Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 09, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001499422 | ||
Entity Registrant Name | RBB Bancorp | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-38149 | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 27-2776416 | ||
Entity Address, Address Line One | 1055 Wilshire Blvd., 12th floor | ||
Entity Address, City or Town | Los Angeles | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90017 | ||
City Area Code | 213 | ||
Local Phone Number | 627-9888 | ||
Title of 12(b) Security | Common Stock, No Par Value | ||
Trading Symbol | RBB | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 378,802,944 | ||
Entity Common Stock, Shares Outstanding | 19,453,941 | ||
Auditor Name | Eide Bailly LLP | ||
Auditor Location | Laguna Hills, California | ||
Auditor Firm ID | 286 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 501,372 | $ 137,654 |
Federal funds sold and other cash equivalents | 193,000 | 57,000 |
Cash and cash equivalents | 694,372 | 194,654 |
Interest-earning deposits in other financial institutions | 600 | 600 |
Securities: | ||
Available for sale | 368,260 | 210,867 |
Held to maturity (fair value of $6,577 and $7,603 at December 31, 2021 and December 31, 2020, respectively) | 6,252 | 7,174 |
Mortgage loans held for sale | 5,957 | 49,963 |
Loans held for investment: | ||
Real estate | 2,560,465 | 2,320,216 |
Commercial and other | 375,684 | 392,066 |
Total loans | 2,936,149 | 2,712,282 |
Unaccreted discount on acquired loans | (1,727) | (2,872) |
Deferred loan fees, net | (3,072) | (2,644) |
Total loans, net of deferred loan fees and unaccreted discounts on acquired loans | 2,931,350 | 2,706,766 |
Allowance for loan losses | (32,912) | (29,337) |
Net loans | 2,898,438 | 2,677,429 |
Premises and equipment | 27,199 | 27,103 |
Federal Home Loan Bank (FHLB) stock | 15,000 | 15,641 |
Net deferred tax assets | 4,855 | 2,547 |
Income tax receivable | 477 | 0 |
Other real estate owned (OREO) | 293 | 293 |
Cash surrender value of life insurance (BOLI) | 55,988 | 35,121 |
Goodwill | 69,243 | 69,243 |
Servicing assets | 11,517 | 13,965 |
Core deposit intangibles | 4,075 | 5,196 |
Right-of-use assets- operating leases | 22,454 | 0 |
Accrued interest and other assets | 43,214 | 40,276 |
Total assets | 4,228,194 | 3,350,072 |
Deposits: | ||
Noninterest-bearing demand | 1,291,484 | 617,206 |
Savings, NOW and money market accounts | 927,609 | 731,084 |
Time deposits $250,000 and under | 587,940 | 688,875 |
Time deposits over $250,000 | 578,499 | 597,963 |
Total deposits | 3,385,532 | 2,635,128 |
Reserve for unfunded commitments | 1,203 | 1,383 |
FHLB advances | 150,000 | 150,000 |
Long-term debt, net of debt issuance costs | 173,007 | 104,391 |
Subordinated debentures | 14,502 | 14,283 |
Lease liabilities - operating leases | 23,282 | 0 |
Accrued interest and other liabilities | 13,985 | 16,399 |
Total liabilities | 3,761,511 | 2,921,584 |
Commitments and contingencies - Note 13 | 0 | 0 |
Shareholders' equity: | ||
Preferred Stock - 100,000,000 shares authorized, no par value; none outstanding | 0 | 0 |
Common Stock - 100,000,000 shares authorized, no par value; 19,455,544 shares issued and outstanding at December 31, 2021 and 19,565,921 shares issues and outstanding at December 31, 2020 | 282,335 | 284,261 |
Additional paid-in capital | 4,603 | 4,932 |
Retained earnings | 181,329 | 138,094 |
Non-controlling interest | 72 | 72 |
Accumulated other comprehensive (loss) income, net | (1,656) | 1,129 |
Total shareholders’ equity | 466,683 | 428,488 |
Total liabilities and shareholders’ equity | $ 4,228,194 | $ 3,350,072 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities held to maturity, fair value | $ 6,577 | $ 7,603 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares issued (in shares) | 19,455,544 | 19,565,921 |
Common stock, shares outstanding (in shares) | 19,455,544 | 19,565,921 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and dividend income: | |||
Interest and fees on loans | $ 141,569,000 | $ 133,894,000 | $ 135,159,000 |
Interest on interest-earning deposits | 552,000 | 641,000 | 1,785,000 |
Interest on investment securities | 3,379,000 | 2,968,000 | 2,652,000 |
Dividend income on FHLB stock | 869,000 | 572,000 | 1,079,000 |
Interest on federal funds sold and other | 694,000 | 1,045,000 | 1,050,000 |
Total interest income | 147,063,000 | 139,120,000 | 141,725,000 |
Interest expense: | |||
Interest on savings deposits, now and money market accounts | 2,786,000 | 3,540,000 | 4,886,000 |
Interest on time deposits | 9,170,000 | 21,665,000 | 29,347,000 |
Interest on subordinated debentures and long-term debt | 8,999,000 | 7,677,000 | 7,698,000 |
Interest on other borrowed funds | 1,765,000 | 1,483,000 | 2,930,000 |
Total interest expense | 22,720,000 | 34,365,000 | 44,861,000 |
Net interest income | 124,343,000 | 104,755,000 | 96,864,000 |
Provision for loan losses | 3,959,000 | 11,823,000 | 2,390,000 |
Net interest income after provision for loan losses | 120,384,000 | 92,932,000 | 94,474,000 |
Noninterest income: | |||
Service charges, fees and other | 7,235,000 | 4,852,000 | 4,072,000 |
Gain on sale of loans | 9,991,000 | 5,997,000 | 9,893,000 |
Loan servicing fees, net of amortization | 684,000 | 2,052,000 | 3,383,000 |
Recoveries on loans acquired in business combinations | 82,000 | 84,000 | 143,000 |
Unrealized (loss) gain on equity investments | (360,000) | 0 | 147,000 |
Gain on derivatives | 46,000 | 78,000 | 0 |
Increase in cash surrender value of life insurance | 1,067,000 | 767,000 | 775,000 |
Gain on sale of securities | 0 | 210,000 | 7,000 |
Loss on sale of OREO | 0 | 0 | (106,000) |
Gain on sale of fixed assets | 0 | 0 | 6,000 |
Noninterest expense: | |||
Salaries and employee benefits | 33,568,000 | 33,312,000 | 32,909,000 |
Occupancy and equipment expenses | 8,691,000 | 9,691,000 | 9,750,000 |
Data processing | 4,474,000 | 4,236,000 | 3,699,000 |
Legal and professional | 3,773,000 | 2,743,000 | 1,832,000 |
Office expenses | 1,197,000 | 1,226,000 | 1,257,000 |
Marketing and business promotion | 1,157,000 | 751,000 | 1,308,000 |
Insurance and regulatory assessments | 1,561,000 | 984,000 | 900,000 |
Core deposit premium | 1,121,000 | 1,395,000 | 1,501,000 |
OREO expenses | 17,000 | 35,000 | 337,000 |
Merger expenses | 137,000 | 746,000 | 471,000 |
Other expenses | 2,496,000 | 4,394,000 | 3,509,000 |
Income before income taxes | 80,937,000 | 47,459,000 | 55,321,000 |
Income tax expense | 24,031,000 | 14,531,000 | 16,112,000 |
Net income | $ 56,906,000 | $ 32,928,000 | $ 39,209,000 |
Net income per share | |||
Basic (in dollars per share) | $ 2.92 | $ 1.66 | $ 1.96 |
Diluted (in dollars per share) | 2.86 | 1.65 | 1.92 |
Cash dividends declared per common share (in dollars per share) | $ 0.51 | $ 0.33 | $ 0.40 |
Weighted-average common shares outstanding | |||
Basic (in shares) | 19,423,549 | 19,763,422 | 20,017,306 |
Diluted (in shares) | 19,834,306 | 19,921,859 | 20,393,424 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 56,906 | $ 32,928 | $ 39,209 |
Other comprehensive income (loss): | |||
Unrealized (losses) gains on securities available for sale, Change in unrealized (losses) gains | (3,957) | 1,474 | 2,248 |
Unrealized (losses) gains on securities available for sale, Reclassification of gains recognized in net income | 0 | (210) | (7) |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, before Tax, Total | (3,957) | 1,264 | 2,241 |
Related income tax effect, Change in unrealized (gains) losses | 1,172 | (436) | (666) |
Related income tax effect, Reclassification of gains recognized in net income | 0 | 62 | 2 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax, Portion Attributable to Parent, Total | 1,172 | (374) | (664) |
Total other comprehensive income (loss) | (2,785) | 890 | 1,577 |
Total comprehensive income | $ 54,121 | $ 33,818 | $ 40,786 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 20,000,022 | |||||
Balance at Dec. 31, 2018 | $ 288,610 | $ 5,659 | $ 81,618 | $ 72 | $ (1,338) | $ 374,621 |
Net income | 0 | 0 | 39,209 | 0 | 0 | 39,209 |
Stock-based compensation | 0 | 689 | 0 | 0 | 0 | 689 |
Restricted stock vested | 425 | (425) | 0 | 0 | 0 | 0 |
Cash dividend | $ 0 | 0 | (8,033) | 0 | 0 | $ (8,033) |
Stock options exercised, net of expense recognized (in shares) | 200,629 | 200,629 | ||||
Stock options exercised, net of expense recognized | $ 3,802 | (985) | 0 | 0 | 0 | $ 2,817 |
Repurchase of common stock (in shares) | (169,785) | |||||
Repurchase of common stock | $ (2,442) | 0 | (748) | (3,190) | ||
Other comprehensive income (loss), net of taxes | $ 0 | 0 | 0 | 0 | 1,577 | 1,577 |
Balance (in shares) at Dec. 31, 2019 | 20,030,866 | |||||
Balance at Dec. 31, 2019 | $ 290,395 | 4,938 | 112,046 | 72 | 239 | 407,690 |
Net income | 0 | 0 | 32,928 | 0 | 0 | 32,928 |
Stock-based compensation | 0 | 686 | 0 | 0 | 0 | 686 |
Restricted stock vested | 425 | (425) | 0 | 0 | 0 | 0 |
Cash dividend | $ 0 | 0 | (6,567) | 0 | 0 | $ (6,567) |
Stock options exercised, net of expense recognized (in shares) | 56,498 | 56,498 | ||||
Stock options exercised, net of expense recognized | $ 979 | (267) | 0 | 0 | 0 | $ 712 |
Repurchase of common stock (in shares) | (521,443) | |||||
Repurchase of common stock | $ (7,538) | 0 | (313) | 0 | 0 | (7,851) |
Other comprehensive income (loss), net of taxes | $ 0 | 0 | 0 | 0 | 890 | $ 890 |
Balance (in shares) at Dec. 31, 2020 | 19,565,921 | 19,565,921 | ||||
Balance at Dec. 31, 2020 | $ 284,261 | 4,932 | 138,094 | 72 | 1,129 | $ 428,488 |
Net income | 0 | 0 | 56,906 | 0 | 0 | 56,906 |
Stock-based compensation | 0 | 1,086 | 0 | 0 | 0 | 1,086 |
Restricted stock vested | 425 | (425) | 0 | 0 | 0 | 0 |
Cash dividend | $ 0 | 0 | (9,947) | 0 | 0 | $ (9,947) |
Stock options exercised, net of expense recognized (in shares) | 302,745 | 302,744 | ||||
Stock options exercised, net of expense recognized | $ 4,465 | (990) | 0 | 0 | 0 | $ 3,475 |
Repurchase of common stock (in shares) | (473,122) | (1,164,350) | ||||
Repurchase of common stock | $ (6,816) | 0 | (3,724) | 0 | 0 | $ (10,540) |
Other comprehensive income (loss), net of taxes | $ 0 | 0 | 0 | 0 | (2,785) | $ (2,785) |
Restricted stock granted (in shares) | 60,000 | |||||
Balance (in shares) at Dec. 31, 2021 | 19,455,544 | 19,455,544 | ||||
Balance at Dec. 31, 2021 | $ 282,335 | $ 4,603 | $ 181,329 | $ 72 | $ (1,656) | $ 466,683 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income | $ 56,906,000 | $ 32,928,000 | $ 39,209,000 |
Adjustments to reconcile net income to net cash from Operating activities: | |||
Depreciation and amortization of premises and equipment | 1,943,000 | 2,009,000 | 1,914,000 |
Net accretion of securities, loans, deposits, and other | (191,000) | (3,328,000) | (2,845,000) |
Unrealized loss (gain) on equity securities | 360,000 | 0 | (147,000) |
Amortization of investment in affordable housing tax credits | 1,037,000 | 979,000 | 900,000 |
Amortization of intangible assets | 6,347,000 | 5,812,000 | 4,856,000 |
(Reversal of) Impairment loss on mortgage servicing rights | (417,000) | 417,000 | 0 |
Amortization of right-of-use asset | 5,245,000 | 0 | 0 |
Change in operating lease liabilities | (5,058,000) | 0 | 0 |
Provision for loan losses | 3,959,000 | 11,823,000 | 2,390,000 |
Stock-based compensation | 1,086,000 | 686,000 | 689,000 |
Deferred tax (benefit) expense | (1,093,000) | (2,998,000) | 1,503,000 |
Gain on sale of securities | 0 | (210,000) | (7,000) |
Gain on sale of loans | (9,991,000) | (5,997,000) | (9,893,000) |
Loss on sale of OREO | 0 | 0 | 106,000 |
Gain on sale of fixed assets | 0 | 0 | (6,000) |
Increase in cash surrender value of life insurance | (1,067,000) | (767,000) | (775,000) |
Loans originated and purchased for sale, net | (161,972,000) | (115,146,000) | (77,514,000) |
Proceeds from loans sold | 305,337,000 | 203,799,000 | 521,594,000 |
Other items | (256,000) | (5,493,000) | (5,506,000) |
Net cash provided by operating activities | 202,175,000 | 124,514,000 | 476,468,000 |
Investing activities | |||
Purchases | (603,836,000) | (548,846,000) | (197,386,000) |
Maturities, prepayments and calls | 442,056,000 | 454,597,000 | 141,537,000 |
Sales | 0 | 11,661,000 | 6,143,000 |
Securities held to maturity: | |||
Maturities, prepayments and calls | 900,000 | 1,135,000 | 1,590,000 |
Redemption of Federal Home Loan Bank stock | 641,000 | 0 | 0 |
Purchase of Federal Home Loan Bank stock and other equity securities, net | (5,839,000) | (3,135,000) | (6,933,000) |
Net increase of investment in qualified affordable housing projects | (763,000) | (2,594,000) | (2,598,000) |
Net increase in loans | (315,551,000) | (361,252,000) | (161,426,000) |
Proceeds from sales of OREO | 0 | 0 | 1,053,000 |
Purchase of bank owned life insurance | (19,800,000) | 0 | 0 |
Net cash received in connection with acquisition | 0 | 6,634,000 | 0 |
Proceeds from sale of fixed assets | 0 | 0 | 17,000 |
Purchases of premises and equipment | (1,989,000) | (4,206,000) | (1,350,000) |
Net cash used in investing activities | (504,181,000) | (446,006,000) | (219,353,000) |
Financing activities | |||
Net increase (decrease) in demand deposits and savings accounts | 870,803,000 | 163,674,000 | (21,758,000) |
Net (decrease) decrease in time deposits | (120,178,000) | 34,415,000 | 126,627,000 |
Net decrease in short-term FHLB advances | 0 | 0 | (319,500,000) |
Advances on long-term FHLB advances | 0 | 150,000,000 | 0 |
Cash dividends paid | (9,947,000) | (6,567,000) | (8,033,000) |
Redemption of subordinated debentures | (50,000,000) | 0 | 0 |
Issuance of subordinated debentures, net of issuance costs | 118,111,000 | 0 | 0 |
Common stock repurchased, net of repurchased costs | (10,540,000) | (7,851,000) | (3,190,000) |
Exercise of stock options | 3,475,000 | 712,000 | 2,817,000 |
Net cash provided by (used in) financing activities | 801,724,000 | 334,383,000 | (223,037,000) |
Net increase in cash and cash equivalents | 499,718,000 | 12,891,000 | 34,078,000 |
Cash and cash equivalents at beginning of period | 194,654,000 | 181,763,000 | 147,685,000 |
Cash and cash equivalents at end of period | 694,372,000 | 194,654,000 | 181,763,000 |
Cash paid during the period: | |||
Interest paid | 22,507,000 | 36,186,000 | 45,702,000 |
Taxes paid | 25,786,000 | 13,475,000 | 14,470,000 |
Non-cash investing and financing activities: | |||
Transfer from loans to other real estate owned | 0 | 0 | 974,000 |
Loans transfer to held for sale, net | 89,368,000 | 24,425,000 | 107,859,000 |
Loan to facilitate OREO | 0 | 1,008,000 | 623,000 |
Additions to servicing assets | 2,361,000 | 1,715,000 | 3,068,000 |
Net change in unrealized holding (loss) gain on securities available for sale | (3,957,000) | 1,264,000 | 2,241,000 |
Recognition of operating lease right-of-use assets | (27,699,000) | 0 | 0 |
Recognition of operating lease liabilities | 27,699,000 | 0 | 0 |
Acquisition: | |||
Assets acquired, net of cash received | 0 | 182,895,000 | 0 |
Liabilities assumed | 0 | 200,209,000 | 0 |
Cash considerations | 0 | 32,885,000 | 0 |
Goodwill | $ 0 | $ 10,680,000 | $ 0 |
Note 1 - Business Description
Note 1 - Business Description | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 RBB Bancorp is a financial holding company registered under the Bank Holding Company Act of 1956, December 31, 2021 July 31, 2017, The Bank provides business-banking services to the Chinese-American communities in Los Angeles County, Orange County, Ventura County and in the Las Vegas, New York City metropolitan area, Chicago and Edison (New Jersey). Specific services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, Small Business Administration (“SBA”) 7A 504 The Company operates full-service banking offices in Arcadia, Cerritos, Diamond Bar, Irvine, Los Angeles, Monterey Park, Oxnard, Rowland Heights, San Gabriel, Silver Lake, Torrance, and Westlake Village, California; Las Vegas, Nevada; Manhattan, Brooklyn, Flushing and Elmhurst, New York; the Chinatown and Bridgeport neighborhoods of Chicago, Illinois; Edison, New Jersey; and Honolulu, Hawaii. The Company's primary source of revenue is providing loans to customers, who are predominately small and middle-market businesses and individuals. The Company generates its revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities. The Company also derives income from noninterest sources, such as fees received in connection with various lending and deposit services, loan servicing, gain on sales of loans and wealth management services. The Company’s principle expenses include interest expense on deposits and subordinated debentures, and operating expenses, such as salaries and employee benefits, occupancy and equipment, data processing, and income tax expense. As part of the FAIC acquisition, the Company acquired FAIB Capital Corp. (FAICC) that was formed on January 29, 2014. The Company has completed six bank acquisitions from July 8, 2011 January 10, 2020, January 10, 2020. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2 Basis of Presentation The accompanying consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10 Principles of Consolidation and Nature of Operations The accompanying consolidated financial statements include the accounts of RBB Bancorp and its wholly-owned subsidiaries Royal Business Bank ("Bank") and RBB Asset Management Company ("RAM"), collectively referred to herein as "the Company". All significant intercompany transactions have been eliminated. RBB Bancorp was formed in January 2011 2018 2012 In connection with the 2018 four 2006 P4G8, January 2020; three 2019. We acquired three 2016, 2018 2020. RBB Bancorp has no 23. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. It is reasonably possible our estimate of the allowance for loan losses and the fair value of mortgage servicing rights could change as actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, term federal funds sold and interest-bearing deposits in other financial institutions with original maturities of less than 90 Cash and Due from Banks Banking regulations require that banks maintain a percentage of their deposits as reserves in cash or on deposit with the Federal Reserve Bank. There were no reserves required to be held as of December 31, 2021 2020 may not Interest-Earning Deposits in Other Financial Institutions Interest-bearing deposits in other financial institutions not one Investment Securities Investment securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities not Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are amortized on the level-yield method. Premiums are amoritized to the earlier of maturity or call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates debt securities for other-than-temporary impairment ("OTTI") on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not not two Loans Held For Sale Mortgage loans originated or acquired and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Loans held for sale consist primarily of first Mortgage loans held for sale are generally sold with servicing rights retained. The carrying value of mortgage loans sold is determined by reducing the amount allocated to the servicing right, when applicable. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loans sold. Loans Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances reduced by any charge-offs or specific valuation accounts and net of any deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Loan origination fees and certain direct origination costs are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Premiums and discounts on loans purchased are grouped by type and certain common risk characteristics and amortized or accreted as an adjustment of yield over the weighted-average remaining contractual lives of each group of loans, adjusted for prepayments when applicable, using methodologies which approximate the interest method. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. The accrual of interest on loans is discontinued when principal or interest is past due 90 not Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may The Company determines a separate allowance for each portfolio segment. The allowance consists of specific and general reserves. Specific reserves relate to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status, collateral value and the probability of collecting all amounts when due. Measurement of impairment is based on the expected future cash flows of an impaired loan, which are to be discounted at the loan's effective interest rate, or measured by reference to an observable market value, if one The Company recognizes interest income on impaired loans based on its existing methods of recognizing interest income on nonaccrual loans. Loans, for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired with measurement of impairment as described above. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan's existing rate or at the fair value of collateral if repayment is expected solely from the collateral. General reserves cover non-impaired loans and are based on historical loss rates of peer institutions for each portfolio segment, adjusted for the effects of qualitative or environmental factors that are likely to cause estimated credit losses as of the evaluation date to differ from the portfolio segment's historical loss experience. Qualitative factors include consideration of the following: changes in lending policies and procedures; changes in economic conditions, changes in the nature and volume of the portfolio; changes in the experience, ability and depth of lending management and other relevant staff; changes in the volume and severity of past due, nonaccrual and other adversely graded loans; changes in the loan review system; changes in the value of the underlying collateral for collateral-dependent loans; concentrations of credit and the effect of other external factors such as competition and legal and regulatory requirements. Portfolio segments identified by the Company include real estate, commercial and other loans. Relevant risk characteristics for these portfolio segments generally include debt service coverage, loan-to-value ratios, and financial performance. Certain Acquired Loans As part of business acquisitions, the Company acquires certain loans that have shown evidence of credit deterioration since origination. These acquired loans are recorded at the allocated fair value, such that there is no not Servicing Rights When mortgage and SBA loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no may Servicing fee income, which is reported on the income statement as loan servicing fees, net of amortization , Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not Gains on sales of mortgage, SBA and CRE loans totaled $10.0 million, $6.0 million, and $9.9 million in 2021, 2020 2019 2021, 2020, 2019, 2021 2020 2019 Premises and Equipment Land is carried at cost. Premises, leasehold improvements and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives, which is thirty three ten Operating Lease ROU Assets and Lease Liabilities Operating lease ROU assets and lease liabilities are included in other assets and other liabilities, respectively, on the Company’s consolidated balance sheet. The Company uses its incremental borrowing rate, factoring in the lease term, to determine the lease liability, which is measured at the present value of future lease payments. The ROU asset, at adoption of this ASU, was recorded at the amount of the lease liability plus any prepaid rent and initial direct costs, less any lease incentives and accrued rent. The lease terms include periods covered by options to extend or terminate the lease depending on whether the Company is reasonably certain to exercise such options. Other Real Estate Owned Real estate acquired by foreclosure or deed in lieu of foreclosure is recorded at fair value at the date of foreclosure, establishing a new cost basis by a charge to the allowance for loan losses, if necessary. Other real estate owned is carried at the lower of the Company's carrying value of the property or its fair value, less estimated carrying costs and costs of disposition. Fair value is based on current appraisals less estimated selling costs. Any subsequent write-downs are charged against operating expenses and recognized as a valuation allowance. Operating expenses and related income of such properties and gains and losses on their disposition are included in other operating income and expenses. Goodwill and Other Intangible Assets Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill resulting from whole bank acquisitions is not December 31 December 31, 2021 2020, 2021 2020. Other intangible assets consist of core deposit intangible ("CDI") assets arising from whole bank acquisitions. CDI assets are amortized on an accelerated method over their estimated useful life of 8 to 10 years. CDI was recognized in the 2013 2016 2018 2020 December 31, 2021 2020 December 31, 2021 2020 2021, 2020 2019, Estimated CDI amortization expense for the next 5 (dollars in thousands) Year ending December 31: 2022 $ 936 2023 800 2024 683 2025 589 2026 432 Thereafter 635 Total $ 4,075 Bank Owned Life Insurance The Company has purchased life insurance policies on a select group of employees and directors. Bank owned life insurance (“BOLI”) is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Increases of the cash value of these policies, as well as insurance proceeds received, are recorded in the other noninterest income and are not FHLB Stock and Other Equity Securities The Company is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may The Company also owns equity investment in banker’s bank stock. The Company adopted ASU 2016 01 January 1, 2019, As of December 31, 2021 December 31, 2020 Stock-Based Compensation Stock option compensation expense is calculated based on the fair value of the award at the grant date for those options expected to vest and is recognized as an expense over the vesting period of the grant using the straight-line method. The Company uses the Black-Scholes option pricing model to estimate the value of granted options. This model takes into account the option exercise price, the expected life, the current price of the underlying stock, the expected volatility of the Company’s stock, expected dividends on the stock and a risk-free interest rate. The Company estimates the expected volatility based on the Company’s historical stock prices for the period corresponding to the expected life of the stock options. Restricted stock units are valued at the closing price of the Company’s stock on the date of the grant. Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards. This cost is recognized over the period which an employee is required to provide services in exchange for the award, generally defined as the vesting period. When the options are exercised, the Company’s policy is to issue new shares of stock. The Company’s accounting policy is to recognize forfeitures as they occur. Income Taxes The Company files its income taxes on a consolidated basis with its subsidiaries. The allocation of income tax expense represents each entity’s proportionate share of the consolidated provision for income taxes. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. Tax effects from an uncertain tax position are recognized in the financial statements only if, based on its merits, the position is more likely than not Retirement Plans The Company established a 401 2010. 2021, 2020 2019, Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale. Financial Instruments In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit as described in Note 13. Derivatives Interest Rate Lock Commitments 30 90 not not The FASB Accounting Standards Codification (“FASB ASC”) provides that IRLCs on mortgage loans that will be held for resale are derivatives and must be accounted for at fair value on the balance sheet (if material). FASB ASC Topic 820 not Forward Mortgage Loan Sale Contracts 815 ● They have a specified underlying (the contractually specified price for the loans) ● They have a notional amount (the committed loan principal amount) ● They require little or no ● They require or permit net settlement as the institution via a pair-off transaction or the payment of a pair-off fee. Earnings Per Share ("EPS") Basic and diluted EPS are calculated using the two two Fair Value Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Current accounting guidance establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three may Level 1: Level 2: 1 not Level 3: See Note 18 19 Operating Segments Management has determined that since generally all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment and management does not Recent Accounting Pronouncements When RBB conducted its IPO in 2017, $1.0 fifth three $1.0 1934, no December 31, 2022. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 1 2 3 4 5 December 15, 2017, 2014 09, not not 2014 09 January 1, 2019, 20 Revenue from Contracts with Customers In February 2016, 2016 02, Leases (Topic 842 not 12 December 15, 2020 December 15, 2021, January 1, 2021 In June 2016, 2016 13, 326 not 1 2 not 2016 13 2016 13 December 15, 2020. first 2016 13. 2016 13 2016 13 December 31, 2022. In February 2019, three one 2016 13. March 2020, two five 2019 19" five In January 2017, 2017 04, Intangibles—Goodwill and Other (Topic 350 2 2 not not December 31, 2022. 2017 04 not In June 2018, 2018 07, Compensation—Stock Compensation (Topic 718 718 718 718 718 not 1 2 606, December 15, 2019, December 15, 2020. January 1, 2020 not In August 2018, 2018 13, Fair Value Measurement (Topic 820 F air Value Measurement 820, 1 1 2 2 3 3 1 2 1 3 2 3 may 3 December 15, 2019. 3 January 1, 2020 not In August 2018, 2018 15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350 40 2015 05, 350 40 December 15, 2020, December 15, 2021. In November 2019, 2019 08, Compensation—Stock Compensation (Topic 718 606 June 2018, 2018 07 718, 606, not 718. 2019 08 not 2018 07, 2019 08 December 15, 2019, December 15, 2020. December 31, 2019 not not In November 2019, 2019 10, Financial Instruments—Credit Losses (Topic 326 815 842 July 2017, 2021. December 31, 2021, 9 10 At this point in time, SOFR is the alternative reference rate we plan to adopt as the replacing index rate for USD LIBOR. The Company will continue to assess the potential impact that this ASU will have on the Company’s consolidated financial statements. In January 2020, 2020 01, 321 323 815 321 not December 15, 2021, In February 2020, 2020 02, 326 842 No. 119 No. 2016 02, 842 December 31, 2022. In March 2020, 2020 03, 1 2 3 820, 4 326, 5 860 20, 326. 1, 2, 4 5 January 1, 2020. 3 2019 04. not In March 2020, 2020 04, "Reference Rate Reform (Topic 848 December 31, 2022). one may January 1, 2020. 1 March 12, 2020 ( January 1, 2020 2 3 one may March 12, 2020. not December 31, 2022. December 31, 2022. 1 2 June 30, 2023. No June 30, 2023. December 31, 2021 9 10 10 In June 2020, 2020 05, 606 842 606 842 606 842 January 1, 2021. The FASB issued ASU 2021 08, October 2021, not December 15, 2022. January 1, 2023. The FASB issued ASU2021 10 November 2021. January 1, 2022. |
