Past Due | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 4,875 | 4,313 |
CCBX | Real Estate Portfolio Segment | Current | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 260,273 | 233,722 |
CCBX | Consumer And Other Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 362,981 | 310,574 |
CCBX | Consumer And Other Loans [Member] | Credit Card | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 505,706 | 505,837 |
90 Days or More Past Due and Still Accruing | 37,603 | 34,835 |
CCBX | Consumer And Other Loans [Member] | Other Consumer and Other Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 362,981 | 310,574 |
90 Days or More Past Due and Still Accruing | 5,731 | 8,488 |
CCBX | Consumer And Other Loans [Member] | 30-89 Days Past Due | Credit Card | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 27,983 | 28,383 |
CCBX | Consumer And Other Loans [Member] | 30-89 Days Past Due | Other Consumer and Other Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 23,400 | 29,645 |
CCBX | Consumer And Other Loans [Member] | 90 Days or More Past Due | Credit Card | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 37,603 | 34,835 |
CCBX | Consumer And Other Loans [Member] | 90 Days or More Past Due | Other Consumer and Other Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 5,731 | 8,488 |
CCBX | Consumer And Other Loans [Member] | Total Past Due | Credit Card | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 65,586 | 63,218 |
CCBX | Consumer And Other Loans [Member] | Total Past Due | Other Consumer and Other Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 29,131 | 38,133 |
CCBX | Consumer And Other Loans [Member] | Current | Credit Card | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 440,120 | 442,619 |
CCBX | Consumer And Other Loans [Member] | Current | Other Consumer and Other Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | $ 333,850 | $ 272,441 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Analysis of Nonaccrual Loans by Category (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Real Estate Portfolio Segment | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total nonaccrual loans | $ 212 | $ 170 |
Community Bank | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total nonaccrual loans | 7,943 | 7,315 |
Nonaccrual with No ACL | 1,042 | 7,315 |
Nonaccrual with ACL | 6,901 | |
Community Bank | Commercial And Industrial Loans Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Nonaccrual with No ACL | 0 | 0 |
Nonaccrual with ACL | 0 | |
Community Bank | Real Estate Portfolio Segment | Construction, land and land development loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Nonaccrual with No ACL | 0 | 0 |
Nonaccrual with ACL | 0 | |
Community Bank | Real Estate Portfolio Segment | Residential real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with No ACL | 212 | 170 |
Nonaccrual with ACL | 0 | |
Community Bank | Real Estate Portfolio Segment | Commercial real estate loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total nonaccrual loans | 7,731 | 7,145 |
Nonaccrual with No ACL | 830 | 7,145 |
Nonaccrual with ACL | 6,901 | |
Community Bank | Consumer And Other Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Nonaccrual with No ACL | 0 | $ 0 |
Nonaccrual with ACL | $ 0 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Loans Experiencing Financial Difficulty and Modified (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Financing Receivable, Modified [Line Items] | |
Additional amount committed to lend | $ 589 |
CCBX | |
Financing Receivable, Modified [Line Items] | |
Total | $ 31,243 |
Total Class of Financing Receivable | 0.98% |
Weighted Average Interest Rate Reduction | 18% |
Weighted Average Term Extension (years) | 11 months 19 days |
Total | $ 19,114 |
CCBX | Commercial and industrial loans | CCBX Other Commercial and Industrial Loans | |
Financing Receivable, Modified [Line Items] | |
Total | $ 1,621 |
Total Class of Financing Receivable | 3.44% |
Weighted Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (years) | 11 months 12 days |
Total | $ 977 |
CCBX | Real Estate Portfolio Segment | Residential real estate loans | |
Financing Receivable, Modified [Line Items] | |
Weighted Average Interest Rate Reduction | 0% |
CCBX | Consumer And Other Loans [Member] | Credit Card | |
Financing Receivable, Modified [Line Items] | |
Total | $ 7,063 |
Total Class of Financing Receivable | 1.40% |
Weighted Average Interest Rate Reduction | 18% |
Total | $ 5,291 |
CCBX | Consumer And Other Loans [Member] | Other Consumer and Other Loans | |
Financing Receivable, Modified [Line Items] | |
Total | $ 22,559 |
Total Class of Financing Receivable | 6.21% |
Weighted Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (years) | 11 months 19 days |
Total | $ 12,846 |
CCBX | Principal Forgiveness | |
Financing Receivable, Modified [Line Items] | |
Total | 42 |
CCBX | Principal Forgiveness | 30-89 Days Past Due | |
Financing Receivable, Modified [Line Items] | |
Total | 4,037 |
CCBX | Principal Forgiveness | 90 Days or More Past Due | |
Financing Receivable, Modified [Line Items] | |
Total | 2,877 |
CCBX | Principal Forgiveness | Total Past Due | |
Financing Receivable, Modified [Line Items] | |
Total | 6,914 |
CCBX | Principal Forgiveness | Commercial and industrial loans | CCBX Other Commercial and Industrial Loans | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
CCBX | Principal Forgiveness | Commercial and industrial loans | CCBX Other Commercial and Industrial Loans | 30-89 Days Past Due | |
Financing Receivable, Modified [Line Items] | |
Total | 242 |
CCBX | Principal Forgiveness | Commercial and industrial loans | CCBX Other Commercial and Industrial Loans | 90 Days or More Past Due | |
Financing Receivable, Modified [Line Items] | |
Total | 97 |
CCBX | Principal Forgiveness | Commercial and industrial loans | CCBX Other Commercial and Industrial Loans | Total Past Due | |
Financing Receivable, Modified [Line Items] | |
Total | 339 |
CCBX | Principal Forgiveness | Real Estate Portfolio Segment | Residential real estate loans | |
Financing Receivable, Modified [Line Items] | |
Total | 42 |
CCBX | Principal Forgiveness | Consumer And Other Loans [Member] | Credit Card | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
CCBX | Principal Forgiveness | Consumer And Other Loans [Member] | Credit Card | 30-89 Days Past Due | |
Financing Receivable, Modified [Line Items] | |
Total | 1,512 |
CCBX | Principal Forgiveness | Consumer And Other Loans [Member] | Credit Card | 90 Days or More Past Due | |
Financing Receivable, Modified [Line Items] | |
Total | 2,069 |
CCBX | Principal Forgiveness | Consumer And Other Loans [Member] | Credit Card | Total Past Due | |
Financing Receivable, Modified [Line Items] | |
Total | 3,581 |
CCBX | Principal Forgiveness | Consumer And Other Loans [Member] | Other Consumer and Other Loans | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
CCBX | Principal Forgiveness | Consumer And Other Loans [Member] | Other Consumer and Other Loans | 30-89 Days Past Due | |
Financing Receivable, Modified [Line Items] | |
Total | 2,283 |
CCBX | Principal Forgiveness | Consumer And Other Loans [Member] | Other Consumer and Other Loans | 90 Days or More Past Due | |
Financing Receivable, Modified [Line Items] | |
Total | 711 |
CCBX | Principal Forgiveness | Consumer And Other Loans [Member] | Other Consumer and Other Loans | Total Past Due | |
Financing Receivable, Modified [Line Items] | |
Total | 2,994 |
CCBX | Term Extension | |
Financing Receivable, Modified [Line Items] | |
Total | 11,369 |
Total | 6,356 |
CCBX | Term Extension | Commercial and industrial loans | CCBX Other Commercial and Industrial Loans | |
Financing Receivable, Modified [Line Items] | |
Total | 1,314 |
Total | 777 |
CCBX | Term Extension | Consumer And Other Loans [Member] | Credit Card | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
Total | 0 |
CCBX | Term Extension | Consumer And Other Loans [Member] | Other Consumer and Other Loans | |
Financing Receivable, Modified [Line Items] | |
Total | 10,055 |
Total | 5,579 |
CCBX | Interest Rate Reduction | |
Financing Receivable, Modified [Line Items] | |
Total | 7,063 |
Total | 5,291 |
CCBX | Interest Rate Reduction | Commercial and industrial loans | CCBX Other Commercial and Industrial Loans | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
Total | 0 |
CCBX | Interest Rate Reduction | Consumer And Other Loans [Member] | Credit Card | |
Financing Receivable, Modified [Line Items] | |
Total | 7,063 |
Total | 5,291 |
CCBX | Interest Rate Reduction | Consumer And Other Loans [Member] | Other Consumer and Other Loans | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
Total | 0 |
CCBX | Principal Forgiveness & Payment Delay | |
Financing Receivable, Modified [Line Items] | |
Total | 7,723 |
Total | 4,399 |
CCBX | Principal Forgiveness & Payment Delay | Commercial and industrial loans | CCBX Other Commercial and Industrial Loans | |
Financing Receivable, Modified [Line Items] | |
Total | 260 |
Total | 189 |
CCBX | Principal Forgiveness & Payment Delay | Consumer And Other Loans [Member] | Credit Card | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
Total | 0 |
CCBX | Principal Forgiveness & Payment Delay | Consumer And Other Loans [Member] | Other Consumer and Other Loans | |
Financing Receivable, Modified [Line Items] | |
Total | 7,463 |
Total | 4,210 |
CCBX | Principal Forgiveness, Payment Delay & Term Extension | |
Financing Receivable, Modified [Line Items] | |
Total | 5,088 |
Total | 3,068 |
CCBX | Principal Forgiveness, Payment Delay & Term Extension | Commercial and industrial loans | CCBX Other Commercial and Industrial Loans | |
Financing Receivable, Modified [Line Items] | |
Total | 47 |
Total | 11 |
CCBX | Principal Forgiveness, Payment Delay & Term Extension | Consumer And Other Loans [Member] | Credit Card | |
Financing Receivable, Modified [Line Items] | |
Total | 0 |
Total | 0 |
CCBX | Principal Forgiveness, Payment Delay & Term Extension | Consumer And Other Loans [Member] | Other Consumer and Other Loans | |
Financing Receivable, Modified [Line Items] | |
Total | 5,041 |
Total | $ 3,057 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Summary of Risk Category of Loans by Class of Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 3,199,554 | $ 3,026,092 |
Total Community Bank Loans Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 71,624 | 367,855 |
2023, current period gross write-offs | 15 | 18 |
2023 | 387,679 | 455,021 |
2022, current period gross write-offs | 0 | 0 |
2022 | 442,585 | 309,306 |
2021, current period gross write-offs | 0 | 0 |
2021 | 299,838 | 192,002 |
2020, current period gross write-offs | 0 | 0 |
2020 | 181,567 | 179,206 |
2019, current period gross write-offs | 0 | 0 |
Prior | 429,341 | 261,254 |
Prior, current period gross write-offs | 0 | 46 |
Revolving Loans Amortized Cost Basis | 74,971 | 69,583 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 0 | 0 |
Revolving Loans Converted To Term | 2,745 | 2,927 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 1,890,350 | 1,837,154 |
Total, current period gross write-offs | 15 | 64 |
Total Community Bank Loans Portfolio Segment | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 71,624 | 367,855 |
2023 | 387,679 | 450,666 |
2022 | 438,252 | 297,806 |
2021 | 291,633 | 188,443 |
2020 | 180,442 | 171,800 |
Prior | 418,095 | 259,115 |
Revolving Loans Amortized Cost Basis | 70,248 | 65,464 |
Revolving Loans Converted To Term | 2,577 | 2,757 |
Loans receivable | 1,860,550 | 1,803,906 |
Total Community Bank Loans Portfolio Segment | Other Loan Especially Mentioned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 4,355 |
2022 | 4,333 | 11,500 |
2021 | 8,205 | 2,635 |
2020 | 295 | 506 |
Prior | 4,345 | 2,139 |
Revolving Loans Amortized Cost Basis | 4,679 | 3,368 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 21,857 | 24,503 |
Total Community Bank Loans Portfolio Segment | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 924 |
2020 | 830 | 6,900 |
Prior | 6,901 | 0 |
Revolving Loans Amortized Cost Basis | 44 | 751 |
Revolving Loans Converted To Term | 168 | 170 |
Loans receivable | 7,943 | 8,745 |
Total Community Bank Loans Portfolio Segment | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 0 | 0 |
Commercial And Industrial Loans Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 5,867 | 15,882 |
2023, current period gross write-offs | 0 | 0 |
2023 | 14,062 | 56,428 |
2022, current period gross write-offs | 0 | 0 |
2022 | 55,194 | 15,566 |
2021, current period gross write-offs | 0 | 0 |
2021 | 14,970 | 10,155 |
2020, current period gross write-offs | 0 | 0 |
2020 | 9,685 | 12,429 |
2019, current period gross write-offs | 0 | 0 |
Prior | 13,338 | 1,442 |
Prior, current period gross write-offs | 0 | 46 |
Revolving Loans Amortized Cost Basis | 40,423 | 36,580 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 0 | 0 |
Revolving Loans Converted To Term | 856 | 1,020 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 154,395 | 149,502 |
Total, current period gross write-offs | 0 | 46 |
Commercial And Industrial Loans Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 5,867 | 15,882 |
2023 | 14,062 | 56,428 |
2022 | 55,194 | 15,566 |
2021 | 14,970 | 10,044 |
2020 | 9,580 | 12,429 |
Prior | 13,338 | 1,442 |
Revolving Loans Amortized Cost Basis | 36,764 | 33,412 |
Revolving Loans Converted To Term | 856 | 1,020 |
Loans receivable | 150,631 | 146,223 |
Commercial And Industrial Loans Portfolio Segment [Member] | Other Loan Especially Mentioned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 111 |
2020 | 105 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 3,659 | 3,168 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 3,764 | 3,279 |
Commercial And Industrial Loans Portfolio Segment [Member] | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 0 | 0 |
Commercial And Industrial Loans Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 0 | 0 |
Real Estate Portfolio Segment | Construction, land and land development loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 2,537 | 75,129 |
2023, current period gross write-offs | 0 | 0 |
2023 | 99,547 | 49,275 |
2022, current period gross write-offs | 0 | 0 |
2022 | 39,591 | 24,400 |
2021, current period gross write-offs | 0 | 0 |
2021 | 15,216 | 5,184 |
2020, current period gross write-offs | 0 | 0 |
2020 | 772 | 914 |
2019, current period gross write-offs | 0 | 0 |
Prior | 2,239 | 1,598 |
Prior, current period gross write-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | 960 | 600 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 160,862 | 157,100 |
Total, current period gross write-offs | 0 | 0 |
Real Estate Portfolio Segment | Construction, land and land development loans | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 2,537 | 75,129 |
2023 | 99,547 | 49,275 |
2022 | 39,591 | 20,811 |
2021 | 14,757 | 2,859 |
2020 | 772 | 914 |
Prior | 2,239 | 1,598 |
Revolving Loans Amortized Cost Basis | 360 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 159,803 | 150,586 |
Real Estate Portfolio Segment | Construction, land and land development loans | Other Loan Especially Mentioned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 3,589 |
2021 | 459 | 2,325 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 600 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 1,059 | 5,914 |
Real Estate Portfolio Segment | Construction, land and land development loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 600 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 0 | 600 |
Real Estate Portfolio Segment | Construction, land and land development loans | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 0 | 0 |
Real Estate Portfolio Segment | Residential real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 6,802 | 32,352 |
2023, current period gross write-offs | 0 | 0 |
2023 | 32,483 | 42,460 |
2022, current period gross write-offs | 0 | 0 |
2022 | 42,639 | 41,157 |
2021, current period gross write-offs | 0 | 0 |
2021 | 40,902 | 30,287 |
2020, current period gross write-offs | 0 | 0 |
2020 | 29,113 | 31,982 |
2019, current period gross write-offs | 0 | 0 |
Prior | 53,944 | 22,469 |
Prior, current period gross write-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | 25,089 | 24,496 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 0 | 0 |
Revolving Loans Converted To Term | 185 | 188 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 231,157 | 225,391 |
Total, current period gross write-offs | 0 | 0 |
Real Estate Portfolio Segment | Residential real estate loans | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 6,802 | 32,352 |
2023 | 32,483 | 41,362 |
2022 | 41,545 | 39,137 |
2021 | 38,889 | 30,259 |
2020 | 29,091 | 31,982 |
Prior | 53,905 | 22,429 |
Revolving Loans Amortized Cost Basis | 24,795 | 24,396 |