Note 3 - Acquisitions
Note 3 - Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 3 Completion of Acquisition of Certain Assets and Liabilities of the Honolulu, Hawaii Branch Office of Bank of the Orient On January 14, 2022, January 14, 2022. Agreement to Acquire Gateway Bank, F.S.B. On December 28, 2021, not Gateway Bank, a commercial bank based in Oakland, California, had total assets of $172.4 million, total gross loans of $123.1 million, total deposits of $147.5 million, and total tangible equity of $15.5 million as of September 30, 2021. All regulatory applications have been filed, and we are waiting for the regulatory agencies to make a decision. PGB Holdings, Inc. Acquisition: On January 10, 2020, three not two not The following table represents the assets acquired and liabilities assumed of PGBH as of January 10, 2020 2020 PGBH Fair Value Fair (dollars in thousands) Book Value Adjustments Value Assets acquired Cash and cash equivalents $ 17,033 $ — $ 17,033 Fed funds sold 8,300 — 8,300 Interest-bearing deposits in other financial Institutions 14,186 — 14,186 Loans, gross 172,443 666 173,109 Allowance for loan losses (2,265 ) 2,265 — Bank premises and equipment 6,394 1,639 8,033 Core deposit premium — 491 491 Investment in trust 155 — 155 Other assets 1,687 (580 ) 1,107 Total assets acquired $ 217,933 $ 4,481 $ 222,414 Liabilities assumed Deposits $ 187,393 $ 969 $ 188,362 Escrow Payable 4,277 — 4,277 Subordinated debentures 5,155 (763 ) 4,392 Deferred income taxes 1,016 1,335 2,351 Other liabilities 1,211 (384 ) 827 Total liabilities assumed 199,052 1,157 200,209 Excess of assets acquired over liabilities assumed 18,881 3,324 22,205 $ 217,933 $ 4,481 Cash paid 32,885 Goodwill recognized $ 10,680 The Company accounted for this transaction under the acquisition method of accounting in accordance with ASC 805, The loan portfolio of PGBH was recorded at fair value at the date of acquisition with the assistance of a third two none, The Company also determined the fair value of the core deposit intangible, securities and deposits with the assistance of third The core deposit intangible on non-maturing deposits was determined by evaluating the underlying characteristics of the deposit relationships, including customer attrition, deposit interest rates, service charge income, overhead expense and costs of alternative funding. Since the fair value of intangible assets are calculated as if they were stand-alone assets, the presumption is that a hypothetical buyer of the intangible asset would be able to take advantage of potential tax benefits resulting from the asset purchase. The value of the benefit is the present value over the period of the tax benefit, using the discount rate applicable to the asset. In determining the fair value of certificates of deposit, a discounted cash flow analysis was used, which involved present valuing the contractual payments over the remaining life of the certificates of deposit at market-based interest rates. For loans acquired from PGBH, the contractual amounts due, expected cash flows to be collected, interest component and fair value as of the respective acquisition dates were as follows (dollars in thousands): (dollars in thousands) PGBH Acquired Loans Contractual amounts due $ 195,227 Cash flows not expected to be collected 5,176 Expected cash flows 190,051 Interest component of expected cash flows 16,942 Fair value of acquired loans $ 173,109 The operating results of the Company for the year ended December 31, 2020 January 1, 2020. no Twelve months ended (dollars in thousands) December 31, 2021 December 31, 2020 Net interest and other income $ 143,088 $ 119,029 Net income 56,906 31,762 Basic earnings per share 2.92 1.61 Diluted earnings per share 2.86 1.59 Third-party acquisition related expenses are recognized as incurred and continue until the acquired system is converted and operational functions become fully integrated. The Company incurred third |
Note 4 - Investment Securities
Note 4 - Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 4 The following table summarizes the amortized cost and fair value of available for sale (“AFS”) securities and held to maturity (“HTM”) securities at December 31, 2021 2020 Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value Available for sale Government agency securities $ 5,689 $ 4 $ (83 ) $ 5,610 SBA agency securities 3,351 118 — 3,469 Mortgage-backed securities- Government sponsored agencies 55,534 31 (540 ) 55,025 Collateralized mortgage obligations 121,377 128 (1,994 ) 119,511 Commercial paper 129,962 — (36 ) 129,926 Corporate debt securities 41,999 460 (254 ) 42,205 Municipal securities 12,701 — (187 ) 12,514 Total $ 370,613 $ 741 $ (3,094 ) $ 368,260 Held to maturity Municipal taxable securities $ 1,506 $ 77 $ — $ 1,583 Municipal securities 4,746 248 — 4,994 Total $ 6,252 $ 325 $ — $ 6,577 Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2020 Cost Gains Losses Value Available for sale Government agency securities $ 1,257 $ 37 $ — $ 1,294 SBA agency securities 4,125 269 — 4,394 Mortgage-backed securities- Government sponsored agencies 17,415 270 (8 ) 17,677 Collateralized mortgage obligations 48,476 491 (93 ) 48,874 Commercial paper 102,462 — (14 ) 102,448 Corporate debt securities 33,907 662 (6 ) 34,563 Municipal securities 1,621 2 (6 ) 1,617 Total $ 209,263 $ 1,731 $ (127 ) $ 210,867 Held to maturity Municipal taxable securities $ 2,407 $ 139 $ — $ 2,546 Municipal securities 4,767 290 — 5,057 Total $ 7,174 $ 429 $ — $ 7,603 There was no sale of investment securities during the twelve December 31, 2021. twelve December 31, 2020 2019, December 31, 2021. December 31, 2020 2019, One security with a fair value of $117,000 and $320,000 was pledged to secure a local agency deposit at December 31, 2021 2020, The amortized cost and fair value of the investment securities portfolio as of December 31, 2021 may Less than One Year More than One Year to Five Years More than Five Years to Ten Years More than Ten Years Total Amortized Estimated Amortized Estimated Amortized Estimated Amortized Estimated Amortized Estimated (dollars in thousands) Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value December 31, 2021 Government agency securities $ — $ — $ 5,689 $ 5,610 $ — $ — $ — $ — $ 5,689 $ 5,610 SBA securities — — 1,551 1,582 1,800 1,887 — — 3,351 3,469 Mortgage-backed securities- Government sponsored agencies 5,001 4,998 35,254 35,000 15,279 15,027 — — 55,534 55,025 Collateralized mortgage obligations 117 117 78,021 76,496 43,239 42,898 — — 121,377 119,511 Commercial paper 129,962 129,926 — — — — — — 129,962 129,926 Corporate debt securities 7,999 8,007 8,389 8,633 22,927 22,931 2,684 2,634 41,999 42,205 Municipal securities — — — — — — 12,701 12,514 12,701 12,514 Total available for sale $ 143,079 $ 143,048 $ 128,904 $ 127,321 $ 83,245 $ 82,743 $ 15,385 $ 15,148 $ 370,613 $ 368,260 Municipal taxable securities $ 500 $ 502 $ 1,006 $ 1,081 $ — $ — $ — $ — $ 1,506 $ 1,583 Municipal securities — — — — 1,743 1,818 3,003 3,176 4,746 4,994 Total held to maturity $ 500 $ 502 $ 1,006 $ 1,081 $ 1,743 $ 1,818 $ 3,003 $ 3,176 $ 6,252 $ 6,577 (dollars in thousands) December 31, 2020 Government agency securities $ — $ — $ 1,257 $ 1,294 $ — $ — $ — $ — $ 1,257 $ 1,294 SBA securities — — 595 625 3,530 3,769 — — 4,125 4,394 Mortgage-backed securities- Government sponsored agencies 7,992 7,987 9,423 9,690 — — — — 17,415 17,677 Collateralized mortgage obligations — — 11,911 12,258 36,565 36,616 — — 48,476 48,874 Commercial paper 102,462 102,448 — — — — — — 102,462 102,448 Corporate debt securities 4,991 5,029 11,683 11,740 13,233 13,743 4,000 4,051 33,907 34,563 Municipal securities — — — — — — 1,621 1,617 1,621 1,617 Total available for sale $ 115,445 $ 115,464 $ 34,869 $ 35,607 $ 53,328 $ 54,128 $ 5,621 $ 5,668 $ 209,263 $ 210,867 Municipal taxable securities $ 899 $ 910 $ 1,508 $ 1,636 $ — $ — $ — $ — $ 2,407 $ 2,546 Municipal securities — — — — 874 925 3,893 4,132 4,767 5,057 Total held to maturity $ 899 $ 910 $ 1,508 $ 1,636 $ 874 $ 925 $ 3,893 $ 4,132 $ 7,174 $ 7,603 The following table summarizes investment securities with unrealized losses at December 31, 2021 December 31, 2020 Less than Twelve Months Twelve Months or More Total (dollars in thousands) Unrealized Losses Estimated Fair Value No. of Issuances Unrealized Losses Estimated Fair Value No. of Issuances Unrealized Losses Estimated Fair Value No. of Issuances December 31, 2021 Government agency securities $ (83 ) $ 4,860 1 $ — $ — — $ (83 ) $ 4,860 1 Mortgage-backed securities- Government sponsored agencies (536 ) 44,009 12 (4 ) 9,974 2 (540 ) 53,983 14 Collateralized mortgage obligations (1,916 ) 79,851 23 (78 ) 17,782 4 (1,994 ) 97,633 27 Commercial paper (36 ) 129,926 19 — — — (36 ) 129,926 19 Corporate debt securities (254 ) 13,208 12 — — — (254 ) 13,208 12 Municipal securities (160 ) 11,447 9 (27 ) 1,067 2 (187 ) 12,514 11 Total available for sale $ (2,985 ) $ 283,301 76 $ (109 ) $ 28,823 8 $ (3,094 ) $ 312,124 84 Less than Twelve Months Twelve Months or More Total (dollars in thousands) Unrealized Losses Estimated Fair Value No. of Issuances Unrealized Losses Estimated Fair Value No. of Issuances Unrealized Losses Estimated Fair Value No. of Issuances December 31, 2020 Mortgage-backed securities- Government sponsored agencies $ (8 ) $ 12,982 3 $ — $ — — $ (8 ) $ 12,982 3 Collateralized mortgage obligations (93 ) 28,521 6 — — — (93 ) 28,521 6 Commercial paper (14 ) 16,982 4 — — — (14 ) 16,982 4 Corporate debt securities (6 ) 994 2 — — — (6 ) 994 2 Municipal securities (6 ) 1,092 2 — — — (6 ) 1,092 2 Total available for sale $ (127 ) $ 60,571 17 $ — $ — — $ (127 ) $ 60,571 17 Unrealized losses have not not not not Management evaluates securities for other-than-temporary impairment (“OTTI”) on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not |
Note 5 - Loans
Note 5 - Loans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 5 The Company's loan portfolio consists primarily of loans to borrowers within the Los Angeles, California metropolitan area, the New York City metropolitan area, Chicago, Illinois metropolitan area and Las Vegas, Nevada. Although the Company seeks to avoid concentrations of loans to a single industry or based upon a single class of collateral, real estate and real estate associated businesses are among the principal industries in the Company's market area and, as a result, the Company's loan and collateral portfolios are, to some degree, concentrated in those industries. A summary of the changes in the allowance for loan losses as of December 31 (dollars in thousands) 2021 2020 2019 Allowance for loan losses: Beginning balance $ 29,337 $ 18,816 $ 17,577 Additions to the allowance charged to expense 3,959 11,823 2,390 Recoveries on loans charged-off 243 1 108 Less loans charged-off (627 ) (1,303 ) (1,259 ) Ending balance $ 32,912 $ 29,337 $ 18,816 The following table presents the recorded investment in loans and impairment method as of December 31, 2021, 2020 2019 (dollars in thousands) December 31, 2021 Real Estate Commercial Other Total Allowance for loan losses: Beginning of year $ 24,677 $ 4,617 $ 43 $ 29,337 Provisions 3,982 (480 ) 457 3,959 Charge-offs (67 ) (501 ) (59 ) (627 ) Recoveries — 157 86 243 $ 28,592 $ 3,793 $ 527 $ 32,912 Reserves: Specific $ — $ 30 $ — $ 30 General 28,592 3,763 527 32,882 Total allowance for loan losses $ 28,592 $ 3,793 $ 527 $ 32,912 Loans evaluated for impairment: Individually $ 10,340 $ 10,385 $ — $ 20,725 Collectively 2,545,379 334,460 30,786 2,910,625 Total loans, net of deferred loan fees and unaccreted discount on acquired loans $ 2,555,719 $ 344,845 $ 30,786 $ 2,931,350 December 31, 2020 Real Estate Commercial Other Unallocated Total Allowance for loan losses: Beginning of year $ 15,118 $ 3,588 $ 9 $ 101 $ 18,816 Provisions 9,559 2,286 79 (101 ) 11,823 Charge-offs — (1,258 ) (45 ) — (1,303 ) Recoveries — 1 — — 1 $ 24,677 $ 4,617 $ 43 $ — $ 29,337 Reserves: Specific $ — $ 525 $ — $ — $ 525 General 24,677 4,092 43 — 28,812 Total allowance for loan losses $ 24,677 $ 4,617 $ 43 $ — $ 29,337 Loans evaluated for impairment: Individually $ 10,514 $ 9,025 $ 15 $ — $ 19,554 Collectively 2,304,203 378,935 4,074 — 2,687,212 Total loans, net of deferred loan fees and unaccreted discount on acquired loans $ 2,314,717 $ 387,960 $ 4,089 $ — $ 2,706,766 December 31, 2019 Real Estate Commercial Other Unallocated Total Allowance for loan losses: Beginning of year $ 13,437 $ 4,140 $ — $ — $ 17,577 Provisions 1,847 433 9 101 2,390 Charge-offs (166 ) (1,093 ) — — (1,259 ) Recoveries — 108 — — 108 $ 15,118 $ 3,588 $ 9 $ 101 $ 18,816 Reserves: Specific $ — $ — $ — $ — $ — General 15,118 3,588 9 101 18,816 Total allowance for loan losses $ 15,118 $ 3,588 $ 9 $ 101 $ 18,816 Loans evaluated for impairment: Individually $ 3,795 $ 9,423 $ — $ — $ 13,218 Collectively 1,842,747 340,148 821 — 2,183,716 Total loans, net of deferred loan fees and unaccreted discount on acquired loans $ 1,846,542 $ 349,571 $ 821 $ — $ 2,196,934 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis typically includes larger, non-homogeneous loans such as commercial real estate and commercial and industrial loans. This analysis is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings: Pass not Special Mention may Substandard not Impaired The risk category of loans by class of loans was as follows as of December 31, 2021 2020 (dollars in thousands) Special December 31, 2021 Pass Mention Substandard Impaired Total Real estate: Construction and land development $ 299,333 $ 3,662 $ — $ 149 $ 303,144 Commercial real estate 1,184,889 2,006 55,104 6,000 1,247,999 Single-family residential mortgages 1,000,385 — — 4,191 1,004,576 Commercial: Commercial and industrial 255,439 — 9,148 4,122 268,709 SBA 62,300 1,303 6,270 6,263 76,136 Other: 30,786 — — — 30,786 $ 2,833,132 $ 6,971 $ 70,522 $ 20,725 $ 2,931,350 (dollars in thousands) Special December 31, 2020 Pass Mention Substandard Impaired Total Real estate: Construction and land development $ 186,550 $ — $ — $ 173 $ 186,723 Commercial real estate 947,643 756 52,611 2,627 1,003,637 Single-family residential mortgages 1,113,814 2,436 393 7,714 1,124,357 Commercial: Commercial and industrial 278,357 999 8,620 2,163 290,139 SBA 86,573 186 4,200 6,862 97,821 Other: 4,074 — — 15 4,089 $ 2,617,011 $ 4,377 $ 65,824 $ 19,554 $ 2,706,766 The following table presents the aging of the recorded investment in past-due loans as of December 31, 2021 2020 (dollars in thousands) 30 59 60 89 90 Days Total Loans Not Non-Accrual December 31, 2021 Days Days Or More Past Due Past Due Total Loans Loans (1) Real estate: Construction and land development $ — $ — $ 149 $ 149 $ 302,995 $ 303,144 $ 149 Commercial real estate 1,914 3,002 667 5,583 1,242,416 1,247,999 4,672 Single-family residential mortgages 10,554 2,238 2,680 15,472 989,104 1,004,576 4,191 Commercial: Commercial and industrial 1,575 — 3,689 5,264 263,445 268,709 3,712 SBA — 1,733 4,839 6,572 69,564 76,136 6,263 Other: 57 7 — 64 30,722 30,786 — $ 14,100 $ 6,980 $ 12,024 $ 33,104 $ 2,898,246 $ 2,931,350 $ 18,987 Real estate: Single-family residential mortgages held for sale $ — $ — $ — $ — $ 5,957 $ 5,957 $ — ________________ ( 1 Included in total loans (dollars in thousands) 30 59 60 89 90 Days Total Loans Not Non- Accrual December 31, 2020 Days Days Or More Past Due Past Due Total Loans Loans (1) Real estate: Construction and land development $ — $ — $ 173 $ 173 $ 186,550 $ 186,723 $ 173 Commercial real estate 449 10 1,136 1,595 1,002,042 1,003,637 1,193 Single-family residential mortgages 4,219 4,859 6,008 15,086 1,109,271 1,124,357 7,714 Commercial: Commercial and industrial — — 987 987 289,152 290,139 1,661 SBA — 33 6,828 6,861 90,960 97,821 6,828 Other 42 — 15 57 4,032 4,089 15 $ 4,710 $ 4,902 $ 15,147 $ 24,759 $ 2,682,007 $ 2,706,766 $ 17,584 Real estate: Single-family residential mortgages held for sale $ — $ — $ — $ — $ 49,963 $ 49,963 $ — ( 1 Included in total loans The Company has no 90 December 31, 2021 December 31, 2020. Information relating to individually impaired loans presented by class of loans was as follows as of December 31, 2021, 2020 2019 Unpaid (dollars in thousands) Principal Recorded Average Interest Related December 31, 2021 Balance Investment Balance Income Allowance With no related allowance recorded Construction and land development $ 173 $ 149 $ 292 $ — $ — Commercial and industrial 4,096 4,096 4,390 27 — Commercial real estate 6,059 6,000 6,163 132 — Single-family residential mortgage loans 4,365 4,191 4,486 — — Commercial - SBA 6,274 6,245 11,589 — — With related allowance recorded Commercial and industrial 27 26 34 — 27 Commercial-SBA 18 18 26 — 3 Total $ 21,012 $ 20,725 $ 26,980 $ 159 $ 30 Unpaid (dollars in thousands) Principal Recorded Average Interest Related December 31, 2020 Balance Investment Balance Income Allowance With no related allowance recorded Construction and land development $ 173 $ 173 $ 173 $ — $ — Commercial and industrial 1,710 1,662 1,819 31 Commercial real estate 2,633 2,627 2,724 136 — Residential mortgage loans 7,839 7,714 7,934 — — Commercial - SBA 6,828 6,829 9,928 — — Other 15 15 15 — — With related allowance recorded Commercial and industrial 520 501 563 — 520 Commercial-SBA 33 33 40 3 5 Total $ 19,751 $ 19,554 $ 23,196 $ 170 $ 525 Unpaid Principal Recorded Average Interest Related December 31, 2019 Balance Investment Balance Income Allowance With no related allowance recorded Construction and land development $ 264 $ 264 $ 271 $ 24 $ — Commercial real estate 2,198 2,197 2,384 100 — Residential mortgage loans 1,349 1,334 1,351 — — Commercial - SBA 9,423 9,423 10,791 4 — With related allowance recorded Commercial real estate — — — — — Commercial-SBA — — — — — Total $ 13,234 $ 13,218 $ 14,797 $ 128 $ — No interest income was recognized on a cash basis as of December 31, 2021 2020 not December 31, 2021 December 31, 2020 December 31, 2021 2020 The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), signed into law on March 27, 2020, 19 March 1, 2020 December 31, 2020 60 not 30 December 31, 2019. 19 19 The Company identified nine loans as TDRs at December 31, 2021 six December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 no December 31, 2021 2020 no twelve During the year ended December 31, 2021 six nine 2021 2020 The following table presents loans by class modified as TDR's that occurred during the years ended December 31, 2021 2020 2019: December 31, 2021 2020 2019 Pre- Post- Pre- Post- Pre- Post- Modification Modification Modification Modification Modification Modification (dollars in thousands) Number of Recorded Recorded Number of Recorded Recorded Number of Recorded Recorded Loans Investment Investment Loans Investment Investment Loans Investment Investment SBA 1 $ 1,090 $ 1,090 — $ — $ — — $ — $ — Commercial real estate 2 284 284 3 1,719 1,719 1 476 476 Construction and land development 1 165 165 — — — — — — SFR 1 156 156 — — — — — — Total 5 $ 1,695 $ 1,695 3 $ 1,719 $ 1,719 1 $ 476 $ 476 There were five and three non-accrual loans defaults of TDR’s in 2021 2020 twelve In the past the Company has purchased loans as part of its whole bank acquisitions, for which there was at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not |
Note 6 - Loan Servicing
Note 6 - Loan Servicing | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loan Servicing [Text Block] | NOTE 6 Mortgage and SBA loans serviced for others are not December 31, 2021 2020 December 31, December 31, (dollars in thousands) 2021 2020 Loans serviced for others: Mortgage loans $ 1,308,672 $ 1,512,969 SBA loans 138,173 156,222 Commercial real estate loans 4,070 4,145 Estimates of the loan servicing asset fair value are derived through a discounted cash flow analysis. Portfolio characteristics include loan delinquency rates, age of loans, note rate and geography. The assumptions embedded in the valuation are obtained from a range of metrics utilized by active buyers in the market place. The analysis accounts for recent transactions, and supply and demand within the market. Servicing fees net of servicing asset amortization totaled $684,000, $2.1 million and $3.4 million for the twelve December 31, 2021, 2020 2019, December 31, 2021 2020, When mortgage and SBA loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no may twelve December 31, 2021 Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal. The amortization of mortgage servicing rights is netted against loan servicing fee income. 2021 2020 2019 Mortgage SBA Mortgage SBA Mortgage SBA (dollars in thousands) Loans Loans Loans Loans Loans Loans Servicing assets: Beginning of period $ 10,529 $ 3,436 $ 12,997 $ 4,086 $ 12,858 $ 4,512 Additions 1,920 441 1,422 293 2,088 980 Disposals (2,129 ) (646 ) (1,513 ) (401 ) (128 ) (708 ) Amortized to expense (1,988 ) (462 ) (1,960 ) (542 ) (1,821 ) (698 ) Impairment 416 — (417 ) — — — End of period $ 8,748 $ 2,769 $ 10,529 $ 3,436 $ 12,997 $ 4,086 The fair value of servicing assets for mortgage loans was $15.4 million and $10.7 million as of December 31, 2021 2020 December 31, 2021 December 31, 2020 The fair value of servicing assets for SBA loans was $4.1 million and $5.0 million as of December 31, 2021 2020 December 31, 2021 December 31, 2020 |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 A summary of premises and equipment as of December 31 (dollars in thousands) 2021 2020 Land $ 9,066 $ 9,066 Building and improvements 15,265 15,040 Furniture, fixtures, and equipment 7,575 6,772 Leasehold improvements 6,455 5,315 38,361 36,193 Less accumulated depreciation and amortization (11,629 ) (9,773 ) Construction in progress 467 683 $ 27,199 $ 27,103 Depreciation and leasehold amortization expense was $1.9 million, $2.0 million, and $1.9 million for 2021 2020 2019 The Company leases several of its operating facilities under various noncancellable operating leases expiring at various dates through 2036. Future minimum rent payments on the Company's leases were as follows as of December 31, 2021 (dollars in thousands) As of December 31, 2021: 2022 $ 4,490 2023 3,931 2024 2,872 2025 2,724 2026 2,704 Thereafter 6,875 Total $ 23,596 The minimum rent payments shown above are given for the existing lease obligations and are not 2021, 2020, 2019, In July 2020, August 1, 2020, December 24, 2021. January 2020, November 2020. March 2019, January 2021. 2021 2020, |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 8 At December 31, 2021 (dollars in thousands) December 31, 2021 One year $ 1,119,404 Two to three years 44,612 Over three years 2,422 Total $ 1,166,439 Brokered time deposits were $2.4 million at December 31, 2021 December 31, 2020 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 9 - LONG-TERM DEBT In March 2016, March 31, 2026. March 31, 2021 3 March 31, 2021. 100% March 31, 2021. In November 2018, December 1, 2028. December 1, 2023 3 December 1, 2023. 2 one In March 2021, April 1, 2031. April 1, 2026 three April 1, 2026. 2 At December 31, 2021 2020 December 31, December 31, (dollars in thousands) 2021 2020 Principal $ 175,000 $ 105,000 Unamortized debt issuance costs $ 1,993 $ 609 The following table presents interest and amortization expense the Company incurred for the year ended December 31, 2021 2020 For the Year Ended December 31, (dollars in thousands) 2021 2020 Interest Expense: Interest $ 7,878 $ 6,649 Amortization 525 342 The British banking regulators have announced plans to eliminate the LIBOR rate before this long-term debt and subordinated debentures mature. For these subordinated debentures, there are provisions for amendments to establish a new interest rate benchmark. At this point in time, SOFR is the alternative reference rate we plan to adopt as the replacing index rate for USD LIBOR. |
Note 10 - Subordinated Debentur
Note 10 - Subordinated Debentures | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 10 SUBORDINATED DEBENTURES The Company, through the acquisition of TFC Bancorp in 2016, not not may March 15, 2012, March 15, 2037. not five may three December 31, 2021 December 31, 2020 In October 2018, December 2004. thirty not five three December 15, 2034. December 31, 2021 December 31, 2020 In January 2020, December 2004. not five three December 15, 2034. December 31, 2021 December 31, 2020 The Company paid interest expenses of $377,000 in 2021 2020 2019 2021 2020 2019 For regulatory reporting purposes, the Federal Reserve Board has indicated that the capital securities qualify as Tier I capital of the Company subject to previously specified limitations, until further notice. If regulators make a determination that the capital securities can no may In July 2017, 2021, |
Note 11 - Borrowing Arrangement
Note 11 - Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 11 The Company has established secured and unsecured lines of credit. The Company may Federal Funds Arrangements with Commercial Bank December 31, 2021 may Letter of Credit Arrangements. December 31, 2021 FRB Secured Line of Credit. December 31, 2021 FHLB Secured Line of Credit. December 31, 2021 FHLB Advances. December 31, 2021 five December 31, 2021. twelve December 31, 2021, 2020 2019 December 31, 2021 2025. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 12 The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Income tax expense consists of the following: (dollars in thousands) 2021 2020 2019 Current: Federal $ 15,000 $ 9,948 $ 8,074 State 9,087 6,602 5,614 24,087 16,550 13,688 Deferred (1,093 ) (2,998 ) 1,503 Deferred tax adjustment for change in tax rate — — 21 Amortization of investment in affordable housing tax credits 1,037 979 900 $ 24,031 $ 14,531 $ 16,112 A comparison of the federal statutory income tax rates to the Company's effective income tax rates as of December 31 2021 2020 2019 (dollars in thousands) Amount Rate Amount Rate Amount Rate Statutory federal tax $ 16,997 21.0 % $ 9,966 21.0 % $ 11,617 21.0 % State franchise tax, net of federal benefit 7,182 8.9 % 4,024 8.5 % 5,322 9.6 % Tax-exempt income (285 ) -0.4 % (192 ) -0.4 % (25 ) 0.0 % Tax impact from change in tax rate (59 ) -0.1 % 68 0.1 % 17 0.0 % Stock-based compensation (404 ) -0.5 % 123 0.3 % (27 ) 0.0 % Other items, net 600 0.7 % 542 1.1 % (792 ) -1.4 % Actual tax expense $ 24,031 29.6 % $ 14,531 30.6 % $ 16,112 29.2 % Deferred taxes are a result of differences between income tax accounting and generally accepted accounting principles with respect to income and expense recognition. The following is a summary of the components of the net deferred tax asset accounts recognized in the accompanying balance sheets as of December 31: (dollars in thousands) 2021 2020 Deferred tax assets: Pre-opening expenses $ 64 $ 242 Allowance for loan losses 9,735 8,575 Stock-based compensation 781 1,074 Off balance sheet reserve 367 425 Operating loss carryforwards 606 1,196 Unrealized loss on AFS securities 718 — Lease liability 7,106 — Mark to market on held for sale mortgage loans 74 486 State tax 1,967 1,473 Other 797 403 22,215 13,874 Deferred tax liabilities: Depreciation (1,441 ) (1,212 ) Deferred loan costs (2,598 ) (2,482 ) Unrealized gain on AFS securities — (497 ) Acquisition accounting fair value adjustments (3,348 ) (3,584 ) Mortgage servicing rights (2,667 ) (3,204 ) Right of use asset (6,853 ) — Other (453 ) (348 ) (17,360 ) (11,327 ) Net deferred tax assets $ 4,855 $ 2,547 At December 31, 2021 not 2028. 382 not On March 27, 2020, 19 100% 2021. 2018, 2019, 2020 five December 27, 2020, 2021 December 31, 2021, not 2018 2020 The Company is subject to federal income tax and state tax laws of California, New York and Illinois. Income tax returns for the years ended after December 31, 2017 December 31, 2016 December 1, 2020. 2020 December 31, 2021. There were no December 31, 2021, 2020 2019 December 31, 2021 no |
Note 13 - Commitments
Note 13 - Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | NOTE 13 In the ordinary course of business, the Company enters into financial commitments to meet the financing needs of its customers. These financial commitments include commitments to extend credit, unused lines of credit, commercial and similar letters of credit and standby letters of credit. Those instruments involve to varying degrees, elements of credit and interest rate risk not The Company's exposure to loan loss in the event of nonperformance on these financial commitments is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for loans reflected in the financial statements. As of December 31, 2021 2020 2021 2020 Fixed Variable Fixed Variable (dollars in thousands) Rate Rate Rate Rate Commitments to make loans $ 1,474 $ 200,814 $ 7 $ 281,489 Unused lines of credit 22,777 229,154 57,437 211,192 Commercial and similar letters of credit 1,214 — 8,284 — Standby letters of credit 2,042 2,686 1,455 2,576 Total $ 27,507 $ 432,654 $ 67,183 $ 495,257 Commitments to extend credit are agreements to lend to a customer as long as there is no not The Company is involved in various matters of litigation which have arisen in the ordinary course of business and accruals for estimates of potential losses have been provided when necessary and appropriate under generally accepted accounting principles. In the opinion of management, the disposition of such pending litigation will not |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 14 On January 1, 2021, 2016 02, 842 not not not The Company determines if a contract arrangement is a lease at inception and primarily enters into operating lease contracts for its branch locations, office space, and certain equipment. As part of its property lease agreements, the Company may not not December 31, 2021. The ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The Company uses its incremental borrowing rate to determine the present value of its lease liabilities. The Company leases several of its operating facilities under various non-cancellable operating leases expiring at various dates through 2036. Future minimum rent payments on the Company’s leases were as follows at December 31, 2021: (dollars in thousands) As of December 31, 2021: 2022 $ 4,490 2023 3,931 2024 2,872 2025 2,724 2026 2,704 Thereafter 6,875 Total $ 23,596 Less amount of payment representing interest (314 ) Total present value of lease payments $ 23,282 The minimum rent payments shown above are given for the existing lease obligation and are not twelve December 31, 2021 2020, twelve December 31, 2021 2020, The following table presents the operating lease related assets and liabilities recorded on the Consolidated Balance Sheet, and the weighted-average remaining lease terms and discount rates as of December 31, 2021 January 1, 2021 : December 31, January 1, (dollars in thousands) 2021 2021 Operating Leases ROU assets $ 22,454 $ 26,770 Lease liabilities 23,282 27,412 Weighted-average remaining lease term (in years) 6.84 7.38 Weighted-average discount rate 1.01 % 0.94 % |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 15 Loans to principal officers, directors, and their affiliates were as follows: December 31, December 31, (dollars in thousands) 2021 2020 Beginning balance $ 1,243 $ 4,000 New loans and advances 10,292 11,498 Repayments (3,094 ) $ (14,255 ) Ending balance $ 8,441 $ 1,243 Outstanding loan commitments to executive officers, directors and their related interests with whom they are associated were $0 and $2 million as of December 31, 2021 2020 Deposits from principal officers, directors, and their affiliates at December 31, 2021 2020 Several directors and their affiliates own $8.1 million of RBB subordinated debentures as of December 31, 2021. |
Note 16 - Stock Option Plan
Note 16 - Stock Option Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 16 - STOCK OPTION PLAN Under the terms of the Company's 2017 may not may not no ten three At December 31, 2021 2017 The Company recognized total stock-based compensation expense of $1.1 million, $686,000, and $689,000 in 2021, 2020 2019 The recorded compensation expense for stock option was $485,000, $260,000, and $152,000 and the Company recognized income tax benefit of $873,000, $26,000, and $78,000 for the twelve December 31, 2021, 2020, 2019, December 31, 2021, 2020, 2019, December 31, 2021. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions presented below for 2021, 2020 2019 July 2021 January 2021 July 2020 January 2020 January 2019 Expected volatility 31.6 % 30.8 % 31.8 % 28.5 % 35.0 % Expected term (years) 6.0 years 6.0 years 6.0 years 6.0 years 6.0 years Expected dividends 1.98 % 1.86 % 2.48 % 1.99 % 1.90 % Risk free rate 0.48 % 0.26 % 0.29 % 1.31 % 2.66 % Grant date fair value $ 5.69 $ 4.14 $ 2.97 $ 4.61 $ 6.32 The expected volatility was based on the historical volatility of the Company stock trading history. The expected term represents the estimated average period of time that the options remain outstanding. The expected term represents the estimated average period of time that the options remain outstanding. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding. The risk free rate of return reflects the grant date interest rate offered for zero A summary of the status of the Company's stock option plan as of December 31, 2021 Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic (dollars in thousands, except for share amounts) Shares Price Term in years Value Outstanding at beginning of year 1,097,470 $ 13.30 Granted 150,000 18.34 Exercised (302,744 ) 11.48 Forfeited/cancelled (808 ) 11.15 Outstanding at end of period 943,918 $ 14.66 4.04 $ 10,895 Options exercisable 706,418 $ 13.59 2.46 $ 8,909 The Company granted restricted stock for 60,000 shares at a closing price of $17.74 in 2021. no 2020 2019. three January 21, 2021 December 31, 2021, The recorded compensation expense for restricted stock was $602,000, $425,000, and $425,000 for the twelve December 31, 2021, 2020, 2019, December 31, 2021, 2020, 2019, December 31, 2021, The following table presents restricted stock activity during the twelve December 31, 2021. Weighted- Average Grant Date (dollars in thousands, except for share amounts) Shares Fair Value Outstanding at beginning of year 14,475 $ 29.38 Granted 60,000 17.74 Vested (14,475 ) (29.38 ) Outstanding at end of period 60,000 $ 17.74 The total fair value of the shares vested was $1.2 million, $300,000, and $460,000 in 2021, 2020, 2019, December 31, 2021, 2020 2019. Cash received from the exercise of 302,744 share options was $3.5 million for the period ended December 31, 2021. December 31, 2020. December 31, 2019. 2021, 2020, 2019. |
Note 17 - Regulatory Matters
Note 17 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 17 Holding companies (with assets over $3 billion at the beginning of the year) and banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory - and possibly additional discretionary - actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. In July, 2013, January 1, 2015, 1 "CET1" 1 three CET1, 1, January 1, 2016 four January 1, January 1, 2019). Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank's assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total, Tier 1 CET1 1 not December 31, 2021 December 31, 2020 As of December 31, 2021 2020 no The following table sets forth RBB Bancorp's consolidated and the Bank's actual capital amounts and ratios and related regulatory requirements for the Bank as of December 31, 2021 Amount of Capital Required To Be Well-Capitalized Minimum Required for Under Prompt Corrective Actual Capital Adequacy Purposes Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: Tier 1 Leverage Ratio Consolidated $ 410,134 10.21 % $ 160,642 4.0 % $ 200,803 5.0 % Bank 499,325 12.45 % 160,418 4.0 % 200,523 5.0 % Common Equity Tier 1 Risk-Based Capital Ratio Consolidated $ 395,632 14.86 % $ 119,841 4.5 % $ 173,104 6.5 % Bank 499,325 18.80 % 119,550 4.5 % 172,684 6.5 % Tier 1 Risk-Based Capital Ratio Consolidated $ 410,134 15.40 % $ 159,788 6.0 % $ 213,051 8.0 % Bank 499,325 18.80 % 159,401 6.0 % 212,534 8.0 % Total Risk-Based Capital Ratio Consolidated $ 616,440 23.15 % $ 213,051 8.0 % $ 266,314 10.0 % Bank 532,544 20.05 % 212,534 8.0 % 265,668 10.0 % The following table sets forth RBB Bancorp's consolidated and the Bank's actual capital amounts and ratios and related regulatory requirements for the Bank as of December 31, 2020 Amount of Capital Required To Be Well-Capitalized Minimum Required for Under Prompt Corrective Actual Capital Adequacy Purposes Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020: Tier 1 Leverage Ratio Consolidated $ 368,413 11.32 % $ 130,219 4.0 % $ 162,774 5.0 % Bank 458,614 14.11 % 129,989 4.0 % 162,487 5.0 % Common Equity Tier 1 Risk Based Capital Ratio Consolidated $ 354,130 14.62 % $ 109,021 4.5 % $ 157,474 6.5 % Bank 458,614 18.94 % 108,966 4.5 % 157,395 6.5 % Tier 1 Risk-Based Capital Ratio Consolidated $ 368,413 15.21 % $ 145,361 6.0 % $ 193,814 8.0 % Bank 458,614 18.94 % 145,288 6.0 % 193,717 8.0 % Total Risk-Based Capital Ratio Consolidated $ 503,093 20.77 % $ 193,814 8.0 % $ 242,268 10.0 % Bank 488,888 20.19 % 193,717 8.0 % 242,146 10.0 % The California Financial Code generally acts to prohibit banks from making a cash distribution to its shareholders in excess of the lesser of the bank's undivided profits or the bank's net income for its last three The California general corporation law generally acts to prohibit companies from paying dividends on common stock unless its retained earnings, immediately prior to the dividend payment, equals or exceeds the amount of the dividend. If a company fails this test, then it may Additionally, the Federal Reserve Bank has issued guidance which requires that they be consulted before payment of a dividend if a bank holding company does not four |
Note 18 - Fair Value Measuremen
Note 18 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 18 The following is a description of valuation methodologies used for assets and liabilities recorded at fair value: Securities: 1 2 Other Real Estate Owned third 3 Appraisals for other real estate owned are performed by state licensed appraisers (for commercial properties) or state certified appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. When a Notice of Default is recorded, an appraisal report is ordered. Once received, a member of the credit administration department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison to independent data sources such as recent market data or industry wide-statistics for residential appraisals. Commercial appraisals are sent to an independent third twelve No December 31, 2021. Collateral-dependent impaired loans Off-Balance-Sheet Financial Instruments: 3 Fair value was estimated in accordance with ASC Topic 825. no The following table provides the hierarchy and fair value for each major category of assets and liabilities measured at fair value at December 31, 2021 2020 (dollars in thousands) Fair Value Measurements Using: December 31, 2021 Level 1 Level 2 Level 3 Total Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ — $ 5,610 $ — $ 5,610 SBA agency securities — 3,469 — 3,469 Mortgage-backed securities — 55,025 — 55,025 Collateralized mortgage obligations — 119,511 — 119,511 Commercial paper — 129,926 — 129,926 Corporate debt securities — 42,205 — 42,205 Municipal securities — 12,514 — 12,514 Interest Rate Lock Contracts — — 141 141 Forward Mortgage Loan Sale Contracts — — 124 124 $ — $ 368,260 $ 265 $ 368,525 On a non-recurring basis: Other real estate owned $ — $ — $ 293 $ 293 December 31, 2020 Level 1 Level 2 Level 3 Total Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ — $ 1,294 $ — $ 1,294 SBA agency securities — 4,394 — 4,394 Mortgage-backed securities — 17,677 — 17,677 Collateralized mortgage obligations — 48,874 — 48,874 Commercial paper — 102,448 — 102,448 Corporate debt securities — 34,563 — 34,563 Municipal securities — 1,617 — 1,617 Interest Rate Lock Contracts — — 45 45 Forward Mortgage Loan Sale Contracts — — 214 214 $ — $ 210,867 $ 259 $ 211,126 On a non-recurring basis: Other real estate owned $ — $ — $ 293 $ 293 Quantitative information about the Company's recurring Level 3 December 31, 2021 2020 At December 31, 2020, December 31, 2020, first six 2021 one 2021. December 31, 2021. The fair value measurement of IRLCs and FMLSCs were primarily based on the buy price from borrowers ranging from 96 to 100, the sale price to Fannie Mae ranging from 99 to 104, and the significant unobservable inputs using margin cost rate from 1.50% to 2.00%. Quantitative information about the Company's non-recurring Level 3 December 31, 2021 2020 OREO consists of one December 31, 2021 December 31, 2020. third No write-downs to OREO were recorded in 2021 2020 Quantitative information about the Company's recurring Level 3 December 31, 2021 2020 Interest Rate Lock Commitments ("IRLCs"): Agreements under which the Company agrees to extend credit to a borrower under certain specified terms and conditions in which the interest rate and the maximum amount of the loan are set prior to funding. Under the agreement, the Company commits to lend funds to a potential borrower (subject to the Company’s approval of the loan) on a fixed or adjustable rate basis, regardless of whether interest rates change in the market, or on a floating rate basis. As such, outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of issuance through the date of loan funding, cancelling or expiration. Loan commitments generally range between 30 90 not not The FASB Accounting Standards Codification (“FASB ASC”) provides that IRLCs on mortgage loans that will be held for resale are derivatives and must be accounted for at fair value on the balance sheet (if material). FASB ASC Topic 820 not Forward Mortgage Loan Sale Contracts ("FMLSCs"): The Company is subject to interest rate and price risk on its mortgage loans held for sale from the loan funding date until the date the loan is sold. Best efforts commitments which fix the forward sales price that will be realized in the secondary market are used to eliminate the interest rate and price risk to the Company. To avoid interest rate risk, the Company will enter into FMLSCs at the time they make an interest rate lock commitment to the buyer. They can enter into mortgage loan sales commitments on a “mandatory” or “best efforts” basis. Mandatory commitments provide that the loan must be delivered or the commitment be “paired off”. In general, best efforts commitments provide that the loan be delivered if and when it closes. Mandatory delivery commitments, also known as forward loan sales commitments, are considered to be derivatives under FASB ASC Topic 815 ● They have a specified underlying (the contractually specified price for the loans) ● They have a notional amount (the committed loan principal amount) ● They require little or no ● They require or permit net settlement as the institution via a pair-off transaction or the payment of a pair-off fee. |
Note 19 - Fair Value of Financi
Note 19 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 19 The fair value of a financial instrument is the amount at which the asset or obligation could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates do not one no Fair value estimates are based on financial instruments both on and off the balance sheet without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not not In accordance with accounting guidance, the Company groups its financial assets and financial liabilities measured at fair value in three 1 3 three Level 1 Level 2 1 not Level 3 one not may Because no A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Management maximizes the use of observable inputs and attempts to minimize the use of unobservable inputs when determining fair value measurements. Estimated fair values are disclosed for financial instruments for which it is practicable to estimate fair value. These estimates are made at a specific point in time based on relevant market data and information about the financial instruments. These estimates do not one not The following methods and assumptions were used to estimate the fair value of significant financial instruments not Cash and Due From Banks -- Time Deposits in Other Banks -- Loans -- no 2016 01, December 31, 2021 Mortgage Loans Held for Sale -- Equity Securities -- 2 Deposits -- not FHLB Advances -- ninety 2 Long-Term Debt -- 2 Subordinated Debentures -- 2 Servicing Rights -- 2 Off-Balance Sheet Financial Instruments -- not The fair value hierarchy level and estimated fair value of significant financial instruments at December 31, 2021 2020 December 31, 2021 December 31, 2020 Fair Value Carrying Fair Carrying Fair (dollars in thousands) Hierarchy Value Value Value Value Financial Assets: Cash and due from banks Level 1 $ 501,372 $ 501,372 $ 137,654 $ 137,654 Federal funds sold and other cash equivalents Level 1 193,000 193,000 57,000 57,000 Interest-earning deposits in other financial institutions Level 1 600 600 600 600 Investment securities - AFS Level 2 368,260 368,260 210,867 210,867 Investment securities - HTM Level 2 6,252 6,577 7,174 7,603 Mortgage loans held for sale Level 1 5,957 6,055 49,963 50,716 Loans, net Level 3 2,898,438 2,908,742 2,677,429 2,687,751 Equity securities Level 3 19,992 19,992 14,894 14,894 Servicing assets: Level 2 11,517 19,442 13,965 15,617 Notional Fair Notional Fair Derivative assets: Value Value Value Value Interest Rate Lock Contracts Level 3 $ 8,099 $ 141 $ 27,665 $ 45 Forward Mortgage Loan Sale Contracts Level 3 14,296 124 55,089 214 Carrying Fair Carrying Fair Financial Liabilities: Value Value Value Value Deposits Level 2 $ 3,385,532 $ 3,388,008 $ 2,635,128 $ 2,632,933 FHLB advances Level 3 150,000 143,237 150,000 149,964 Long-term debt Level 3 173,007 175,773 104,391 137,930 Subordinated debentures Level 3 14,502 13,991 14,283 14,654 |
Note 20 - Earnings Per Share ("
Note 20 - Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 20 The following is a reconciliation of net income and shares outstanding to the income and number of shares used to compute EPS: 2021 2020 2019 (dollars in thousands except per share amounts) Income Shares Income Shares Income Shares Net income as reported $ 56,906 $ 32,928 $ 39,209 Less: Earnings allocated to participating securities (192 ) (37 ) (74 ) Shares outstanding 19,455,544 19,565,921 20,030,866 Impact of weighting shares (31,995 ) 197,501 (13,560 ) Used in basic EPS 56,715 19,423,549 32,891 19,763,422 39,135 20,017,306 Dilutive effect of outstanding Stock options 410,756 158,437 376,118 Used in dilutive EPS $ 56,715 19,834,306 $ 32,891 19,921,859 $ 39,135 $ 20,393,424 Basic earnings per common share $ 2.92 $ 1.66 $ 1.96 Diluted earnings per common share 2.86 1.65 1.92 Stock options for zero not December 31, 2021, 2020 2019, |
Note 21 - Revenue From Contract
Note 21 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 21 On January 1, 2019, 2014 09, Revenue from Contracts with Customers - Topic 606 606. 606 not January 1, 2019. not no The following is a summary of revenue from contracts with customers that are in-scope and not 606: For the Year Ended December 31, (dollars in thousands) 2021 2020 2019 Non-interest income, in scope (1) Fees and service charges on deposit accounts $ 2,367 $ 1,636 $ 1,366 Other fees (2) 2,543 832 1,118 Other income (3) 2,157 2,013 1,429 (Loss) on sale of OREO and fixed assets — — (100 ) Total in-scope non-interest income 7,067 4,481 3,813 Non-interest income, not in scope (4) 11,678 9,559 14,507 Total non-interest income $ 18,745 $ 14,040 $ 18,320 ( 1 There were no 606. ( 2 Other fees consists of wealth management fees, miscellaneous loan fees and postage/courier fees. ( 3 Other income consists of safe deposit box rental income, wire transfer fees, security brokerage fees, annuity sales, insurance activity, and OREO income. ( 4 The amounts primarily represent revenue from contracts with customers that are out of scope of ASC 606: The major revenue streams by fee type that are within the scope of ASC 606 Fees and Services Charges on Deposit Accounts Fees and service charges on deposit accounts include charges for analysis, overdraft, cashier's check fees, ATM, and safe deposit activities executed by our deposit clients, as well as interchange income earned through card payment networks for the acceptance of card based transactions. Fees earned from our deposit clients are governed by contracts that provide for overall custody and access to deposited funds and other related services, and can be terminated at will by either party; this includes fees from money service businesses (MSBs). Fees received from deposit clients for the various deposit activities are recognized as revenue once the performance obligations are met. Periodic service charges are generally collected monthly directly from the customer’s deposit account, and at the end of a statement cycle, while transaction based service charges are typically collected at the time of or soon after the service is performed. The adoption of ASU 2014 09 no Wealth Management Fees The Company employs financial consultants to provide investment planning services for customers including wealth management services, asset allocation strategies, portfolio analysis and monitoring, investment strategies, and risk management strategies. The commission fees the Company earns are variable and are generally received monthly. The Company recognizes revenue for the services performed at quarter-end based on actual transaction details received from the broker dealer the Company engages. In the Company’s wealth management division, revenue is primarily generated from ( 1 2 3 4 Gain (loss) on Sales of Other Real Estate Owned and Fixed Assets The Company records a gain or loss from the sale of OREO and fixed assets, when control of the property or asset transfers to the buyer, which generally occurs at the time of an executed deed or sales agreement. When the Company finances the sale of OREO to a buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain or loss on sale if a significant financing component is present. |
Note 22 - Qualified Affordable
Note 22 - Qualified Affordable Housing Project Investments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Affordable Housing Program [Text Block] | NOTE 22 – QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS The Company began investing in qualified affordable housing projects in 2016. December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 2029. During the years ending December 31, 2021, 2020 2019 During the years ended December 31, 2021, 2020 2019 December 31, 2021, 2020 2019 |
Note 23 - Parent Only Condensed