Revolving Loans Converted To Term | 17 | 18 |
Loans receivable | 227,527 | 221,935 |
Real Estate Portfolio Segment | Residential real estate loans | Other Loan Especially Mentioned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 1,098 |
2022 | 1,094 | 2,020 |
2021 | 2,013 | 28 |
2020 | 22 | 0 |
Prior | 39 | 40 |
Revolving Loans Amortized Cost Basis | 250 | 100 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 3,418 | 3,286 |
Real Estate Portfolio Segment | Residential real estate loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 44 | 0 |
Revolving Loans Converted To Term | 168 | 170 |
Loans receivable | 212 | 170 |
Real Estate Portfolio Segment | Residential real estate loans | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 0 | 0 |
Real Estate Portfolio Segment | Commercial real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 56,325 | 244,169 |
2023, current period gross write-offs | 0 | 0 |
2023 | 241,523 | 306,586 |
2022, current period gross write-offs | 0 | 0 |
2022 | 304,922 | 228,178 |
2021, current period gross write-offs | 0 | 0 |
2021 | 228,745 | 145,697 |
2020, current period gross write-offs | 0 | 0 |
2020 | 141,327 | 133,843 |
2019, current period gross write-offs | 0 | 0 |
Prior | 359,635 | 235,581 |
Prior, current period gross write-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | 8,308 | 7,760 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 0 | 0 |
Revolving Loans Converted To Term | 1,704 | 1,719 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 1,342,489 | 1,303,533 |
Total, current period gross write-offs | 0 | 0 |
Real Estate Portfolio Segment | Commercial real estate loans | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 56,325 | 244,169 |
2023 | 241,523 | 303,329 |
2022 | 301,683 | 222,287 |
2021 | 223,012 | 144,602 |
2020 | 140,329 | 126,437 |
Prior | 348,428 | 233,482 |
Revolving Loans Amortized Cost Basis | 8,138 | 7,509 |
Revolving Loans Converted To Term | 1,704 | 1,719 |
Loans receivable | 1,321,142 | 1,283,534 |
Real Estate Portfolio Segment | Commercial real estate loans | Other Loan Especially Mentioned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 3,257 |
2022 | 3,239 | 5,891 |
2021 | 5,733 | 171 |
2020 | 168 | 506 |
Prior | 4,306 | 2,099 |
Revolving Loans Amortized Cost Basis | 170 | 100 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 13,616 | 12,024 |
Real Estate Portfolio Segment | Commercial real estate loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 924 |
2020 | 830 | 6,900 |
Prior | 6,901 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 151 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 7,731 | 7,975 |
Real Estate Portfolio Segment | Commercial real estate loans | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 0 | 0 |
Consumer And Other Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 93 | 323 |
2023, current period gross write-offs | 15 | 18 |
2023 | 64 | 272 |
2022, current period gross write-offs | 0 | 0 |
2022 | 239 | 5 |
2021, current period gross write-offs | 0 | 0 |
2021 | 5 | 679 |
2020, current period gross write-offs | 0 | 0 |
2020 | 670 | 38 |
2019, current period gross write-offs | 0 | 0 |
Prior | 185 | 164 |
Prior, current period gross write-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | 191 | 147 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 1,447 | 1,628 |
Total, current period gross write-offs | 15 | 18 |
Consumer And Other Loans [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 93 | 323 |
2023 | 64 | 272 |
2022 | 239 | 5 |
2021 | 5 | 679 |
2020 | 670 | 38 |
Prior | 185 | 164 |
Revolving Loans Amortized Cost Basis | 191 | 147 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 1,447 | 1,628 |
Consumer And Other Loans [Member] | Other Loan Especially Mentioned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 0 | 0 |
Consumer And Other Loans [Member] | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 0 | 0 |
Consumer And Other Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | $ 0 | $ 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Summary of Amortized Cost of CCBX Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 3,199,554 | $ 3,026,092 |
Total CCBX Loans | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 111,255 | 263,853 |
2023, current period gross write-offs | 531 | 21,663 |
2023 | 219,202 | 60,918 |
2022, current period gross write-offs | 15,312 | 45,617 |
2022 | 48,314 | 7,374 |
2021, current period gross write-offs | 6,979 | 11,589 |
2021 | 5,579 | 109 |
2020, current period gross write-offs | 1,594 | 100 |
2020 | 101 | 425 |
2019, current period gross write-offs | 2 | 346 |
Prior | 597 | 327 |
Prior, current period gross write-offs | 71 | 217 |
Revolving Loans Amortized Cost Basis | 910,534 | 835,614 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 34,490 | 72,401 |
Revolving Loans Converted To Term | 21,084 | 27,618 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 1,316,666 | 1,196,238 |
Total, current period gross write-offs | 58,979 | 151,933 |
Commercial And Industrial Loans Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 5,867 | 15,882 |
2023, current period gross write-offs | 0 | 0 |
2023 | 14,062 | 56,428 |
2022, current period gross write-offs | 0 | 0 |
2022 | 55,194 | 15,566 |
2021, current period gross write-offs | 0 | 0 |
2021 | 14,970 | 10,155 |
2020, current period gross write-offs | 0 | 0 |
2020 | 9,685 | 12,429 |
2019, current period gross write-offs | 0 | 0 |
Prior | 13,338 | 1,442 |
Prior, current period gross write-offs | 0 | 46 |
Revolving Loans Amortized Cost Basis | 40,423 | 36,580 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 0 | 0 |
Revolving Loans Converted To Term | 856 | 1,020 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 154,395 | 149,502 |
Total, current period gross write-offs | 0 | 46 |
Commercial And Industrial Loans Portfolio Segment [Member] | Capital call lines | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023, current period gross write-offs | 0 | 0 |
2023 | 0 | 0 |
2022, current period gross write-offs | 0 | 0 |
2022 | 0 | 0 |
2021, current period gross write-offs | 0 | 0 |
2021 | 0 | 0 |
2020, current period gross write-offs | 0 | 0 |
2020 | 0 | 0 |
2019, current period gross write-offs | 0 | 0 |
Prior | 0 | 0 |
Prior, current period gross write-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | 135,671 | 87,494 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 135,671 | 87,494 |
Total, current period gross write-offs | 0 | 0 |
Commercial And Industrial Loans Portfolio Segment [Member] | CCBX Other Commercial and Industrial Loans | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 43,600 |
2023, current period gross write-offs | 46 | 3,848 |
2023 | 37,439 | 7,112 |
2022, current period gross write-offs | 3,770 | 2,502 |
2022 | 6,029 | 9 |
2021, current period gross write-offs | 683 | 15 |
2021 | 9 | 11 |
2020, current period gross write-offs | 0 | 16 |
2020 | 10 | 0 |
2019, current period gross write-offs | 0 | 0 |
Prior | 0 | 0 |
Prior, current period gross write-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | 3,673 | 3,566 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 198 | 224 |
Revolving Loans Converted To Term | 0 | 0 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 47,160 | 54,298 |
Total, current period gross write-offs | 4,697 | 6,605 |
Real Estate Portfolio Segment | Residential real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 6,802 | 32,352 |
2023, current period gross write-offs | 0 | 0 |
2023 | 32,483 | 42,460 |
2022, current period gross write-offs | 0 | 0 |
2022 | 42,639 | 41,157 |
2021, current period gross write-offs | 0 | 0 |
2021 | 40,902 | 30,287 |
2020, current period gross write-offs | 0 | 0 |
2020 | 29,113 | 31,982 |
2019, current period gross write-offs | 0 | 0 |
Prior | 53,944 | 22,469 |
Prior, current period gross write-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | 25,089 | 24,496 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 0 | 0 |
Revolving Loans Converted To Term | 185 | 188 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 231,157 | 225,391 |
Total, current period gross write-offs | 0 | 0 |
Real Estate Portfolio Segment | Residential real estate loans | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023, current period gross write-offs | 0 | 0 |
2023 | 0 | 0 |
2022, current period gross write-offs | 0 | 0 |
2022 | 0 | 0 |
2021, current period gross write-offs | 0 | 0 |
2021 | 0 | 0 |
2020, current period gross write-offs | 0 | 0 |
2020 | 0 | 0 |
2019, current period gross write-offs | 0 | 0 |
Prior | 0 | 0 |
Prior, current period gross write-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | 244,129 | 213,550 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 1,143 | 4,641 |
Revolving Loans Converted To Term | 21,019 | 24,485 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 265,148 | 238,035 |
Total, current period gross write-offs | 1,143 | 4,641 |
Consumer And Other Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 93 | 323 |
2023, current period gross write-offs | 15 | 18 |
2023 | 64 | 272 |
2022, current period gross write-offs | 0 | 0 |
2022 | 239 | 5 |
2021, current period gross write-offs | 0 | 0 |
2021 | 5 | 679 |
2020, current period gross write-offs | 0 | 0 |
2020 | 670 | 38 |
2019, current period gross write-offs | 0 | 0 |
Prior | 185 | 164 |
Prior, current period gross write-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | 191 | 147 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 1,447 | 1,628 |
Total, current period gross write-offs | 15 | 18 |
Consumer And Other Loans [Member] | Credit Card | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023, current period gross write-offs | 0 | 0 |
2023 | 0 | 0 |
2022, current period gross write-offs | 0 | 0 |
2022 | 0 | 0 |
2021, current period gross write-offs | 0 | 0 |
2021 | 0 | 0 |
2020, current period gross write-offs | 0 | 0 |
2020 | 0 | 0 |
2019, current period gross write-offs | 0 | 0 |
Prior | 0 | 0 |
Prior, current period gross write-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | 505,641 | 502,704 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 31,705 | 61,358 |
Revolving Loans Converted To Term | 65 | 3,133 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 505,706 | 505,837 |
Total, current period gross write-offs | 31,705 | 61,358 |
Consumer And Other Loans [Member] | Other Consumer and Other Loans | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 111,255 | 220,253 |
2023, current period gross write-offs | 485 | 17,815 |
2023 | 181,763 | 53,806 |
2022, current period gross write-offs | 11,542 | 43,115 |
2022 | 42,285 | 7,365 |
2021, current period gross write-offs | 6,296 | 11,574 |
2021 | 5,570 | 98 |
2020, current period gross write-offs | 1,594 | 84 |
2020 | 91 | 425 |
2019, current period gross write-offs | 2 | 346 |
Prior | 597 | 327 |
Prior, current period gross write-offs | 71 | 217 |
Revolving Loans Amortized Cost Basis | 21,420 | 28,300 |
Revolving Loans Amortized Cost Basis, current period gross write-offs | 1,444 | 6,178 |
Revolving Loans Converted To Term | 0 | 0 |
Revolving Loans Converted To Term, current period gross write-offs | 0 | 0 |
Loans receivable | 362,981 | 310,574 |
Total, current period gross write-offs | 21,434 | 79,329 |
Performing Financial Instruments | Total CCBX Loans | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 111,255 | 258,291 |
2023 | 214,955 | 57,567 |
2022 | 46,607 | 6,897 |
2021 | 5,158 | 109 |
2020 | 101 | 418 |
Prior | 574 | 317 |
Revolving Loans Amortized Cost Basis | 870,009 | 799,677 |
Revolving Loans Converted To Term | 21,084 | 26,438 |
Loans receivable | 1,269,743 | 1,149,714 |
Performing Financial Instruments | Commercial And Industrial Loans Portfolio Segment [Member] | Capital call lines | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 135,671 | 87,494 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 135,671 | 87,494 |
Performing Financial Instruments | Commercial And Industrial Loans Portfolio Segment [Member] | CCBX Other Commercial and Industrial Loans | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 42,267 |
2023 | 36,254 | 6,835 |
2022 | 5,867 | 9 |
2021 | 9 | 11 |
2020 | 10 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 3,227 | 3,090 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 45,367 | 52,212 |
Performing Financial Instruments | Real Estate Portfolio Segment | Residential real estate loans | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 242,333 | 212,435 |
Revolving Loans Converted To Term | 21,019 | 24,485 |
Loans receivable | 263,352 | 236,920 |
Performing Financial Instruments | Consumer And Other Loans [Member] | Credit Card | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 468,038 | 469,049 |
Revolving Loans Converted To Term | 65 | 1,953 |
Loans receivable | 468,103 | 471,002 |
Performing Financial Instruments | Consumer And Other Loans [Member] | Other Consumer and Other Loans | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 111,255 | 216,024 |
2023 | 178,701 | 50,732 |
2022 | 40,740 | 6,888 |
2021 | 5,149 | 98 |
2020 | 91 | 418 |
Prior | 574 | 317 |
Revolving Loans Amortized Cost Basis | 20,740 | 27,609 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 357,250 | 302,086 |
Nonperforming Financial Instruments | Total CCBX Loans | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 5,562 |
2023 | 4,247 | 3,351 |
2022 | 1,707 | 477 |
2021 | 421 | 0 |
2020 | 0 | 7 |
Prior | 23 | 10 |
Revolving Loans Amortized Cost Basis | 40,525 | 35,937 |
Revolving Loans Converted To Term | 0 | 1,180 |
Loans receivable | 46,923 | 46,524 |
Nonperforming Financial Instruments | Commercial And Industrial Loans Portfolio Segment [Member] | Capital call lines | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 0 | 0 |
Nonperforming Financial Instruments | Commercial And Industrial Loans Portfolio Segment [Member] | CCBX Other Commercial and Industrial Loans | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 1,333 |
2023 | 1,185 | 277 |
2022 | 162 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 446 | 476 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 1,793 | 2,086 |
Nonperforming Financial Instruments | Real Estate Portfolio Segment | Residential real estate loans | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 1,796 | 1,115 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | 1,796 | 1,115 |
Nonperforming Financial Instruments | Consumer And Other Loans [Member] | Credit Card | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 37,603 | 33,655 |
Revolving Loans Converted To Term | 0 | 1,180 |
Loans receivable | 37,603 | 34,835 |
Nonperforming Financial Instruments | Consumer And Other Loans [Member] | Other Consumer and Other Loans | CCBX Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 4,229 |
2023 | 3,062 | 3,074 |
2022 | 1,545 | 477 |
2021 | 421 | 0 |
2020 | 0 | 7 |
Prior | 23 | 10 |
Revolving Loans Amortized Cost Basis | 680 | 691 |
Revolving Loans Converted To Term | 0 | 0 |
Loans receivable | $ 5,731 | $ 8,488 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Summary of Loans by Credit Quality Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans And Leases Receivable Disclosure [Line Items] | ||
Gross loans receivable | $ 3,207,016 | $ 3,033,392 |
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount) | (7,462) | (7,300) |
Loans receivable | 3,199,554 | 3,026,092 |
Commercial And Industrial Loans Portfolio Segment [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 154,395 | 149,502 |
Construction, land and land development loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Gross loans receivable | ||
Real Estate Portfolio Segment | Residential real estate loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 231,157 | 225,391 |
Real Estate Portfolio Segment | Commercial real estate loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 1,342,489 | 1,303,533 |
Consumer And Other Loans [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 1,447 | 1,628 |
Pass [Member] | Commercial And Industrial Loans Portfolio Segment [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 150,631 | 146,223 |
Pass [Member] | Real Estate Portfolio Segment | Residential real estate loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 227,527 | 221,935 |
Pass [Member] | Real Estate Portfolio Segment | Commercial real estate loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 1,321,142 | 1,283,534 |
Pass [Member] | Consumer And Other Loans [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 1,447 | 1,628 |
Substandard [Member] | Commercial And Industrial Loans Portfolio Segment [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard [Member] | Real Estate Portfolio Segment | Residential real estate loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 212 | 170 |