Note 23 - Parent Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 23 - PARENT ONLY CONDENSED FINANCIAL INFORMATION The parent company only condensed statements of financial condition as of December 31, 2021 2020 December 31, 2021, 2020 2019 Condensed Statements of Financial Condition (Dollars in Thousands) 2021 2020 ASSETS Cash and cash equivalents $ 77,578 $ 7,089 Investment in Bank 570,610 532,972 Investment in RAM 2,992 2,933 Other assets 4,624 5,782 Total assets $ 655,804 $ 548,776 LIABILITIES AND SHAREHOLDERS' EQUITY Long term debt 173,007 104,391 Subordinated debentures 14,502 14,283 Other liabilities 1,612 1,614 Total liabilities 189,121 120,288 Shareholders' equity: Common stock 282,335 284,261 Additional paid-in capital 4,603 4,932 Retained earnings 181,329 138,094 Non-controlling interest 72 72 Accumulated other comprehensive income (1,656 ) 1,129 Total shareholders' equity 466,683 428,488 Total liabilities and shareholders' equity $ 655,804 $ 548,776 Condensed Statements of Income (Dollars in Thousands) 2021 2020 2019 Dividend from subsidiaries $ 25,000 $ 29,000 $ — Interest expense 8,999 7,677 7,697 Noninterest expense 1,452 1,292 1,300 Income (loss) before equity in undistributed income of subsidiaries 14,549 20,031 (8,997 ) Equity in undistributed income of: Bank 39,109 14,053 45,324 RAM 59 (3,936 ) 74 Income before income taxes 53,717 30,148 36,401 Income tax benefit 3,189 2,780 2,808 Net income 56,906 32,928 39,209 Other comprehensive income (loss) (2,785 ) 890 1,577 Total comprehensive income $ 54,121 $ 33,818 $ 40,786 Condensed Statements of Cash Flows (Dollars in Thousands) 2021 2020 2019 Cash flows from operating activities: Net income $ 56,906 $ 32,928 $ 39,209 Net amortization of other 724 560 508 Provision for deferred income taxes (337 ) 441 513 Undistributed income of subsidiaries (39,168 ) (10,116 ) (45,398 ) Change in other assets and liabilities 1,645 (742 ) (1,981 ) 19,770 23,071 (7,149 ) Cash flows from investment activities: Net cash acquired in connection with acquisition — 6,634 — Purchase of other equity securities, net (380 ) — — Investment in subsidiaries — (38,895 ) — (380 ) (32,261 ) — Cash flows from financing activities: Issuance of subordinated debentures, net of issuance costs 118,111 — — Redemptions of subordinated debentures (50,000 ) — — Dividends paid (9,947 ) (6,567 ) (8,033 ) Common stock repurchased, net of repurchased costs (10,540 ) (7,851 ) (3,190 ) Stock options exercised 3,475 712 2,817 51,099 (13,706 ) (8,406 ) Increase (decrease) in cash and cash equivalents 70,489 (22,896 ) (15,555 ) Cash and cash equivalents beginning of year 7,089 29,985 45,540 Cash and cash equivalents end of year $ 77,578 $ 7,089 $ 29,985 |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 24 – SUBSEQUENT EVENTS On January 19, 2022, 2017 On January 20, 2022, fourth 2021. February 1, 2022 January 31, 2022. On January 21, 2022, January 14, 2022. On February 22, 2022, |
Note 25 - Quarterly Income Stat
Note 25 - Quarterly Income Statements (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 25 – QUARTERLY INCOME STATEMENTS (Unaudited) The following table presents the unaudited quarterly condensed income statements for the years 2021 2020 2021 2020 (dollars in thousands) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Interest income $ 38,444 $ 37,108 $ 35,971 $ 35,540 $ 35,864 $ 35,125 $ 34,103 $ 34,028 Interest expense 5,219 5,532 5,914 6,055 6,987 7,874 9,069 10,435 Net interest income 33,225 31,576 30,057 29,485 28,877 27,251 25,034 23,593 Provision for credit losses 635 1,196 628 1,500 3,008 3,861 3,009 1,945 Net interest income after provision for credit losses 32,590 30,380 29,429 27,985 25,869 23,390 22,025 21,648 Noninterest income: 3,156 5,524 4,171 5,894 4,490 2,727 2,208 4,615 Noninterest expense: 13,300 14,420 14,680 15,792 14,453 13,978 14,819 16,263 Income before income taxes 22,446 21,484 18,920 18,087 15,906 12,139 9,414 10,000 Income tax expense 6,740 6,120 5,540 5,631 4,759 3,619 2,901 3,252 Net income $ 15,706 $ 15,364 $ 13,380 $ 12,456 $ 11,147 $ 8,520 $ 6,513 $ 6,748 Net income per share Basic $ 0.81 $ 0.79 $ 0.69 $ 0.64 $ 0.57 $ 0.43 $ 0.33 $ 0.34 Diluted 0.79 0.77 0.67 0.63 0.56 0.43 0.33 0.33 |
Note 26 - Repurchase of Common
Note 26 - Repurchase of Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | NOTE 26 On June 24, 2019, April 22, 2021, December 31, 2021, may December 31, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10 |
Principles of Consolidation and Nature of Operations, Policy [Policy Text Block] | Principles of Consolidation and Nature of Operations The accompanying consolidated financial statements include the accounts of RBB Bancorp and its wholly-owned subsidiaries Royal Business Bank ("Bank") and RBB Asset Management Company ("RAM"), collectively referred to herein as "the Company". All significant intercompany transactions have been eliminated. RBB Bancorp was formed in January 2011 2018 2012 In connection with the 2018 four 2006 P4G8, January 2020; three 2019. We acquired three 2016, 2018 2020. RBB Bancorp has no 23. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. It is reasonably possible our estimate of the allowance for loan losses and the fair value of mortgage servicing rights could change as actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, term federal funds sold and interest-bearing deposits in other financial institutions with original maturities of less than 90 |
Cash and Due from Banks, Policy [Policy Text Block] | Cash and Due from Banks Banking regulations require that banks maintain a percentage of their deposits as reserves in cash or on deposit with the Federal Reserve Bank. There were no reserves required to be held as of December 31, 2021 2020 may not |
Interest-bearing Deposits in Other Financial Institutions, Policy [Policy Text Block] | Interest-Earning Deposits in Other Financial Institutions Interest-bearing deposits in other financial institutions not one |
Marketable Securities, Policy [Policy Text Block] | Investment Securities Investment securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities not Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are amortized on the level-yield method. Premiums are amoritized to the earlier of maturity or call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates debt securities for other-than-temporary impairment ("OTTI") on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not not two |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held For Sale Mortgage loans originated or acquired and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Loans held for sale consist primarily of first Mortgage loans held for sale are generally sold with servicing rights retained. The carrying value of mortgage loans sold is determined by reducing the amount allocated to the servicing right, when applicable. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loans sold. |
Financing Receivable [Policy Text Block] | Loans Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances reduced by any charge-offs or specific valuation accounts and net of any deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Loan origination fees and certain direct origination costs are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Premiums and discounts on loans purchased are grouped by type and certain common risk characteristics and amortized or accreted as an adjustment of yield over the weighted-average remaining contractual lives of each group of loans, adjusted for prepayments when applicable, using methodologies which approximate the interest method. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. The accrual of interest on loans is discontinued when principal or interest is past due 90 not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may The Company determines a separate allowance for each portfolio segment. The allowance consists of specific and general reserves. Specific reserves relate to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status, collateral value and the probability of collecting all amounts when due. Measurement of impairment is based on the expected future cash flows of an impaired loan, which are to be discounted at the loan's effective interest rate, or measured by reference to an observable market value, if one The Company recognizes interest income on impaired loans based on its existing methods of recognizing interest income on nonaccrual loans. Loans, for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired with measurement of impairment as described above. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan's existing rate or at the fair value of collateral if repayment is expected solely from the collateral. General reserves cover non-impaired loans and are based on historical loss rates of peer institutions for each portfolio segment, adjusted for the effects of qualitative or environmental factors that are likely to cause estimated credit losses as of the evaluation date to differ from the portfolio segment's historical loss experience. Qualitative factors include consideration of the following: changes in lending policies and procedures; changes in economic conditions, changes in the nature and volume of the portfolio; changes in the experience, ability and depth of lending management and other relevant staff; changes in the volume and severity of past due, nonaccrual and other adversely graded loans; changes in the loan review system; changes in the value of the underlying collateral for collateral-dependent loans; concentrations of credit and the effect of other external factors such as competition and legal and regulatory requirements. Portfolio segments identified by the Company include real estate, commercial and other loans. Relevant risk characteristics for these portfolio segments generally include debt service coverage, loan-to-value ratios, and financial performance. |
Certain Acquired Loans, Policy [Policy Text Block] | Certain Acquired Loans As part of business acquisitions, the Company acquires certain loans that have shown evidence of credit deterioration since origination. These acquired loans are recorded at the allocated fair value, such that there is no not |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Sales, Policy [Policy Text Block] | Servicing Rights When mortgage and SBA loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no may Servicing fee income, which is reported on the income statement as loan servicing fees, net of amortization , |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not Gains on sales of mortgage, SBA and CRE loans totaled $10.0 million, $6.0 million, and $9.9 million in 2021, 2020 2019 2021, 2020, 2019, 2021 2020 2019 |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is carried at cost. Premises, leasehold improvements and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives, which is thirty three ten |
Lessee, Leases [Policy Text Block] | Operating Lease ROU Assets and Lease Liabilities Operating lease ROU assets and lease liabilities are included in other assets and other liabilities, respectively, on the Company’s consolidated balance sheet. The Company uses its incremental borrowing rate, factoring in the lease term, to determine the lease liability, which is measured at the present value of future lease payments. The ROU asset, at adoption of this ASU, was recorded at the amount of the lease liability plus any prepaid rent and initial direct costs, less any lease incentives and accrued rent. The lease terms include periods covered by options to extend or terminate the lease depending on whether the Company is reasonably certain to exercise such options. |
Other Real Estate Owned, Policy [Policy Text Block] | Other Real Estate Owned Real estate acquired by foreclosure or deed in lieu of foreclosure is recorded at fair value at the date of foreclosure, establishing a new cost basis by a charge to the allowance for loan losses, if necessary. Other real estate owned is carried at the lower of the Company's carrying value of the property or its fair value, less estimated carrying costs and costs of disposition. Fair value is based on current appraisals less estimated selling costs. Any subsequent write-downs are charged against operating expenses and recognized as a valuation allowance. Operating expenses and related income of such properties and gains and losses on their disposition are included in other operating income and expenses. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill resulting from whole bank acquisitions is not December 31 December 31, 2021 2020, 2021 2020. Other intangible assets consist of core deposit intangible ("CDI") assets arising from whole bank acquisitions. CDI assets are amortized on an accelerated method over their estimated useful life of 8 to 10 years. CDI was recognized in the 2013 2016 2018 2020 December 31, 2021 2020 December 31, 2021 2020 2021, 2020 2019, Estimated CDI amortization expense for the next 5 (dollars in thousands) Year ending December 31: 2022 $ 936 2023 800 2024 683 2025 589 2026 432 Thereafter 635 Total $ 4,075 |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance The Company has purchased life insurance policies on a select group of employees and directors. Bank owned life insurance (“BOLI”) is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Increases of the cash value of these policies, as well as insurance proceeds received, are recorded in the other noninterest income and are not |
Federal Home Loan Bank Stock and Other Equity Securities, Policy [Policy Text Block] | FHLB Stock and Other Equity Securities The Company is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may The Company also owns equity investment in banker’s bank stock. The Company adopted ASU 2016 01 January 1, 2019, As of December 31, 2021 December 31, 2020 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock option compensation expense is calculated based on the fair value of the award at the grant date for those options expected to vest and is recognized as an expense over the vesting period of the grant using the straight-line method. The Company uses the Black-Scholes option pricing model to estimate the value of granted options. This model takes into account the option exercise price, the expected life, the current price of the underlying stock, the expected volatility of the Company’s stock, expected dividends on the stock and a risk-free interest rate. The Company estimates the expected volatility based on the Company’s historical stock prices for the period corresponding to the expected life of the stock options. Restricted stock units are valued at the closing price of the Company’s stock on the date of the grant. Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards. This cost is recognized over the period which an employee is required to provide services in exchange for the award, generally defined as the vesting period. When the options are exercised, the Company’s policy is to issue new shares of stock. The Company’s accounting policy is to recognize forfeitures as they occur. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company files its income taxes on a consolidated basis with its subsidiaries. The allocation of income tax expense represents each entity’s proportionate share of the consolidated provision for income taxes. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. Tax effects from an uncertain tax position are recognized in the financial statements only if, based on its merits, the position is more likely than not |
Postemployment Benefit Plans, Policy [Policy Text Block] | Retirement Plans The Company established a 401 2010. 2021, 2020 2019, |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit as described in Note 13. |
Derivatives, Policy [Policy Text Block] | Derivatives Interest Rate Lock Commitments 30 90 not not The FASB Accounting Standards Codification (“FASB ASC”) provides that IRLCs on mortgage loans that will be held for resale are derivatives and must be accounted for at fair value on the balance sheet (if material). FASB ASC Topic 820 not Forward Mortgage Loan Sale Contracts 815 ● They have a specified underlying (the contractually specified price for the loans) ● They have a notional amount (the committed loan principal amount) ● They require little or no ● They require or permit net settlement as the institution via a pair-off transaction or the payment of a pair-off fee. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share ("EPS") Basic and diluted EPS are calculated using the two two |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Current accounting guidance establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three may Level 1: Level 2: 1 not Level 3: See Note 18 19 |
Segment Reporting, Policy [Policy Text Block] | Operating Segments Management has determined that since generally all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment and management does not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements When RBB conducted its IPO in 2017, $1.0 fifth three $1.0 1934, no December 31, 2022. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 1 2 3 4 5 December 15, 2017, 2014 09, not not 2014 09 January 1, 2019, 20 Revenue from Contracts with Customers In February 2016, 2016 02, Leases (Topic 842 not 12 December 15, 2020 December 15, 2021, January 1, 2021 In June 2016, 2016 13, 326 not 1 2 not 2016 13 2016 13 December 15, 2020. first 2016 13. 2016 13 2016 13 December 31, 2022. In February 2019, three one 2016 13. March 2020, two five 2019 19" five In January 2017, 2017 04, Intangibles—Goodwill and Other (Topic 350 2 2 not not December 31, 2022. 2017 04 not In June 2018, 2018 07, Compensation—Stock Compensation (Topic 718 718 718 718 718 not 1 2 606, December 15, 2019, December 15, 2020. January 1, 2020 not In August 2018, 2018 13, Fair Value Measurement (Topic 820 F air Value Measurement 820, 1 1 2 2 3 3 1 2 1 3 2 3 may 3 December 15, 2019. 3 January 1, 2020 not In August 2018, 2018 15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350 40 2015 05, 350 40 December 15, 2020, December 15, 2021. In November 2019, 2019 08, Compensation—Stock Compensation (Topic 718 606 June 2018, 2018 07 718, 606, not 718. 2019 08 not 2018 07, 2019 08 December 15, 2019, December 15, 2020. December 31, 2019 not not In November 2019, 2019 10, Financial Instruments—Credit Losses (Topic 326 815 842 July 2017, 2021. December 31, 2021, 9 10 At this point in time, SOFR is the alternative reference rate we plan to adopt as the replacing index rate for USD LIBOR. The Company will continue to assess the potential impact that this ASU will have on the Company’s consolidated financial statements. In January 2020, 2020 01, 321 323 815 321 not December 15, 2021, In February 2020, 2020 02, 326 842 No. 119 No. 2016 02, 842 December 31, 2022. In March 2020, 2020 03, 1 2 3 820, 4 326, 5 860 20, 326. 1, 2, 4 5 January 1, 2020. 3 2019 04. not In March 2020, 2020 04, "Reference Rate Reform (Topic 848 December 31, 2022). one may January 1, 2020. 1 March 12, 2020 ( January 1, 2020 2 3 one may March 12, 2020. not December 31, 2022. December 31, 2022. 1 2 June 30, 2023. No June 30, 2023. December 31, 2021 9 10 10 In June 2020, 2020 05, 606 842 606 842 606 842 January 1, 2021. The FASB issued ASU 2021 08, October 2021, not December 15, 2022. January 1, 2023. The FASB issued ASU2021 10 November 2021. January 1, 2022. |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (dollars in thousands) Year ending December 31: 2022 $ 936 2023 800 2024 683 2025 589 2026 432 Thereafter 635 Total $ 4,075 |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Business Combination, Loans Acquired [Table Text Block] | (dollars in thousands) PGBH Acquired Loans Contractual amounts due $ 195,227 Cash flows not expected to be collected 5,176 Expected cash flows 190,051 Interest component of expected cash flows 16,942 Fair value of acquired loans $ 173,109 |
Business Acquisition, Pro Forma Information [Table Text Block] | Twelve months ended (dollars in thousands) December 31, 2021 December 31, 2020 Net interest and other income $ 143,088 $ 119,029 Net income 56,906 31,762 Basic earnings per share 2.92 1.61 Diluted earnings per share 2.86 1.59 |
PGB Holdings Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | PGBH Fair Value Fair (dollars in thousands) Book Value Adjustments Value Assets acquired Cash and cash equivalents $ 17,033 $ — $ 17,033 Fed funds sold 8,300 — 8,300 Interest-bearing deposits in other financial Institutions 14,186 — 14,186 Loans, gross 172,443 666 173,109 Allowance for loan losses (2,265 ) 2,265 — Bank premises and equipment 6,394 1,639 8,033 Core deposit premium — 491 491 Investment in trust 155 — 155 Other assets 1,687 (580 ) 1,107 Total assets acquired $ 217,933 $ 4,481 $ 222,414 Liabilities assumed Deposits $ 187,393 $ 969 $ 188,362 Escrow Payable 4,277 — 4,277 Subordinated debentures 5,155 (763 ) 4,392 Deferred income taxes 1,016 1,335 2,351 Other liabilities 1,211 (384 ) 827 Total liabilities assumed 199,052 1,157 200,209 Excess of assets acquired over liabilities assumed 18,881 3,324 22,205 $ 217,933 $ 4,481 Cash paid 32,885 Goodwill recognized $ 10,680 |
Note 4 - Investment Securities
Note 4 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Available for Sale Securities, and Held to Maturity [Table Text Block] | Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value Available for sale Government agency securities $ 5,689 $ 4 $ (83 ) $ 5,610 SBA agency securities 3,351 118 — 3,469 Mortgage-backed securities- Government sponsored agencies 55,534 31 (540 ) 55,025 Collateralized mortgage obligations 121,377 128 (1,994 ) 119,511 Commercial paper 129,962 — (36 ) 129,926 Corporate debt securities 41,999 460 (254 ) 42,205 Municipal securities 12,701 — (187 ) 12,514 Total $ 370,613 $ 741 $ (3,094 ) $ 368,260 Held to maturity Municipal taxable securities $ 1,506 $ 77 $ — $ 1,583 Municipal securities 4,746 248 — 4,994 Total $ 6,252 $ 325 $ — $ 6,577 Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2020 Cost Gains Losses Value Available for sale Government agency securities $ 1,257 $ 37 $ — $ 1,294 SBA agency securities 4,125 269 — 4,394 Mortgage-backed securities- Government sponsored agencies 17,415 270 (8 ) 17,677 Collateralized mortgage obligations 48,476 491 (93 ) 48,874 Commercial paper 102,462 — (14 ) 102,448 Corporate debt securities 33,907 662 (6 ) 34,563 Municipal securities 1,621 2 (6 ) 1,617 Total $ 209,263 $ 1,731 $ (127 ) $ 210,867 Held to maturity Municipal taxable securities $ 2,407 $ 139 $ — $ 2,546 Municipal securities 4,767 290 — 5,057 Total $ 7,174 $ 429 $ — $ 7,603 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Less than One Year More than One Year to Five Years More than Five Years to Ten Years More than Ten Years Total Amortized Estimated Amortized Estimated Amortized Estimated Amortized Estimated Amortized Estimated (dollars in thousands) Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value December 31, 2021 Government agency securities $ — $ — $ 5,689 $ 5,610 $ — $ — $ — $ — $ 5,689 $ 5,610 SBA securities — — 1,551 1,582 1,800 1,887 — — 3,351 3,469 Mortgage-backed securities- Government sponsored agencies 5,001 4,998 35,254 35,000 15,279 15,027 — — 55,534 55,025 Collateralized mortgage obligations 117 117 78,021 76,496 43,239 42,898 — — 121,377 119,511 Commercial paper 129,962 129,926 — — — — — — 129,962 129,926 Corporate debt securities 7,999 8,007 8,389 8,633 22,927 22,931 2,684 2,634 41,999 42,205 Municipal securities — — — — — — 12,701 12,514 12,701 12,514 Total available for sale $ 143,079 $ 143,048 $ 128,904 $ 127,321 $ 83,245 $ 82,743 $ 15,385 $ 15,148 $ 370,613 $ 368,260 Municipal taxable securities $ 500 $ 502 $ 1,006 $ 1,081 $ — $ — $ — $ — $ 1,506 $ 1,583 Municipal securities — — — — 1,743 1,818 3,003 3,176 4,746 4,994 Total held to maturity $ 500 $ 502 $ 1,006 $ 1,081 $ 1,743 $ 1,818 $ 3,003 $ 3,176 $ 6,252 $ 6,577 (dollars in thousands) December 31, 2020 Government agency securities $ — $ — $ 1,257 $ 1,294 $ — $ — $ — $ — $ 1,257 $ 1,294 SBA securities — — 595 625 3,530 3,769 — — 4,125 4,394 Mortgage-backed securities- Government sponsored agencies 7,992 7,987 9,423 9,690 — — — — 17,415 17,677 Collateralized mortgage obligations — — 11,911 12,258 36,565 36,616 — — 48,476 48,874 Commercial paper 102,462 102,448 — — — — — — 102,462 102,448 Corporate debt securities 4,991 5,029 11,683 11,740 13,233 13,743 4,000 4,051 33,907 34,563 Municipal securities — — — — — — 1,621 1,617 1,621 1,617 Total available for sale $ 115,445 $ 115,464 $ 34,869 $ 35,607 $ 53,328 $ 54,128 $ 5,621 $ 5,668 $ 209,263 $ 210,867 Municipal taxable securities $ 899 $ 910 $ 1,508 $ 1,636 $ — $ — $ — $ — $ 2,407 $ 2,546 Municipal securities — — — — 874 925 3,893 4,132 4,767 5,057 Total held to maturity $ 899 $ 910 $ 1,508 $ 1,636 $ 874 $ 925 $ 3,893 $ 4,132 $ 7,174 $ 7,603 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than Twelve Months Twelve Months or More Total (dollars in thousands) Unrealized Losses Estimated Fair Value No. of Issuances Unrealized Losses Estimated Fair Value No. of Issuances Unrealized Losses Estimated Fair Value No. of Issuances December 31, 2021 Government agency securities $ (83 ) $ 4,860 1 $ — $ — — $ (83 ) $ 4,860 1 Mortgage-backed securities- Government sponsored agencies (536 ) 44,009 12 (4 ) 9,974 2 (540 ) 53,983 14 Collateralized mortgage obligations (1,916 ) 79,851 23 (78 ) 17,782 4 (1,994 ) 97,633 27 Commercial paper (36 ) 129,926 19 — — — (36 ) 129,926 19 Corporate debt securities (254 ) 13,208 12 — — — (254 ) 13,208 12 Municipal securities (160 ) 11,447 9 (27 ) 1,067 2 (187 ) 12,514 11 Total available for sale $ (2,985 ) $ 283,301 76 $ (109 ) $ 28,823 8 $ (3,094 ) $ 312,124 84 Less than Twelve Months Twelve Months or More Total (dollars in thousands) Unrealized Losses Estimated Fair Value No. of Issuances Unrealized Losses Estimated Fair Value No. of Issuances Unrealized Losses Estimated Fair Value No. of Issuances December 31, 2020 Mortgage-backed securities- Government sponsored agencies $ (8 ) $ 12,982 3 $ — $ — — $ (8 ) $ 12,982 3 Collateralized mortgage obligations (93 ) 28,521 6 — — — (93 ) 28,521 6 Commercial paper (14 ) 16,982 4 — — — (14 ) 16,982 4 Corporate debt securities (6 ) 994 2 — — — (6 ) 994 2 Municipal securities (6 ) 1,092 2 — — — (6 ) 1,092 2 Total available for sale $ (127 ) $ 60,571 17 $ — $ — — $ (127 ) $ 60,571 17 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (dollars in thousands) 2021 2020 2019 Allowance for loan losses: Beginning balance $ 29,337 $ 18,816 $ 17,577 Additions to the allowance charged to expense 3,959 11,823 2,390 Recoveries on loans charged-off 243 1 108 Less loans charged-off (627 ) (1,303 ) (1,259 ) Ending balance $ 32,912 $ 29,337 $ 18,816 (dollars in thousands) December 31, 2021 Real Estate Commercial Other Total Allowance for loan losses: Beginning of year $ 24,677 $ 4,617 $ 43 $ 29,337 Provisions 3,982 (480 ) 457 3,959 Charge-offs (67 ) (501 ) (59 ) (627 ) Recoveries — 157 86 243 $ 28,592 $ 3,793 $ 527 $ 32,912 Reserves: Specific $ — $ 30 $ — $ 30 General 28,592 3,763 527 32,882 Total allowance for loan losses $ 28,592 $ 3,793 $ 527 $ 32,912 Loans evaluated for impairment: Individually $ 10,340 $ 10,385 $ — $ 20,725 Collectively 2,545,379 334,460 30,786 2,910,625 Total loans, net of deferred loan fees and unaccreted discount on acquired loans $ 2,555,719 $ 344,845 $ 30,786 $ 2,931,350 December 31, 2020 Real Estate Commercial Other Unallocated Total Allowance for loan losses: Beginning of year $ 15,118 $ 3,588 $ 9 $ 101 $ 18,816 Provisions 9,559 2,286 79 (101 ) 11,823 Charge-offs — (1,258 ) (45 ) — (1,303 ) Recoveries — 1 — — 1 $ 24,677 $ 4,617 $ 43 $ — $ 29,337 Reserves: Specific $ — $ 525 $ — $ — $ 525 General 24,677 4,092 43 — 28,812 Total allowance for loan losses $ 24,677 $ 4,617 $ 43 $ — $ 29,337 Loans evaluated for impairment: Individually $ 10,514 $ 9,025 $ 15 $ — $ 19,554 Collectively 2,304,203 378,935 4,074 — 2,687,212 Total loans, net of deferred loan fees and unaccreted discount on acquired loans $ 2,314,717 $ 387,960 $ 4,089 $ — $ 2,706,766 December 31, 2019 Real Estate Commercial Other Unallocated Total Allowance for loan losses: Beginning of year $ 13,437 $ 4,140 $ — $ — $ 17,577 Provisions 1,847 433 9 101 2,390 Charge-offs (166 ) (1,093 ) — — (1,259 ) Recoveries — 108 — — 108 $ 15,118 $ 3,588 $ 9 $ 101 $ 18,816 Reserves: Specific $ — $ — $ — $ — $ — General 15,118 3,588 9 101 18,816 Total allowance for loan losses $ 15,118 $ 3,588 $ 9 $ 101 $ 18,816 Loans evaluated for impairment: Individually $ 3,795 $ 9,423 $ — $ — $ 13,218 Collectively 1,842,747 340,148 821 — 2,183,716 Total loans, net of deferred loan fees and unaccreted discount on acquired loans $ 1,846,542 $ 349,571 $ 821 $ — $ 2,196,934 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (dollars in thousands) Special December 31, 2021 Pass Mention Substandard Impaired Total Real estate: Construction and land development $ 299,333 $ 3,662 $ — $ 149 $ 303,144 Commercial real estate 1,184,889 2,006 55,104 6,000 1,247,999 Single-family residential mortgages 1,000,385 — — 4,191 1,004,576 Commercial: Commercial and industrial 255,439 — 9,148 4,122 268,709 SBA 62,300 1,303 6,270 6,263 76,136 Other: 30,786 — — — 30,786 $ 2,833,132 $ 6,971 $ 70,522 $ 20,725 $ 2,931,350 (dollars in thousands) Special December 31, 2020 Pass Mention Substandard Impaired Total Real estate: Construction and land development $ 186,550 $ — $ — $ 173 $ 186,723 Commercial real estate 947,643 756 52,611 2,627 1,003,637 Single-family residential mortgages 1,113,814 2,436 393 7,714 1,124,357 Commercial: Commercial and industrial 278,357 999 8,620 2,163 290,139 SBA 86,573 186 4,200 6,862 97,821 Other: 4,074 — — 15 4,089 $ 2,617,011 $ 4,377 $ 65,824 $ 19,554 $ 2,706,766 |
Financing Receivable, Past Due [Table Text Block] | (dollars in thousands) 30 59 60 89 90 Days Total Loans Not Non-Accrual December 31, 2021 Days Days Or More Past Due Past Due Total Loans Loans (1) Real estate: Construction and land development $ — $ — $ 149 $ 149 $ 302,995 $ 303,144 $ 149 Commercial real estate 1,914 3,002 667 5,583 1,242,416 1,247,999 4,672 Single-family residential mortgages 10,554 2,238 2,680 15,472 989,104 1,004,576 4,191 Commercial: Commercial and industrial 1,575 — 3,689 5,264 263,445 268,709 3,712 SBA — 1,733 4,839 6,572 69,564 76,136 6,263 Other: 57 7 — 64 30,722 30,786 — $ 14,100 $ 6,980 $ 12,024 $ 33,104 $ 2,898,246 $ 2,931,350 $ 18,987 Real estate: Single-family residential mortgages held for sale $ — $ — $ — $ — $ 5,957 $ 5,957 $ — (dollars in thousands) 30 59 60 89 90 Days Total Loans Not Non- Accrual December 31, 2020 Days Days Or More Past Due Past Due Total Loans Loans (1) Real estate: Construction and land development $ — $ — $ 173 $ 173 $ 186,550 $ 186,723 $ 173 Commercial real estate 449 10 1,136 1,595 1,002,042 1,003,637 1,193 Single-family residential mortgages 4,219 4,859 6,008 15,086 1,109,271 1,124,357 7,714 Commercial: Commercial and industrial — — 987 987 289,152 290,139 1,661 SBA — 33 6,828 6,861 90,960 97,821 6,828 Other 42 — 15 57 4,032 4,089 15 $ 4,710 $ 4,902 $ 15,147 $ 24,759 $ 2,682,007 $ 2,706,766 $ 17,584 Real estate: Single-family residential mortgages held for sale $ — $ — $ — $ — $ 49,963 $ 49,963 $ — |
Impaired Financing Receivables [Table Text Block] | Unpaid (dollars in thousands) Principal Recorded Average Interest Related December 31, 2021 Balance Investment Balance Income Allowance With no related allowance recorded Construction and land development $ 173 $ 149 $ 292 $ — $ — Commercial and industrial 4,096 4,096 4,390 27 — Commercial real estate 6,059 6,000 6,163 132 — Single-family residential mortgage loans 4,365 4,191 4,486 — — Commercial - SBA 6,274 6,245 11,589 — — With related allowance recorded Commercial and industrial 27 26 34 — 27 Commercial-SBA 18 18 26 — 3 Total $ 21,012 $ 20,725 $ 26,980 $ 159 $ 30 Unpaid (dollars in thousands) Principal Recorded Average Interest Related December 31, 2020 Balance Investment Balance Income Allowance With no related allowance recorded Construction and land development $ 173 $ 173 $ 173 $ — $ — Commercial and industrial 1,710 1,662 1,819 31 Commercial real estate 2,633 2,627 2,724 136 — Residential mortgage loans 7,839 7,714 7,934 — — Commercial - SBA 6,828 6,829 9,928 — — Other 15 15 15 — — With related allowance recorded Commercial and industrial 520 501 563 — 520 Commercial-SBA 33 33 40 3 5 Total $ 19,751 $ 19,554 $ 23,196 $ 170 $ 525 Unpaid Principal Recorded Average Interest Related December 31, 2019 Balance Investment Balance Income Allowance With no related allowance recorded Construction and land development $ 264 $ 264 $ 271 $ 24 $ — Commercial real estate 2,198 2,197 2,384 100 — Residential mortgage loans 1,349 1,334 1,351 — — Commercial - SBA 9,423 9,423 10,791 4 — With related allowance recorded Commercial real estate — — — — — Commercial-SBA — — — — — Total $ 13,234 $ 13,218 $ 14,797 $ 128 $ — |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | December 31, 2021 2020 2019 Pre- Post- Pre- Post- Pre- Post- Modification Modification Modification Modification Modification Modification (dollars in thousands) Number of Recorded Recorded Number of Recorded Recorded Number of Recorded Recorded Loans Investment Investment Loans Investment Investment Loans Investment Investment SBA 1 $ 1,090 $ 1,090 — $ — $ — — $ — $ — Commercial real estate 2 284 284 3 1,719 1,719 1 476 476 Construction and land development 1 165 165 — — — — — — SFR 1 156 156 — — — — — — Total 5 $ 1,695 $ 1,695 3 $ 1,719 $ 1,719 1 $ 476 $ 476 |
Note 6 - Loan Servicing (Tables
Note 6 - Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Mortgage And Small Business Administration Loans Serviced For Others [Table Text Block] | December 31, December 31, (dollars in thousands) 2021 2020 Loans serviced for others: Mortgage loans $ 1,308,672 $ 1,512,969 SBA loans 138,173 156,222 Commercial real estate loans 4,070 4,145 |
Servicing Asset at Amortized Cost [Table Text Block] | 2021 2020 2019 Mortgage SBA Mortgage SBA Mortgage SBA (dollars in thousands) Loans Loans Loans Loans Loans Loans Servicing assets: Beginning of period $ 10,529 $ 3,436 $ 12,997 $ 4,086 $ 12,858 $ 4,512 Additions 1,920 441 1,422 293 2,088 980 Disposals (2,129 ) (646 ) (1,513 ) (401 ) (128 ) (708 ) Amortized to expense (1,988 ) (462 ) (1,960 ) (542 ) (1,821 ) (698 ) Impairment 416 — (417 ) — — — End of period $ 8,748 $ 2,769 $ 10,529 $ 3,436 $ 12,997 $ 4,086 |
Note 7 - Premises and Equipme_2
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (dollars in thousands) 2021 2020 Land $ 9,066 $ 9,066 Building and improvements 15,265 15,040 Furniture, fixtures, and equipment 7,575 6,772 Leasehold improvements 6,455 5,315 38,361 36,193 Less accumulated depreciation and amortization (11,629 ) (9,773 ) Construction in progress 467 683 $ 27,199 $ 27,103 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (dollars in thousands) As of December 31, 2021: 2022 $ 4,490 2023 3,931 2024 2,872 2025 2,724 2026 2,704 Thereafter 6,875 Total $ 23,596 Less amount of payment representing interest (314 ) Total present value of lease payments $ 23,282 |
Leaseholds and Leasehold Improvements [Member] | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (dollars in thousands) As of December 31, 2021: 2022 $ 4,490 2023 3,931 2024 2,872 2025 2,724 2026 2,704 Thereafter 6,875 Total $ 23,596 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | (dollars in thousands) December 31, 2021 One year $ 1,119,404 Two to three years 44,612 Over three years 2,422 Total $ 1,166,439 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, December 31, (dollars in thousands) 2021 2020 Principal $ 175,000 $ 105,000 Unamortized debt issuance costs $ 1,993 $ 609 |
Schedule of Interest and Amortizations Expense [Table Text Block] | For the Year Ended December 31, (dollars in thousands) 2021 2020 Interest Expense: Interest $ 7,878 $ 6,649 Amortization 525 342 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (dollars in thousands) 2021 2020 2019 Current: Federal $ 15,000 $ 9,948 $ 8,074 State 9,087 6,602 5,614 24,087 16,550 13,688 Deferred (1,093 ) (2,998 ) 1,503 Deferred tax adjustment for change in tax rate — — 21 Amortization of investment in affordable housing tax credits 1,037 979 900 $ 24,031 $ 14,531 $ 16,112 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 2019 (dollars in thousands) Amount Rate Amount Rate Amount Rate Statutory federal tax $ 16,997 21.0 % $ 9,966 21.0 % $ 11,617 21.0 % State franchise tax, net of federal benefit 7,182 8.9 % 4,024 8.5 % 5,322 9.6 % Tax-exempt income (285 ) -0.4 % (192 ) -0.4 % (25 ) 0.0 % Tax impact from change in tax rate (59 ) -0.1 % 68 0.1 % 17 0.0 % Stock-based compensation (404 ) -0.5 % 123 0.3 % (27 ) 0.0 % Other items, net 600 0.7 % 542 1.1 % (792 ) -1.4 % Actual tax expense $ 24,031 29.6 % $ 14,531 30.6 % $ 16,112 29.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (dollars in thousands) 2021 2020 Deferred tax assets: Pre-opening expenses $ 64 $ 242 Allowance for loan losses 9,735 8,575 Stock-based compensation 781 1,074 Off balance sheet reserve 367 425 Operating loss carryforwards 606 1,196 Unrealized loss on AFS securities 718 — Lease liability 7,106 — Mark to market on held for sale mortgage loans 74 486 State tax 1,967 1,473 Other 797 403 22,215 13,874 Deferred tax liabilities: Depreciation (1,441 ) (1,212 ) Deferred loan costs (2,598 ) (2,482 ) Unrealized gain on AFS securities — (497 ) Acquisition accounting fair value adjustments (3,348 ) (3,584 ) Mortgage servicing rights (2,667 ) (3,204 ) Right of use asset (6,853 ) — Other (453 ) (348 ) (17,360 ) (11,327 ) Net deferred tax assets $ 4,855 $ 2,547 |
Note 13 - Commitments (Tables)
Note 13 - Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | 2021 2020 Fixed Variable Fixed Variable (dollars in thousands) Rate Rate Rate Rate Commitments to make loans $ 1,474 $ 200,814 $ 7 $ 281,489 Unused lines of credit 22,777 229,154 57,437 211,192 Commercial and similar letters of credit 1,214 — 8,284 — Standby letters of credit 2,042 2,686 1,455 2,576 Total $ 27,507 $ 432,654 $ 67,183 $ 495,257 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (dollars in thousands) As of December 31, 2021: 2022 $ 4,490 2023 3,931 2024 2,872 2025 2,724 2026 2,704 Thereafter 6,875 Total $ 23,596 Less amount of payment representing interest (314 ) Total present value of lease payments $ 23,282 |
Lease, Cost [Table Text Block] | December 31, January 1, (dollars in thousands) 2021 2021 Operating Leases ROU assets $ 22,454 $ 26,770 Lease liabilities 23,282 27,412 Weighted-average remaining lease term (in years) 6.84 7.38 Weighted-average discount rate 1.01 % 0.94 % |
Note 15 - Related Party Trans_2
Note 15 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | December 31, December 31, (dollars in thousands) 2021 2020 Beginning balance $ 1,243 $ 4,000 New loans and advances 10,292 11,498 Repayments (3,094 ) $ (14,255 ) Ending balance $ 8,441 $ 1,243 |
Note 16 - Stock Option Plan (Ta
Note 16 - Stock Option Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | July 2021 January 2021 July 2020 January 2020 January 2019 Expected volatility 31.6 % 30.8 % 31.8 % 28.5 % 35.0 % Expected term (years) 6.0 years 6.0 years 6.0 years 6.0 years 6.0 years Expected dividends 1.98 % 1.86 % 2.48 % 1.99 % 1.90 % Risk free rate 0.48 % 0.26 % 0.29 % 1.31 % 2.66 % Grant date fair value $ 5.69 $ 4.14 $ 2.97 $ 4.61 $ 6.32 |
Share-based Payment Arrangement, Option and Stock Appreciation Rights, Activity [Table Text Block] | Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic (dollars in thousands, except for share amounts) Shares Price Term in years Value Outstanding at beginning of year 1,097,470 $ 13.30 Granted 150,000 18.34 Exercised (302,744 ) 11.48 Forfeited/cancelled (808 ) 11.15 Outstanding at end of period 943,918 $ 14.66 4.04 $ 10,895 Options exercisable 706,418 $ 13.59 2.46 $ 8,909 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted- Average Grant Date (dollars in thousands, except for share amounts) Shares Fair Value Outstanding at beginning of year 14,475 $ 29.38 Granted 60,000 17.74 Vested (14,475 ) (29.38 ) Outstanding at end of period 60,000 $ 17.74 |
Note 17 - Regulatory Matters (T
Note 17 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Amount of Capital Required To Be Well-Capitalized Minimum Required for Under Prompt Corrective Actual Capital Adequacy Purposes Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: Tier 1 Leverage Ratio Consolidated $ 410,134 10.21 % $ 160,642 4.0 % $ 200,803 5.0 % Bank 499,325 12.45 % 160,418 4.0 % 200,523 5.0 % Common Equity Tier 1 Risk-Based Capital Ratio Consolidated $ 395,632 14.86 % $ 119,841 4.5 % $ 173,104 6.5 % Bank 499,325 18.80 % 119,550 4.5 % 172,684 6.5 % Tier 1 Risk-Based Capital Ratio Consolidated $ 410,134 15.40 % $ 159,788 6.0 % $ 213,051 8.0 % Bank 499,325 18.80 % 159,401 6.0 % 212,534 8.0 % Total Risk-Based Capital Ratio Consolidated $ 616,440 23.15 % $ 213,051 8.0 % $ 266,314 10.0 % Bank 532,544 20.05 % 212,534 8.0 % 265,668 10.0 % Amount of Capital Required To Be Well-Capitalized Minimum Required for Under Prompt Corrective Actual Capital Adequacy Purposes Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020: Tier 1 Leverage Ratio Consolidated $ 368,413 11.32 % $ 130,219 4.0 % $ 162,774 5.0 % Bank 458,614 14.11 % 129,989 4.0 % 162,487 5.0 % Common Equity Tier 1 Risk Based Capital Ratio Consolidated $ 354,130 14.62 % $ 109,021 4.5 % $ 157,474 6.5 % Bank 458,614 18.94 % 108,966 4.5 % 157,395 6.5 % Tier 1 Risk-Based Capital Ratio Consolidated $ 368,413 15.21 % $ 145,361 6.0 % $ 193,814 8.0 % Bank 458,614 18.94 % 145,288 6.0 % 193,717 8.0 % Total Risk-Based Capital Ratio Consolidated $ 503,093 20.77 % $ 193,814 8.0 % $ 242,268 10.0 % Bank 488,888 20.19 % 193,717 8.0 % 242,146 10.0 % |
Note 18 - Fair Value Measurem_2
Note 18 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | (dollars in thousands) Fair Value Measurements Using: December 31, 2021 Level 1 Level 2 Level 3 Total Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ — $ 5,610 $ — $ 5,610 SBA agency securities — 3,469 — 3,469 Mortgage-backed securities — 55,025 — 55,025 Collateralized mortgage obligations — 119,511 — 119,511 Commercial paper — 129,926 — 129,926 Corporate debt securities — 42,205 — 42,205 Municipal securities — 12,514 — 12,514 Interest Rate Lock Contracts — — 141 141 Forward Mortgage Loan Sale Contracts — — 124 124 $ — $ 368,260 $ 265 $ 368,525 On a non-recurring basis: Other real estate owned $ — $ — $ 293 $ 293 December 31, 2020 Level 1 Level 2 Level 3 Total Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ — $ 1,294 $ — $ 1,294 SBA agency securities — 4,394 — 4,394 Mortgage-backed securities — 17,677 — 17,677 Collateralized mortgage obligations — 48,874 — 48,874 Commercial paper — 102,448 — 102,448 Corporate debt securities — 34,563 — 34,563 Municipal securities — 1,617 — 1,617 Interest Rate Lock Contracts — — 45 45 Forward Mortgage Loan Sale Contracts — — 214 214 $ — $ 210,867 $ 259 $ 211,126 On a non-recurring basis: Other real estate owned $ — $ — $ 293 $ 293 |
Note 19 - Fair Value of Finan_2
Note 19 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2021 December 31, 2020 Fair Value Carrying Fair Carrying Fair (dollars in thousands) Hierarchy Value Value Value Value Financial Assets: Cash and due from banks Level 1 $ 501,372 $ 501,372 $ 137,654 $ 137,654 Federal funds sold and other cash equivalents Level 1 193,000 193,000 57,000 57,000 Interest-earning deposits in other financial institutions Level 1 600 600 600 600 Investment securities - AFS Level 2 368,260 368,260 210,867 210,867 Investment securities - HTM Level 2 6,252 6,577 7,174 7,603 Mortgage loans held for sale Level 1 5,957 6,055 49,963 50,716 Loans, net Level 3 2,898,438 2,908,742 2,677,429 2,687,751 Equity securities Level 3 19,992 19,992 14,894 14,894 Servicing assets: Level 2 11,517 19,442 13,965 15,617 Notional Fair Notional Fair Derivative assets: Value Value Value Value Interest Rate Lock Contracts Level 3 $ 8,099 $ 141 $ 27,665 $ 45 Forward Mortgage Loan Sale Contracts Level 3 14,296 124 55,089 214 Carrying Fair Carrying Fair Financial Liabilities: Value Value Value Value Deposits Level 2 $ 3,385,532 $ 3,388,008 $ 2,635,128 $ 2,632,933 FHLB advances Level 3 150,000 143,237 150,000 149,964 Long-term debt Level 3 173,007 175,773 104,391 137,930 Subordinated debentures Level 3 14,502 13,991 14,283 14,654 |
Note 20 - Earnings Per Share _2
Note 20 - Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2021 2020 2019 (dollars in thousands except per share amounts) Income Shares Income Shares Income Shares Net income as reported $ 56,906 $ 32,928 $ 39,209 Less: Earnings allocated to participating securities (192 ) (37 ) (74 ) Shares outstanding 19,455,544 19,565,921 20,030,866 Impact of weighting shares (31,995 ) 197,501 (13,560 ) Used in basic EPS 56,715 19,423,549 32,891 19,763,422 39,135 20,017,306 Dilutive effect of outstanding Stock options 410,756 158,437 376,118 Used in dilutive EPS $ 56,715 19,834,306 $ 32,891 19,921,859 $ 39,135 $ 20,393,424 Basic earnings per common share $ 2.92 $ 1.66 $ 1.96 Diluted earnings per common share 2.86 1.65 1.92 |
Note 21 - Revenue From Contra_2
Note 21 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Year Ended December 31, (dollars in thousands) 2021 2020 2019 Non-interest income, in scope (1) Fees and service charges on deposit accounts $ 2,367 $ 1,636 $ 1,366 Other fees (2) 2,543 832 1,118 Other income (3) 2,157 2,013 1,429 (Loss) on sale of OREO and fixed assets — — (100 ) Total in-scope non-interest income 7,067 4,481 3,813 Non-interest income, not in scope (4) 11,678 9,559 14,507 Total non-interest income $ 18,745 $ 14,040 $ 18,320 |
Note 23 - Parent Only Condens_2
Note 23 - Parent Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (Dollars in Thousands) 2021 2020 ASSETS Cash and cash equivalents $ 77,578 $ 7,089 Investment in Bank 570,610 532,972 Investment in RAM 2,992 2,933 Other assets 4,624 5,782 Total assets $ 655,804 $ 548,776 LIABILITIES AND SHAREHOLDERS' EQUITY Long term debt 173,007 104,391 Subordinated debentures 14,502 14,283 Other liabilities 1,612 1,614 Total liabilities 189,121 120,288 Shareholders' equity: Common stock 282,335 284,261 Additional paid-in capital 4,603 4,932 Retained earnings 181,329 138,094 Non-controlling interest 72 72 Accumulated other comprehensive income (1,656 ) 1,129 Total shareholders' equity 466,683 428,488 Total liabilities and shareholders' equity $ 655,804 $ 548,776 |
Condensed Income Statement [Table Text Block] | (Dollars in Thousands) 2021 2020 2019 Dividend from subsidiaries $ 25,000 $ 29,000 $ — Interest expense 8,999 7,677 7,697 Noninterest expense 1,452 1,292 1,300 Income (loss) before equity in undistributed income of subsidiaries 14,549 20,031 (8,997 ) Equity in undistributed income of: Bank 39,109 14,053 45,324 RAM 59 (3,936 ) 74 Income before income taxes 53,717 30,148 36,401 Income tax benefit 3,189 2,780 2,808 Net income 56,906 32,928 39,209 Other comprehensive income (loss) (2,785 ) 890 1,577 Total comprehensive income $ 54,121 $ 33,818 $ 40,786 |
Condensed Cash Flow Statement [Table Text Block] | (Dollars in Thousands) 2021 2020 2019 Cash flows from operating activities: Net income $ 56,906 $ 32,928 $ 39,209 Net amortization of other 724 560 508 Provision for deferred income taxes (337 ) 441 513 Undistributed income of subsidiaries (39,168 ) (10,116 ) (45,398 ) Change in other assets and liabilities 1,645 (742 ) (1,981 ) 19,770 23,071 (7,149 ) Cash flows from investment activities: Net cash acquired in connection with acquisition — 6,634 — Purchase of other equity securities, net (380 ) — — Investment in subsidiaries — (38,895 ) — (380 ) (32,261 ) — Cash flows from financing activities: Issuance of subordinated debentures, net of issuance costs 118,111 — — Redemptions of subordinated debentures (50,000 ) — — Dividends paid (9,947 ) (6,567 ) (8,033 ) Common stock repurchased, net of repurchased costs (10,540 ) (7,851 ) (3,190 ) Stock options exercised 3,475 712 2,817 51,099 (13,706 ) (8,406 ) Increase (decrease) in cash and cash equivalents 70,489 (22,896 ) (15,555 ) Cash and cash equivalents beginning of year 7,089 29,985 45,540 Cash and cash equivalents end of year $ 77,578 $ 7,089 $ 29,985 |
Note 25 - Quarterly Income St_2
Note 25 - Quarterly Income Statements (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2021 2020 (dollars in thousands) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Interest income $ 38,444 $ 37,108 $ 35,971 $ 35,540 $ 35,864 $ 35,125 $ 34,103 $ 34,028 Interest expense 5,219 5,532 5,914 6,055 6,987 7,874 9,069 10,435 Net interest income 33,225 31,576 30,057 29,485 28,877 27,251 25,034 23,593 Provision for credit losses 635 1,196 628 1,500 3,008 3,861 3,009 1,945 Net interest income after provision for credit losses 32,590 30,380 29,429 27,985 25,869 23,390 22,025 21,648 Noninterest income: 3,156 5,524 4,171 5,894 4,490 2,727 2,208 4,615 Noninterest expense: 13,300 14,420 14,680 15,792 14,453 13,978 14,819 16,263 Income before income taxes 22,446 21,484 18,920 18,087 15,906 12,139 9,414 10,000 Income tax expense 6,740 6,120 5,540 5,631 4,759 3,619 2,901 3,252 Net income $ 15,706 $ 15,364 $ 13,380 $ 12,456 $ 11,147 $ 8,520 $ 6,513 $ 6,748 Net income per share Basic $ 0.81 $ 0.79 $ 0.69 $ 0.64 $ 0.57 $ 0.43 $ 0.33 $ 0.34 Diluted 0.79 0.77 0.67 0.63 0.56 0.43 0.33 0.33 |
Note 1 - Business Description (
Note 1 - Business Description (Details Textual) $ / shares in Units, $ in Thousands | Jul. 31, 2017$ / sharesshares | Jan. 10, 2020 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Assets, Total | $ 4,228,194 | $ 3,350,072 | ||||
Loans Held for Investment and Held for Sale, Gross | 2,900,000 | |||||
Deposits, Total | 3,385,532 | 2,635,128 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 466,683 | $ 428,488 | $ 407,690 | $ 374,621 | ||
Number of Businesses Acquired | 6 | |||||
PGB Holdings Inc. [Member] | ||||||
Number of Branches | 3 | |||||
PGB Holdings Inc. [Member] | ILLINOIS | ||||||
Number of Branches | 3 | |||||
IPO [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 3,750,000 | |||||
Share Price (in dollars per share) | $ / shares | $ 23 |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Jan. 01, 2021 | Jan. 10, 2020 | |
Cash Reserve Deposit Required and Made | $ 0 | $ 0 | ||||
Gain (Loss) on Sales of Loans, Net, Total | 9,991,000 | 5,997,000 | $ 9,893,000 | |||
Gain (Loss) on Sale of Mortgage Loans | 7,900,000 | 5,200,000 | 8,200,000 | |||
Gain (Loss) on Sales of Small Business Administration Loans | 2,100,000 | 754,000 | 1,500,000 | |||
Gain (Loss) on Sales of Commercial Real Estate Loans | 0 | 0 | 152,000 | |||
Goodwill, Ending Balance | 69,243,000 | 69,243,000 | $ 10,680,000 | |||
Goodwill, Impairment Loss | 0 | 0 | ||||
Amortization of Intangible Assets, Total | 6,347,000 | 5,812,000 | 4,856,000 | |||
Operating Lease, Right-of-Use Asset | 22,454,000 | 0 | $ 22,454,000 | $ 26,770,000 | ||
Operating Lease, Liability, Total | 23,282,000 | 0 | $ 23,282,000 | 27,412,000 | ||
Loans and Leases Receivable, Held for Investment and Sale, Before Fees, Gross | $ 2,900,000,000 | |||||
Percentage of Gross Loans with LIBOR Based Reference Rate | 8.00% | |||||
Accounting Standards Update 2016-02 [Member] | ||||||
Operating Lease, Right-of-Use Asset | 26,800,000 | |||||
Operating Lease, Liability, Total | $ 26,800,000 | |||||
The 401(k) Plan [Member] | ||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 532,000 | 424,000 | 570,000 | |||
Investments under Community Reinvestment Act [Member] | ||||||
Equity Securities without Readily Determinable Fair Value, Amount | 20,000,000 | 14,900,000 | ||||
Core Deposits [Member] | ||||||
Intangible Assets, Net (Excluding Goodwill), Total | 4,100,000 | 5,200,000 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 5,700,000 | 4,500,000 | ||||
Amortization of Intangible Assets, Total | $ 1,100,000 | $ 1,400,000 | $ 1,500,000 | |||
Minimum [Member] | Core Deposits [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 8 years | |||||
Maximum [Member] | Core Deposits [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||
Premises [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | |||||
Leasehold Improvements [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||
Leasehold Improvements [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Estimated CDI Amortization Expense (Details) - Core Deposits [Member] $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 936 |
2023 | 800 |
2024 | 683 |
2025 | 589 |
2026 | 432 |
Thereafter | 635 |
Total | $ 4,075 |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) $ in Thousands | Jan. 14, 2022USD ($) | Dec. 28, 2021USD ($) | Jan. 10, 2020USD ($) | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Payments to Acquire Businesses, Gross | $ 32,885 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 222,414 | |||||
Goodwill, Ending Balance | 10,680 | $ 69,243 | $ 69,243 | |||
Gateway Bank [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 22,900 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 172,400 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 123,100 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits, Total | 147,500 | |||||
Business Combination, Tangible Equity Acquired | $ 15,500 | |||||
Number of Branches | 1 | |||||
PGB Holdings Inc. [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 32,900 | |||||
Number of Branches | 3 | |||||
Goodwill, Ending Balance | $ 10,700 | |||||
Subsequent Event [Member] | Acquisition of the Honolulu, Hawaii Branch Office of the Bank of the Orient [Member] | ||||||
Asset Acquisition, Deposits Acquired | $ 81,700 | |||||
Asset Acquisition, Selected Performing Loans Acquired | 7,400 | |||||
Asset Acquisition, Estimated Premium Acquired | 3,000 | |||||
Asset Acquisition, Consideration Transferred, Total | $ 71,000 |
Note 3 - Acquisitions - Assets
Note 3 - Acquisitions - Assets Acquired and Liabilities Assumed, and Fair Value Adjustments (Details) - USD ($) $ in Thousands | Jan. 10, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 17,033 | ||
Fed funds sold | 8,300 | ||
Interest-bearing deposits in other financial Institutions | 14,186 | ||
Loans, gross | 173,109 | ||
Allowance for loan losses | 0 | ||
Bank premises and equipment | 8,033 | ||
Core deposit premium | 491 | ||
Investment in trust | 155 | ||
Other assets | 1,107 | ||
Total assets acquired | 222,414 | ||
Deposits | 188,362 | ||
Escrow Payable | 4,277 | ||
Subordinated debentures | 4,392 | ||
Deferred income taxes | 2,351 | ||
Other liabilities | 827 | ||
Total liabilities assumed | 200,209 | ||
Excess of assets acquired over liabilities assumed | 22,205 | ||
Cash paid | 32,885 | ||
Goodwill recognized | 10,680 | $ 69,243 | $ 69,243 |
Reported Value Measurement [Member] | |||
Cash and cash equivalents | 17,033 | ||
Fed funds sold | 8,300 | ||
Interest-bearing deposits in other financial Institutions | 14,186 | ||
Loans, gross | 172,443 | ||
Allowance for loan losses | (2,265) | ||
Bank premises and equipment | 6,394 | ||
Core deposit premium | 0 | ||
Investment in trust | 155 | ||
Other assets | 1,687 | ||
Total assets acquired | 217,933 | ||
Deposits | 187,393 | ||
Escrow Payable | 4,277 | ||
Subordinated debentures | 5,155 | ||
Deferred income taxes | 1,016 | ||
Other liabilities | 1,211 | ||
Total liabilities assumed | 199,052 | ||
Excess of assets acquired over liabilities assumed | 18,881 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | 217,933 | ||
Changes Measurement [Member] | |||
Cash and cash equivalents | 0 | ||
Fed funds sold | 0 | ||
Interest-bearing deposits in other financial Institutions | 0 | ||
Loans, gross | 666 | ||
Allowance for loan losses | 2,265 | ||
Bank premises and equipment | 1,639 | ||
Core deposit premium | 491 | ||
Investment in trust | 0 | ||
Other assets | (580) | ||
Total assets acquired | 4,481 | ||
Deposits | 969 | ||
Escrow Payable | 0 | ||
Subordinated debentures | (763) | ||
Deferred income taxes | 1,335 | ||
Other liabilities | (384) | ||
Total liabilities assumed | 1,157 | ||
Excess of assets acquired over liabilities assumed | 3,324 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 4,481 |
Note 3 - Acquisitions - Schedul
Note 3 - Acquisitions - Schedule of Loans Acquired (Details) - PGB Holdings Inc. [Member] $ in Thousands | Jan. 10, 2020USD ($) |
Contractual amounts due | $ 195,227 |
Cash flows not expected to be collected | 5,176 |
Expected cash flows | 190,051 |
Interest component of expected cash flows | 16,942 |
Fair value of acquired loans | $ 173,109 |
Note 3 - Acquisitions - Sched_2
Note 3 - Acquisitions - Schedule of Net Interest and Other Income, Net Income, and Earnings Per Share (Details) - PGB Holdings Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net interest and other income | $ 143,088 | $ 119,029 |