Substandard [Member] | Real Estate Portfolio Segment | Commercial real estate loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 7,731 | 7,975 |
Substandard [Member] | Consumer And Other Loans [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial And Industrial Loans Portfolio Segment [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Real Estate Portfolio Segment | Residential real estate loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Real Estate Portfolio Segment | Commercial real estate loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Consumer And Other Loans [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 0 | 0 |
Other Loan Especially Mentioned | Commercial And Industrial Loans Portfolio Segment [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 3,764 | 3,279 |
Other Loan Especially Mentioned | Real Estate Portfolio Segment | Residential real estate loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 3,418 | 3,286 |
Other Loan Especially Mentioned | Real Estate Portfolio Segment | Commercial real estate loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | 13,616 | 12,024 |
Other Loan Especially Mentioned | Consumer And Other Loans [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans receivable | $ 0 | $ 0 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Allocation of Allowance for Loan Loss as well as Activity in Allowance for Loan Loss Attributed to Various Segments in Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | $ 116,958 | $ 74,029 |
Provision for credit losses or (recapture) | 79,518 | 43,544 |
Loans receivable allowance including provision losses or (recapture) | 196,476 | 121,425 |
Loans charged-off | (58,994) | (34,167) |
Recoveries of loans previously charged-off | 1,776 | 1,865 |
Net charge-offs | (57,218) | (32,302) |
Ending ALLL Balance | 139,258 | 89,123 |
Accounting Standards Update 2016-13 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | 3,852 | |
Commercial And Industrial Loans Portfolio Segment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | 8,877 | 4,831 |
Provision for credit losses or (recapture) | 6,411 | 3,165 |
Loans receivable allowance including provision losses or (recapture) | 15,288 | 9,424 |
Loans charged-off | (4,697) | (776) |
Recoveries of loans previously charged-off | 199 | 3 |
Net charge-offs | (4,498) | (773) |
Ending ALLL Balance | 10,790 | 8,651 |
Commercial And Industrial Loans Portfolio Segment [Member] | Accounting Standards Update 2016-13 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | 1,428 | |
Construction, land and land development loans | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | 6,386 | 7,425 |
Provision for credit losses or (recapture) | 165 | (92) |
Loans receivable allowance including provision losses or (recapture) | 6,551 | 5,744 |
Loans charged-off | 0 | 0 |
Recoveries of loans previously charged-off | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending ALLL Balance | 6,551 | 5,744 |
Construction, land and land development loans | Accounting Standards Update 2016-13 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | (1,589) | |
Real Estate Portfolio Segment | Residential real estate loans | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | 13,049 | 4,142 |
Provision for credit losses or (recapture) | 2,742 | 1,958 |
Loans receivable allowance including provision losses or (recapture) | 15,791 | 7,723 |
Loans charged-off | (1,143) | (737) |
Recoveries of loans previously charged-off | 2 | 0 |
Net charge-offs | (1,141) | (737) |
Ending ALLL Balance | 14,650 | 6,986 |
Real Estate Portfolio Segment | Residential real estate loans | Accounting Standards Update 2016-13 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | 1,623 | |
Real Estate Portfolio Segment | Commercial real estate loans | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | 7,441 | 5,470 |
Provision for credit losses or (recapture) | 62 | 796 |
Loans receivable allowance including provision losses or (recapture) | 7,503 | 7,506 |
Loans charged-off | 0 | 0 |
Recoveries of loans previously charged-off | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending ALLL Balance | 7,503 | 7,506 |
Real Estate Portfolio Segment | Commercial real estate loans | Accounting Standards Update 2016-13 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | 1,240 | |
Consumer And Other Loans [Member] | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | 81,205 | 50,996 |
Provision for credit losses or (recapture) | 70,138 | 37,717 |
Loans receivable allowance including provision losses or (recapture) | 151,343 | 91,028 |
Loans charged-off | (53,154) | (32,654) |
Recoveries of loans previously charged-off | 1,575 | 1,862 |
Net charge-offs | (51,579) | (30,792) |
Ending ALLL Balance | 99,764 | 60,236 |
Consumer And Other Loans [Member] | Accounting Standards Update 2016-13 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | 2,315 | |
Unallocated | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | 0 | 1,165 |
Provision for credit losses or (recapture) | 0 | 0 |
Loans receivable allowance including provision losses or (recapture) | 0 | 0 |
Loans charged-off | 0 | 0 |
Recoveries of loans previously charged-off | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending ALLL Balance | $ 0 | 0 |
Unallocated | Accounting Standards Update 2016-13 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ALLL beginning balance | $ (1,165) |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Summary of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses | $ (139,258) | $ (116,958) | $ (89,123) | $ (74,029) |
Gross loans receivable | 3,207,016 | 3,033,392 | ||
Collateral Dependent Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses | (1,096) | 0 | ||
Loans individually evaluated | 7,943 | 7,315 | ||
Real Estate | Collateral Dependent Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans individually evaluated | 7,943 | 7,315 | ||
Commercial And Industrial Loans Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses | (10,790) | (8,877) | (8,651) | (4,831) |
Real Estate Portfolio Segment | Residential real estate loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses | (14,650) | (13,049) | (6,986) | (4,142) |
Real Estate Portfolio Segment | Residential real estate loans | Collateral Dependent Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses | 0 | 0 | ||
Loans individually evaluated | 212 | 170 | ||
Real Estate Portfolio Segment | Residential real estate loans | Real Estate | Collateral Dependent Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans individually evaluated | 212 | 170 | ||
Real Estate Portfolio Segment | Commercial real estate loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses | (7,503) | (7,441) | (7,506) | (5,470) |
Real Estate Portfolio Segment | Commercial real estate loans | Collateral Dependent Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses | (1,096) | 0 | ||
Loans individually evaluated | 7,731 | 7,145 | ||
Real Estate Portfolio Segment | Commercial real estate loans | Real Estate | Collateral Dependent Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans individually evaluated | 7,731 | 7,145 | ||
Construction, land and land development loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses | (6,551) | (6,386) | (5,744) | (7,425) |
Gross loans receivable | ||||
Consumer And Other Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses | (99,764) | (81,205) | (60,236) | (50,996) |
Unallocated | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses | $ 0 | $ 0 | $ 0 | $ (1,165) |
Deposits - Composition of Conso
Deposits - Composition of Consolidated Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deposits [Abstract] | ||
Demand, noninterest bearing | $ 574,112 | $ 625,202 |
Interest bearing demand and money market | 2,799,667 | 2,640,240 |
Savings | 74,085 | 76,562 |
Total core deposits | 3,447,864 | 3,342,004 |
Brokered deposits | 1 | 1 |
Time deposits less than $250,000 | 11,837 | 13,917 |
Time deposits $250,000 and over | 3,277 | 4,441 |
Total deposits | $ 3,462,979 | $ 3,360,363 |
Deposits - Schedule of Maturity
Deposits - Schedule of Maturity Distribution of Time Deposits (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
Twelve months | $ 10,721 |
One to two years | 2,825 |
Two to three years | 705 |
Three to four years | 625 |
Four to five years | 238 |
Thereafter | 0 |
Total time deposits | $ 15,114 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deposit Liability [Line Items] | ||