Net income | $ 56,906 | $ 31,762 |
Basic earnings per share (in dollars per share) | $ 2.92 | $ 1.61 |
Diluted earnings per share (in dollars per share) | $ 2.86 | $ 1.59 |
Note 4 - Investment Securitie_2
Note 4 - Investment Securities (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 0 | $ 0 | $ 11,661,000 | $ 6,143,000 |
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | 0 | 210,000 | $ 7,000 | |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 117,000 | $ 117,000 | $ 320,000 |
Note 4 - Investment Securitie_3
Note 4 - Investment Securities - Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale, amortized cost | $ 370,613 | $ 209,263 |
Available for sale, gross unrealized gains | 741 | 1,731 |
Available for sale, gross unrealized losses | (3,094) | (127) |
Available for sale | 368,260 | 210,867 |
Held to maturity (fair value of $6,577 and $7,603 at December 31, 2021 and December 31, 2020, respectively) | 6,252 | 7,174 |
Held to maturity, gross unrealized gains | 325 | 429 |
Held to maturity, gross unrealized losses | 0 | 0 |
Securities held to maturity, fair value | 6,577 | 7,603 |
US Government Agencies Debt Securities [Member] | ||
Available for sale, amortized cost | 5,689 | 1,257 |
Available for sale, gross unrealized gains | 4 | 37 |
Available for sale, gross unrealized losses | (83) | 0 |
Available for sale | 5,610 | 1,294 |
Small Business Administration Agency Securities [Member] | ||
Available for sale, amortized cost | 3,351 | 4,125 |
Available for sale, gross unrealized gains | 118 | 269 |
Available for sale, gross unrealized losses | 0 | 0 |
Available for sale | 3,469 | 4,394 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available for sale, amortized cost | 55,534 | 17,415 |
Available for sale, gross unrealized gains | 31 | 270 |
Available for sale, gross unrealized losses | (540) | (8) |
Available for sale | 55,025 | 17,677 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale, amortized cost | 121,377 | 48,476 |
Available for sale, gross unrealized gains | 128 | 491 |
Available for sale, gross unrealized losses | (1,994) | (93) |
Available for sale | 119,511 | 48,874 |
Commercial Paper [Member] | ||
Available for sale, amortized cost | 129,962 | 102,462 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | (36) | (14) |
Available for sale | 129,926 | 102,448 |
Corporate Debt Securities [Member] | ||
Available for sale, amortized cost | 41,999 | 33,907 |
Available for sale, gross unrealized gains | 460 | 662 |
Available for sale, gross unrealized losses | (254) | (6) |
Available for sale | 42,205 | 34,563 |
Municipal Bonds [Member] | ||
Available for sale, amortized cost | 12,701 | 1,621 |
Available for sale, gross unrealized gains | 0 | 2 |
Available for sale, gross unrealized losses | (187) | (6) |
Available for sale | 12,514 | 1,617 |
Held to maturity (fair value of $6,577 and $7,603 at December 31, 2021 and December 31, 2020, respectively) | 4,746 | 4,767 |
Held to maturity, gross unrealized gains | 248 | 290 |
Held to maturity, gross unrealized losses | 0 | 0 |
Securities held to maturity, fair value | 4,994 | 5,057 |
Taxable Municipal Bonds [Member] | ||
Held to maturity (fair value of $6,577 and $7,603 at December 31, 2021 and December 31, 2020, respectively) | 1,506 | 2,407 |
Held to maturity, gross unrealized gains | 77 | 139 |
Held to maturity, gross unrealized losses | 0 | 0 |
Securities held to maturity, fair value | $ 1,583 | $ 2,546 |
Note 4 - Investment Securitie_4
Note 4 - Investment Securities - Expected Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Less than one year, Available for sale, Amortized Cost | $ 143,079 | $ 115,445 |
Less than one year, Available for sale, Estimated Fair Value | 143,048 | 115,464 |
More than one year to five years, Available for sale, Amortized Cost | 128,904 | 34,869 |
Available for sale, Estimated Fair Value, More than one year to five years | 127,321 | 35,607 |
More than five years to ten years, Available for sale, Amortized Cost | 83,245 | 53,328 |
More than five years to ten years, Available for sale, Estimated Fair Value | 82,743 | 54,128 |
More than ten years, Available for sale, Amortized Cost | 15,385 | 5,621 |
More than ten years, Available for sale, Estimated Fair Value | 15,148 | 5,668 |
Available for sale, amortized cost | 370,613 | 209,263 |
Available for sale | 368,260 | 210,867 |
Less than one year, Held to Maturity, Amortized Cost | 500 | 899 |
Held to maturity, Estimated Fair Value | 502 | 910 |
More than one year to five years, Held to maturity, Amortized Cost | 1,006 | 1,508 |
More than one year to five years, Held to Maturity, Estimated Fair Value | 1,081 | 1,636 |
More than five years to ten years, Held to maturity Amortized Cost | 1,743 | 874 |
More than five years to ten years, Held to Maturity, Estimated Fair Value | 1,818 | 925 |
More than ten years, Held to Maturity, Amortized Cost | 3,003 | 3,893 |
More than ten years, Held to Maturity, Estimated Fair Value | 3,176 | 4,132 |
Held to maturity (fair value of $6,577 and $7,603 at December 31, 2021 and December 31, 2020, respectively) | 6,252 | 7,174 |
Securities held to maturity, fair value | 6,577 | 7,603 |
US Government Agencies Debt Securities [Member] | ||
Less than one year, Available for sale, Amortized Cost | 0 | 0 |
Less than one year, Available for sale, Estimated Fair Value | 0 | 0 |
More than one year to five years, Available for sale, Amortized Cost | 5,689 | 1,257 |
Available for sale, Estimated Fair Value, More than one year to five years | 5,610 | 1,294 |
More than five years to ten years, Available for sale, Amortized Cost | 0 | 0 |
More than five years to ten years, Available for sale, Estimated Fair Value | 0 | 0 |
More than ten years, Available for sale, Amortized Cost | 0 | 0 |
More than ten years, Available for sale, Estimated Fair Value | 0 | 0 |
Available for sale, amortized cost | 5,689 | 1,257 |
Available for sale | 5,610 | 1,294 |
Small Business Administration Agency Securities [Member] | ||
Less than one year, Available for sale, Amortized Cost | 0 | 0 |
Less than one year, Available for sale, Estimated Fair Value | 0 | 0 |
More than one year to five years, Available for sale, Amortized Cost | 1,551 | 595 |
Available for sale, Estimated Fair Value, More than one year to five years | 1,582 | 625 |
More than five years to ten years, Available for sale, Amortized Cost | 1,800 | 3,530 |
More than five years to ten years, Available for sale, Estimated Fair Value | 1,887 | 3,769 |
More than ten years, Available for sale, Amortized Cost | 0 | 0 |
More than ten years, Available for sale, Estimated Fair Value | 0 | 0 |
Available for sale, amortized cost | 3,351 | 4,125 |
Available for sale | 3,469 | 4,394 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Less than one year, Available for sale, Amortized Cost | 5,001 | 7,992 |
Less than one year, Available for sale, Estimated Fair Value | 4,998 | 7,987 |
More than one year to five years, Available for sale, Amortized Cost | 35,254 | 9,423 |
Available for sale, Estimated Fair Value, More than one year to five years | 35,000 | 9,690 |
More than five years to ten years, Available for sale, Amortized Cost | 15,279 | 0 |
More than five years to ten years, Available for sale, Estimated Fair Value | 15,027 | 0 |
More than ten years, Available for sale, Amortized Cost | 0 | 0 |
More than ten years, Available for sale, Estimated Fair Value | 0 | 0 |
Available for sale, amortized cost | 55,534 | 17,415 |
Available for sale | 55,025 | 17,677 |
Collateralized Mortgage Obligations [Member] | ||
Less than one year, Available for sale, Amortized Cost | 117 | 0 |
Less than one year, Available for sale, Estimated Fair Value | 117 | 0 |
More than one year to five years, Available for sale, Amortized Cost | 78,021 | 11,911 |
Available for sale, Estimated Fair Value, More than one year to five years | 76,496 | 12,258 |
More than five years to ten years, Available for sale, Amortized Cost | 43,239 | 36,565 |
More than five years to ten years, Available for sale, Estimated Fair Value | 42,898 | 36,616 |
More than ten years, Available for sale, Amortized Cost | 0 | 0 |
More than ten years, Available for sale, Estimated Fair Value | 0 | 0 |
Available for sale, amortized cost | 121,377 | 48,476 |
Available for sale | 119,511 | 48,874 |
Commercial Paper [Member] | ||
Less than one year, Available for sale, Amortized Cost | 129,962 | 102,462 |
Less than one year, Available for sale, Estimated Fair Value | 129,926 | 102,448 |
More than one year to five years, Available for sale, Amortized Cost | 0 | 0 |
Available for sale, Estimated Fair Value, More than one year to five years | 0 | 0 |
More than five years to ten years, Available for sale, Amortized Cost | 0 | 0 |
More than five years to ten years, Available for sale, Estimated Fair Value | 0 | 0 |
More than ten years, Available for sale, Amortized Cost | 0 | 0 |
More than ten years, Available for sale, Estimated Fair Value | 0 | 0 |
Available for sale, amortized cost | 129,962 | 102,462 |
Available for sale | 129,926 | 102,448 |
Corporate Debt Securities [Member] | ||
Less than one year, Available for sale, Amortized Cost | 7,999 | 4,991 |
Less than one year, Available for sale, Estimated Fair Value | 8,007 | 5,029 |
More than one year to five years, Available for sale, Amortized Cost | 8,389 | 11,683 |
Available for sale, Estimated Fair Value, More than one year to five years | 8,633 | 11,740 |
More than five years to ten years, Available for sale, Amortized Cost | 22,927 | 13,233 |
More than five years to ten years, Available for sale, Estimated Fair Value | 22,931 | 13,743 |
More than ten years, Available for sale, Amortized Cost | 2,684 | 4,000 |
More than ten years, Available for sale, Estimated Fair Value | 2,634 | 4,051 |
Available for sale, amortized cost | 41,999 | 33,907 |
Available for sale | 42,205 | 34,563 |
Municipal Bonds [Member] | ||
Less than one year, Available for sale, Amortized Cost | 0 | 0 |
Less than one year, Available for sale, Estimated Fair Value | 0 | 0 |
More than one year to five years, Available for sale, Amortized Cost | 0 | 0 |
Available for sale, Estimated Fair Value, More than one year to five years | 0 | 0 |
More than five years to ten years, Available for sale, Amortized Cost | 0 | 0 |
More than five years to ten years, Available for sale, Estimated Fair Value | 0 | 0 |
More than ten years, Available for sale, Amortized Cost | 12,701 | 1,621 |
More than ten years, Available for sale, Estimated Fair Value | 12,514 | 1,617 |
Available for sale, amortized cost | 12,701 | 1,621 |
Available for sale | 12,514 | 1,617 |
Less than one year, Held to Maturity, Amortized Cost | 0 | 0 |
Held to maturity, Estimated Fair Value | 0 | 0 |
More than one year to five years, Held to maturity, Amortized Cost | 0 | 0 |
More than one year to five years, Held to Maturity, Estimated Fair Value | 0 | 0 |
More than five years to ten years, Held to maturity Amortized Cost | 1,743 | 874 |
More than five years to ten years, Held to Maturity, Estimated Fair Value | 1,818 | 925 |
More than ten years, Held to Maturity, Amortized Cost | 3,003 | 3,893 |
More than ten years, Held to Maturity, Estimated Fair Value | 3,176 | 4,132 |
Held to maturity (fair value of $6,577 and $7,603 at December 31, 2021 and December 31, 2020, respectively) | 4,746 | 4,767 |
Securities held to maturity, fair value | 4,994 | 5,057 |
Taxable Municipal Bonds [Member] | ||
Less than one year, Held to Maturity, Amortized Cost | 500 | 899 |
Held to maturity, Estimated Fair Value | 502 | 910 |
More than one year to five years, Held to maturity, Amortized Cost | 1,006 | 1,508 |
More than one year to five years, Held to Maturity, Estimated Fair Value | 1,081 | 1,636 |
More than five years to ten years, Held to maturity Amortized Cost | 0 | 0 |
More than five years to ten years, Held to Maturity, Estimated Fair Value | 0 | 0 |
More than ten years, Held to Maturity, Amortized Cost | 0 | 0 |
More than ten years, Held to Maturity, Estimated Fair Value | 0 | 0 |
Held to maturity (fair value of $6,577 and $7,603 at December 31, 2021 and December 31, 2020, respectively) | 1,506 | 2,407 |
Securities held to maturity, fair value | $ 1,583 | $ 2,546 |
Note 4 - Investment Securitie_5
Note 4 - Investment Securities - Summary of Investment Securities With Unrealized Losses (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Less than Twelve Months Unrealized Losses, available for sale | $ (2,985) | $ (127) |
Less than Twelve Months Estimated Fair Value, available for sale | $ 283,301 | $ 60,571 |
Available for sale, Total No. of Issuances, less than twelve months | 76 | 17 |
Twelve Months or More Unrealized Losses | $ (109) | $ 0 |
Twelve Months or More Estimated Fair Value, available for sale | $ 28,823 | $ 0 |
Twelve Months or More No. of Issuances, available for sale | 8 | 0 |
Total Unrealized Losses, available for sale | $ (3,094) | $ (127) |
Total Estimated Fair Value, available for sale | $ 312,124 | $ 60,571 |
Available for sale, Total No. of Issuances | 84 | 17 |
Available for sale, Total No. of Issuances | 84 | 17 |
US Government Agencies Debt Securities [Member] | ||
Less than Twelve Months Unrealized Losses, available for sale | $ (83) | |
Less than Twelve Months Estimated Fair Value, available for sale | $ 4,860 | |
Available for sale, Total No. of Issuances, less than twelve months | 1 | |
Twelve Months or More Unrealized Losses | $ 0 | |
Twelve Months or More Estimated Fair Value, available for sale | $ 0 | |
Twelve Months or More No. of Issuances, available for sale | 0 | |
Total Unrealized Losses, available for sale | $ (83) | |
Total Estimated Fair Value, available for sale | $ 4,860 | |
Available for sale, Total No. of Issuances | 1 | |
Available for sale, Total No. of Issuances | 1 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Less than Twelve Months Unrealized Losses, available for sale | $ (536) | $ (8) |
Less than Twelve Months Estimated Fair Value, available for sale | $ 44,009 | $ 12,982 |
Available for sale, Total No. of Issuances, less than twelve months | 12 | 3 |
Twelve Months or More Unrealized Losses | $ (4) | $ 0 |
Twelve Months or More Estimated Fair Value, available for sale | $ 9,974 | $ 0 |
Twelve Months or More No. of Issuances, available for sale | 2 | 0 |
Total Unrealized Losses, available for sale | $ (540) | $ (8) |
Total Estimated Fair Value, available for sale | $ 53,983 | $ 12,982 |
Available for sale, Total No. of Issuances | 14 | 3 |
Available for sale, Total No. of Issuances | 14 | 3 |
Collateralized Mortgage Obligations [Member] | ||
Less than Twelve Months Unrealized Losses, available for sale | $ (1,916) | $ (93) |
Less than Twelve Months Estimated Fair Value, available for sale | $ 79,851 | $ 28,521 |
Available for sale, Total No. of Issuances, less than twelve months | 23 | 6 |
Twelve Months or More Unrealized Losses | $ (78) | $ 0 |
Twelve Months or More Estimated Fair Value, available for sale | $ 17,782 | $ 0 |
Twelve Months or More No. of Issuances, available for sale | 4 | 0 |
Total Unrealized Losses, available for sale | $ (1,994) | $ (93) |
Total Estimated Fair Value, available for sale | $ 97,633 | $ 28,521 |
Available for sale, Total No. of Issuances | 27 | 6 |
Available for sale, Total No. of Issuances | 27 | 6 |
Commercial Paper [Member] | ||
Less than Twelve Months Unrealized Losses, available for sale | $ (36) | $ (14) |
Less than Twelve Months Estimated Fair Value, available for sale | $ 129,926 | $ 16,982 |
Available for sale, Total No. of Issuances, less than twelve months | 19 | 4 |
Twelve Months or More Unrealized Losses | $ 0 | $ 0 |
Twelve Months or More Estimated Fair Value, available for sale | $ 0 | $ 0 |
Twelve Months or More No. of Issuances, available for sale | 0 | 0 |
Total Unrealized Losses, available for sale | $ (36) | $ (14) |
Total Estimated Fair Value, available for sale | $ 129,926 | $ 16,982 |
Available for sale, Total No. of Issuances | 19 | 4 |
Available for sale, Total No. of Issuances | 19 | 4 |
Corporate Debt Securities [Member] | ||
Less than Twelve Months Unrealized Losses, available for sale | $ (254) | $ (6) |
Less than Twelve Months Estimated Fair Value, available for sale | $ 13,208 | $ 994 |
Available for sale, Total No. of Issuances, less than twelve months | 12 | 2 |
Twelve Months or More Unrealized Losses | $ 0 | $ 0 |
Twelve Months or More Estimated Fair Value, available for sale | $ 0 | $ 0 |
Twelve Months or More No. of Issuances, available for sale | 0 | 0 |
Total Unrealized Losses, available for sale | $ (254) | $ (6) |
Total Estimated Fair Value, available for sale | $ 13,208 | $ 994 |
Available for sale, Total No. of Issuances | 12 | 2 |
Available for sale, Total No. of Issuances | 12 | 2 |
Municipal Bonds [Member] | ||
Less than Twelve Months Unrealized Losses, available for sale | $ (160) | $ (6) |
Less than Twelve Months Estimated Fair Value, available for sale | $ 11,447 | $ 1,092 |
Available for sale, Total No. of Issuances, less than twelve months | 9 | 2 |
Twelve Months or More Unrealized Losses | $ (27) | $ 0 |
Twelve Months or More Estimated Fair Value, available for sale | $ 1,067 | $ 0 |
Twelve Months or More No. of Issuances, available for sale | 2 | 0 |
Total Unrealized Losses, available for sale | $ (187) | $ (6) |
Total Estimated Fair Value, available for sale | $ 12,514 | $ 1,092 |
Available for sale, Total No. of Issuances | 11 | 2 |
Available for sale, Total No. of Issuances | 11 | 2 |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable Number Of Loans 90 Days Past Due And Still Accruing | $ 0 | $ 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 0 | 0 | |
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income | $ 159,000 | $ 170,000 | |
Number Of Loans Identified As Troubled Debt Restructurings | 9 | 6 | |
Financing Receivable, Troubled Debt Restructuring | $ 3,400,000 | $ 3,100,000 | |
Financing Receivable, Nonaccrual Troubled Debt Restructuring | 1,700,000 | 1,100,000 | |
Allowance for Credit Losses Reserve, Change In Method of Calculating Impairment | 32,912,000 | 29,337,000 | $ 18,816,000 |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | $ 0 | |
Financing Receivable, Modifications, Number of Contracts | 5 | 3 | 1 |
Specific Reserve [Member] | |||
Allowance for Credit Losses Reserve, Change In Method of Calculating Impairment | $ 30,000 | $ 525,000 | $ 0 |
Specific Reserve [Member] | One Loan [Member] | |||
Allowance for Credit Losses Reserve, Change In Method of Calculating Impairment | $ 3,000 | $ 435,000 |
Note 5 - Loans - Allowance for
Note 5 - Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning balance | $ 29,337 | $ 18,816 | $ 29,337 | $ 18,816 | $ 17,577 | ||||||
Provision for loan losses | $ 635 | $ 1,196 | $ 628 | 1,500 | $ 3,008 | $ 3,861 | $ 3,009 | 1,945 | 3,959 | 11,823 | 2,390 |
Recoveries on loans charged-off | 243 | 1 | 108 | ||||||||
Less loans charged-off | (627) | (1,303) | (1,259) | ||||||||
Ending balance | 32,912 | 29,337 | 32,912 | 29,337 | 18,816 | ||||||
Provisions | 635 | $ 1,196 | $ 628 | 1,500 | 3,008 | $ 3,861 | $ 3,009 | 1,945 | 3,959 | 11,823 | 2,390 |
Charge-offs | (627) | (1,303) | (1,259) | ||||||||
Recoveries | 243 | 1 | 108 | ||||||||
Loan losses, Reserves | 32,912 | 29,337 | 32,912 | 29,337 | 18,816 | ||||||
Individually | 20,725 | 19,554 | 20,725 | 19,554 | 13,218 | ||||||
Collectively | 2,910,625 | 2,687,212 | 2,910,625 | 2,687,212 | 2,183,716 | ||||||
Total loans, net of deferred loan fees and unaccreted discounts on acquired loans | 2,931,350 | 2,706,766 | 2,931,350 | 2,706,766 | 2,196,934 | ||||||
Specific Reserve [Member] | |||||||||||
Loan losses, Reserves | 30 | 525 | 30 | 525 | 0 | ||||||
General Reserves [Member] | |||||||||||
Loan losses, Reserves | 32,882 | 28,812 | 32,882 | 28,812 | 18,816 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Beginning balance | 24,677 | 15,118 | 24,677 | 15,118 | 13,437 | ||||||
Provision for loan losses | 3,982 | 9,559 | 1,847 | ||||||||
Recoveries on loans charged-off | 0 | 0 | 0 | ||||||||
Less loans charged-off | (67) | 0 | (166) | ||||||||
Ending balance | 28,592 | 24,677 | 28,592 | 24,677 | 15,118 | ||||||
Provisions | 3,982 | 9,559 | 1,847 | ||||||||
Charge-offs | (67) | 0 | (166) | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Loan losses, Reserves | 28,592 | 24,677 | 28,592 | 24,677 | 15,118 | ||||||
Individually | 10,340 | 10,514 | 10,340 | 10,514 | 3,795 | ||||||
Collectively | 2,545,379 | 2,304,203 | 2,545,379 | 2,304,203 | 1,842,747 | ||||||
Total loans, net of deferred loan fees and unaccreted discounts on acquired loans | 2,555,719 | 2,314,717 | 2,555,719 | 2,314,717 | 1,846,542 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Specific Reserve [Member] | |||||||||||
Loan losses, Reserves | 0 | 0 | 0 | 0 | 0 | ||||||
Commercial Real Estate Portfolio Segment [Member] | General Reserves [Member] | |||||||||||
Loan losses, Reserves | 28,592 | 24,677 | 28,592 | 24,677 | 15,118 | ||||||
Commercial Portfolio Segment [Member] | |||||||||||
Beginning balance | 4,617 | 3,588 | 4,617 | 3,588 | 4,140 | ||||||
Provision for loan losses | (480) | 2,286 | 433 | ||||||||
Recoveries on loans charged-off | 157 | 1 | 108 | ||||||||
Less loans charged-off | (501) | (1,258) | (1,093) | ||||||||
Ending balance | 3,793 | 4,617 | 3,793 | 4,617 | 3,588 | ||||||
Provisions | (480) | 2,286 | 433 | ||||||||
Charge-offs | (501) | (1,258) | (1,093) | ||||||||
Recoveries | 157 | 1 | 108 | ||||||||
Loan losses, Reserves | 3,793 | 4,617 | 3,793 | 4,617 | 3,588 | ||||||
Individually | 10,385 | 9,025 | 10,385 | 9,025 | 9,423 | ||||||
Collectively | 334,460 | 378,935 | 334,460 | 378,935 | 340,148 | ||||||
Total loans, net of deferred loan fees and unaccreted discounts on acquired loans | 344,845 | 387,960 | 344,845 | 387,960 | 349,571 | ||||||
Commercial Portfolio Segment [Member] | Specific Reserve [Member] | |||||||||||
Loan losses, Reserves | 30 | 525 | 30 | 525 | 0 | ||||||
Commercial Portfolio Segment [Member] | General Reserves [Member] | |||||||||||
Loan losses, Reserves | 3,763 | 4,092 | 3,763 | 4,092 | 3,588 | ||||||
Other Financing Receivables [Member] | |||||||||||
Beginning balance | 43 | 9 | 43 | 9 | 0 | ||||||
Provision for loan losses | 457 | 79 | 9 | ||||||||
Recoveries on loans charged-off | 86 | 0 | 0 | ||||||||
Less loans charged-off | (59) | (45) | 0 | ||||||||
Ending balance | 527 | 43 | 527 | 43 | 9 | ||||||
Provisions | 457 | 79 | 9 | ||||||||
Charge-offs | (59) | (45) | 0 | ||||||||
Recoveries | 86 | 0 | 0 | ||||||||
Loan losses, Reserves | 527 | 43 | 527 | 43 | 9 | ||||||
Individually | 0 | 15 | 0 | 15 | 0 | ||||||
Collectively | 30,786 | 4,074 | 30,786 | 4,074 | 821 | ||||||
Total loans, net of deferred loan fees and unaccreted discounts on acquired loans | 30,786 | 4,089 | 30,786 | 4,089 | 821 | ||||||
Other Financing Receivables [Member] | Specific Reserve [Member] | |||||||||||
Loan losses, Reserves | 0 | 0 | 0 | 0 | 0 | ||||||
Other Financing Receivables [Member] | General Reserves [Member] | |||||||||||
Loan losses, Reserves | $ 527 | 43 | 527 | 43 | 9 | ||||||
Unallocated Financing Receivables [Member] | |||||||||||
Beginning balance | $ 0 | $ 101 | $ 0 | 101 | 0 | ||||||
Provision for loan losses | (101) | 101 | |||||||||
Recoveries on loans charged-off | 0 | 0 | |||||||||
Less loans charged-off | 0 | 0 | |||||||||
Ending balance | 0 | 0 | 101 | ||||||||
Provisions | (101) | 101 | |||||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 0 | 0 | |||||||||
Loan losses, Reserves | 0 | 0 | 101 | ||||||||
Individually | 0 | 0 | 0 | ||||||||
Collectively | 0 | 0 | 0 | ||||||||
Total loans, net of deferred loan fees and unaccreted discounts on acquired loans | 0 | 0 | 0 | ||||||||
Unallocated Financing Receivables [Member] | Specific Reserve [Member] | |||||||||||
Loan losses, Reserves | 0 | 0 | 0 | ||||||||
Unallocated Financing Receivables [Member] | General Reserves [Member] | |||||||||||
Loan losses, Reserves | $ 0 | $ 0 | $ 101 |
Note 5 - Loans - Risk Category
Note 5 - Loans - Risk Category of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Total loans | $ 2,931,350 | $ 2,706,766 | |
Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | |||
Total loans | [1] | 303,144 | 186,723 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | [1] | 1,247,999 | 1,003,637 |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | |||
Total loans | [1] | 1,004,576 | 1,124,357 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Total loans | 268,709 | 290,139 | |
Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | |||
Total loans | [1] | 76,136 | 97,821 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | |||
Total loans | [1] | 30,786 | 4,089 |
Pass [Member] | |||
Total loans | 2,833,132 | 2,617,011 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | |||
Total loans | 299,333 | 186,550 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 1,184,889 | 947,643 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | |||
Total loans | 1,000,385 | 1,113,814 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Total loans | 255,439 | 278,357 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | |||
Total loans | 62,300 | 86,573 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Other Loans [Member] | |||
Total loans | 30,786 | 4,074 | |
Special Mention [Member] | |||
Total loans | 6,971 | 4,377 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | |||
Total loans | 3,662 | 0 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 2,006 | 756 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | |||
Total loans | 0 | 2,436 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Total loans | 0 | 999 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | |||
Total loans | 1,303 | 186 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Other Loans [Member] | |||
Total loans | 0 | 0 | |
Substandard [Member] | |||
Total loans | 70,522 | 65,824 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | |||
Total loans | 0 | 0 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 55,104 | 52,611 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | |||
Total loans | 0 | 393 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Total loans | 9,148 | 8,620 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | |||
Total loans | 6,270 | 4,200 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Other Loans [Member] | |||
Total loans | 0 | 0 | |
Impaired [Member] | |||
Total loans | 20,725 | 19,554 | |
Impaired [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | |||
Total loans | 149 | 173 | |
Impaired [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 6,000 | 2,627 | |
Impaired [Member] | Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | |||
Total loans | 4,191 | 7,714 | |
Impaired [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Total loans | 4,122 | 2,163 | |
Impaired [Member] | Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | |||
Total loans | 6,263 | 6,862 | |
Impaired [Member] | Commercial Portfolio Segment [Member] | Other Loans [Member] | |||
Total loans | $ 0 | $ 15 | |
[1] | Loans, net of deferred fees |
Note 5 - Loans - Aging of Recor
Note 5 - Loans - Aging of Recorded Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable | $ 33,104 | $ 24,759 | |
Total loans | 2,931,350 | 2,706,766 | |
Non-accrual Loans | [1] | 18,987 | 17,584 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable | 14,100 | 4,710 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable | 6,980 | 4,902 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable | 12,024 | 15,147 | |
Financial Asset, Not Past Due [Member] | |||
Financing Receivable | 2,898,246 | 2,682,007 | |
Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | |||
Financing Receivable | 149 | 173 | |
Total loans | [2] | 303,144 | 186,723 |
Non-accrual Loans | [1] | 149 | 173 |
Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable | 149 | 173 | |
Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable | 302,995 | 186,550 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable | 5,583 | 1,595 | |
Total loans | 1,247,999 | 1,003,637 | |
Non-accrual Loans | [1] | 4,672 | 1,193 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable | 1,914 | 449 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable | 3,002 | 10 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable | 667 | 1,136 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable | 1,242,416 | 1,002,042 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | |||
Financing Receivable | 15,472 | 15,086 | |
Total loans | [2] | 1,004,576 | 1,124,357 |
Non-accrual Loans | [1] | 4,191 | 7,714 |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable | 10,554 | 4,219 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable | 2,238 | 4,859 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable | 2,680 | 6,008 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable | 989,104 | 1,109,271 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans, Held for Sale [Member] | |||
Financing Receivable | 0 | 0 | |
Total loans | 5,957 | 49,963 | |
Non-accrual Loans | [1] | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans, Held for Sale [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans, Held for Sale [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans, Held for Sale [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans, Held for Sale [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable | 5,957 | 49,963 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable | 5,264 | 987 | |
Total loans | 268,709 | 290,139 | |
Non-accrual Loans | [1] | 3,712 | 1,661 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable | 1,575 | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable | 0 | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable | 3,689 | 987 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable | 263,445 | 289,152 | |
Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | |||
Financing Receivable | 6,572 | 6,861 | |
Total loans | [2] | 76,136 | 97,821 |
Non-accrual Loans | [1] | 6,263 | 6,828 |
Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable | 0 | 0 | |
Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable | 1,733 | 33 | |
Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable | 4,839 | 6,828 | |
Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable | 69,564 | 90,960 | |
Commercial Portfolio Segment [Member] | Other Loans [Member] | |||
Financing Receivable | 64 | 57 | |
Total loans | [2] | 30,786 | 4,089 |
Non-accrual Loans | [1] | 0 | 15 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable | 57 | 42 | |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable | 7 | 0 | |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable | 0 | 15 | |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable | $ 30,722 | $ 4,032 | |
[1] | Included in total loans | ||
[2] | Loans, net of deferred fees |
Note 5 - Loans - Individually I
Note 5 - Loans - Individually Impaired Loan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Allowance | $ 30,000 | $ 525,000 | $ 0 |
Principal Balance | 21,012,000 | 19,751,000 | 13,234,000 |
Recorded Investment | 20,725,000 | 19,554,000 | 13,218,000 |
Average Balance | 26,980,000 | 23,196,000 | 14,797,000 |
Interest Income | 159,000 | 170,000 | 128,000 |
Construction And Land Development Loans [Member] | |||
Principal Balance, With no related allowance recorded | 173,000 | 173,000 | 264,000 |
Recorded Investment, With no related allowance recorded | 149,000 | 173,000 | 264,000 |
Average Balance, With no related allowance recorded | 292,000 | 173,000 | 271,000 |
Interest Income, With no related allowance recorded | 0 | 0 | 24,000 |
Commercial and Industrial Sector [Member] | |||
Principal Balance, With no related allowance recorded | 4,096,000 | 1,710,000 | |
Recorded Investment, With no related allowance recorded | 4,096,000 | 1,662,000 | |
Average Balance, With no related allowance recorded | 4,390,000 | 1,819,000 | |
Interest Income, With no related allowance recorded | 27,000 | 31,000 | |
Principal Balance, With related allowance recorded | 27,000 | 520,000 | |
Recorded Investment, With related allowance recorded | 26,000 | 501,000 | |
Average Balance, With related allowance recorded | 34,000 | 563,000 | |
Interest Income, With related allowance recorded | 0 | 0 | |
Related Allowance | 27,000 | 520,000 | |
Commercial Real Estate [Member] | |||
Principal Balance, With no related allowance recorded | 6,059,000 | 2,633,000 | 2,198,000 |
Recorded Investment, With no related allowance recorded | 6,000,000 | 2,627,000 | 2,197,000 |
Average Balance, With no related allowance recorded | 6,163,000 | 2,724,000 | 2,384,000 |
Interest Income, With no related allowance recorded | 132,000 | 136,000 | 100,000 |
Commercial Real Estate [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Principal Balance, With related allowance recorded | 0 | ||
Recorded Investment, With related allowance recorded | 0 | ||
Average Balance, With related allowance recorded | 0 | ||
Interest Income, With related allowance recorded | 0 | ||
Related Allowance | 0 | ||
Residential Mortgage [Member] | |||
Principal Balance, With no related allowance recorded | 7,839,000 | 1,349,000 | |
Recorded Investment, With no related allowance recorded | 7,714,000 | 1,334,000 | |
Average Balance, With no related allowance recorded | 7,934,000 | 1,351,000 | |
Interest Income, With no related allowance recorded | 0 | 0 | |
Single Family Residential Mortgages Loans [Member] | |||
Principal Balance, With related allowance recorded | 18,000 | 33,000 | 0 |
Recorded Investment, With related allowance recorded | 18,000 | 33,000 | 0 |
Average Balance, With related allowance recorded | 26,000 | 40,000 | 0 |
Interest Income, With related allowance recorded | 0 | 3,000 | 0 |
Related Allowance | 3,000 | 5,000 | 0 |
Single Family Residential Mortgages Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Principal Balance, With no related allowance recorded | 4,365,000 | ||
Recorded Investment, With no related allowance recorded | 4,191,000 | ||
Average Balance, With no related allowance recorded | 4,486,000 | ||
Interest Income, With no related allowance recorded | 0 | ||
Small Business Administration Loans [Member] | Commercial Portfolio Segment [Member] | |||
Principal Balance, With no related allowance recorded | 6,274,000 | 6,828,000 | 9,423,000 |
Recorded Investment, With no related allowance recorded | 6,245,000 | 6,829,000 | 9,423,000 |
Average Balance, With no related allowance recorded | 11,589,000 | 9,928,000 | 10,791,000 |
Interest Income, With no related allowance recorded | $ 0 | 0 | $ 4,000 |
Other Financing Receivables [Member] | |||
Principal Balance, With no related allowance recorded | 15,000 | ||
Recorded Investment, With no related allowance recorded | 15,000 | ||
Average Balance, With no related allowance recorded | 15,000 | ||
Interest Income, With no related allowance recorded | $ 0 |
Note 5 - Loans - Summary of Loa
Note 5 - Loans - Summary of Loans by Class Modified as TDRs (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Loans | 5 | 3 | 1 |
Pre-Modification Recorded Investment | $ 1,695 | $ 1,719 | $ 476 |
Post-Modification Recorded Investment | $ 1,695 | $ 1,719 | $ 476 |
Small Business Administration Loans [Member] | |||
Number of Loans | 1 | 0 | 0 |
Pre-Modification Recorded Investment | $ 1,090 | $ 0 | $ 0 |
Post-Modification Recorded Investment | $ 1,090 | $ 0 | $ 0 |
Commercial Real Estate [Member] | |||
Number of Loans | 2 | 3 | 1 |
Pre-Modification Recorded Investment | $ 284 | $ 1,719 | $ 476 |
Post-Modification Recorded Investment | $ 284 | $ 1,719 | $ 476 |
Construction And Land Development Loans [Member] | |||
Number of Loans | 1 | 0 | 0 |
Pre-Modification Recorded Investment | $ 165 | $ 0 | $ 0 |
Post-Modification Recorded Investment | $ 165 | $ 0 | $ 0 |
Single Family Residential Mortgages Loans [Member] | |||
Number of Loans | 1 | 0 | 0 |
Pre-Modification Recorded Investment | $ 156 | $ 0 | $ 0 |
Post-Modification Recorded Investment | $ 156 | $ 0 | $ 0 |
Note 6 - Loan Servicing (Detail
Note 6 - Loan Servicing (Details Textual) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Loan Servicing Fees Net of Amortization | $ 684,000 | $ 2,052,000 | $ 3,383,000 | |
Servicing Asset, Custodial Balance | $ 14,300,000 | 14,300,000 | 16,600,000 | |
Servicing Asset at Amortized Cost, Recovery on Impairments | 416,000 | |||
Servicing Asset, Total | 11,517,000 | 11,517,000 | 13,965,000 | |
Mortgages [Member] | ||||
Servicing Asset, Total | $ 15,400,000 | $ 15,400,000 | $ 10,700,000 | |
Mortgages [Member] | Measurement Input, Discount Rate [Member] | ||||
Servicing Asset, Measurement Input | 0.1086 | 0.1086 | 0.1104 | |
Mortgages [Member] | Measurement Input, Prepayment Rate [Member] | ||||
Servicing Asset, Measurement Input | 0.1404 | 0.1404 | 0.1550 | |
Mortgages [Member] | Measurement Input, Default Rate [Member] | ||||
Servicing Asset, Measurement Input | 0.0010 | 0.0010 | 0.0010 | |
Small Business Administration Loans [Member] | ||||
Servicing Asset, Total | $ 4,100,000 | $ 4,100,000 | $ 5,000,000 | |
Small Business Administration Loans [Member] | Measurement Input, Discount Rate [Member] | ||||
Servicing Asset, Measurement Input | 0.085 | 0.085 | 0.085 | |
Small Business Administration Loans [Member] | Measurement Input, Prepayment Rate [Member] | ||||
Servicing Asset, Measurement Input | 0.1587 | 0.1587 | 0.138 | |
Small Business Administration Loans [Member] | Measurement Input, Default Rate [Member] | ||||
Servicing Asset, Measurement Input | 0.0061 | 0.0061 | 0.0084 |
Note 6 - Loan Servicing - Sched
Note 6 - Loan Servicing - Schedule of Principal Balances of Mortgage and SBA Loans Serviced for Others (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Mortgages [Member] | ||
Loans serviced for others | $ 1,308,672 | $ 1,512,969 |
Small Business Administration Loans [Member] | ||
Loans serviced for others | 138,173 | 156,222 |
Commerical Real Estate Loans [Member] | ||
Loans serviced for others | $ 4,070 | $ 4,145 |
Note 6 - Loan Servicing - Sch_2
Note 6 - Loan Servicing - Schedule of Amortization of Mortgage Servicing Rights Netted Against Loan Servicing Fee Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgages [Member] | |||
Beginning of period | $ 10,529 | $ 12,997 | $ 12,858 |
Additions | 1,920 | 1,422 | 2,088 |
Disposals | (2,129) | (1,513) | (128) |
Amortized to expense | (1,988) | (1,960) | (1,821) |
Impairment | 416 | (417) | 0 |
End of period | 8,748 | 10,529 | 12,997 |
Small Business Administration Loans [Member] | |||
Beginning of period | 3,436 | 4,086 | 4,512 |
Additions | 441 | 293 | 980 |
Disposals | (646) | (401) | (708) |
Amortized to expense | (462) | (542) | (698) |
Impairment | 0 | 0 | 0 |
End of period | $ 2,769 | $ 3,436 | $ 4,086 |
Note 7 - Premises and Equipme_3
Note 7 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation and Leasehold Amortization, Excluding Intangibles Amortization | $ 1,900,000 | $ 2,000,000 | $ 1,900,000 |
Operating Leases, Rent Expense, Net, Total | 5,300,000 | 5,700,000 | $ 6,100,000 |
Sublease Income | $ 479,000 | $ 395,000 |
Note 7 - Premises and Equipme_4
Note 7 - Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Premises and equipment, gross | $ 38,361 | $ 36,193 |
Less accumulated depreciation and amortization | (11,629) | (9,773) |
Construction in progress | 467 | 683 |
Property, Plant and Equipment, Net, Ending Balance | 27,199 | 27,103 |
Land [Member] | ||
Premises and equipment, gross | 9,066 | 9,066 |
Building and Building Improvements [Member] | ||
Premises and equipment, gross | 15,265 | 15,040 |
Furniture and Fixtures [Member] | ||
Premises and equipment, gross | 7,575 | 6,772 |
Leasehold Improvements [Member] | ||
Premises and equipment, gross | $ 6,455 | $ 5,315 |
Note 7 - Premises and Equipme_5
Note 7 - Premises and Equipment - Schedule of Future Minimum Rent Payments on Company's Leases (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 4,490 |
2023 | 3,931 |
2024 | 2,872 |
2025 | 2,724 |
2026 | 2,704 |
Thereafter | 6,875 |
Total | $ 23,596 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Brokered Time Deposits | $ 2.4 | $ 17.4 |
Note 8 - Deposits - Schedule of
Note 8 - Deposits - Schedule of Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2021USD ($) |
One year | $ 1,119,404 |
Two to three years | 44,612 |
Over three years | 2,422 |
Total | $ 1,166,439 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) $ in Millions | 1 Months Ended | ||||
Mar. 31, 2021 | Nov. 30, 2018 | Mar. 31, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument, Face Amount | $ 175 | $ 105 | |||
Six Point Five Percent Fixed To Floating Rate Subordinated Debentures Due March Thirty First Two Thousand Twenty Six Member | |||||
Debt Instrument, Face Amount | $ 50 | ||||
Debt Instrument, Basis Spread on Variable Rate | 5.16% | ||||
Six Point Five Percent Fixed To Floating Rate Subordinated Debentures Due March Thirty First Two Thousand Twenty Six Member | London Interbank Offered Rate (LIBOR) [Member] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.50% | ||||
Six Point One Eight Percent Fixed To Floating Rate Subordinated Debentures Due December First Two Thousands Twenty Eight [Member] | |||||
Debt Instrument, Face Amount | $ 55 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.18% | ||||
Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual | $ 25 | ||||
Six Point One Eight Percent Fixed To Floating Rate Subordinated Debentures Due December First Two Thousands Twenty Eight [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.15% | ||||
Four Percent Fixed To Floating Rate Subordinated Debentures Due April First Two Thousand Thirty One [Member] | |||||
Debt Instrument, Face Amount | $ 120 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.00% | ||||
Four Percent Fixed To Floating Rate Subordinated Debentures Due April First Two Thousand Thirty One [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.29% |
Note 9 - Long-term Debt - Sched
Note 9 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Principal | $ 175,000 | $ 105,000 |
Unamortized debt issuance costs | $ 1,993 | $ 609 |
Note 9 - Long-term Debt - Sch_2
Note 9 - Long-term Debt - Schedule of Interest and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest | $ 7,878 | $ 6,649 |
Amortization | $ 525 | $ 342 |
Note 10 - Subordinated Debent_2
Note 10 - Subordinated Debentures (Details Textual) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020USD ($)shares | Oct. 31, 2018USD ($)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument, Face Amount | $ 175,000,000 | $ 105,000,000 | |||
Interest Expense, Debt, Total | 7,878,000 | 6,649,000 | |||
Subordinated Debt [Member] | |||||
Interest Expense, Debt, Total | 377,000 | 468,000 | $ 540,000 | ||
Debt Amortization Expense | 218,000 | $ 218,000 | $ 167,000 | ||
TFC Statutory Trust [Member] | Other Assets [Member] | |||||
Common Stock Held in Trust | 155,000 | ||||
TFC Statutory Trust [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Subordinated Debt Obligations, Fair Value Disclosure | 3,300,000 | ||||
TFC Statutory Trust [Member] | Subordinated Debt [Member] | |||||
Debt Instrument, Face Amount | 5,000,000 | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 1,900,000 | ||||
Debt Instrument Redemption, Percentage of Principal Amount Outstanding | 100.00% | ||||
Debt Instrument, Maximum Number Of Period For Deferred Interest Payments (Year) | 5 years | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 1.85% | 1.87% | |||
TFC Statutory Trust [Member] | Private Placement [Member] | |||||
Number of Trust Preferred Securities (in shares) | shares | 5,000 | ||||
Trust Preferred Securities Lquidation Amount Per Preferred Security (in dollars per share) | $ / shares | $ 1,000 | ||||
First American International Statutory Trust I 1[Member] | |||||
Common Unit, Issued (in shares) | shares | 7,000 | ||||
Floating Rate Maturity Period (Year) | 30 years | ||||
Common Unit Liquidation Preference Value | $ 7,000,000 | ||||
First American International Statutory Trust I 1[Member] | Other Assets [Member] | |||||
Common Stock Held in Trust | 217,000 | ||||
First American International Statutory Trust I 1[Member] | Subordinated Debt [Member] | |||||
Debt Instrument, Face Amount | 7,000,000 | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 1,200,000 | ||||
Debt Instrument, Maximum Number Of Period For Deferred Interest Payments (Year) | 5 years | ||||
First American International Statutory Trust I 1[Member] | Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
First American International Statutory Trust I [Member] | Subordinated Debt [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.45% | 2.47% | |||
PGB Holdings Inc And Banking Subsidiary Pacific Global Bank [Member] | |||||
Common Unit, Issued (in shares) | shares | 5,000 | ||||
Common Unit Liquidation Preference Value | $ 5,000,000 | ||||
Number of Common Securities | 155 | ||||
Common Securities Liquidation Preference Value | $ 155,000 | ||||
PGB Holdings Inc And Banking Subsidiary Pacific Global Bank [Member] | Subordinated Debt [Member] | |||||
Debt Instrument, Face Amount | 5,200,000 | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 763,000 | ||||
Debt Instrument, Maximum Number Of Period For Deferred Interest Payments (Year) | 5 years | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.30% | 2.32% | |||
PGB Holdings Inc And Banking Subsidiary Pacific Global Bank [Member] | Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.10% |
Note 11 - Borrowing Arrangeme_2
Note 11 - Borrowing Arrangements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Advances from Federal Home Loan Banks, Total | $ 150,000 | $ 150,000 | |
Federal Home Loan Bank Advances [Member] | |||
Long-term Federal Home Loan Bank Advances, Total | $ 150,000 | ||
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate at Period End | 1.18% | ||
Debt Instrument, Term (Year) | 5 years | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 1,100 | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | 1,800 | $ 1,500 | $ 2,900 |
Federal Reserve Bank of San Francisco Secured Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 22,300 | ||
Loans Pledged as Collateral | 33,200 | ||
Federal Home Loan Bank of San Francisco Secured Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 833,600 | ||
Loans Pledged as Collateral | 1,100 | ||
Federal Home Loan Bank Overnight Advances [Member] | |||
Advances from Federal Home Loan Banks, Total | 0 | ||
Zions Bank [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | ||
Wells Fargo Bank [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000 | ||
Wells Fargo Bank [Member] | Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | ||
First Horizon National Bank [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 12,000 | ||
Pacific Coast Bankers' Bank [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) | Dec. 31, 2021USD ($) |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards, Total | $ 26,000 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |
Operating Loss Carryforwards, Total | 409,000 |
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | |
Operating Loss Carryforwards, Total | 3,900,000 |
State and Local Jurisdiction [Member] | New York City Income Tax [Member] | |
Operating Loss Carryforwards, Total | 3,100,000 |
State and Local Jurisdiction [Member] | Illinois Department of Revenue [Member] | |
Operating Loss Carryforwards, Total | $ 0 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal | $ 15,000 | $ 9,948 | $ 8,074 | ||||||||
State | 9,087 | 6,602 | 5,614 | ||||||||
Current Income Tax Expense (Benefit), Total | 24,087 | 16,550 | 13,688 | ||||||||
Deferred | (1,093) | (2,998) | 1,503 | ||||||||
Deferred tax adjustment for change in tax rate | 0 | 0 | 21 | ||||||||
Amortization of investment in affordable housing tax credits | 1,037 | 979 | 900 | ||||||||
Income Tax Expense (Benefit), Total | $ 6,740 | $ 6,120 | $ 5,540 | $ 5,631 | $ 4,759 | $ 3,619 | $ 2,901 | $ 3,252 | $ 24,031 | $ 14,531 | $ 16,112 |
Note 12 - Income Taxes - Compar
Note 12 - Income Taxes - Comparison of Federal Statutory Income Tax Rates to Effective Income Tax Rates (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory federal tax, amount | $ 16,997 | $ 9,966 | $ 11,617 | ||||||||
Statutory federal tax, rate | 21.00% | 21.00% | 21.00% | ||||||||
State franchise tax, net of federal benefit, amount | $ 7,182 | $ 4,024 | $ 5,322 | ||||||||
State franchise tax, net of federal benefit, rate | 8.90% | 8.50% | 9.60% | ||||||||
Tax-exempt income, amount | $ (285) | $ (192) | $ (25) | ||||||||
Tax-exempt income, rate | (0.40%) | (0.40%) | 0.00% | ||||||||
Tax impact from change in tax rate, amount | $ (59) | $ 68 | $ 17 | ||||||||
Tax impact from change in tax rate, rate | (0.10%) | 0.10% | 0.00% | ||||||||
Stock-based compensation, amount | $ (404) | $ 123 | $ (27) | ||||||||
Stock-based compensation, rate | (0.50%) | 0.30% | 0.00% | ||||||||
Other items, net, amount | $ 600 | $ 542 | $ (792) | ||||||||
Other items, net, rate | 0.70% | 1.10% | (1.40%) | ||||||||
Income Tax Expense (Benefit), Total | $ 6,740 | $ 6,120 | $ 5,540 | $ 5,631 | $ 4,759 | $ 3,619 | $ 2,901 | $ 3,252 | $ 24,031 | $ 14,531 | $ 16,112 |
Actual tax expense, rate | 29.60% | 30.60% | 29.20% |
Note 12 - Income Taxes - Summar
Note 12 - Income Taxes - Summary of Components of Net Deferred Tax Asset Accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pre-opening expenses | $ 64 | $ 242 |
Allowance for loan losses | 9,735 | 8,575 |
Stock-based compensation | 781 | 1,074 |
Off balance sheet reserve | 367 | 425 |
Operating loss carryforwards | 606 | 1,196 |
Unrealized loss on AFS securities | 718 | 0 |
Lease liability | 7,106 | 0 |
Mark to market on held for sale mortgage loans | 74 | 486 |
State tax | 1,967 | 1,473 |
Other | 797 | 403 |
Deferred Tax Assets, Gross, Total | 22,215 | 13,874 |
Depreciation | (1,441) | (1,212) |
Deferred loan costs | (2,598) | (2,482) |
Unrealized gain on AFS securities | 0 | (497) |
Acquisition accounting fair value adjustments | (3,348) | (3,584) |
Mortgage servicing rights | (2,667) | (3,204) |
Right of use asset | (6,853) | 0 |
Other | (453) | (348) |
Deferred Tax Liabilities, Gross, Total | (17,360) | (11,327) |
Net deferred tax assets | $ 4,855 | $ 2,547 |
Note 13 - Commitments - Schedul
Note 13 - Commitments - Schedule of Financial Commitments Represents Credit Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financial commitments, contractual amount, fixed rate | $ 27,507 | $ 67,183 |
Financial commitments, contractual amount, variable rate | 432,654 | 495,257 |
Standby Letters of Credit [Member] | ||
Financial commitments, contractual amount, fixed rate | 2,042 | 1,455 |
Financial commitments, contractual amount, variable rate | 2,686 | 2,576 |
Commitments to Make Loans [Member] | ||
Financial commitments, contractual amount, fixed rate | 1,474 | 7 |
Financial commitments, contractual amount, variable rate | 200,814 | 281,489 |
Unused lines of Credit [Member] | ||
Financial commitments, contractual amount, fixed rate | 22,777 | 57,437 |
Financial commitments, contractual amount, variable rate | 229,154 | 211,192 |
Commercial And Similar Letters Of Credit [Member] | ||
Financial commitments, contractual amount, fixed rate | 1,214 | 8,284 |
Financial commitments, contractual amount, variable rate | $ 0 | $ 0 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Lease, Expense | $ 5,300,000 | $ 5,700,000 |
Operating Lease, Lease Income, Total | $ 479,000 | $ 395,000 |
Note 14 - Leases - Future Minim
Note 14 - Leases - Future Minimum Rent Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
2022 | $ 4,490 | |||
2023 | 3,931 | |||
2024 | 2,872 | |||
2025 | 2,724 | |||
2026 | 2,704 | |||
Thereafter | 6,875 | |||
Total | 23,596 | |||
Less amount of payment representing interest | (314) | |||
Total present value of lease payments | $ 23,282 | $ 23,282 | $ 27,412 | $ 0 |
Note 14 - Leases - Operating Le
Note 14 - Leases - Operating Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
ROU assets | $ 22,454 | $ 22,454 | $ 26,770 | $ 0 |
Total present value of lease payments | $ 23,282 | $ 23,282 | $ 27,412 | $ 0 |
Weighted-average remaining lease term (in years) (Year) | 6 years 10 months 2 days | 7 years 4 months 17 days | ||
Weighted-average discount rate | 1.01% | 0.94% |
Note 15 - Related Party Trans_3
Note 15 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Executive Officers, Directors and their Related Interests [Member] | ||
Unfunded Loan Commitments, Available To Related Parties | $ 0 | $ 2,000 |
Principal Officers, Directors and their Affiliates [Member] | ||
Related Party Deposit Liabilities | 57,600 | $ 50,000 |
Directors and Their Affiliates [Member] | ||
Related Party Transaction, Due from (to) Related Party, Total | $ 8,100 |
Note 15 - Related Party Trans_4
Note 15 - Related Party Transactions - Loans to Principal Officers, Directors, and Their Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance | $ 1,243 | $ 4,000 |
New loans and advances | 10,292 | 11,498 |
Repayments | (3,094) | (14,255) |
Ending balance | $ 8,441 | $ 1,243 |
Note 16 - Stock Option Plan (De
Note 16 - Stock Option Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expense | $ 1,100,000 | $ 686,000 | $ 689,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,200,000 | $ 300,000 | $ 460,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares) | 237,500 | 147,500 | 76,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 4.28 | $ 4.43 | $ 6.32 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 302,744 | 56,498 | 200,629 |
Proceeds from Stock Options Exercised | $ 3,475,000 | $ 712,000 | $ 2,817,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 3,800,000 | 278,000 | 1,200,000 |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Expense | 485,000 | 260,000 | 152,000 |
Employee Service, Share Based Compensation Tax Expense (Benefit) from Compensation Expense | (873,000) | (26,000) | (78,000) |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 635,000 | 476,000 | 332,000 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Payment Arrangement, Expense | $ 602,000 | 425,000 | 425,000 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 729,000 | $ 266,000 | $ 691,000 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 60,000 | ||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Granted at Closing Price (in dollars per share) | $ 17.74 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 60,000 | 14,475 | |
The 2017 Omnibus Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 30.00% | ||
Share Based Compensation Arrangement by Share Based Payment Award, Minimum Percentage of Fair Market Value Common Stock on Grant Date | 100.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 981,853 |
Note 16 - Stock Option Plan - S
Note 16 - Stock Option Plan - Schedule of Weighted Average Assumption for Fair Value of Option Grant Estimated Using Black-Scholes Option Pricing Model (Details) - $ / shares | 1 Months Ended | ||||
Jul. 31, 2021 | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 | |
Expected volatility | 31.60% | 30.80% | 31.80% | 28.50% | 35.00% |
Expected term (years) (Year) | 6 years | 6 years | 6 years | 6 years | 6 years |
Expected dividends | 1.98% | 1.86% | 2.48% | 1.99% | 1.90% |
Risk free rate | 0.48% | 0.26% | 0.29% | 1.31% | 2.66% |
Grant date fair value (in dollars per share) | $ 5.69 | $ 4.14 | $ 2.97 | $ 4.61 | $ 6.32 |
Note 16 - Stock Option Plan -_2