Deposits | $ 3,462,979 | $ 3,360,363 |
Reciprocal NOW and Money Market Accounts | ||
Deposit Liability [Line Items] | ||
Deposits | $ 336,800 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lessee Lease Description [Line Items] | ||
Weighted average discount rate | 3.88% | |
Operating leases weighted-average remaining lease term | 9 years 3 months 18 days | |
Operating lease rental expense | $ 299 | $ 358 |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Operating leases lease term | 8 months | |
Lessee, operating lease, renewal term | 1 year | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Operating leases lease term | 20 years 10 months 24 days | |
Lessee, operating lease, renewal term | 10 years |
Leases - Summary of Minimum Ann
Leases - Summary of Minimum Annual Lease Payments under Lease Terms (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
April 1 to December 31, 2024 | $ 775 | |
2026 | 977 | |
2027 | 977 | |
2028 | 913 | |
2029 | 692 | |
2029 and thereafter | 2,763 | |
Total lease payments | 7,097 | |
Less: amounts representing interest | 1,151 | |
Operating lease liabilities | $ 5,946 | $ 6,124 |
Leases - Summary of Components
Leases - Summary of Components of Total Lease Expense and Operating Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease expense: | ||
Operating lease expense | $ 255 | $ 321 |
Variable lease expense | 67 | 52 |
Total lease expense | 322 | 373 |
Cash paid: | ||
Cash paid reducing operating lease liabilities | $ 325 | $ 379 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
May 24, 2021 | Mar. 31, 2024 | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted in period (in shares) | 0 | ||||
Total intrinsic or aggregate value of options exercise price | $ 1,400,000 | $ 2,300,000 | |||
Total unrecognized compensation cost related to nonvested stock options granted | 686,000 | ||||
Stock-based compensation | $ 1,180,000 | 1,050,000 | |||
Stock Option Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost related to nonvested stock options/ RSA granted, weighted-average period | 3 years 2 months 12 days | ||||
Stock-based compensation | $ 114,000 | 140,000 | |||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost related to nonvested stock options granted | $ 10,900,000 | ||||
Unrecognized compensation cost related to nonvested stock options/ RSA granted, weighted-average period | 4 years 8 months 12 days | ||||
Stock-based compensation | $ 945,000 | $ 812,000 | |||
Granted (in shares) | 79,647,000 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted in period (in shares) | 0 | ||||
Unrecognized compensation cost related to nonvested stock options/ RSA granted, weighted-average period | 3 years 9 months 18 days | ||||
Stock-based compensation | $ 2,000 | ||||
Total unrecognized compensation cost related to nonvested restricted stock awards | $ 34,000 | ||||
2018 Omnibus Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate shares of common stock authorized (in shares) | 600,000 | ||||
Shares available to be granted (in shares) | 366,465 | ||||
Stock options granted in period (in shares) | 0 | 0 | |||
Total intrinsic or aggregate value of options exercise price | $ 1,394,000 | ||||
2018 Omnibus Incentive Plan | Share-Based Payment Arrangement, Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
2018 Omnibus Incentive Plan | Share-Based Payment Arrangement, Tranche Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 5 years | ||||
2018 Omnibus Incentive Plan | Restricted Stock Units (RSUs) | Share-Based Payment Arrangement, Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 76,473 | ||||
2018 Omnibus Incentive Plan | Restricted Stock Units (RSUs) | Share-Based Payment Arrangement, Tranche Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 3,174 | ||||
2018 Omnibus Incentive Plan | Restricted Stock | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Market value of shares grants per year | 45,000 | ||||
2018 Omnibus Incentive Plan | Restricted Stock | Board Chair | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Market value of shares grants per year | 75,000 | ||||
2018 Omnibus Incentive Plan | Restricted Stock | Committee Chairs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Market value of shares grants per year | 10,000 | ||||
2018 Omnibus Incentive Plan | Restricted Stock | Non-Financial Risk and Compensation Committee Chair | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Market value of shares grants per year | 7,500 | ||||
2018 Omnibus Incentive Plan | Restricted Stock | Asset Liability & Investment, Credit and Nominating & Governance Chair | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Market value of shares grants per year | $ 5,000 | ||||
2006 Plan and the Directors' Stock Bonus Plan (2006 Plan) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate shares of common stock authorized (in shares) | 0 | ||||
Directors Stock Compensation Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost related to nonvested stock options/ RSA granted, weighted-average period | 2 months 12 days | ||||
Directors Stock Compensation Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 118,000 | $ 96,000 | |||
Granted (in shares) | 0 | ||||
Directors Stock Compensation Plan | Restricted Stock | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost related to nonvested stock options granted | $ 76,000 | ||||
Maximum | 2018 Omnibus Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate shares of common stock authorized (in shares) | 500,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2023 | |
Number of Shares | |||
Granted (in shares) | 0 | ||
Weighted- Average Exercise Price | |||
Granted (in dollars per share) | $ 0 | ||
Additional Disclosures | |||
Aggregate intrinsic value, exercised (in dollars) | $ 1,400 | $ 2,300 | |
2018 Omnibus Incentive Plan | |||
Number of Shares | |||
Outstanding, beginning of period (in shares) | 354,969 | ||
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | (45,140) | ||
Expired (in shares) | 0 | ||
Forfeited or expired (in shares) | (760) | ||
Outstanding, end of period (in shares) | 309,069 | ||
Vested or expected to vest, end of period (in shares) | 309,069 | ||
Exercisable, end of period (in shares) | 182,611 | ||
Weighted- Average Exercise Price | |||
Outstanding, beginning of period (in dollars per share) | $ 9.11 | ||
Exercised (in dollars per share) | 7.98 | ||
Expired (in dollars per share) | 0 | ||
Forfeited or expired (in dollars per share) | 10.02 | ||
Outstanding, end of period (in dollars per share) | 9.27 | ||
Vested or expected to vest, end of period (in dollars per share) | 9.27 | ||
Exercisable, end of period (in dollars per share) | $ 8.92 | ||
Additional Disclosures | |||
Weighted average remaining contractual term, outstanding, beginning of period | 3 years 2 months 12 days | 3 years 3 months 18 days | |
Weighted average remaining contractual term, outstanding, beginning of period | 3 years 2 months 12 days | 3 years 3 months 18 days | |
Weighted average remaining contractual term, vested or expected to vest, end of period | 3 years 2 months 12 days | ||
Weighted average remaining contractual term, exercisable, end of period | 2 years 10 months 24 days | ||
Aggregate intrinsic value, outstanding, beginning of period (in dollars) | $ 12,531 | ||
Aggregate intrinsic value, exercised (in dollars) | 1,394 | ||
Aggregate intrinsic value, outstanding, end of period (in dollars) | 9,148 | ||
Aggregate intrinsic value, vested or expected to vest, end of period (in dollars) | 9,148 | ||
Aggregate intrinsic value, exercisable, end of period (in dollars) | $ 5,469 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Nonvested Shares (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Restricted Stock Units (RSUs) | |
Number of Shares | |
Outstanding, beginning of period (in shares) | shares | 409,271,000 |
Granted (in shares) | shares | 79,647,000 |
Forfeited (in shares) | shares | (12,168,000) |
Vested (in shares) | shares | (57,841,000) |
Outstanding, end of period (in shares) | shares | 418,909,000 |
Weighted- Average Grant Date Fair Value | |
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 31.22 |
Granted (in dollars per share) | $ / shares | 38.06 |
Forfeited (in dollars per share) | $ / shares | 36.40 |
Vested (in dollars per share) | $ / shares | 33.36 |
Outstanding, end of period (in dollars per share) | $ / shares | $ 32.07 |