Note 16 - Stock Option Plan - Summary of Awards Pursuant to Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning Balance, Shares (in shares) | 1,097,470 | ||
Outstanding at beginning of year (in dollars per share) | $ 13.30 | ||
Granted, Shares (in shares) | 150,000 | ||
Granted, Weighted Average Exercise Price (in dollars per share) | $ 18.34 | ||
Exercised, Shares (in shares) | (302,744) | (56,498) | (200,629) |
Exercised, Weighted Average Exercise Price (in dollars per share) | $ 11.48 | ||
Forfeited/cancelled, Shares (in shares) | (808) | ||
Forfeited/cancelled, Weighted Average Exercise Price (in dollars per share) | $ 11.15 | ||
Balance, Shares (in shares) | 943,918 | 1,097,470 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 14.66 | $ 13.30 | |
Outstanding at end of period, weighted average remaining contractual term (Year) | 4 years 14 days | ||
Outstanding at end of period, aggregate intrinsic value | $ 10,895 | ||
Options exercisable, Shares (in shares) | 706,418 | ||
Options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 13.59 | ||
Options exercisable, Weighted Average Remaining Contractual Term (Year) | 2 years 5 months 15 days | ||
Options exercisable, Aggregate Intrinsic Value | $ 8,909 |
Note 16 - Stock Option Plan - R
Note 16 - Stock Option Plan - RSUs Activity (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Outstanding at beginning of year (in shares) | shares | 14,475 |
Outstanding at beginning of year, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 29.38 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 60,000 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 17.74 |
Vested (in shares) | shares | (14,475) |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ (29.38) |
Outstanding at end of period (in shares) | shares | 60,000 |
Outstanding at end of period, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 17.74 |
Note 17 - Regulatory Matters (D
Note 17 - Regulatory Matters (Details Textual) $ in Billions | Jan. 01, 2019 | Jan. 01, 2016 | Dec. 31, 2021 | Jan. 01, 2021USD ($) | Jan. 01, 2015 |
Tier One Risk Based Common Equity Capital Required For Capital Adequacy To Risk Weighted Assets | 4.50% | ||||
Tier One Risk Based Common Equity Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | ||||
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.040 | ||||
Banking Regulation, Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.060 | ||||
Increased Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 0.060 | ||||
Increased Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 0.080 | ||||
Capital Conservation Buffer | 2.50% | 0.625% | 2.50% | ||
Required Assets To Liabilities Ratio After Dividend Effect | 1.25 | ||||
Minimum [Member] | |||||
Regulatory Assets, Total | $ 3 |
Note 17 - Regulatory Matters -
Note 17 - Regulatory Matters - Summary of Company and Bank Continue to Exceed Regulatory Capital Minimum Requirements and Bank Continues to Exceed Well Capitalized Standards (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jan. 01, 2015 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.040 | ||
RBB Bancorp [Member] | |||
Tier 1 Leverage Ratio, Amount | $ 410,134 | $ 368,413 | |
Tier 1 Leverage Ratio, Ratio | 0.1021 | 0.1132 | |
Tier 1 Leverage Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 160,642 | $ 130,219 | |
Tier 1 Leverage Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 0.040 | 0.040 | |
Tier 1 Leverage Ratio, Minimum Required Plus Capital Conservation Buffer Fully Phased-In Amount | $ 200,803 | $ 162,774 | |
Tier 1 Leverage Ratio, Minimum Required Plus Capital Conservation Buffer Fully Phased-In Ratio | 5.00% | 5.00% | |
Common Equity Tier 1 Risk-Based Capital Ratio, Amount | $ 395,632 | $ 354,130 | |
Common Equity Tier 1 Risk-Based Capital Ratio, Ratio | 0.1486 | 0.1462 | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 119,841 | $ 109,021 | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 4.50% | 4.50% | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Amount | $ 173,104 | $ 157,474 | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Ratio | 0.065 | 0.065 | |
Tier 1 Risk-Based Capital Ratio, Amount | $ 410,134 | $ 368,413 | |
Tier 1 Risk-Based Capital Ratio, Ratio | 0.1540 | 0.1521 | |
Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 159,788 | $ 145,361 | |
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.060 | 0.060 | |
Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Amount | $ 213,051 | $ 193,814 | |
Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Ratio | 8.00% | 8.00% | |
Total Risk-Based Capital Ratio, Amount | $ 616,440 | $ 503,093 | |
Total Risk-Based Capital Ratio, Ratio | 0.2315 | 0.2077 | |
Total Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 213,051 | $ 193,814 | |
Total Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 0.080 | 0.080 | |
Total Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Amount | $ 266,314 | $ 242,268 | |
Total Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Ratio | 10.00% | 10.00% | |
Royal Business Bank [Member] | |||
Tier 1 Leverage Ratio, Amount | $ 499,325 | $ 458,614 | |
Tier 1 Leverage Ratio, Ratio | 0.1245 | 0.1411 | |
Tier 1 Leverage Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 160,418 | $ 129,989 | |
Tier 1 Leverage Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 0.040 | 0.040 | |
Tier 1 Leverage Ratio, Minimum Required Plus Capital Conservation Buffer Fully Phased-In Amount | $ 200,523 | $ 162,487 | |
Tier 1 Leverage Ratio, Minimum Required Plus Capital Conservation Buffer Fully Phased-In Ratio | 5.00% | 5.00% | |
Common Equity Tier 1 Risk-Based Capital Ratio, Amount | $ 499,325 | $ 458,614 | |
Common Equity Tier 1 Risk-Based Capital Ratio, Ratio | 0.1880 | 0.1894 | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 119,550 | $ 108,966 | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 4.50% | 4.50% | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Amount | $ 172,684 | $ 157,395 | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Ratio | 0.065 | 0.065 | |
Tier 1 Risk-Based Capital Ratio, Amount | $ 499,325 | $ 458,614 | |
Tier 1 Risk-Based Capital Ratio, Ratio | 0.1880 | 0.1894 | |
Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 159,401 | $ 145,288 | |
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.060 | 0.060 | |
Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Amount | $ 212,534 | $ 193,717 | |
Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Ratio | 8.00% | 8.00% | |
Total Risk-Based Capital Ratio, Amount | $ 532,544 | $ 488,888 | |
Total Risk-Based Capital Ratio, Ratio | 0.2005 | 0.2019 | |
Total Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 212,534 | $ 193,717 | |
Total Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | 0.080 | 0.080 | |
Total Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Amount | $ 265,668 | $ 242,146 | |
Total Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Ratio | 10.00% | 10.00% |
Note 18 - Fair Value Measurem_3
Note 18 - Fair Value Measurements (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / item | Dec. 31, 2020USD ($) | |
Write Down on Other Real Estate Owned | $ 0 | $ 0 |
Other Real Estate Owned [Member] | Single-Family Residences [Member] | ||
Assets, Fair Value Disclosure | $ 293,000 | 293,000 |
Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | Other Real Estate Owned [Member] | ||
Alternative Investment, Measurement Input | 0.05 | |
Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | Other Real Estate Owned [Member] | ||
Alternative Investment, Measurement Input | 0.06 | |
Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts [Member] | Minimum [Member] | ||
Derivative, Buy Price (in USD per Per Share) | $ / item | 96 | |
Derivative, Sale Price (in USD per Per Share) | $ / item | 99 | |
Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts [Member] | Maximum [Member] | ||
Derivative, Buy Price (in USD per Per Share) | $ / item | 100 | |
Derivative, Sale Price (in USD per Per Share) | $ / item | 104 | |
Fair Value, Recurring [Member] | ||
Assets, Fair Value Disclosure | $ 368,525,000 | 211,126,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure | 265,000 | 259,000 |
Fair Value, Recurring [Member] | Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Asset, Total | $ 259,000 | |
Fair Value, Recurring [Member] | Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Margin Cost Rate [Member] | ||
Derivative Asset, Total | $ 265,000 | |
Fair Value, Recurring [Member] | Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Margin Cost Rate [Member] | Minimum [Member] | ||
Derivative Asset, Measurement Input | 0.0150 | |
Fair Value, Recurring [Member] | Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Margin Cost Rate [Member] | Maximum [Member] | ||
Derivative Asset, Measurement Input | 0.0200 | |
Fair Value, Recurring [Member] | Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Changes Measurement [Member] | ||
Derivative Asset, Change | $ 6,000 |
Note 18 - Fair Value Measurem_4
Note 18 - Fair Value Measurements - Schedule of Hierarchy and Fair Value for Each Major Category of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Recurring [Member] | ||
Assets measured at fair value | $ 368,525 | $ 211,126 |
Fair Value, Recurring [Member] | Interest Rate Lock Contracts [Member] | ||
Assets measured at fair value | 141 | 45 |
Fair Value, Recurring [Member] | Forward Mortgage Loan Sale Contracts [Member] | ||
Assets measured at fair value | 124 | 214 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Assets measured at fair value | 5,610 | 1,294 |
Fair Value, Recurring [Member] | Small Business Administration Agency Securities [Member] | ||
Assets measured at fair value | 3,469 | 4,394 |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured at fair value | 55,025 | 17,677 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets measured at fair value | 119,511 | 48,874 |
Fair Value, Recurring [Member] | Commercial Paper [Member] | ||
Assets measured at fair value | 129,926 | 102,448 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets measured at fair value | 42,205 | 34,563 |
Fair Value, Recurring [Member] | Municipal Securities [Member] | ||
Assets measured at fair value | 12,514 | 1,617 |
Fair Value, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Assets measured at fair value | 293 | 293 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Interest Rate Lock Contracts [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Forward Mortgage Loan Sale Contracts [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Small Business Administration Agency Securities [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Commercial Paper [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Municipal Securities [Member] | ||
Assets measured at fair value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets measured at fair value | 368,260 | 210,867 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Lock Contracts [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Forward Mortgage Loan Sale Contracts [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Assets measured at fair value | 5,610 | 1,294 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Small Business Administration Agency Securities [Member] | ||
Assets measured at fair value | 3,469 | 4,394 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured at fair value | 55,025 | 17,677 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets measured at fair value | 119,511 | 48,874 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commercial Paper [Member] | ||
Assets measured at fair value | 129,926 | 102,448 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets measured at fair value | 42,205 | 34,563 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Municipal Securities [Member] | ||
Assets measured at fair value | 12,514 | 1,617 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets measured at fair value | 265 | 259 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Interest Rate Lock Contracts [Member] | ||
Assets measured at fair value | 141 | 45 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Forward Mortgage Loan Sale Contracts [Member] | ||
Assets measured at fair value | 124 | 214 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Small Business Administration Agency Securities [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Commercial Paper [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Municipal Securities [Member] | ||
Assets measured at fair value | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Assets measured at fair value | $ 293 | $ 293 |
Note 19 - Fair Value of Finan_3
Note 19 - Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy Level and Estimated Fair Value of Significant Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment securities - AFS | $ 368,260 | $ 210,867 |
Investment securities - HTM | 6,577 | 7,603 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and due from banks | 501,372 | 137,654 |
Federal funds sold and other cash equivalents | 193,000 | 57,000 |
Interest-earning deposits in other financial institutions | 600 | 600 |
Mortgage loans held for sale | 5,957 | 49,963 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 501,372 | 137,654 |
Federal funds sold and other cash equivalents | 193,000 | 57,000 |
Interest-earning deposits in other financial institutions | 600 | 600 |
Mortgage loans held for sale | 6,055 | 50,716 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Investment securities - AFS | 368,260 | 210,867 |
Investment securities - HTM | 6,252 | 7,174 |
Servicing assets: | 11,517 | 13,965 |
Deposits | 3,385,532 | 2,635,128 |
FHLB advances | 150,000 | 150,000 |
Long-term debt | 173,007 | 104,391 |
Subordinated debentures | 14,502 | 14,283 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Investment securities - AFS | 368,260 | 210,867 |
Investment securities - HTM | 6,577 | 7,603 |
Servicing assets: | 19,442 | 15,617 |
Deposits | 3,388,008 | 2,632,933 |
FHLB advances | 143,237 | 149,964 |
Long-term debt | 175,773 | 137,930 |
Subordinated debentures | 13,991 | 14,654 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Contracts [Member] | ||
Derivative assets, notional amount | 8,099 | 27,665 |
Derivative assets | 141 | 45 |
Fair Value, Inputs, Level 3 [Member] | Forward Mortgage Loan Sale Contracts [Member] | ||
Derivative assets, notional amount | 14,296 | 55,089 |
Derivative assets | 124 | 214 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans, net | 2,898,438 | 2,677,429 |
Equity securities | 19,992 | 14,894 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans, net | 2,908,742 | 2,687,751 |
Equity securities | $ 19,992 | $ 14,894 |
Note 20 - Earnings Per Share _3
Note 20 - Earnings Per Share ("EPS") (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | Common Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 301,500 | 76,500 |
Note 20 - Earnings Per Share _4
Note 20 - Earnings Per Share ("EPS") - Reconciliation of Net Income and Shares Outstanding to Income and Number of Shares Used to Compute EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 15,706 | $ 15,364 | $ 13,380 | $ 12,456 | $ 11,147 | $ 8,520 | $ 6,513 | $ 6,748 | $ 56,906 | $ 32,928 | $ 39,209 |
Less: Earnings allocated to participating securities, income | $ (192) | $ (37) | $ (74) | ||||||||
Shares outstanding, shares (in shares) | 19,455,544 | 19,565,921 | 20,030,866 | ||||||||
Impact of weighting shares, shares (in shares) | (31,995) | 197,501 | (13,560) | ||||||||
Used in basic EPS, income | $ 56,715 | $ 32,891 | $ 39,135 | ||||||||
Used in basic EPS, shares (in shares) | 19,423,549 | 19,763,422 | 20,017,306 | ||||||||
Stock options, shares (in shares) | 410,756 | 158,437 | 376,118 | ||||||||
Used in dilutive EPS, income | $ 56,715 | $ 32,891 | $ 39,135 | ||||||||
Used in dilutive EPS, shares (in shares) | 19,834,306 | 19,921,859 | 20,393,424 | ||||||||
Basic (in dollars per share) | $ 0.81 | $ 0.79 | $ 0.69 | $ 0.64 | $ 0.57 | $ 0.43 | $ 0.33 | $ 0.34 | $ 2.92 | $ 1.66 | $ 1.96 |
Diluted (in dollars per share) | $ 0.79 | $ 0.77 | $ 0.67 | $ 0.63 | $ 0.56 | $ 0.43 | $ 0.33 | $ 0.33 | $ 2.86 | $ 1.65 | $ 1.92 |
Note 21 - Revenue From Contra_3
Note 21 - Revenue From Contracts With Customers - Summary of Revenue From Contracts With Customers In-scope and Not In-scope under Topic 606 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Total in-scope non-interest income | $ 7,067 | $ 4,481 | $ 3,813 | |||||||||
Loss on sale of OREO | 0 | 0 | (106) | |||||||||
Non-interest income, not in scope | [1] | 11,678 | 9,559 | 14,507 | ||||||||
Total non-interest income | $ 3,156 | $ 5,524 | $ 4,171 | $ 5,894 | $ 4,490 | $ 2,727 | $ 2,208 | $ 4,615 | 18,745 | 14,040 | 18,320 | |
Fees And Service Charges On Deposit Accounts [Member] | ||||||||||||
Total in-scope non-interest income | [2] | 2,367 | 1,636 | 1,366 | ||||||||
Other Fees [Member] | ||||||||||||
Total in-scope non-interest income | [2],[3] | 2,543 | 832 | 1,118 | ||||||||
Other Service Income [Member] | ||||||||||||
Total in-scope non-interest income | [2],[4] | $ 2,157 | $ 2,013 | $ 1,429 | ||||||||
[1] | The amounts primarily represent revenue from contracts with customers that are out of scope of ASC 606: Net loan servicing income, letter of credit commissions, import/export commissions, recoveries on purchased loans, BOLI income, and gains (losses) on sales of mortgage loans, loans and investment securities. | |||||||||||
[2] | There were no adjustments to the Company's financial statements recorded as a result of the adoption of ASC 606. | |||||||||||
[3] | Other fees consists of wealth management fees, miscellaneous loan fees and postage/courier fees. | |||||||||||
[4] | Other income consists of safe deposit box rental income, wire transfer fees, security brokerage fees, annuity sales, insurance activity and OREO income. |
Note 22 - Qualified Affordabl_2
Note 22 - Qualified Affordable Housing Project Investments (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization Method Qualified Affordable Housing Project Investments | $ 6,600,000 | $ 7,600,000 | |
Qualified Affordable Housing Project Investments, Commitment | 826,000 | 1,600,000 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 1,000,000 | 979,000 | $ 900,000 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 1,000,000 | 891,000 | 1,100,000 |
Other than Temporary Impairment Losses, Investments, Total | $ 0 | $ 0 | $ 0 |
Minimum [Member] | |||
Affordable Housing Tax Credits Commitment, Year to be Paid | 2022 | ||
Maximum [Member] | |||
Affordable Housing Tax Credits Commitment, Year to be Paid | 2029 |
Note 23 - Parent Only Condens_3
Note 23 - Parent Only Condensed Financial Information - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 501,372 | $ 137,654 | ||
Total assets | 4,228,194 | 3,350,072 | ||
Long term debt | 173,007 | 104,391 | ||
Total liabilities | 3,761,511 | 2,921,584 | ||
Common Stock - 100,000,000 shares authorized, no par value; 19,455,544 shares issued and outstanding at December 31, 2021 and 19,565,921 shares issues and outstanding at December 31, 2020 | 282,335 | 284,261 | ||
Additional paid-in capital | 4,603 | 4,932 | ||
Retained earnings | 181,329 | 138,094 | ||
Non-controlling interest | 72 | 72 | ||
Accumulated other comprehensive (loss) income, net | (1,656) | 1,129 | ||
Total shareholders' equity | 466,683 | 428,488 | $ 407,690 | $ 374,621 |
Total liabilities and shareholders' equity | 4,228,194 | 3,350,072 | ||
Parent Company [Member] | ||||
Cash and cash equivalents | 77,578 | 7,089 | ||
Other assets | 4,624 | 5,782 | ||
Total assets | 655,804 | 548,776 | ||
Long term debt | 173,007 | 104,391 | ||
Subordinated debentures | 14,502 | 14,283 | ||
Other liabilities | 1,612 | 1,614 | ||
Total liabilities | 189,121 | 120,288 | ||
Common Stock - 100,000,000 shares authorized, no par value; 19,455,544 shares issued and outstanding at December 31, 2021 and 19,565,921 shares issues and outstanding at December 31, 2020 | 282,335 | 284,261 | ||
Additional paid-in capital | 4,603 | 4,932 | ||
Retained earnings | 181,329 | 138,094 | ||
Non-controlling interest | 72 | 72 | ||
Accumulated other comprehensive (loss) income, net | (1,656) | 1,129 | ||
Total shareholders' equity | 466,683 | 428,488 | ||
Total liabilities and shareholders' equity | 655,804 | 548,776 | ||
Parent Company [Member] | Royal Business Bank [Member] | ||||
Investment | 570,610 | 532,972 | ||
Parent Company [Member] | Royal Asset Management [Member] | ||||
Investment | $ 2,992 | $ 2,933 |
Note 23 - Parent Only Condens_4
Note 23 - Parent Only Condensed Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest expense | $ 5,219 | $ 5,532 | $ 5,914 | $ 6,055 | $ 6,987 | $ 7,874 | $ 9,069 | $ 10,435 | $ 22,720 | $ 34,365 | $ 44,861 |
Noninterest expense | 13,300 | 14,420 | 14,680 | 15,792 | 14,453 | 13,978 | 14,819 | 16,263 | |||
Income before income taxes | 22,446 | 21,484 | 18,920 | 18,087 | 15,906 | 12,139 | 9,414 | 10,000 | 80,937 | 47,459 | 55,321 |
Income tax expense | 6,740 | 6,120 | 5,540 | 5,631 | 4,759 | 3,619 | 2,901 | 3,252 | 24,031 | 14,531 | 16,112 |
Net income | $ 15,706 | $ 15,364 | $ 13,380 | $ 12,456 | $ 11,147 | $ 8,520 | $ 6,513 | $ 6,748 | 56,906 | 32,928 | 39,209 |
Parent Company [Member] | |||||||||||
Dividend from subsidiaries | 25,000 | 29,000 | 0 | ||||||||
Interest expense | 8,999 | 7,677 | 7,697 | ||||||||
Noninterest expense | 1,452 | 1,292 | 1,300 | ||||||||
Income (loss) before equity in undistributed income of subsidiaries | 14,549 | 20,031 | (8,997) | ||||||||
Income before income taxes | 53,717 | 30,148 | 36,401 | ||||||||
Income tax expense | 3,189 | 2,780 | 2,808 | ||||||||
Net income | 56,906 | 32,928 | 39,209 | ||||||||
Other comprehensive income (loss) | (2,785) | 890 | 1,577 | ||||||||
Total comprehensive income | 54,121 | 33,818 | 40,786 | ||||||||
Parent Company [Member] | Royal Business Bank [Member] | |||||||||||
Equity in undistributed income | 39,109 | 14,053 | 45,324 | ||||||||
Parent Company [Member] | Royal Asset Management [Member] | |||||||||||
Equity in undistributed income | $ 59 | $ (3,936) | $ 74 |
Note 23 - Parent Only Condens_5
Note 23 - Parent Only Condensed Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 15,706,000 | $ 15,364,000 | $ 13,380,000 | $ 12,456,000 | $ 11,147,000 | $ 8,520,000 | $ 6,513,000 | $ 6,748,000 | $ 56,906,000 | $ 32,928,000 | $ 39,209,000 |
Provision for deferred income taxes | (1,093,000) | (2,998,000) | 1,503,000 | ||||||||
Net Cash Provided by (Used in) Operating Activities, Total | 202,175,000 | 124,514,000 | 476,468,000 | ||||||||
Net cash acquired in connection with acquisition | 0 | 6,634,000 | 0 | ||||||||
Net Cash Provided by (Used in) Investing Activities, Total | (504,181,000) | (446,006,000) | (219,353,000) | ||||||||
Issuance of subordinated debentures, net of issuance costs | 118,111,000 | 0 | 0 | ||||||||
Redemption of subordinated debentures | (50,000,000) | 0 | 0 | ||||||||
Dividends paid | (9,947,000) | (6,567,000) | (8,033,000) | ||||||||
Common stock repurchased, net of repurchased costs | (10,540,000) | (7,851,000) | (3,190,000) | ||||||||
Proceeds from Stock Options Exercised | 3,475,000 | 712,000 | 2,817,000 | ||||||||
Net Cash Provided by (Used in) Financing Activities, Total | 801,724,000 | 334,383,000 | (223,037,000) | ||||||||
Increase (decrease) in cash and cash equivalents | 499,718,000 | 12,891,000 | 34,078,000 | ||||||||
Cash and cash equivalents at beginning of period | 194,654,000 | 181,763,000 | 194,654,000 | 181,763,000 | 147,685,000 | ||||||
Cash and cash equivalents at end of period | 694,372,000 | 194,654,000 | 694,372,000 | 194,654,000 | 181,763,000 | ||||||
Parent Company [Member] | |||||||||||
Net income | 56,906,000 | 32,928,000 | 39,209,000 | ||||||||
Net amortization of other | 724,000 | 560,000 | 508,000 | ||||||||
Provision for deferred income taxes | (337,000) | 441,000 | 513,000 | ||||||||
Undistributed income of subsidiaries | (39,168,000) | (10,116,000) | (45,398,000) | ||||||||
Change in other assets and liabilities | 1,645,000 | (742,000) | (1,981,000) | ||||||||
Net Cash Provided by (Used in) Operating Activities, Total | 19,770,000 | 23,071,000 | (7,149,000) | ||||||||
Net cash acquired in connection with acquisition | 0 | 6,634,000 | 0 | ||||||||
Purchase of other equity securities, net | (380,000) | 0 | 0 | ||||||||
Investment in subsidiaries | 0 | (38,895,000) | 0 | ||||||||
Net Cash Provided by (Used in) Investing Activities, Total | (380,000) | (32,261,000) | 0 | ||||||||
Issuance of subordinated debentures, net of issuance costs | 118,111,000 | 0 | 0 | ||||||||
Redemption of subordinated debentures | (50,000,000) | 0 | 0 | ||||||||
Dividends paid | (9,947,000) | (6,567,000) | (8,033,000) | ||||||||
Common stock repurchased, net of repurchased costs | (10,540,000) | (7,851,000) | (3,190,000) | ||||||||
Proceeds from Stock Options Exercised | 3,475,000 | 712,000 | 2,817,000 | ||||||||
Net Cash Provided by (Used in) Financing Activities, Total | 51,099,000 | (13,706,000) | (8,406,000) | ||||||||
Increase (decrease) in cash and cash equivalents | 70,489,000 | (22,896,000) | (15,555,000) | ||||||||
Cash and cash equivalents at beginning of period | $ 7,089,000 | $ 29,985,000 | 7,089,000 | 29,985,000 | 45,540,000 | ||||||
Cash and cash equivalents at end of period | $ 77,578,000 | $ 7,089,000 | $ 77,578,000 | $ 7,089,000 | $ 29,985,000 |
Note 24 - Subsequent Events (De
Note 24 - Subsequent Events (Details Textual) - Subsequent Event [Member] | Jan. 20, 2022$ / shares |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.14 |
Dividends Payable, Date to be Paid | Feb. 1, 2022 |
Dividends Payable, Date of Record | Jan. 31, 2022 |
Note 25 - Quarterly Financial S
Note 25 - Quarterly Financial Statements (Unaudited) - Unaudited Quarterly Condensed Income Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income | $ 38,444 | $ 37,108 | $ 35,971 | $ 35,540 | $ 35,864 | $ 35,125 | $ 34,103 | $ 34,028 | $ 147,063 | $ 139,120 | $ 141,725 |
Interest expense | 5,219 | 5,532 | 5,914 | 6,055 | 6,987 | 7,874 | 9,069 | 10,435 | 22,720 | 34,365 | 44,861 |
Net interest income | 33,225 | 31,576 | 30,057 | 29,485 | 28,877 | 27,251 | 25,034 | 23,593 | 124,343 | 104,755 | 96,864 |
Provision for loan losses | 635 | 1,196 | 628 | 1,500 | 3,008 | 3,861 | 3,009 | 1,945 | 3,959 | 11,823 | 2,390 |
Net interest income after provision for credit losses | 32,590 | 30,380 | 29,429 | 27,985 | 25,869 | 23,390 | 22,025 | 21,648 | 120,384 | 92,932 | 94,474 |
Noninterest income: | 3,156 | 5,524 | 4,171 | 5,894 | 4,490 | 2,727 | 2,208 | 4,615 | 18,745 | 14,040 | 18,320 |
Noninterest expense: | 13,300 | 14,420 | 14,680 | 15,792 | 14,453 | 13,978 | 14,819 | 16,263 | |||
Income before income taxes | 22,446 | 21,484 | 18,920 | 18,087 | 15,906 | 12,139 | 9,414 | 10,000 | 80,937 | 47,459 | 55,321 |
Income tax expense | 6,740 | 6,120 | 5,540 | 5,631 | 4,759 | 3,619 | 2,901 | 3,252 | 24,031 | 14,531 | 16,112 |
Net income | $ 15,706 | $ 15,364 | $ 13,380 | $ 12,456 | $ 11,147 | $ 8,520 | $ 6,513 | $ 6,748 | $ 56,906 | $ 32,928 | $ 39,209 |
Basic (in dollars per share) | $ 0.81 | $ 0.79 | $ 0.69 | $ 0.64 | $ 0.57 | $ 0.43 | $ 0.33 | $ 0.34 | $ 2.92 | $ 1.66 | $ 1.96 |
Diluted (in dollars per share) | $ 0.79 | $ 0.77 | $ 0.67 | $ 0.63 | $ 0.56 | $ 0.43 | $ 0.33 | $ 0.33 | $ 2.86 | $ 1.65 | $ 1.92 |
Note 26 - Repurchase of Commo_2
Note 26 - Repurchase of Common Stock (Details Textual) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Apr. 22, 2021 | Jun. 24, 2019 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 335,650 | 500,000 | 1,000,000 |
Stock Repurchased During Period, Shares (in shares) | 1,164,350 | ||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 18.53 |