Restricted Stock | Directors Stock Compensation Plan | |
Number of Shares | |
Outstanding, beginning of period (in shares) | shares | 16,038,000 |
Granted (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Vested (in shares) | shares | (500,000) |
Outstanding, end of period (in shares) | shares | 15,538,000 |
Weighted- Average Grant Date Fair Value | |
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 32.41 |
Granted (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 17.81 |
Outstanding, end of period (in dollars per share) | $ / shares | $ 32.88 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets | ||
Investment securities | $ 50,090 | $ 150,364 |
Carrying Value | ||
Financial assets | ||
Cash and due from banks | 32,790 | 31,345 |
Interest earning deposits with other banks | 482,338 | 451,783 |
Investment securities | 50,090 | 150,364 |
Other investments | 10,583 | 10,227 |
Loans receivable | 3,199,554 | 3,026,092 |
Accrued interest receivable | 24,681 | 26,819 |
Financial liabilities | ||
Deposits | 3,462,979 | 3,360,363 |
Subordinated debt | 44,181 | 44,144 |
Junior subordinated debentures | 3,590 | 3,590 |
Accrued interest payable | 1,061 | 892 |
Estimated Fair Value | ||
Financial assets | ||
Cash and due from banks | 32,790 | 31,345 |
Interest earning deposits with other banks | 482,338 | 451,783 |
Investment securities | 49,791 | 150,545 |
Other investments | 10,583 | 10,227 |
Loans receivable | 3,102,679 | 2,936,917 |
Accrued interest receivable | 24,681 | 26,819 |
Financial liabilities | ||
Deposits | 3,462,458 | 3,359,867 |
Subordinated debt | 43,572 | 43,908 |
Junior subordinated debentures | 3,498 | 3,491 |
Accrued interest payable | 1,061 | 892 |
Estimated Fair Value | Level 1 | ||
Financial assets | ||
Cash and due from banks | 32,790 | 31,345 |
Interest earning deposits with other banks | 482,338 | 451,783 |
Investment securities | 0 | 99,461 |
Other investments | 0 | 0 |
Loans receivable | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Subordinated debt | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Interest earning deposits with other banks | 0 | 0 |
Investment securities | 49,791 | 51,084 |
Other investments | 7,961 | 7,605 |
Loans receivable | 0 | 0 |
Accrued interest receivable | 24,681 | 26,819 |
Financial liabilities | ||
Deposits | 3,462,458 | 3,359,867 |
Subordinated debt | 43,572 | 43,908 |
Junior subordinated debentures | 3,498 | 3,491 |
Accrued interest payable | 1,061 | 892 |
Estimated Fair Value | Level 3 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Interest earning deposits with other banks | 0 | 0 |
Investment securities | 0 | 0 |
Other investments | 2,622 | 2,622 |
Loans receivable | 3,102,679 | 2,936,917 |
Accrued interest receivable | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Subordinated debt | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 41 | $ 99,504 |
Estimated Fair Value | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 41 | 99,504 |
Estimated Fair Value | Recurring | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 99,461 |
Estimated Fair Value | Recurring | U.S. Agency collateralized mortgage obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 41 | 43 |
Estimated Fair Value | Recurring | U.S. Agency residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Estimated Fair Value | Recurring | Municipals | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimated Fair Value | Recurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 99,461 |
Estimated Fair Value | Recurring | Level 1 | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 99,461 |
Estimated Fair Value | Recurring | Level 1 | U.S. Agency collateralized mortgage obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimated Fair Value | Recurring | Level 1 | U.S. Agency residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Estimated Fair Value | Recurring | Level 1 | Municipals | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimated Fair Value | Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 41 | 43 |
Estimated Fair Value | Recurring | Level 2 | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimated Fair Value | Recurring | Level 2 | U.S. Agency collateralized mortgage obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 41 | 43 |
Estimated Fair Value | Recurring | Level 2 | U.S. Agency residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Estimated Fair Value | Recurring | Level 2 | Municipals | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimated Fair Value | Recurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimated Fair Value | Recurring | Level 3 | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimated Fair Value | Recurring | Level 3 | U.S. Agency collateralized mortgage obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimated Fair Value | Recurring | Level 3 | U.S. Agency residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Estimated Fair Value | Recurring | Level 3 | Municipals | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 0 | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 9,469 | $ 9,937 |
Collateral dependent loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Fair Value | 6,847 | 7,315 |
Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Fair Value | 2,622 | 2,622 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Level 1 | Collateral dependent loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Level 1 | Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Level 2 | Collateral dependent loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Level 2 | Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Fair Value | 9,469 | 9,937 |
Level 3 | Collateral dependent loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Fair Value | 6,847 | 7,315 |
Level 3 | Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 2,622 | $ 2,622 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Carrying Value of Equity Securities Without Readily Determinable Fair Values (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Specialized Bank Technology Company | |||
Equity Securities Without Readily Determinable Fair Value [Line Items] | |||
Equity interest | $ 2,200 | $ 2,200 | |
Technology Company | |||
Equity Securities Without Readily Determinable Fair Value [Line Items] | |||
Equity interest | 350 | 350 | |
Additional Technology Company | |||
Equity Securities Without Readily Determinable Fair Value [Line Items] | |||
Equity interest | 50 | $ 50 | |
Level 3 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Carrying value, beginning of period | 2,622 | $ 2,572 | |
Purchases | 0 | 0 | |
Observable price change | 0 | 0 | |
Carrying value, end of period | $ 2,622 | $ 2,572 |
Fair Value Measurements - Sum_5
Fair Value Measurements - Summary of Assets and Liabilities Classified as Level 3 and Measured at Fair Value on Nonrecurring Basis (Details) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2024 | Sep. 30, 2023 | |
Level 3 | Measurement Input, Discount Rate | Valuation, Market Approach | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 8.10% | 8% |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ||
Net Income | $ 6,800 | $ 12,391 |
Basic weighted average number common shares outstanding (in shares) | 13,340,997 | 13,196,960 |
Dilutive effect of equity-based awards (in shares) | 335,920 | 412,531 |
Diluted weighted average number common shares outstanding (in shares) | 13,676,917 | 13,609,491 |
Basic earnings per share (in usd per share) | $ 0.51 | $ 0.94 |
Diluted earnings per share (in usd per share) | $ 0.50 | $ 0.91 |
Stock Options and Restricted Stock | ||
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ||
Antidilutive stock options and restricted stock outstanding (in shares) | 153,659 | 124,714 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 segment location partner | |
Segment Reporting Information [Line Items] | |
Number of operating segments | segment | 3 |
Number of reportable segments | segment | 3 |
CCBX | |
Segment Reporting Information [Line Items] | |
Number of Partners | partner | 21 |
Snohomish County | |
Segment Reporting Information [Line Items] | |
Number of Full-Service Banking Locations | 12 |
King County | |
Segment Reporting Information [Line Items] | |
Number of Full-Service Banking Locations | 1 |
Island County | |
Segment Reporting Information [Line Items] | |
Number of Full-Service Banking Locations | 1 |
Segment Reporting - Summary of
Segment Reporting - Summary of Financial Information of Reportable Segments and Reconciliation to Consolidated Financial Results (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
ASSETS | ||||
Cash and Due from Banks | $ 515,128 | $ 483,128 | ||
Intrabank assets | 0 | 0 | ||
Securities | 50,090 | 150,364 | ||
Loans held for sale | 797 | 0 | ||
Total loans receivable | 3,199,554 | 3,026,092 | ||
Allowance for credit losses | (139,258) | $ (89,123) | (116,958) | $ (74,029) |
Other assets | 238,947 | 210,740 | ||
Total assets | 3,865,258 | 3,753,366 | ||
LIABILITIES | ||||
Deposits | 3,462,979 | 3,360,363 | ||
Other Borrowings | 47,771 | 47,734 | ||
Intrabank liabilities | 0 | 0 | ||
Other liabilities | 50,799 | 50,291 | ||
Total liabilities | 3,561,549 | 3,458,388 | ||
Total interest income | 90,472 | 70,111 | ||
Interest (expense) income intrabank transfer | 0 | 0 | ||
Total interest expense | 29,536 | 15,620 | ||
Net interest income | 60,936 | 54,491 | ||
Provision for credit losses | 79,518 | 43,544 | ||
Provision for unfunded commitments | 3,640 | 153 | ||
Net interest income after provision for credit losses - loans and unfunded commitments | (22,222) | 10,794 | ||
Deposit service charges and fees | 908 | 910 | ||
Other income | 491 | 461 | ||
Total noninterest income | 86,955 | 49,307 | ||
Salaries and employee benefits | 17,984 | 15,575 | ||
Occupancy | 1,518 | 1,219 | ||
Data processing and software licenses | 2,892 | 1,840 | ||
Legal and professional expenses | 3,672 | 3,062 | ||
Other expenses | 4,192 | 3,414 | ||
BaaS loan and fraud expense | 25,760 | 19,553 | ||
Total noninterest expense | 56,018 | 44,663 | ||
Net income/(loss) before income taxes | 8,715 | 15,438 | ||
Income taxes | 1,915 | 3,047 | ||
NET INCOME | 6,800 | 12,391 | ||
BaaS Program Income | ||||
LIABILITIES | ||||
Revenue from contract with customer | 4,825 | 3,575 | ||
BaaS indemnification income | ||||
LIABILITIES | ||||
Revenue from contract with customer | 80,731 | 44,361 | ||
BaaS loan expense | ||||
LIABILITIES | ||||
BaaS loan and fraud expense | 24,837 | 17,554 | ||
BaaS fraud expense | ||||
LIABILITIES | ||||
BaaS loan and fraud expense | 923 | 1,999 | ||
Operating Segments | Community Bank | ||||
ASSETS | ||||
Cash and Due from Banks | 4,711 | 4,702 | ||
Intrabank assets | 0 | 0 | ||
Securities | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Total loans receivable | 1,883,282 | 1,830,154 | ||
Allowance for credit losses | (21,384) | (21,595) | ||
Other assets | 29,643 | 30,169 | ||
Total assets | 1,896,252 | 1,843,430 | ||
LIABILITIES | ||||
Deposits | 1,434,030 | 1,497,601 | ||
Other Borrowings | 0 | 0 | ||
Intrabank liabilities | 452,861 | 338,614 | ||
Other liabilities | 9,361 | 7,215 | ||
Total liabilities | 1,896,252 | 1,843,430 | ||
Total interest income | 30,052 | 24,211 | ||
Interest (expense) income intrabank transfer | (5,599) | (1,079) | ||
Total interest expense | 6,013 | 2,534 | ||
Net interest income | 18,440 | 20,598 | ||
Provision for credit losses | (199) | 428 | ||
Provision for unfunded commitments | 2,209 | 137 | ||
Net interest income after provision for credit losses - loans and unfunded commitments | 16,430 | 20,033 | ||
Deposit service charges and fees | 896 | 899 | ||
Other income | 285 | 191 | ||
Total noninterest income | 1,181 | 1,090 | ||
Salaries and employee benefits | 6,045 | 5,854 | ||
Occupancy | 844 | 1,034 | ||
Data processing and software licenses | 1,025 | 919 | ||
Legal and professional expenses | 18 | 254 | ||
Other expenses | 1,035 | 1,031 | ||
Total noninterest expense | 8,967 | 9,092 | ||
Net income/(loss) before income taxes | 8,644 | 12,031 | ||
Income taxes | 1,822 | 2,375 | ||
NET INCOME | 6,822 | 9,656 | ||
Operating Segments | Community Bank | BaaS Program Income | ||||
LIABILITIES | ||||
Revenue from contract with customer | 0 | 0 | ||
Operating Segments | Community Bank | BaaS indemnification income | ||||
LIABILITIES | ||||
Revenue from contract with customer | 0 | 0 | ||
Operating Segments | Community Bank | BaaS loan expense | ||||
LIABILITIES | ||||
BaaS loan and fraud expense | 0 | 0 | ||
Operating Segments | Community Bank | BaaS fraud expense | ||||
LIABILITIES | ||||
BaaS loan and fraud expense | 0 | 0 | ||
Operating Segments | CCBX | ||||
ASSETS | ||||
Cash and Due from Banks | 10,358 | 9,601 | ||
Intrabank assets | 690,310 | 653,178 | ||
Securities | 0 | 0 | ||
Loans held for sale | 797 | 0 | ||
Total loans receivable | 1,316,272 | 1,195,938 | ||
Allowance for credit losses | (117,874) | (95,363) | ||
Other assets | 165,796 | 136,931 | ||
Total assets | 2,065,659 | 1,900,285 | ||
LIABILITIES | ||||
Deposits | 2,028,949 | 1,862,762 | ||
Other Borrowings | 0 | 0 | ||
Intrabank liabilities | 0 | 0 | ||
Other liabilities | 36,710 | 37,523 | ||
Total liabilities | 2,065,659 | 1,900,285 | ||
Total interest income | 54,569 | 42,220 | ||
Interest (expense) income intrabank transfer | 8,151 | 2,652 | ||
Total interest expense | 22,854 | 12,424 | ||
Net interest income | 39,866 | 32,448 | ||
Provision for credit losses | 79,717 | 43,116 | ||
Provision for unfunded commitments | 1,431 | 16 | ||
Net interest income after provision for credit losses - loans and unfunded commitments | (41,282) | (10,684) | ||
Deposit service charges and fees | 12 | 11 | ||
Other income | 68 | 133 | ||
Total noninterest income | 85,636 | 48,080 | ||
Salaries and employee benefits | 7,351 | 5,383 | ||
Occupancy | 101 | 86 | ||
Data processing and software licenses | 903 | 535 | ||
Legal and professional expenses | 2,255 | 1,768 | ||
Other expenses | 1,578 | 1,114 | ||
Total noninterest expense | 37,948 | 28,439 | ||
Net income/(loss) before income taxes | 6,406 | 8,957 | ||
Income taxes | 1,581 | 1,768 | ||
NET INCOME | 4,825 | 7,189 | ||
Operating Segments | CCBX | BaaS Program Income | ||||
LIABILITIES | ||||
Revenue from contract with customer | 4,825 | 3,575 | ||
Operating Segments | CCBX | BaaS indemnification income | ||||
LIABILITIES | ||||
Revenue from contract with customer | 80,731 | 44,361 | ||
Operating Segments | CCBX | BaaS loan expense | ||||
LIABILITIES | ||||
BaaS loan and fraud expense | 24,837 | 17,554 | ||
Operating Segments | CCBX | BaaS fraud expense | ||||
LIABILITIES | ||||
BaaS loan and fraud expense | 923 | 1,999 | ||
Operating Segments | Treasury & Administration | ||||
ASSETS | ||||
Cash and Due from Banks | 500,059 | 468,825 | ||
Intrabank assets | (690,310) | (653,178) | ||
Securities | 50,090 | 150,364 | ||
Loans held for sale | 0 | 0 | ||
Total loans receivable | 0 | 0 | ||
Allowance for credit losses | 0 | 0 | ||
Other assets | 43,508 | 43,640 | ||
Total assets | (96,653) | 9,651 | ||
LIABILITIES | ||||
Deposits | 0 | 0 | ||
Other Borrowings | 47,771 | 47,734 | ||
Intrabank liabilities | (452,861) | (338,614) | ||
Other liabilities | 4,728 | 5,553 | ||
Total liabilities | (400,362) | $ (285,327) | ||
Total interest income | 5,851 | 3,680 | ||
Interest (expense) income intrabank transfer | (2,552) | (1,573) | ||
Total interest expense | 669 | 662 | ||
Net interest income | 2,630 | 1,445 | ||
Provision for credit losses | 0 | 0 | ||
Provision for unfunded commitments | 0 | 0 | ||
Net interest income after provision for credit losses - loans and unfunded commitments | 2,630 | 1,445 | ||
Deposit service charges and fees | 0 | 0 | ||
Other income | 138 | 137 | ||
Total noninterest income | 138 | 137 | ||
Salaries and employee benefits | 4,588 | 4,338 | ||
Occupancy | 573 | 99 | ||
Data processing and software licenses | 964 | 386 | ||
Legal and professional expenses | 1,399 | 1,040 | ||
Other expenses | 1,579 | 1,269 | ||
Total noninterest expense | 9,103 | 7,132 | ||
Net income/(loss) before income taxes | (6,335) | (5,550) | ||
Income taxes | (1,488) | (1,096) | ||
NET INCOME | (4,847) | (4,454) | ||
Operating Segments | Treasury & Administration | BaaS Program Income | ||||
LIABILITIES | ||||
Revenue from contract with customer | 0 | 0 | ||
Operating Segments | Treasury & Administration | BaaS indemnification income | ||||
LIABILITIES | ||||
Revenue from contract with customer | 0 | 0 | ||
Operating Segments | Treasury & Administration | BaaS loan expense | ||||
LIABILITIES | ||||
BaaS loan and fraud expense | 0 | 0 | ||
Operating Segments | Treasury & Administration | BaaS fraud expense | ||||
LIABILITIES | ||||
BaaS loan and fraud expense | $ 0 | $ 0 |
Uncategorized Items - ck1437958
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |