Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 08, 2024 | Jun. 30, 2023 | |
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 | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 207,343,729 | ||
Entity Common Stock, Shares Outstanding | 18,621,781 | ||
Auditor Name | Crowe LLP | ||
Auditor Location | Los Angeles, California | ||
Auditor Firm ID | 173 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and due from banks | $ 431,373 | $ 83,548 | |
Interest-earning deposits in other financial institutions | 600 | 600 | |
Securities: | |||
Available for sale | 318,961 | 256,830 | |
Held to maturity (fair value of $5,097 and $5,563 at December 31, 2023 and December 31, 2022) | 5,209 | 5,729 | |
Mortgage loans held for sale | 1,911 | 0 | |
Loans held for investment | 3,031,319 | 3,336,970 | |
Unaccreted discount on acquired loans | (970) | (1,238) | |
Deferred loan costs, net | 1,512 | 717 | |
Total loans, net of deferred loan costs and unaccreted discounts on acquired loans | [1] | 3,031,861 | 3,336,449 |
Allowance for loan losses | (41,903) | (41,076) | |
Total loans held for investment, net | 2,989,958 | 3,295,373 | |
Premises and equipment, net | 25,684 | 27,009 | |
Federal Home Loan Bank (FHLB) stock | 15,000 | 15,000 | |
Net deferred tax assets | 15,765 | 16,977 | |
Cash surrender value of bank owned life insurance (BOLI) | 58,719 | 57,310 | |
Goodwill | 71,498 | 71,498 | |
Servicing assets | 8,110 | 9,521 | |
Core deposit intangibles | 2,795 | 3,718 | |
Right-of-use assets - operating leases | 29,803 | 25,447 | |
Accrued interest and other assets | 50,639 | 50,498 | |
Total assets | 4,026,025 | 3,919,058 | |
Deposits: | |||
Noninterest-bearing demand | 539,621 | 798,741 | |
Savings, NOW and money market accounts | 632,729 | 615,339 | |
Time deposits $250,000 and under | 1,190,821 | 837,369 | |
Time deposits over $250,000 | 811,589 | 726,234 | |
Total deposits | 3,174,760 | 2,977,683 | |
Reserve for unfunded commitments | 640 | 1,157 | |
FHLB advances | 150,000 | 220,000 | |
Long-term debt, net of issuance costs | 119,147 | 173,585 | |
Subordinated debentures (net of unamortized valuation reserve of $2,589 and $2,807 at December 31, 2023 and December 31, 2022) | 14,938 | 14,720 | |
Lease liabilities - operating leases | 31,191 | 26,523 | |
Accrued interest and other liabilities | 24,089 | 20,827 | |
Total liabilities | 3,514,765 | 3,434,495 | |
Commitments and contingencies - Note 13 | |||
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; 18,609,179 shares issued and outstanding at December 31, 2023 and 18,965,776 shares issues and outstanding at December 31, 2022 | 271,925 | 276,912 | |
Additional paid-in capital | 3,623 | 3,361 | |
Retained earnings | 255,152 | 225,883 | |
Non-controlling interest | 72 | 72 | |
Accumulated other comprehensive loss, net | (19,512) | (21,665) | |
Total shareholders’ equity | 511,260 | 484,563 | |
Total liabilities and shareholders’ equity | $ 4,026,025 | $ 3,919,058 | |
[1]net of discounts and deferred fees and costs |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities held to maturity, fair value | $ 5,097 | $ 5,563 |
Subordinated Debentures, Unamortized Valuation Reserve | $ 2,589 | $ 2,807 |
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) | 18,609,179 | 18,965,776 |
Common stock, shares outstanding (in shares) | 18,609,179 | 18,965,776 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and dividend income: | |||
Interest and fees on loans | $ 194,264,000 | $ 171,099,000 | $ 141,569,000 |
Interest on interest-earning deposits | 10,746,000 | 1,353,000 | 552,000 |
Interest on investment securities | 14,028,000 | 6,084,000 | 3,379,000 |
Dividend income on FHLB stock | 1,125,000 | 938,000 | 869,000 |
Interest on federal funds sold and other | 985,000 | 1,496,000 | 694,000 |
Total interest and dividend income | 221,148,000 | 180,970,000 | 147,063,000 |
Interest expense: | |||
Interest on savings deposits, NOW and money market accounts | 12,205,000 | 5,561,000 | 2,786,000 |
Interest on time deposits | 76,837,000 | 13,338,000 | 9,170,000 |
Interest on subordinated debentures and long-term debt | 9,951,000 | 9,645,000 | 8,999,000 |
Interest on other borrowed funds | 2,869,000 | 2,872,000 | 1,765,000 |
Total interest expense | 101,862,000 | 31,416,000 | 22,720,000 |
Net interest income before provision for credit losses | 119,286,000 | 149,554,000 | 124,343,000 |
Provision for credit losses | 3,362,000 | 4,935,000 | 3,959,000 |
Net interest income after provision for credit losses | 115,924,000 | 144,619,000 | 120,384,000 |
Noninterest income: | |||
Service charges and fees | 4,172,000 | 4,145,000 | 4,524,000 |
Loan servicing fees, net of amortization | 2,576,000 | 2,209,000 | 684,000 |
Increase in cash surrender value of BOLI | 1,409,000 | 1,322,000 | 1,067,000 |
Gain on sale of loans | 374,000 | 1,895,000 | 9,991,000 |
Gain on sale of fixed assets | 32,000 | 757,000 | 0 |
Other income | 6,455,000 | 924,000 | 2,479,000 |
Total noninterest income | 15,018,000 | 11,252,000 | 18,745,000 |
Noninterest expense: | |||
Salaries and employee benefits | 37,795,000 | 35,488,000 | 33,568,000 |
Occupancy and equipment expenses | 9,629,000 | 9,092,000 | 8,691,000 |
Data processing | 5,326,000 | 5,060,000 | 4,474,000 |
Legal and professional | 8,198,000 | 5,383,000 | 3,773,000 |
Office expenses | 1,512,000 | 1,438,000 | 1,197,000 |
Marketing and business promotion | 1,132,000 | 1,578,000 | 1,157,000 |
Insurance and regulatory assessments | 3,165,000 | 1,850,000 | 1,561,000 |
Core deposit premium amortization | 923,000 | 1,086,000 | 1,121,000 |
Other expenses | 3,016,000 | 3,551,000 | 2,650,000 |
Total noninterest expense | 70,696,000 | 64,526,000 | 58,192,000 |
Net income before income taxes | 60,246,000 | 91,345,000 | 80,937,000 |
Income tax expense | 17,781,000 | 27,018,000 | 24,031,000 |
Net income | $ 42,465,000 | $ 64,327,000 | $ 56,906,000 |
Net income per share | |||
Basic (in dollars per share) | $ 2.24 | $ 3.37 | $ 2.92 |
Diluted (in dollars per share) | $ 2.24 | $ 3.33 | $ 2.86 |
Weighted-average common shares outstanding | |||
Basic (in shares) | 18,965,346 | 19,099,509 | 19,423,549 |
Diluted (in shares) | 18,985,233 | 19,332,639 | 19,834,306 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 42,465 | $ 64,327 | $ 56,906 |
Other comprehensive income/(loss): | |||
Unrealized gains/(losses) on securities available for sale | 3,149 | (28,905) | (3,957) |
Related income tax effect | (996) | 8,896 | 1,172 |
Total other comprehensive income/(loss) | 2,153 | (20,009) | (2,785) |
Total comprehensive income | $ 44,618 | $ 44,318 | $ 54,121 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Restricted Stock [Member] Common Stock [Member] | Restricted Stock [Member] Additional Paid-in Capital [Member] | Restricted Stock [Member] Retained Earnings [Member] | Restricted Stock [Member] Noncontrolling Interest [Member] | Restricted Stock [Member] AOCI Attributable to Parent [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] Common Stock [Member] | Restricted Stock Units (RSUs) [Member] Additional Paid-in Capital [Member] | Restricted Stock Units (RSUs) [Member] Retained Earnings [Member] | Restricted Stock Units (RSUs) [Member] Noncontrolling Interest [Member] | Restricted Stock Units (RSUs) [Member] AOCI Attributable to Parent [Member] | Restricted Stock Units (RSUs) [Member] | 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, 2020 | 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, net | $ 0 | 1,086 | 0 | 0 | 0 | 1,086 | ||||||||||||||||||
Restricted stock granted (in shares) | 60,000 | |||||||||||||||||||||||
Restricted stock vested | $ 425 | (425) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Cash dividends on common stock | $ 0 | 0 | (9,947) | 0 | 0 | $ (9,947) | ||||||||||||||||||
Stock options exercised (in shares) | 302,745 | 302,744 | ||||||||||||||||||||||
Stock options exercised | $ 4,465 | (990) | 0 | 0 | 0 | $ 3,475 | ||||||||||||||||||
Repurchase of common stock (in shares) | (473,122) | (473,122) | ||||||||||||||||||||||
Repurchase of common stock | $ (6,816) | 0 | (3,724) | $ (10,540) | ||||||||||||||||||||
Other comprehensive gain/(loss), net of taxes | $ 0 | 0 | 0 | 0 | (2,785) | (2,785) | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 19,455,544 | |||||||||||||||||||||||
Balance (Accounting Standards Update 2019-11 [Member]) at Dec. 31, 2021 | $ 0 | $ 0 | $ (2,204) | $ 0 | $ 0 | $ (2,204) | ||||||||||||||||||
Balance at Dec. 31, 2021 | $ 282,335 | 4,603 | 181,329 | 72 | (1,656) | 466,683 | ||||||||||||||||||
Net income | 0 | 0 | 64,327 | 0 | 0 | 64,327 | ||||||||||||||||||
Stock-based compensation, net | 0 | 848 | 0 | 0 | 0 | 848 | ||||||||||||||||||
Restricted stock granted (in shares) | 7,450 | |||||||||||||||||||||||
Restricted stock vested | $ 355 | $ (355) | $ 0 | $ 0 | $ 0 | $ 0 | $ 202 | $ (202) | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||
Cash dividends on common stock | $ 0 | 0 | (10,736) | 0 | 0 | $ (10,736) | ||||||||||||||||||
Stock options exercised (in shares) | 445,308 | 445,308 | ||||||||||||||||||||||
Stock options exercised | $ 7,009 | (1,533) | 0 | 0 | 0 | $ 5,476 | ||||||||||||||||||
Repurchase of common stock (in shares) | (902,526) | (902,526) | ||||||||||||||||||||||
Repurchase of common stock | $ (12,989) | 0 | (6,833) | 0 | 0 | $ (19,822) | ||||||||||||||||||
Other comprehensive gain/(loss), net of taxes | $ 0 | 0 | 0 | 0 | (20,009) | (20,009) | ||||||||||||||||||
Restricted stock cancelled (in shares) | (40,000) | |||||||||||||||||||||||
Restricted stock cancelled | $ 0 | 0 | 0 | 0 | 0 | $ 0 | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 18,965,776 | 18,965,776 | ||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 276,912 | 3,361 | 225,883 | 72 | (21,665) | $ 484,563 | ||||||||||||||||||
Net income | 0 | 0 | 42,465 | 0 | 0 | 42,465 | ||||||||||||||||||
Stock-based compensation, net | $ 0 | 750 | 0 | 0 | 0 | 750 | ||||||||||||||||||
Restricted stock granted (in shares) | 20,374 | |||||||||||||||||||||||
Restricted stock vested | $ 391 | (391) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Cash dividends on common stock | $ 0 | 0 | (12,163) | 0 | 0 | $ (12,163) | ||||||||||||||||||
Stock options exercised (in shares) | 19,403 | 19,403 | ||||||||||||||||||||||
Stock options exercised | $ 392 | (97) | 0 | 0 | 0 | $ 295 | ||||||||||||||||||
Repurchase of common stock (in shares) | (396,374) | (396,374) | ||||||||||||||||||||||
Repurchase of common stock | $ (5,770) | 0 | (1,033) | 0 | 0 | $ (6,803) | ||||||||||||||||||
Other comprehensive gain/(loss), net of taxes | $ 0 | 0 | 0 | 0 | 2,153 | $ 2,153 | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 18,609,179 | 18,609,179 | ||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 271,925 | $ 3,623 | $ 255,152 | $ 72 | $ (19,512) | $ 511,260 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common stock dividends per share (in dollars per share) | $ 0.64 | $ 0.56 | $ 0.51 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income | $ 42,465,000 | $ 64,327,000 | $ 56,906,000 |
Adjustments to reconcile net income to net cash from Operating activities: | |||
Depreciation and amortization of premises and equipment | 2,018,000 | 2,022,000 | 1,943,000 |
Net accretion of discount for securities, loans, deposits, and other | (5,396,000) | (432,000) | (191,000) |
Unrealized (gain)/loss on equity securities | (24,000) | 0 | 360,000 |
Amortization of investment in affordable housing tax credits | 1,127,000 | 1,053,000 | 1,037,000 |
Amortization of intangible assets | 2,568,000 | 3,853,000 | 6,347,000 |
Reversal of an impairment allowance on mortgage servicing rights | 0 | 0 | (417,000) |
Amortization of right-of-use asset | 5,042,000 | 5,145,000 | 5,245,000 |
Change in operating lease liabilities | (4,730,000) | (4,897,000) | (5,058,000) |
Provision for credit losses | 3,362,000 | 4,935,000 | 3,959,000 |
Stock-based compensation, net | 750,000 | 848,000 | 1,086,000 |
Deferred tax expense/(benefit) | 216,000 | (2,249,000) | (1,093,000) |
Gain on sale of loans | (374,000) | (1,895,000) | (9,991,000) |
Gain on sale of OREO | (134,000) | 0 | 0 |
Gain on sale of fixed assets | (32,000) | (757,000) | 0 |
Increase in cash surrender value of BOLI | (1,409,000) | (1,322,000) | (1,067,000) |
Loans originated and purchased for sale, net | (15,058,000) | (39,152,000) | (161,972,000) |
Proceeds from loans sold | 18,743,000 | 60,170,000 | 305,337,000 |
Other items | 2,158,000 | 2,163,000 | (256,000) |
Net cash provided by operating activities | 51,292,000 | 93,812,000 | 202,175,000 |
Investing activities | |||
Purchases | (694,210,000) | (402,656,000) | (603,836,000) |
Maturities, repayments and calls | 640,993,000 | 485,796,000 | 442,056,000 |
Securities held to maturity: | |||
Maturities, repayments and calls | 500,000 | 500,000 | 900,000 |
Redemption of Federal Home Loan Bank stock | 0 | 0 | 641,000 |
Purchase of Federal Home Loan Bank stock and other equity securities, net | (479,000) | (2,608,000) | (5,839,000) |
Net increase of investment in qualified affordable housing projects | (279,000) | (227,000) | (763,000) |
Net decrease/(increase) in loans | 296,693,000 | (411,316,000) | (315,551,000) |
Proceeds from sales of OREO | 711,000 | 0 | 0 |
Purchase of bank owned life insurance | 0 | 0 | (19,800,000) |
Net cash received in connection with acquisition | 0 | 71,352,000 | 0 |
Proceeds from sale of fixed assets | 32,000 | 1,053,000 | 0 |
Purchases of premises and equipment | (652,000) | (2,065,000) | (1,989,000) |
Net cash provided by/(used in) investing activities | 243,309,000 | (260,171,000) | (504,181,000) |
Financing activities | |||
Net (decrease)/increase in demand deposits and savings accounts | (241,730,000) | (886,712,000) | 870,803,000 |
Net increase/(decrease) in time deposits | 438,625,000 | 397,329,000 | (120,178,000) |
Advances from Federal Home Loan Bank | 80,000,000 | 570,000,000 | 0 |
Repayment of Federal Home Loan Bank borrowings | (150,000,000) | (500,000,000) | 0 |
Cash dividends paid | (12,163,000) | (10,736,000) | (9,947,000) |
Redemption of subordinated notes | (55,000,000) | 0 | (50,000,000) |
Issuance of subordinated notes, net of issuance costs | 0 | 0 | 118,111,000 |
Common stock repurchased, net of repurchased costs | (6,803,000) | (19,822,000) | (10,540,000) |
Exercise of stock options | 295,000 | 5,476,000 | 3,475,000 |
Net cash provided by/(used in) financing activities | 53,224,000 | (444,465,000) | 801,724,000 |
Net increase/(decrease) in cash and cash equivalents | 347,825,000 | (610,824,000) | 499,718,000 |
Cash and cash equivalents at beginning of period | 83,548,000 | 694,372,000 | 194,654,000 |
Cash and cash equivalents at end of period | 431,373,000 | 83,548,000 | 694,372,000 |
Cash paid during the period: | |||
Interest paid | 93,721,000 | 29,734,000 | 22,507,000 |
Taxes paid | 21,389,000 | 24,019,000 | 25,786,000 |
Non-cash investing and financing activities: | |||
Transfer from loans to other real estate owned | 0 | 142,000 | 0 |
Loans transfer to held for sale, net | 5,254,000 | 13,166,000 | 89,368,000 |
Additions to servicing assets | 234,000 | 771,000 | 2,361,000 |
Recognition of operating lease right-of-use assets | (9,398,000) | (8,138,000) | (27,699,000) |
Recognition of operating lease liabilities | 9,398,000 | 8,138,000 | 27,699,000 |
Acquisition: | |||
Assets acquired, net of cash received | 0 | 8,183,000 | 0 |
Liabilities assumed | 0 | 81,790,000 | 0 |
Cash receipts | 0 | (71,040,000) | 0 |
Goodwill | $ 0 | $ 2,255,000 | $ 0 |
Note 1 - Business Description
Note 1 - Business Description | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 RBB Bancorp is a bank holding company registered under the Bank Holding Company Act of 1956, January 2011 2012 At December 31, 2023, The Bank provides business-banking products and services predominantly to the Asian-American communities through full service branches located in Los Angeles County, Orange County and Ventura County in California, in the Las Vegas, Nevada and New York City metropolitan areas, Chicago (Illinois), Edison (New Jersey) and Honolulu (Hawaii). The products and services include commercial and investor real estate loans, business loans and lines of credit, Small Business Administration (“SBA”) 7A 504 January 14, 2022. 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 other long-term debt, and operating expenses, such as salaries and employee benefits, occupancy and equipment, data processing, and income tax expense. The Company completed six whole bank acquisitions and one July 2011 January 2022. December 28, 2021, September 28, 2023, September 28, 2023. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 RBB and RAM. All significant intercompany transactions have been eliminated. RBB Bancorp has no three 2 The parent company only condensed financial information on RBB Bancorp is provided in Note 22. In connection with the 2018 August 28, 2013 Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 that these estimates could change as actual results could differ from those estimates. The allowance for credit losses, realization of deferred tax assets, the valuation of goodwill and other intangible assets, other derivatives, and the fair value measurement of financial instruments are particularly subject to change and such change could have a material effect on the consolidated financial statements. 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, 2023 2022. 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 to the earlier of the maturity date or call date of the underlying securities. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Prior to January 1, 2022, not not two Effective January 1, 2022, 2016 13, 326 326 30. 1 2 not For available-for-sale debt securities in an unrealized loss position, the Company first not not not Changes in the allowance for credit losses are recorded as credit loss expense (or reversal). Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities totaled $919,000 and $759,000 at December 31, 2023 2022, Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. Accrued interest receivable on held-to-maturity debt securities totaled $43,000 and $51,000 at December 31, 2023 2022, 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 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 Credit Losses - Loans Effective January 1, 2022, 2016 13, 326 326, The Company’s DCF methodology incorporates a probability of default, loss given default and exposure at default model, as well as expectations of future economic conditions, using reasonable and supportable forecasts. The Company uses both internal and external qualitative factors within the current expected credit losses (“CECL”) model including: lending policies, procedures, and strategies; changes in nature and volume of the portfolio; credit and lending personnel experience; changes in volume and trends in classified loans, delinquencies, and nonaccrual; concentration risk; collateral values; regulatory and business environment; loan review results; and economic conditions. The Company determines the weighting of the qualitative factors based on management’s ability to directly control or influence the level of risk exposure. The factors related to economic conditions, collateral values, and the regulatory and business environment were assigned a higher allocation, and the remaining factors related to internal conditions received a lower allocation. Management further estimates the allowance balance required using past loan loss experience from peers with similar portfolio sizes and geographic locations to the Company, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. The Company’s CECL methodology utilizes a four four The Company records a liability for lifetime expected credit losses on off-balance-sheet credit exposure that do not 326. The Company assesses expected credit losses for individual instruments that have different risk characteristics than those that are evaluated on a collective (pooled) basis, in accordance with ASC 326. 90 not The Company adopted ASU 2022 02, 326 January 1, 2023. 310 no 326. Allowance for Loan Losses (prior to January 1, 2022) Prior to the Company's adoption of ASC 326, January 1, 2022, 450, 310, may Servicing Rights Servicing rights are established as an intangible asset when mortgage loans and SBA loans are sold with servicing retained and they are initially recorded at fair value with the income statement effect recorded in the gain on sale 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. Quarterly impairment is based upon the fair value of the rights as compared to carrying amount. Impairment is recognized through a charge to income to establish 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 third 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 sale of mortgage loans totaled $112,000, $1.2 million, and $7.9 million, and gains on sale of SBA loans totaled $262,000, $696,000, and $2.1 million in 2023, 2022, 2021, 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 Right-of-Use (“ROU”) assets and lease liabilities are included in other assets and other liabilities, respectively, on the Company’s consolidated balance sheet. 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 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. The Company uses its incremental borrowing rate to determine the present value of its lease liabilities. The ROU asset, at adoption of ASU 2016 02, 842 January 1, 2021, 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, 2023. 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 credit 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 and branch acquisitions is not October 1 December 31, 2023 2022, 2023 2022. After evaluating the prolonged decrease in the Company’s market value, management performed a quantitative goodwill impairment analysis as of September 30, 2023. third two September 30, 2023. fourth 2023 December 31, 2023, September 30, 2023 not December 31, 2023. Other intangible assets consist of core deposit intangible (“CDI”) assets arising from 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 January 2022, The following table presents changes in the carrying amount of CDI for the periods indicated: Year ended December 31, (dollars in thousands) 2023 2022 2021 Core deposit intangibles Balance, beginning of year $ 10,459 $ 9,730 $ 9,730 Acquired from acquisitions — 729 — Balance, end of year $ 10,459 $ 10,459 $ 9,730 Accumulated amortization: Balance, beginning of year $ 6,741 $ 5,655 $ 4,534 Amortization 923 1,086 1,121 Balance, end of year $ 7,664 $ 6,741 $ 5,655 Core deposit intangibles, net $ 2,795 $ 3,718 $ 4,075 Estimated CDI amortization expense for the next 5 (dollars in thousands) Year ending December 31: 2024 $ 784 2025 672 2026 501 2027 417 2028 297 Thereafter 124 Total $ 2,795 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 Federal Home Loan Bank (“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 an equity investment in Pacific Coast Banker’s Bank and Atlantic Community Bankers Bank stock. The Company adopted ASU 2016 01 January 1, 2019, As of December 31, 2023, December 31, 2022. 2023 2022. 2021. Stock-Based Compensation The Company currently recognizes stock-based compensation based on the grant date fair value of equity awards, including stock options, restricted stock units and restricted stock, which have been granted to employees. The expense related to equity-based awards granted to directors or other qualified non-employee awardees is recognized as other noninterest expense. 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 stock 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 and restricted stock units are valued based on the closing price of the Company’s stock on the date of the grant. Stock-based compensation expense 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 Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. 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. Income taxes are accounted for under the asset and liability method. 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. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. 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 Under ASC 740, not” not not Retirement Plans The Company established a 401 2010. 2023, 2022 2021, 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, net of taxes. Financial Instruments 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 as described in Note 13. Derivatives Interest Rate Lock Commitments 30 90 not not ASC 815, 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. See Note 18 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 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 Recently Adopted In June 2016, 2016 13, 326 not 1 2 not 2016 13 January 1, 2022 December 31, 2022. one 2016 13 January 1, 2022. The following table sets forth the cumulative effect of the changes to the Company's consolidated balance sheets at January 1, 2022, 2016 13: Adjustments due to Balance at Adoption of Balance at (dollars in thousands) December 31, 2021 ASC 326 January 1, 2022 Assets: Allowance for credit losses on loans $ 32,912 $ 2,135 $ 35,047 Deferred tax assets 4,855 977 5,832 Liabilities: Reserve for unfunded commitments $ 1,203 $ 1,045 $ 2,248 Stockholders' equity: Retained earnings, net of tax $ 181,329 $ (2,204 ) $ 179,125 In February 2019, three one 2016 13. March 2020, 2020 two five 2019 19” 2020 five 2020, three January 1, 2022, 2016 13, December 31, 2022, not three In January 2017, 2017 04, 350 2 2 not not December 31, 2022. 2017 04 not In February 2020, 2020 02, 326 842 No. 119 No. 2016 02, 842 January 1, 2022. In March 2020, 2020 04, 848 not December 31, 2022. December 31, 2022. December 2022, 2022 06, 848 848, 848 December 31, 2022 December 31, 2024, no 848. June 30, 2023. July 3, 2023. No 9 10 In October 2021, 2021 08, not December 15, 2022. 2021 08 January 1, 2023 not In March 2022, 2022 02, 326 1 2 3 December 15, 2022, may 2022 02 January 1, 2023 5 Recently Issued; Not In June 2022, 2022 03 , 820 not not 2022 03 2022 03 January 1, 2024 . 2022 03 not In March 2023, 2023 02 , 323 2023 02 December 15, 2023 , 2023 02 not In October 2023, 2023 06 , 2018, X not X June 30, 2027, not In December 2023, 2023 09, 740 1 2 December 15, 2024. not 2023 09 not |
Note 3 - Acquisitions
Note 3 - Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
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. The Company acquired Hawaii Branch from BOTO to strategically establish a presence in the Hawaiian Islands area. Goodwill in the amount of $2.3 million and core deposit intangible of $729,000 was recognized in connection with this acquisition. Goodwill represents the future economic benefits arising from net assets acquired that are not two not The following table represents the assets acquired and liabilities assumed from the Hawaii Branch as of January 14, 2022 BOTO Fair Value Fair (dollars in thousands) Book Value Adjustments Value Assets acquired Cash and cash equivalents $ 312 $ — $ 312 Loans, gross 7,352 38 7,390 Bank premises and equipment 12 — 12 Core deposit intangible — 729 729 Other assets 412 (360 ) 52 Total assets acquired $ 8,088 $ 407 $ 8,495 Liabilities assumed Deposits $ 81,673 $ 27 $ 81,700 Escrow Payable 2 — 2 Other liabilities 460 (372 ) 88 Total liabilities assumed 82,135 (345 ) 81,790 Excess of assets acquired over liabilities assumed (74,047 ) 752 (73,295 ) $ 8,088 $ 407 Cash received 71,040 Goodwill recognized $ 2,255 The Company accounted for this transaction under the acquisition method of accounting in accordance with ASC 805, The loan portfolio of the Hawaii branch was recorded at fair value at the date of acquisition with the assistance of a third two The Company also determined the fair value of the core deposit intangible, premises and equipment 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 DCF analysis was used, which involved present valuing the contractual payments over the remaining life of the certificates of deposit at market-based interest rates. Third-party acquisition related expenses are recognized as incurred and continue until the acquired system is converted and operational functions become fully integrated. |
Note 4 - Investment Securities
Note 4 - Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022, Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2023 Cost Gains Losses Value Available for sale Government agency securities $ 8,705 $ — $ (544 ) $ 8,161 SBA agency securities 13,289 144 (216 ) 13,217 Mortgage-backed securities: residential 40,507 — (5,855 ) 34,652 Collateralized mortgage obligations: residential 94,071 454 (12,198 ) 82,327 Collateralized mortgage obligations: commercial 69,941 22 (2,664 ) 67,299 Commercial paper 73,121 — (16 ) 73,105 Corporate debt securities 34,800 — (4,109 ) 30,691 Municipal securities 12,636 — (3,127 ) 9,509 Total $ 347,070 $ 620 $ (28,729 ) $ 318,961 Held to maturity Municipal taxable securities $ 501 $ 3 $ — $ 504 Municipal securities 4,708 — (115 ) 4,593 Total $ 5,209 $ 3 $ (115 ) $ 5,097 Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Available for sale Government agency securities $ 5,012 $ — $ (517 ) $ 4,495 SBA agency securities 2,634 — (223 ) 2,411 Mortgage-backed securities: residential 44,809 — (6,752 ) 38,057 Mortgage-backed securities: commercial 4,887 — (16 ) 4,871 Collateralized mortgage obligations: residential 82,759 — (12,856 ) 69,903 Collateralized mortgage obligations: commercial 44,591 — (2,901 ) 41,690 Commercial paper 49,551 2 (16 ) 49,537 Corporate debt securities 41,176 1 (4,165 ) 37,012 Municipal securities 12,669 — (3,815 ) 8,854 Total $ 288,088 $ 3 $ (31,261 ) $ 256,830 Held to maturity Municipal taxable securities $ 1,003 $ 7 $ (3 ) $ 1,007 Municipal securities 4,726 — (170 ) 4,556 Total $ 5,729 $ 7 $ (173 ) $ 5,563 There was no sale of investment securities during the years ended December 31, 2023, 2022, 2021. At December 31, 2023, December 31, 2023 2022. Accrued interest receivable for investment debt securities at December 31, 2023 2022 The amortized cost and fair value of the investment securities portfolio as of December 31, 2023 2022 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 Amortized Amortized Amortized Amortized (dollars in thousands) Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value December 31, 2023 Government agency securities $ — $ — $ 8,705 $ 8,161 $ — $ — $ — $ — $ 8,705 $ 8,161 SBA securities — — 2,292 2,095 10,997 11,122 — — 13,289 13,217 Mortgage-backed securities: residential — — 11,023 9,986 19,762 16,965 9,722 7,701 40,507 34,652 Collateralized mortgage obligations: residential 18 17 36,876 35,758 57,177 46,552 — — 94,071 82,327 Collateralized mortgage obligations: commercial 3,014 3,018 20,296 18,481 46,631 45,800 — — 69,941 67,299 Commercial paper 73,121 73,105 — — — — — — 73,121 73,105 Corporate debt securities — — 12,912 12,491 19,249 16,232 2,639 1,968 34,800 30,691 Municipal securities — — — — — — 12,636 9,509 12,636 9,509 Total available for sale $ 76,153 $ 76,140 $ 92,104 $ 86,972 $ 153,816 $ 136,671 $ 24,997 $ 19,178 $ 347,070 $ 318,961 Municipal taxable securities $ — $ — $ 501 $ 504 $ — $ — $ — $ — $ 501 $ 504 Municipal securities — — — — 2,952 2,873 1,756 1,720 4,708 4,593 Total held to maturity $ — $ — $ 501 $ 504 $ 2,952 $ 2,873 $ 1,756 $ 1,720 $ 5,209 $ 5,097 (dollars in thousands) December 31, 2022 Government agency securities $ — $ — $ 5,012 $ 4,495 $ — $ — $ — $ — $ 5,012 $ 4,495 SBA securities — — 2,634 2,411 — — — — 2,634 2,411 Mortgage-backed securities: residential — — 13,013 11,598 29,114 24,361 2,682 2,098 44,809 38,057 Mortgage-backed securities: commercial — — 4,887 4,871 — — — — 4,887 4,871 Collateralized mortgage obligations: residential — — 20,687 19,646 62,072 50,257 — — 82,759 69,903 Collateralized mortgage obligations: commercial — — 16,382 14,644 28,209 27,046 — — 44,591 41,690 Commercial paper 49,551 49,537 — — — — — — 49,551 49,537 Corporate debt securities 3,705 3,706 11,355 10,806 23,454 20,662 2,662 1,838 41,176 37,012 Municipal securities — — — — — — 12,669 8,854 12,669 8,854 Total available for sale $ 53,256 $ 53,243 $ 73,970 $ 68,471 $ 142,849 $ 122,326 $ 18,013 $ 12,790 $ 288,088 $ 256,830 Municipal taxable securities $ 501 $ 498 $ 502 $ 509 $ — $ — $ — $ — $ 1,003 $ 1,007 Municipal securities — — — — 1,739 1,692 2,987 2,864 4,726 4,556 Total held to maturity $ 501 $ 498 $ 502 $ 509 $ 1,739 $ 1,692 $ 2,987 $ 2,864 $ 5,729 $ 5,563 The securities that were in an unrealized loss position at December 31, 2023, December 31, 2022, 2 December 31, 2023 2022, Based on the Company’s review of its debt securities in an unrealized loss position, the Company concluded the unrealized losses were due to non-credit factors primarily attributed to yield curve movement, together with widened liquidity spreads. The issuers have not, December 31, 2023. December 31, 2023, no not The following tables show the related fair value and the gross unrealized losses of the Company's investment securities, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2023, December 31, 2022: Less than Twelve Months Twelve Months or More Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2023 Government agency securities $ 4,238 $ (72 ) $ 3,923 $ (472 ) $ 8,161 $ (544 ) SBA securities 5,102 (18 ) 2,094 (198 ) 7,196 (216 ) Mortgage-backed securities: residential — — 34,652 (5,855 ) 34,652 (5,855 ) Collateralized mortgage obligations: residential 2,597 (37 ) 60,275 (12,161 ) 62,872 (12,198 ) Collateralized mortgage obligations: commercial 18,463 (70 ) 35,077 (2,594 ) 53,540 (2,664 ) Commercial paper (1) 53,211 (16 ) — — 53,211 (16 ) Corporate debt securities — — 30,691 (4,109 ) 30,691 (4,109 ) Municipal securities — — 9,509 (3,127 ) 9,509 (3,127 ) Total available for sale $ 83,611 $ (213 ) $ 176,221 $ (28,516 ) $ 259,832 $ (28,729 ) Municipal securities $ 1,397 $ (19 ) $ 3,196 $ (96 ) $ 4,593 $ (115 ) Total held to maturity $ 1,397 $ (19 ) $ 3,196 $ (96 ) $ 4,593 $ (115 ) ( 1 The Company held $19.9 million of commercial paper where the recorded value and fair value are equal as of December 31, 2023. Less than Twelve Months Twelve Months or More Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2022 Government agency securities $ 354 $ (24 ) $ 4,141 $ (493 ) $ 4,495 $ (517 ) SBA securities 2,411 (223 ) — — 2,411 (223 ) Mortgage-backed securities: residential 5,535 (362 ) 32,522 (6,390 ) 38,057 (6,752 ) Mortgage-backed securities: commercial 4,871 (16 ) — — 4,871 (16 ) Collateralized mortgage obligations: residential 27,050 (1,842 ) 39,815 (11,014 ) 66,865 (12,856 ) Collateralized mortgage obligations: commercial 18,741 (790 ) 22,949 (2,111 ) 41,690 (2,901 ) Commercial paper (1) 39,624 (16 ) — — 39,624 (16 ) Corporate debt securities 22,977 (1,843 ) 10,330 (2,322 ) 33,307 (4,165 ) Municipal securities — — 8,854 (3,815 ) 8,854 (3,815 ) Total available for sale $ 121,563 $ (5,116 ) $ 118,611 $ (26,145 ) $ 240,174 $ (31,261 ) Municipal taxable securities $ 498 $ (3 ) $ — $ — $ 498 $ (3 ) Municipal securities 4,556 (170 ) — — 4,556 (170 ) Total held to maturity $ 5,054 $ (173 ) $ — $ — $ 5,054 $ (173 ) ( 1 The Company held $9.9 million of commercial paper where the recorded value and fair value are equal as of December 31, 2022. |
Note 5 - Loans and Allowance fo
Note 5 - Loans and Allowance for Credit Losses - Loans | 12 Months Ended |
Dec. 31, 2023 | |
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. The types of loans in the Company's consolidated balance sheets as of December 31, 2023, December 31, 2022 (dollars in thousands) 2023 2022 Loans: (1) Construction and land development $181,469 $276,876 Commercial real estate (2) 1,167,857 1,312,132 Single-family residential mortgages 1,487,796 1,464,108 Commercial and industrial 130,096 201,223 SBA 52,074 61,411 Other loans 12,569 20,699 Total loans (1) $ 3,031,861 $ 3,336,449 Allowance for loan losses (41,903 ) (41,076 ) Total loans, net $ 2,989,958 $ 3,295,373 ( 1 net of discounts on acquired loans and deferred fees and costs ( 2 includes non-farm & non-residential real estate loans, multifamily resident and 1 4 A summary of the changes in the ACL for the years indicated follows: (dollars in thousands) 2023 2022 2021 (1 ) Allowance for loan losses Reserve for unfunded loan commitments Allowance for credit losses Allowance for loan losses Reserve for unfunded loan commitments Allowance for credit losses Allowance for loan losses Reserve for unfunded loan commitments Allowance for credit losses Beginning balance $ 41,076 $ 1,156 $ 42,232 $ 32,912 $ 1,203 $ 34,115 $ 29,337 $ 1,383 $ 30,720 ASU 2016-13 transition adjustment — — — 2,135 1,045 3,180 — — — Adjusted beginning balance $ 41,076 $ 1,156 $ 42,232 $ 35,047 $ 2,248 $ 37,295 $ 29,337 $ 1,383 $ 30,720 Provision/(reversal) for credit losses 3,878 (516 ) 3,362 6,027 (1,092 ) 4,935 3,959 (180 ) 3,779 Less loans charged-off (3,194 ) — (3,194 ) (256 ) — (256 ) (627 ) — (627 ) Recoveries on loans charged-off 143 — 143 258 — 258 243 — 243 Ending balance $ 41,903 $ 640 $ 42,543 $ 41,076 $ 1,156 $ 42,232 $ 32,912 $ 1,203 $ 34,115 ( 1 450 310. The following tables present the activity in the ALL by portfolio segment for the years ended December 31, 2023 2022: (dollars in thousands) December 31, 2023 Construction and land development Commercial real estate Single-family residential mortgages Commercial and industrial SBA Other Total Allowance for loan losses: Beginning of year $ 2,638 $ 17,657 $ 17,640 $ 1,804 $ 621 $ 716 $ 41,076 (Reversals)/provisions for credit losses (1,279 ) 2,626 2,570 (458 ) 636 (217 ) 3,878 Charge-offs (140 ) (2,537 ) (93 ) — (62 ) (362 ) (3,194 ) Recoveries — 80 — 2 1 60 143 Ending allowance balance $ 1,219 $ 17,826 $ 20,117 $ 1,348 $ 1,196 $ 197 $ 41,903 (dollars in thousands) December 31, 2022 Construction and land development Commercial real estate Single-family residential mortgages Commercial and industrial SBA Other Total Allowance for loan losses: Beginning of year $ 4,150 $ 16,603 $ 7,839 $ 2,813 $ 980 $ 527 $ 32,912 ASU 2016-13 Transition Adjustment 314 (2,662 ) 3,960 (188 ) (416 ) 1,127 2,135 Adjusted beginning balance $ 4,464 $ 13,941 $ 11,799 $ 2,625 $ 564 $ 1,654 $ 35,047 (Reversals)/provisions for credit losses (1,826 ) 3,716 5,841 (818 ) (156 ) (730 ) 6,027 Charge-offs — — — (5 ) (14 ) (237 ) (256 ) Recoveries — — — 2 227 29 258 Ending allowance balance $ 2,638 $ 17,657 $ 17,640 $ 1,804 $ 621 $ 716 $ 41,076 The following table presents the activity in the ALL by portfolio segment for the year ended December 31, 2021, 2016 13: (dollars in thousands) December 31, 2021 Construction and land development Commercial real estate Single-family residential mortgages Commercial and industrial SBA Other Total Allowance for loan losses: Beginning of year $ 2,472 $ 13,719 $ 8,486 $ 3,690 $ 927 $ 43 $ 29,337 Provisions/(reversals) 1,678 2,951 (647 ) (533 ) 53 457 3,959 Charge-offs — (67 ) — (501 ) — (59 ) (627 ) Recoveries — — — 157 — 86 243 Ending allowance balance $ 4,150 $ 16,603 $ 7,839 $ 2,813 $ 980 $ 527 $ 32,912 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 Doubtful The following tables summarize the Company's loan held for investment as of December 31, 2023 2022 (dollars in thousands) Term Loan by Vintage December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Revolving Converted to Term During the Period Total Real estate: Construction and land development Pass $ 127,602 $ 25,880 $ 12,168 $ 3,919 $ 192 $ 32 $ — $ — $ 169,793 Special mention — — 11,676 — — — — — 11,676 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total $ 127,602 $ 25,880 $ 23,844 $ 3,919 $ 192 $ 32 $ — $ — $ 181,469 YTD gross write-offs $ — $ — $ — $ — $ — $ 140 $ — $ — $ 140 Commercial real estate Pass $ 90,126 $ 423,564 $ 186,904 $ 175,650 $ 94,796 $ 152,847 $ — $ — $ 1,123,887 Special mention — — — — 7,719 4,880 — — 12,599 Substandard 301 — — 11,410 2,295 17,365 — — 31,371 Doubtful — — — — — — — — — Total $ 90,427 $ 423,564 $ 186,904 $ 187,060 $ 104,810 $ 175,092 $ — $ — $ 1,167,857 YTD gross write-offs $ — $ 2,078 $ — $ 459 $ — $ — $ — $ — $ 2,537 Single-family residential mortgages Pass $ 156,372 $ 593,539 $ 239,502 $ 125,346 $ 83,002 $ 265,050 $ 1,720 $ — $ 1,464,531 Special mention — — 619 — — 3,855 — — 4,474 Substandard — 719 758 4,985 545 11,740 44 — 18,791 Doubtful — — — — — — — — — Total $ 156,372 $ 594,258 $ 240,879 $ 130,331 $ 83,547 $ 280,645 $ 1,764 $ — $ 1,487,796 YTD gross write-offs $ — $ — $ — $ 93 $ — $ — $ — $ — $ 93 Commercial: Commercial and industrial Pass $ 1,305 $ 3,283 $ 6,281 $ 2,901 $ 2,049 $ 4,700 $ 99,339 $ — $ 119,858 Special mention — — — — — — 2,737 — 2,737 Substandard — 87 — 1,410 7 4,952 1,045 — 7,501 Doubtful — — — — — — — — — Total $ 1,305 $ 3,370 $ 6,281 $ 4,311 $ 2,056 $ 9,652 $ 103,121 $ — $ 130,096 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — SBA Pass $ 5,642 $ 11,023 $ 10,037 $ 2,324 $ 4,588 $ 13,783 $ — $ — $ 47,397 Special mention — — 331 — — 1,025 — — 1,356 Substandard — — — — 85 3,236 — — 3,321 Doubtful — — — — — — — — — Total $ 5,642 $ 11,023 $ 10,368 $ 2,324 $ 4,673 $ 18,044 $ — $ — $ 52,074 YTD gross write-offs $ — $ — $ — $ — $ — $ 62 $ — $ — $ 62 Other: Pass $ 193 $ 2,727 $ 8,813 $ 674 $ 29 $ — $ 18 $ — $ 12,454 Special mention — — — — — — — — — Substandard — 80 28 7 — — — — 115 Doubtful — — — — — — — — — Total $ 193 $ 2,807 $ 8,841 $ 681 $ 29 $ — $ 18 $ — $ 12,569 YTD gross write-offs $ — $ 79 $ 273 $ 10 $ — $ — $ — $ — $ 362 Total by risk rating: Pass $ 381,240 $ 1,060,016 $ 463,705 $ 310,814 $ 184,656 $ 436,412 $ 101,077 $ — $ 2,937,920 Special mention — — 12,626 — 7,719 9,760 2,737 — 32,842 Substandard 301 886 786 17,812 2,932 37,293 1,089 — 61,099 Doubtful — — — — — — — — — Total loans $ 381,541 $ 1,060,902 $ 477,117 $ 328,626 $ 195,307 $ 483,465 $ 104,903 $ — $ 3,031,861 Total YTD gross write-offs $ — $ 2,157 $ 273 $ 562 $ — $ 202 $ — $ — $ 3,194 (Dollars in thousands) Term Loan by Vintage December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Revolving Converted to Term During the Period Total Real estate: Construction and land development Pass $ 125,216 $ 52,262 $ 99,016 $ 201 $ — $ 40 $ — $ — $ 276,735 Special mention — — — — — — — — — Substandard — — — — — 141 — — 141 Doubtful — — — — — — — — — Total $ 125,216 $ 52,262 $ 99,016 $ 201 $ — $ 181 $ — $ — $ 276,876 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 479,304 $ 293,058 $ 195,051 $ 110,442 $ 73,013 $ 117,068 $ — $ — $ 1,267,936 Special mention — — 9,280 — — — — — 9,280 Substandard 287 — 8,652 2,329 222 23,426 — — 34,916 Doubtful — — — — — — — — — Total $ 479,591 $ 293,058 $ 212,983 $ 112,771 $ 73,235 $ 140,494 $ — $ — $ 1,312,132 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Single-family residential mortgages Pass $ 637,893 $ 255,529 $ 137,964 $ 96,355 $ 134,415 $ 182,893 $ 2,992 $ — $ 1,448,041 Special mention — — — — 3,925 — — — 3,925 Substandard — — 3,954 — 7,631 452 105 — 12,142 Doubtful — — — — — — — — — Total $ 637,893 $ 255,529 $ 141,918 $ 96,355 $ 145,971 $ 183,345 $ 3,097 $ — $ 1,464,108 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial: Commercial and industrial Pass $ 8,038 $ 7,513 $ 4,448 $ 3,470 $ 1,016 $ 8,827 $ 129,483 $ 86 $ 162,881 Special mention — 5,987 — — 1,638 17,805 3,577 — 29,007 Substandard — — 1,600 16 — 339 7,380 — 9,335 Doubtful — — — — — — — — — Total $ 8,038 $ 13,500 $ 6,048 $ 3,486 $ 2,654 $ 26,971 $ 140,440 $ 86 $ 201,223 YTD gross write-offs $ — $ — $ — $ 5 $ — $ — $ — $ — $ 5 SBA Pass $ 14,922 $ 10,664 $ 6,496 $ 4,688 $ 2,579 $ 16,793 $ — $ — $ 56,142 Special mention — — — — — — — — — Substandard — — — 91 1,017 4,161 — — 5,269 Doubtful — — — — — — — — — Total $ 14,922 $ 10,664 $ 6,496 $ 4,779 $ 3,596 $ 20,954 $ — $ — $ 61,411 YTD gross write-offs $ — $ — $ — $ — $ — $ 14 $ — $ — $ 14 Other: Pass $ 4,224 $ 14,684 $ 1,505 $ 90 $ 7 $ — $ 26 $ — $ 20,536 Special mention — — — — — — — — — Substandard 105 48 10 — — — — — 163 Doubtful — — — — — — — — — Total $ 4,329 $ 14,732 $ 1,515 $ 90 $ 7 $ — $ 26 $ — $ 20,699 YTD gross write-offs $ — $ 237 $ — $ — $ — $ — $ — $ — $ 237 Total by risk rating: Pass $ 1,269,597 $ 633,710 $ 444,480 $ 215,246 $ 211,030 $ 325,621 $ 132,501 $ 86 $ 3,232,271 Special mention — 5,987 9,280 — 5,563 17,805 3,577 — 42,212 Substandard 392 48 14,216 2,436 8,870 28,519 7,485 — 61,966 Doubtful — — — — — — — — — Total loans $ 1,269,989 $ 639,745 $ 467,976 $ 217,682 $ 225,463 $ 371,945 $ 143,563 $ 86 $ 3,336,449 Total YTD gross write-offs $ — $ 237 $ — $ 5 $ — $ 14 $ — $ — $ 256 The following tables present the aging of the recorded investment in past-due loans as of December 31, 2023 2022 (dollars in thousands) 30 59 60 89 90 Days Total Loans Not Non-Accrual December 31, 2023 Days Days Or More Past Due Past Due Total Loans Loans (1) Real estate: Construction and land development $ — $ — $ — $ — $ 181,469 $ 181,469 $ — Commercial real estate 1,341 216 1,582 3,139 1,164,718 1,167,857 10,569 Single-family residential mortgages 9,050 5,795 15,134 29,979 1,457,817 1,487,796 18,103 Commercial: Commercial and industrial 1,544 — 854 2,398 127,698 130,096 854 SBA 356 — 2,085 2,441 49,633 52,074 2,085 Other: 160 20 8 188 12,381 12,569 8 $ 12,451 $ 6,031 $ 19,663 $ 38,145 $ 2,993,716 $ 3,031,861 $ 31,619 Real estate: Single-family residential mortgage loans held for sale $ — $ — $ — $ — $ 1,911 $ 1,911 $ — ________________ ( 1 Included in total loans (dollars in thousands) 30 59 60 89 90 Days Total Loans Not Non-Accrual December 31, 2022 Days Days Or More Past Due Past Due Total Loans Loans (1) Real estate: Construction and land development $ — $ — $ 141 $ 141 $ 276,735 $ 276,876 $ 141 Commercial real estate 558 240 1,191 1,989 1,310,143 1,312,132 13,189 Single-family residential mortgages 12,764 2,555 4,100 19,419 1,444,689 1,464,108 5,936 Commercial: Commercial and industrial — 545 7 552 200,671 201,223 713 SBA 150 1,017 1,228 2,395 59,016 61,411 2,245 Other: 154 76 99 329 20,370 20,699 99 $ 13,626 $ 4,433 $ 6,766 $ 24,825 $ 3,311,624 $ 3,336,449 $ 22,323 Real estate: Single-family residential mortgage loans held for sale $ — $ — $ — $ — $ — $ — $ — ( 1 Included in total loans The Company has no loans that are 90 December 31, 2023 December 31, 2022. The following tables present the loans on nonaccrual status as of December 31, 2023 2022: Nonaccrual With No (dollars in thousands) Allowance December 31, 2023 for Credit Loss Nonaccrual Real estate: Commercial real estate 10,569 10,569 Single-family residential mortgages 18,103 18,103 Commercial: Commercial and industrial 610 854 SBA 937 2,085 Other: — 8 Total $ 30,219 $ 31,619 Nonaccrual With No (dollars in thousands) Allowance December 31, 2022 for Credit Loss Nonaccrual Real estate: Construction and land development $ 141 $ 141 Commercial real estate 1,191 13,189 Single-family residential mortgages 5,936 5,936 Commercial: Commercial and industrial 713 713 SBA 2,245 2,245 Other: 51 99 Total $ 10,277 $ 22,323 At December 31, 2023, No December 31, 2023 2022. not December 31, 2023 December 31, 2022 Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, or interest rate reduction. The Company may one There were no loans that were both experiencing financial difficulty and modified during the year ended December 31, 2023 2022. There were no commitments to lend additional amounts at December 31, 2023 2022 twelve |
Note 6 - Loan Servicing
Note 6 - Loan Servicing | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loan Servicing [Text Block] | NOTE 6 The mortgage loans and SBA loans being serviced for others are not At December 31, (dollars in thousands) 2023 2022 Loans serviced for others: Mortgage loans $ 1,014,017 $ 1,127,668 SBA loans 100,336 119,893 Commercial real estate loans 3,813 3,991 Construction loans 4,710 3,677 Loan servicing fees, net of amortization, totaled $2.6 million, $2.2 million and $684,000 for the years ended December 31, 2023, 2022 2021. December 31, 2023 2022. 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 sale 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 December 31, 2021, The following table presents the activity in serving assets for the years ended December 31, 2023, 2022, 2021: 2023 2022 2021 Mortgage SBA Mortgage SBA Mortgage SBA (dollars in thousands) Loans Loans Loans Loans Loans Loans Servicing assets: Beginning of period $ 7,354 $ 2,167 $ 8,748 $ 2,769 $ 10,529 $ 3,436 Additions 176 58 532 239 1,920 441 Disposals (329 ) (344 ) (794 ) (478 ) (2,129 ) (646 ) Amortized to expense (692 ) (280 ) (1,132 ) (363 ) (1,989 ) (462 ) Impairment reversal — — — — 417 — End of period $ 6,509 $ 1,601 $ 7,354 $ 2,167 $ 8,748 $ 2,769 Estimates of the loan servicing asset fair value are derived through a DCF 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. The fair value of servicing assets for mortgage loans was $12.1 million and $18.3 million as of December 31, 2023 2022, December 31, 2023 December 31, 2022 The fair value of servicing assets for SBA loans was $2.8 million and $3.5 million as of December 31, 2023 2022, December 31, 2023 December 31, 2022 |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 A summary of premises and equipment as of December 31, 2023 2022 (dollars in thousands) 2023 2022 Land $ 8,974 $ 8,974 Building and improvements 15,549 15,523 Furniture, fixtures, and equipment 8,411 8,339 Leasehold improvements 7,696 6,775 40,630 39,611 Less accumulated depreciation and amortization (14,949 ) (13,387 ) Construction in progress 3 785 $ 25,684 $ 27,009 Depreciation and leasehold amortization expense was $2.0 million, $2.0 million, and $1.9 million for 2023, 2022, 2021, A $32,000 gain on sale of fixed assets was recorded from the sale of an automobile during 2023. 2022, |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 8 At December 31, 2023, (dollars in thousands) December 31, 2023 One year $ 1,994,517 Two to three years 6,689 Over three years 1,204 Total $ 2,002,410 Time deposits include deposits acquired through both retail and wholesale channels. Wholesale funding includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services totaled $405.6 million at December 31, 2023. December 31, 2023 December 31, 2022. December 31, 2023 December 31, 2022. December 31, 2023 December 31, 2022. In addition, we offer retail deposit products where customers are able to achieve FDIC insurance for balances on deposit in excess of the $250,000 December 31, 2023 December 31, 2022. |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 9 - LONG-TERM DEBT In November 2018, December 1, 2028 “2028 December 1, 2023 three 26 December 1, 2023, 2028 In March 2021, April 1, 2031 “2031 April 1, 2026 three 2031 April 1, 2026. 2031 2 Long-term debt and unamortized debt issuance costs were as follows as of the dates indicated: At December 31, 2023 At December 31, 2022 (dollars in thousands) Principal Unamortized debt issuance costs Principal Unamortized debt issuance costs 2028 Subordinated Notes $ — $ — $ 55,000 $ 180 2031 Subordinated Notes 120,000 853 120,000 1,235 Total $ 120,000 $ 853 $ 175,000 $ 1,415 The following table presents interest and amortization expense the Company incurred for the years ended December 31, 2023 2022: For the Year Ended December 31, (dollars in thousands) 2023 2022 Interest Expense: Interest $ 7,916 $ 8,199 Amortization 562 578 |
Note 10 - Subordinated Debentur
Note 10 - Subordinated Debentures | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 10 SUBORDINATED DEBENTURES Subordinated debentures consist of subordinated debentures issued in connection with three December 31, 2022 2023, not not five may 1 may 100% Issue Principal Unamortized Recorded Stated Rate December 31, 2023 Stated (dollars in thousands) Date Amount Valuation Reserve Value Description Effective Rate Maturity Subordinated debentures TFC Trust December 22, 2006 $ 5,155 $ 1,189 $ 3,966 Three-month CME Term SOFR plus 0.26% (a) plus 1.65%, 7.30 % March 15, 2037 FAIC Trust December 15, 2004 7,217 842 6,375 Three-month CME Term SOFR 0.26% (a) plus 2.25% 7.90 % December 15, 2034 PGBH Trust December 15, 2004 5,155 558 4,597 Three-month CME Term SOFR 0.26% (a) plus 2.10% 7.75 % December 15, 2034 Total $ 17,527 $ 2,589 $ 14,938 (a) Represents applicable tenor spread adjustment when the original Libor index was discontinued on June 30, 2023 In 2016, not not December 31, 2023 December 31, 2022. three - December 31, 2023, three December 31, 2022. In October 2018, thirty not not December 31, 2023 December 31, 2022. three - December 31, 2023, three December 31, 2022. In January 2020, not not December 31, 2023 December 31, 2022. three - December 31, 2023, three December 31, 2022. The Company paid interest expense of $1.3 million in 2023, 2022 2021. December 31, 2023, 2022 2021. For regulatory reporting purposes, the Federal Reserve Board has indicated that the capital securities qualify as Tier 1 no may At December 31, 2023, 100% not December 31, 2023. |
Note 11 - Borrowing Arrangement
Note 11 - Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, may Letter of Credit Arrangements. December 31, 2023, FRB Secured Line of Credit. December 31, 2023, December 31, 2023 FHLB Secured Line of Credit and Advances. December 31, 2023, December 31, 2023, December 31, 2023, 2022 2021, There were no amounts outstanding under any of the other borrowing arrangements above as of December 31, 2023 2025. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 2021 Current: Federal $ 10,804 $ 18,315 $ 16,037 State 6,761 10,952 9,087 Total Current 17,565 29,267 25,124 Deferred: Federal (288 ) (1,756 ) (1,148 ) State 504 (493 ) 55 Total Deferred 216 (2,249 ) (1,093 ) Total income tax expense $ 17,781 $ 27,018 $ 24,031 A comparison of the federal statutory income tax rates to the Company's effective income tax rates for the years ended December 31 2023 2022 2021 (dollars in thousands) Amount Rate Amount Rate Amount Rate Statutory federal tax $ 12,652 21.0 % $ 19,182 21.0 % $ 16,997 21.0 % State tax, net of federal benefit 5,181 8.6 % 8,278 9.1 % 7,182 8.9 % Tax-exempt income (399 ) (0.7 )% (355 ) (0.4 )% (285 ) (0.4 )% Stock-based compensation 54 0.1 % (396 ) (0.4 )% (404 ) (0.5 )% Other items, net 293 0.5 % 309 0.3 % 541 0.7 % Total income tax expense $ 17,781 29.5 % $ 27,018 29.6 % $ 24,031 29.7 % 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) 2023 2022 Deferred tax assets: Allowance for credit losses $ 13,011 $ 12,834 Stock-based compensation 472 546 Operating loss carryforwards 32 154 Unrealized loss on AFS securities 8,597 9,614 Lease liability 9,539 8,149 State tax 1,444 2,426 Other 1,237 917 34,332 34,640 Deferred tax liabilities: Depreciation (1,389 ) (1,598 ) Deferred loan costs (3,123 ) (2,808 ) Acquisition accounting fair value adjustments (2,794 ) (3,052 ) Mortgage servicing rights (1,991 ) (2,259 ) Right of use asset (9,115 ) (7,818 ) Other (155 ) (128 ) (18,567 ) (17,663 ) Net deferred tax assets $ 15,765 $ 16,977 At December 31, 2023, not 2028. 382 not no December 31, 2023. The Company files income tax returns in federal and various state jurisdictions. The Company is subject to examinations in federal jurisdiction for the years ended after December 31, 2019. January 1, 2018 December 31, 2020 August 2023. December 31, 2023 2022, December 31, 2023, 2022, 2021. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022, 2023 2022 Fixed Variable Fixed Variable (dollars in thousands) Rate Rate Rate Rate Commitments to make loans $ 614 $ 77,230 $ 1,141 $ 128,680 Unused lines of credit 10,629 95,686 13,730 197,314 Commercial and similar letters of credit 90 3,814 1,154 867 Standby letters of credit 1,626 1,061 1,577 1,061 Total $ 12,959 $ 177,791 $ 17,602 $ 327,922 Commitments to extend credit are agreements to lend to a customer as long as there is no not The Company records a liability for lifetime expected losses on off-balance-sheet credit exposure that do not 326. December 31, 2023 December 31, 2022, December 31, 2023 2022. Additionally, we have commitments to invest in certain affordable housing partnerships and SBIC funds that call for capital contributions up to an amount specific in the partnership agreements. Such unfunded commitments totaled $3.3 million and $3.5 million as of December 31, 2023 2022. 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, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 14 The Company leases several of its operating facilities under various non-cancellable operating leases expiring at various dates through 2037. Future minimum rent payments on the Company’s leases were as follows at December 31, 2023: (dollars in thousands) For the year ended December 31,: 2024 $ 4,728 2025 5,109 2026 5,121 2027 4,998 2028 4,052 Thereafter 10,699 Total $ 34,707 Less amount of payment representing interest (3,516 ) Total present value of lease payments $ 31,191 The minimum rent payments shown above are given for the existing lease obligation and are not December 31, 2023, 2022, 2021, December 31, 2023, 2022, 2021, The following table presents the operating lease related assets and liabilities recorded on the consolidated balance sheets, and the weighted-average remaining lease terms and discount rates as of December 31, 2023 December 31, 2022 : December 31, December 31, (dollars in thousands) 2023 2022 Operating Leases ROU assets $ 29,803 $ 25,447 Lease liabilities 31,191 26,523 Weighted-average remaining lease term (in years) 7.63 7.91 Weighted-average discount rate 1.72 % 2.19 % |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 15 Loans to principal officers, directors, and their affiliates were as follows: For the year ended December 31, (dollars in thousands) 2023 2022 Beginning balance $ 6,869 $ 8,441 Repayments — (1,572 ) Balance re-categorized to non-related party (6,869 ) — Ending balance $ — $ 6,869 Outstanding loan commitments to executive officers, directors and their related interests with whom they are associated were none and $1.6 million as of December 31, 2023 2022, Deposits from principal officers, directors, and their affiliates at December 31, 2023 2022 Certain directors and their affiliates own $6.0 million of RBB subordinated debentures as of December 31, 2023 December 31, 2022. |
Note 16 - Stock Option Plan
Note 16 - Stock Option Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 16 - STOCK OPTION PLAN RBB Bancorp 2010 Stock Option Plan Under the RBB Bancorp 2010 “2010 2010 2010 2017 May 2017 , no 2010 2010 2010 2010 2010 Amended and Restated RBB Bancorp 2017 Omnibus Stock Incentive Plan The Amended and Restated RBB Bancorp 2017 January 2019 May 2022 . December 31, 2023, December 31, 2023. The Company recognized total stock-based compensation expense of $750,000, $848,000, and $1.1 million in 2023, 2022 2021. December 31, 2023, 2022, 2021. Stock Options The recorded compensation expense for stock option was $246,000, $300,000, and $485,000 and the Company recognized income tax expense/(benefit) of $3,000, ($587,000), and ($873,000) for the years ended December 31, 2023, 2022, 2021, December 31, 2023, 2022, 2021, December 31, 2023. 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 2023, 2022 2021. March 2023 December 2022 May 2022 July 2021 January 2021 Expected volatility 28.4 % 28.9 % 29.5 % 31.6 % 30.8 % Expected term (years) 8.0 8.0 6.0 6.0 6.0 Expected dividends 2.92 % 2.55 % 2.52 % 1.98 % 1.86 % Risk free rate 4.27 % 4.00 % 2.71 % 0.48 % 0.26 % Grant date fair value $ 5.49 $ 6.16 $ 5.28 $ 5.69 $ 4.14 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, 2023 Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic (dollars in thousands, except for shares and per share data) Shares Price Term in years Value Outstanding at beginning of year 454,610 $ 16.97 Granted 30,000 19.87 Exercised (19,403 ) 15.18 Forfeited/cancelled (67,304 ) 15.04 Outstanding at end of period 397,903 $ 17.61 3.86 $ 703 Options exercisable 332,232 $ 17.26 3.05 $ 657 The total fair value of the shares vested was $1.1 million, $1.1 million, and $1.2 million in 2023, 2022, 2021, December 31, 2023, 2022 2021, 2023 Cash received from the exercise of 19,403 share options was $295,000 for the period ended December 31, 2023. December 31, 2022. December 31, 2021. 2023, 2022, 2021, Restricted Stock Units The Company granted 32,248 restricted stock units at a closing price of $20.46 on January 18, 2023 July 20, 2023 one three December 31, 2023, The recorded compensation expense for restricted stock units was $504,000 and $453,000 for the years ended December 31, 2023 2022, not 2021. December 31, 2023 2022, December 31, 2023, The following table presents restricted stock unit activity during the twelve December 31, 2023. Weighted-Average Grant Date Shares Fair Value Outstanding at beginning of year 14,786 $ 27.16 Granted 48,748 18.25 Vested (20,374 ) 23.35 Outstanding at end of period 43,160 $ 18.89 Restricted Stock Awards The Company granted restricted stock awards for 60,000 shares at a closing price of $17.74 in 2021 . three January 21, 2021 April 8, 2022 , December 31, 2023, not 2023 2022 . The recorded compensation expense for restricted stock awards was zero December 31, 2023, 2022, 2021, zero zero December 31, 2023, 2022, 2021, |
Note 17 - Regulatory Matters
Note 17 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 17 Update on Previously Disclosed Regulatory Matters As previously disclosed in the Company's Current Report on Form 8 October 31, 2023 , October 25, 2023 , not Regulatory Capital 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, 2023 December 31, 2022, In February 2019, three one 2016 13. March 2020, two five 2019 19” 2020 five January 1, 2022, 2016 13, December 31, 2022, not three As of December 31, 2023 2022, no The following table sets forth Bancorp’s consolidated and the Bank’s actual capital amounts and ratios and related regulatory requirements for the Bank as of December 31, 2023: 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 (1) Amount Ratio As of December 31, 2023: Tier 1 Leverage Ratio Consolidated $ 472,152 11.99 % $ 157,526 4.0 % $ 196,907 5.0 % Bank 535,952 13.62 % 157,454 4.0 % 196,818 5.0 % Common Equity Tier 1 Risk-Based Capital Ratio Consolidated $ 457,214 19.07 % $ 107,886 4.5 % $ 155,836 6.5 % Bank 535,952 22.41 % 107,598 4.5 % 155,419 6.5 % Tier 1 Risk-Based Capital Ratio Consolidated $ 472,152 19.69 % $ 143,849 6.0 % $ 191,798 8.0 % Bank 535,952 22.41 % 143,464 6.0 % 191,285 8.0 % Total Risk-Based Capital Ratio Consolidated $ 621,423 25.92 % $ 191,798 8.0 % $ 239,748 10.0 % Bank 565,997 23.67 % 191,285 8.0 % 239,106 10.0 % ( 1 The following table sets forth Bancorp’s consolidated and the Bank’s actual capital amounts and ratios and related regulatory requirements for the Bank as of December 31, 2022: 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 (1) Amount Ratio As of December 31, 2022: Tier 1 Leverage Ratio Consolidated $ 446,776 11.67 % $ 153,116 4.0 % $ 191,395 5.0 % Bank 569,071 14.89 % 152,900 4.0 % 191,124 5.0 % Common Equity Tier 1 Risk Based Capital Ratio Consolidated $ 432,056 16.03 % $ 121,291 4.5 % $ 175,199 6.5 % Bank 569,071 21.14 % 121,110 4.5 % 174,937 6.5 % Tier 1 Risk-Based Capital Ratio Consolidated $ 446,776 16.58 % $ 161,722 6.0 % $ 215,629 8.0 % Bank 569,071 21.14 % 161,481 6.0 % 215,307 8.0 % Total Risk-Based Capital Ratio Consolidated $ 654,159 24.27 % $ 215,629 8.0 % $ 269,537 10.0 % Bank 602,819 22.40 % 215,307 8.0 % 269,134 10.0 % ( 1 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 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 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 and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 18 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 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, 2023. Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts: 3 Collateral-dependent individually evaluated loans The following table provides the hierarchy and fair value for each major category of assets and liabilities measured at fair value at December 31, 2023 2022: (dollars in thousands) Fair Value Measurements Using: December 31, 2023 Level 1 Level 2 Level 3 Total Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ — $ 8,161 $ — $ 8,161 SBA agency securities — 13,217 — 13,217 Mortgage-backed securities — 34,652 — 34,652 Collateralized mortgage obligations — 149,626 — 149,626 Commercial paper — 73,105 — 73,105 Corporate debt securities — 30,691 — 30,691 Municipal securities — 9,509 — 9,509 Interest Rate Lock Contracts — — 32 32 Forward Mortgage Loan Sale Contracts — — 14 14 $ — $ 318,961 $ 46 $ 319,007 On a non-recurring basis: Commercial real estate loans - collateral-dependent impaired loans $ — $ — $ 10,209 $ 10,209 SBA loans - collateral-dependent impaired loans — — 1,148 1,148 $ — $ — $ 11,357 $ 11,357 December 31, 2022 Level 1 Level 2 Level 3 Total Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ — $ 4,495 $ — $ 4,495 SBA agency securities — 2,411 — 2,411 Mortgage-backed securities — 42,928 — 42,928 Collateralized mortgage obligations — 111,593 — 111,593 Commercial paper — 49,537 — 49,537 Corporate debt securities — 37,012 — 37,012 Municipal securities — 8,854 — 8,854 Forward Mortgage Loan Sale Contracts — — 18 18 $ — $ 256,830 $ 18 $ 256,848 On a non-recurring basis: Other real estate owned $ — $ — $ 577 $ 577 There was a $521,000 write-down on collateral-dependent loans that were individually evaluated to the fair value of $11.4 million as of December 31, 2023 . no December 31, 2022 . third Quantitative information about the Company's OREO non-recurring Level 3 December 31, 2023 2022 There was no OREO as of December 31, 2023 two December 31, 2022. 2023, one third No write-downs to OREO were recorded in 2023 2022. The fair value measurement of IRLCs and FMLSCs were primarily based on the buy price from borrowers ranging from 99.5 to 100.3, the sale price to Fannie Mae ranging from 102 to 104, and the significant unobservable inputs using margin cost rate of ranging from 0.50% to 1.00%. 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 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 -- 1 Time Deposits in Other Banks -- 1 Investment securities available for sale and held to maturity 2 Mortgage Loans Held for Sale -- 2 Loans -- no 2016 01, December 31, 2023, 2022 3 Equity Securities -- 3 Servicing Rights -- 3 Accrued Interest Receivable -- 2 3 1 3 Off-Balance Sheet Financial Instruments -- 3 Deposits -- 2 not FHLB Advances -- 3 Long-Term Debt -- 3 Subordinated Debentures -- 3 Fair value is estimated in accordance with ASC Topic 825 . not one no The fair value hierarchy level and estimated fair value of significant financial instruments at December 31, 2023 2022 December 31, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair (dollars in thousands) Hierarchy Value Value Value Value Financial Assets: Cash and due from banks Level 1 $ 431,373 $ 431,373 $ 83,548 $ 83,548 Interest-earning deposits in other financial institutions Level 1 600 600 600 600 Investment securities - AFS Level 2 318,961 318,961 256,830 256,830 Investment securities - HTM Level 2 5,209 5,097 5,729 5,563 Mortgage loans held for sale Level 2 1,911 1,845 — — Loans, net Level 3 2,989,958 2,918,296 3,295,373 3,251,464 Equity securities (1) Level 3 22,251 22,251 22,238 22,238 Servicing assets Level 3 8,110 14,883 9,521 21,712 Accrued interest receivable (1) Level 1/2/3 13,743 13,743 14,536 14,536 Notional Fair Notional Fair Derivative assets: Value Value Value Value Interest Rate Lock Contracts (1) Level 3 $ 1,255 $ 32 $ — $ — Forward Mortgage Loan Sale Contracts (1) Level 3 1,104 14 1,179 18 Carrying Fair Carrying Fair Financial Liabilities: Value Value Value Value Deposits Level 2 $ 3,174,760 $ 3,181,495 $ 2,977,683 $ 2,960,529 FHLB advances Level 3 150,000 144,891 220,000 210,470 Long-term debt Level 3 119,147 83,864 173,585 132,709 Subordinated debentures Level 3 14,938 14,566 14,720 14,195 Accrued interest payable Level 2/3 11,671 11,671 3,711 3,711 ( 1 |
Note 19 - Earnings Per Share ("
Note 19 - Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 19 EPS” ) The following is a reconciliation of net income and shares outstanding to the income and number of shares used to compute EPS: 2023 2022 2021 (dollars in thousands except shares and per share data) Income Shares Income Shares Income Shares Net income as reported $ 42,465 $ 64,327 $ 56,906 Less: Earnings allocated to participating securities — (34 ) (192 ) Shares outstanding 18,609,179 18,965,776 19,455,544 Impact of weighting shares 356,167 133,733 (31,995 ) Used in basic EPS 42,465 18,965,346 64,293 19,099,509 56,714 19,423,549 Dilutive effect of outstanding Stock options 15,322 211,477 410,757 Restricted Stock Unit 4,565 21,653 — Used in dilutive EPS $ 42,465 18,985,233 $ 64,293 19,332,639 $ 56,714 19,834,306 Basic earnings per common share $ 2.24 $ 3.37 $ 2.92 Diluted earnings per common share 2.24 3.33 2.86 Stock options for 332,500 shares of common stock and restricted stock units for 6,012 shares were not December 31, 2023 not December 31, 2022 2021, |
Note 20 - Revenue From Contract
Note 20 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 20 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) 2023 2022 2021 Non-interest income, in scope (1) Fees and service charges on deposit accounts $ 2,014 $ 2,051 $ 2,367 Other fees (2) 984 677 2,543 Other income (3) 2,158 2,094 2,157 Gain on sale of OREO and fixed assets 166 757 — Total in-scope non-interest income 5,322 5,579 7,067 Non-interest income, not in scope (4) 9,696 5,673 11,678 Total non-interest income $ 15,018 $ 11,252 $ 18,745 ( 1 There were no 606. ( 2 Other fees consist 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 21 - Qualified Affordable
Note 21 - Qualified Affordable Housing Project Investments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Affordable Housing Program [Text Block] | NOTE 21 – QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS The Company began investing in qualified affordable housing projects in 2016. December 31, 2023 December 31, 2022, December 31, 2023 December 31, 2022. 2024 2038. During the years ended December 31, 2023, 2022 2021, During the years ended December 31, 2023, 2022 2021, December 31, 2023, 2022 2021. |
Note 22 - Parent Only Condensed
Note 22 - Parent Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 22 - PARENT ONLY CONDENSED FINANCIAL INFORMATION The parent company only condensed balance sheet as of December 31, 2023 2022, December 31, 2023, 2022 2021 Condensed Balance Sheet (dollars in thousands) 2023 2022 ASSETS Cash and cash equivalents $ 47,125 $ 43,718 Investment in Bank 589,998 621,580 Investment in RAM 3,244 3,049 Other assets 6,333 6,161 Total assets $ 646,700 $ 674,508 LIABILITIES AND SHAREHOLDERS' EQUITY Long term debt 119,147 173,585 Subordinated debentures 14,938 14,720 Other liabilities 1,355 1,640 Total liabilities 135,440 189,945 Shareholders' equity: Common stock 271,925 276,912 Additional paid-in capital 3,623 3,361 Retained earnings 255,152 225,883 Non-controlling interest 72 72 Accumulated other comprehensive loss (19,512 ) (21,665 ) Total shareholders' equity 511,260 484,563 Total liabilities and shareholders' equity $ 646,700 $ 674,508 Condensed Statements of Income (dollars in thousands) 2023 2022 2021 Dividend from subsidiaries $ 85,000 $ — $ 25,000 Interest (reversal)/income (41 ) 52 — Interest expense 9,951 9,645 8,999 Noninterest expense 1,897 2,056 1,452 Income/(loss) before equity in undistributed income of subsidiaries 73,111 (11,649 ) 14,549 (Distributed income in excess of earnings)/undistributed income of: Bank (34,477 ) 72,340 39,109 RAM 195 57 59 Income before income taxes 38,829 60,748 53,717 Income tax benefit 3,636 3,579 3,189 Net income 42,465 64,327 56,906 Other comprehensive income/(loss) 2,153 (20,009 ) (2,785 ) Total comprehensive income $ 44,618 $ 44,318 $ 54,121 Condensed Statements of Cash Flows (dollars in thousands) 2023 2022 2021 Cash flows from operating activities: Net income $ 42,465 $ 64,327 $ 56,906 Net amortization of other 780 796 724 Provision for deferred income taxes (72 ) (57 ) (337 ) Distributed income in excess of earnings/(undistributed income) of subsidiaries 34,282 (72,397 ) (39,168 ) Change in other assets and liabilities 113 216 1,645 Net cash provided by/(used in) operating activities 77,568 (7,115 ) 19,770 Cash flows from investment activities: Purchase of other equity securities, net (490 ) (1,663 ) (380 ) Net cash used in investing activities (490 ) (1,663 ) (380 ) Cash flows from financing activities: Issuance of subordinated debentures, net of issuance costs — — 118,111 Redemptions of subordinated debentures (55,000 ) — (50,000 ) Dividends paid (12,163 ) (10,736 ) (9,947 ) Common stock repurchased, net of repurchased costs (6,803 ) (19,822 ) (10,540 ) Stock options exercised 295 5,476 3,475 Net cash (used in)/provided by financing activities (73,671 ) (25,082 ) 51,099 Increase/(decrease) in cash and cash equivalents 3,407 (33,860 ) 70,489 Cash and cash equivalents beginning of year 43,718 77,578 7,089 Cash and cash equivalents end of year $ 47,125 $ 43,718 $ 77,578 |
Note 23 - Repurchase of Common
Note 23 - Repurchase of Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | NOTE 23 – REPURCHASE OF COMMON STOCK On April 22, 2021, March 16, 2022 June 14, 2022, 2021, 2022, 2023, December 31, 2023, may |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 24 On January 18, 2024 February 9, 2024 January 31, 2024 On February 29, 2024, March 31, 2026. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. Rule 10b5 1 During the quarter ended December 31 , 2023, no 10b5 1 10b5 1 17 229.408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 RBB and RAM. All significant intercompany transactions have been eliminated. RBB Bancorp has no three 2 The parent company only condensed financial information on RBB Bancorp is provided in Note 22. In connection with the 2018 August 28, 2013 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 that these estimates could change as actual results could differ from those estimates. The allowance for credit losses, realization of deferred tax assets, the valuation of goodwill and other intangible assets, other derivatives, and the fair value measurement of financial instruments are particularly subject to change and such change could have a material effect on the consolidated financial statements. |
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, 2023 2022. 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 to the earlier of the maturity date or call date of the underlying securities. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Prior to January 1, 2022, not not two Effective January 1, 2022, 2016 13, 326 326 30. 1 2 not For available-for-sale debt securities in an unrealized loss position, the Company first not not not Changes in the allowance for credit losses are recorded as credit loss expense (or reversal). Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities totaled $919,000 and $759,000 at December 31, 2023 2022, Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. Accrued interest receivable on held-to-maturity debt securities totaled $43,000 and $51,000 at December 31, 2023 2022, |
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 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 Credit Losses - Loans Effective January 1, 2022, 2016 13, 326 326, The Company’s DCF methodology incorporates a probability of default, loss given default and exposure at default model, as well as expectations of future economic conditions, using reasonable and supportable forecasts. The Company uses both internal and external qualitative factors within the current expected credit losses (“CECL”) model including: lending policies, procedures, and strategies; changes in nature and volume of the portfolio; credit and lending personnel experience; changes in volume and trends in classified loans, delinquencies, and nonaccrual; concentration risk; collateral values; regulatory and business environment; loan review results; and economic conditions. The Company determines the weighting of the qualitative factors based on management’s ability to directly control or influence the level of risk exposure. The factors related to economic conditions, collateral values, and the regulatory and business environment were assigned a higher allocation, and the remaining factors related to internal conditions received a lower allocation. Management further estimates the allowance balance required using past loan loss experience from peers with similar portfolio sizes and geographic locations to the Company, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. The Company’s CECL methodology utilizes a four four The Company records a liability for lifetime expected credit losses on off-balance-sheet credit exposure that do not 326. The Company assesses expected credit losses for individual instruments that have different risk characteristics than those that are evaluated on a collective (pooled) basis, in accordance with ASC 326. 90 not The Company adopted ASU 2022 02, 326 January 1, 2023. 310 no 326. Allowance for Loan Losses (prior to January 1, 2022) Prior to the Company's adoption of ASC 326, January 1, 2022, 450, 310, may |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Sales, Policy [Policy Text Block] | Servicing Rights Servicing rights are established as an intangible asset when mortgage loans and SBA loans are sold with servicing retained and they are initially recorded at fair value with the income statement effect recorded in the gain on sale 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. Quarterly impairment is based upon the fair value of the rights as compared to carrying amount. Impairment is recognized through a charge to income to establish 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 third 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 sale of mortgage loans totaled $112,000, $1.2 million, and $7.9 million, and gains on sale of SBA loans totaled $262,000, $696,000, and $2.1 million in 2023, 2022, 2021, |
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 Right-of-Use (“ROU”) assets and lease liabilities are included in other assets and other liabilities, respectively, on the Company’s consolidated balance sheet. 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 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. The Company uses its incremental borrowing rate to determine the present value of its lease liabilities. The ROU asset, at adoption of ASU 2016 02, 842 January 1, 2021, 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, 2023. |
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 credit 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 and branch acquisitions is not October 1 December 31, 2023 2022, 2023 2022. After evaluating the prolonged decrease in the Company’s market value, management performed a quantitative goodwill impairment analysis as of September 30, 2023. third two September 30, 2023. fourth 2023 December 31, 2023, September 30, 2023 not December 31, 2023. Other intangible assets consist of core deposit intangible (“CDI”) assets arising from 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 January 2022, The following table presents changes in the carrying amount of CDI for the periods indicated: Year ended December 31, (dollars in thousands) 2023 2022 2021 Core deposit intangibles Balance, beginning of year $ 10,459 $ 9,730 $ 9,730 Acquired from acquisitions — 729 — Balance, end of year $ 10,459 $ 10,459 $ 9,730 Accumulated amortization: Balance, beginning of year $ 6,741 $ 5,655 $ 4,534 Amortization 923 1,086 1,121 Balance, end of year $ 7,664 $ 6,741 $ 5,655 Core deposit intangibles, net $ 2,795 $ 3,718 $ 4,075 Estimated CDI amortization expense for the next 5 (dollars in thousands) Year ending December 31: 2024 $ 784 2025 672 2026 501 2027 417 2028 297 Thereafter 124 Total $ 2,795 |
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 Federal Home Loan Bank (“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 an equity investment in Pacific Coast Banker’s Bank and Atlantic Community Bankers Bank stock. The Company adopted ASU 2016 01 January 1, 2019, As of December 31, 2023, December 31, 2022. 2023 2022. 2021. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company currently recognizes stock-based compensation based on the grant date fair value of equity awards, including stock options, restricted stock units and restricted stock, which have been granted to employees. The expense related to equity-based awards granted to directors or other qualified non-employee awardees is recognized as other noninterest expense. 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 stock 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 and restricted stock units are valued based on the closing price of the Company’s stock on the date of the grant. Stock-based compensation expense 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 Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. 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. Income taxes are accounted for under the asset and liability method. 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. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. 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 Under ASC 740, not” not not |
Postemployment Benefit Plans, Policy [Policy Text Block] | Retirement Plans The Company established a 401 2010. 2023, 2022 2021, |
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, net of taxes. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments 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 as described in Note 13. |
Derivatives, Policy [Policy Text Block] | Derivatives Interest Rate Lock Commitments 30 90 not not ASC 815, 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. See Note 18 |
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 |
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 Recently Adopted In June 2016, 2016 13, 326 not 1 2 not 2016 13 January 1, 2022 December 31, 2022. one 2016 13 January 1, 2022. The following table sets forth the cumulative effect of the changes to the Company's consolidated balance sheets at January 1, 2022, 2016 13: Adjustments due to Balance at Adoption of Balance at (dollars in thousands) December 31, 2021 ASC 326 January 1, 2022 Assets: Allowance for credit losses on loans $ 32,912 $ 2,135 $ 35,047 Deferred tax assets 4,855 977 5,832 Liabilities: Reserve for unfunded commitments $ 1,203 $ 1,045 $ 2,248 Stockholders' equity: Retained earnings, net of tax $ 181,329 $ (2,204 ) $ 179,125 In February 2019, three one 2016 13. March 2020, 2020 two five 2019 19” 2020 five 2020, three January 1, 2022, 2016 13, December 31, 2022, not three In January 2017, 2017 04, 350 2 2 not not December 31, 2022. 2017 04 not In February 2020, 2020 02, 326 842 No. 119 No. 2016 02, 842 January 1, 2022. In March 2020, 2020 04, 848 not December 31, 2022. December 31, 2022. December 2022, 2022 06, 848 848, 848 December 31, 2022 December 31, 2024, no 848. June 30, 2023. July 3, 2023. No 9 10 In October 2021, 2021 08, not December 15, 2022. 2021 08 January 1, 2023 not In March 2022, 2022 02, 326 1 2 3 December 15, 2022, may 2022 02 January 1, 2023 5 Recently Issued; Not In June 2022, 2022 03 , 820 not not 2022 03 2022 03 January 1, 2024 . 2022 03 not In March 2023, 2023 02 , 323 2023 02 December 15, 2023 , 2023 02 not In October 2023, 2023 06 , 2018, X not X June 30, 2027, not In December 2023, 2023 09, 740 1 2 December 15, 2024. not 2023 09 not |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (dollars in thousands) Year ending December 31: 2024 $ 784 2025 672 2026 501 2027 417 2028 297 Thereafter 124 Total $ 2,795 |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | Adjustments due to Balance at Adoption of Balance at (dollars in thousands) December 31, 2021 ASC 326 January 1, 2022 Assets: Allowance for credit losses on loans $ 32,912 $ 2,135 $ 35,047 Deferred tax assets 4,855 977 5,832 Liabilities: Reserve for unfunded commitments $ 1,203 $ 1,045 $ 2,248 Stockholders' equity: Retained earnings, net of tax $ 181,329 $ (2,204 ) $ 179,125 |
Core Deposits [Member] | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Year ended December 31, (dollars in thousands) 2023 2022 2021 Core deposit intangibles Balance, beginning of year $ 10,459 $ 9,730 $ 9,730 Acquired from acquisitions — 729 — Balance, end of year $ 10,459 $ 10,459 $ 9,730 Accumulated amortization: Balance, beginning of year $ 6,741 $ 5,655 $ 4,534 Amortization 923 1,086 1,121 Balance, end of year $ 7,664 $ 6,741 $ 5,655 Core deposit intangibles, net $ 2,795 $ 3,718 $ 4,075 |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PGB Holdings Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | BOTO Fair Value Fair (dollars in thousands) Book Value Adjustments Value Assets acquired Cash and cash equivalents $ 312 $ — $ 312 Loans, gross 7,352 38 7,390 Bank premises and equipment 12 — 12 Core deposit intangible — 729 729 Other assets 412 (360 ) 52 Total assets acquired $ 8,088 $ 407 $ 8,495 Liabilities assumed Deposits $ 81,673 $ 27 $ 81,700 Escrow Payable 2 — 2 Other liabilities 460 (372 ) 88 Total liabilities assumed 82,135 (345 ) 81,790 Excess of assets acquired over liabilities assumed (74,047 ) 752 (73,295 ) $ 8,088 $ 407 Cash received 71,040 Goodwill recognized $ 2,255 |
Note 4 - Investment Securities
Note 4 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Cost Gains Losses Value Available for sale Government agency securities $ 8,705 $ — $ (544 ) $ 8,161 SBA agency securities 13,289 144 (216 ) 13,217 Mortgage-backed securities: residential 40,507 — (5,855 ) 34,652 Collateralized mortgage obligations: residential 94,071 454 (12,198 ) 82,327 Collateralized mortgage obligations: commercial 69,941 22 (2,664 ) 67,299 Commercial paper 73,121 — (16 ) 73,105 Corporate debt securities 34,800 — (4,109 ) 30,691 Municipal securities 12,636 — (3,127 ) 9,509 Total $ 347,070 $ 620 $ (28,729 ) $ 318,961 Held to maturity Municipal taxable securities $ 501 $ 3 $ — $ 504 Municipal securities 4,708 — (115 ) 4,593 Total $ 5,209 $ 3 $ (115 ) $ 5,097 Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Available for sale Government agency securities $ 5,012 $ — $ (517 ) $ 4,495 SBA agency securities 2,634 — (223 ) 2,411 Mortgage-backed securities: residential 44,809 — (6,752 ) 38,057 Mortgage-backed securities: commercial 4,887 — (16 ) 4,871 Collateralized mortgage obligations: residential 82,759 — (12,856 ) 69,903 Collateralized mortgage obligations: commercial 44,591 — (2,901 ) 41,690 Commercial paper 49,551 2 (16 ) 49,537 Corporate debt securities 41,176 1 (4,165 ) 37,012 Municipal securities 12,669 — (3,815 ) 8,854 Total $ 288,088 $ 3 $ (31,261 ) $ 256,830 Held to maturity Municipal taxable securities $ 1,003 $ 7 $ (3 ) $ 1,007 Municipal securities 4,726 — (170 ) 4,556 Total $ 5,729 $ 7 $ (173 ) $ 5,563 |
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 Amortized Amortized Amortized Amortized (dollars in thousands) Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value December 31, 2023 Government agency securities $ — $ — $ 8,705 $ 8,161 $ — $ — $ — $ — $ 8,705 $ 8,161 SBA securities — — 2,292 2,095 10,997 11,122 — — 13,289 13,217 Mortgage-backed securities: residential — — 11,023 9,986 19,762 16,965 9,722 7,701 40,507 34,652 Collateralized mortgage obligations: residential 18 17 36,876 35,758 57,177 46,552 — — 94,071 82,327 Collateralized mortgage obligations: commercial 3,014 3,018 20,296 18,481 46,631 45,800 — — 69,941 67,299 Commercial paper 73,121 73,105 — — — — — — 73,121 73,105 Corporate debt securities — — 12,912 12,491 19,249 16,232 2,639 1,968 34,800 30,691 Municipal securities — — — — — — 12,636 9,509 12,636 9,509 Total available for sale $ 76,153 $ 76,140 $ 92,104 $ 86,972 $ 153,816 $ 136,671 $ 24,997 $ 19,178 $ 347,070 $ 318,961 Municipal taxable securities $ — $ — $ 501 $ 504 $ — $ — $ — $ — $ 501 $ 504 Municipal securities — — — — 2,952 2,873 1,756 1,720 4,708 4,593 Total held to maturity $ — $ — $ 501 $ 504 $ 2,952 $ 2,873 $ 1,756 $ 1,720 $ 5,209 $ 5,097 (dollars in thousands) December 31, 2022 Government agency securities $ — $ — $ 5,012 $ 4,495 $ — $ — $ — $ — $ 5,012 $ 4,495 SBA securities — — 2,634 2,411 — — — — 2,634 2,411 Mortgage-backed securities: residential — — 13,013 11,598 29,114 24,361 2,682 2,098 44,809 38,057 Mortgage-backed securities: commercial — — 4,887 4,871 — — — — 4,887 4,871 Collateralized mortgage obligations: residential — — 20,687 19,646 62,072 50,257 — — 82,759 69,903 Collateralized mortgage obligations: commercial — — 16,382 14,644 28,209 27,046 — — 44,591 41,690 Commercial paper 49,551 49,537 — — — — — — 49,551 49,537 Corporate debt securities 3,705 3,706 11,355 10,806 23,454 20,662 2,662 1,838 41,176 37,012 Municipal securities — — — — — — 12,669 8,854 12,669 8,854 Total available for sale $ 53,256 $ 53,243 $ 73,970 $ 68,471 $ 142,849 $ 122,326 $ 18,013 $ 12,790 $ 288,088 $ 256,830 Municipal taxable securities $ 501 $ 498 $ 502 $ 509 $ — $ — $ — $ — $ 1,003 $ 1,007 Municipal securities — — — — 1,739 1,692 2,987 2,864 4,726 4,556 Total held to maturity $ 501 $ 498 $ 502 $ 509 $ 1,739 $ 1,692 $ 2,987 $ 2,864 $ 5,729 $ 5,563 |
Gain (Loss) on Securities [Table Text Block] | Less than Twelve Months Twelve Months or More Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2023 Government agency securities $ 4,238 $ (72 ) $ 3,923 $ (472 ) $ 8,161 $ (544 ) SBA securities 5,102 (18 ) 2,094 (198 ) 7,196 (216 ) Mortgage-backed securities: residential — — 34,652 (5,855 ) 34,652 (5,855 ) Collateralized mortgage obligations: residential 2,597 (37 ) 60,275 (12,161 ) 62,872 (12,198 ) Collateralized mortgage obligations: commercial 18,463 (70 ) 35,077 (2,594 ) 53,540 (2,664 ) Commercial paper (1) 53,211 (16 ) — — 53,211 (16 ) Corporate debt securities — — 30,691 (4,109 ) 30,691 (4,109 ) Municipal securities — — 9,509 (3,127 ) 9,509 (3,127 ) Total available for sale $ 83,611 $ (213 ) $ 176,221 $ (28,516 ) $ 259,832 $ (28,729 ) Municipal securities $ 1,397 $ (19 ) $ 3,196 $ (96 ) $ 4,593 $ (115 ) Total held to maturity $ 1,397 $ (19 ) $ 3,196 $ (96 ) $ 4,593 $ (115 ) Less than Twelve Months Twelve Months or More Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2022 Government agency securities $ 354 $ (24 ) $ 4,141 $ (493 ) $ 4,495 $ (517 ) SBA securities 2,411 (223 ) — — 2,411 (223 ) Mortgage-backed securities: residential 5,535 (362 ) 32,522 (6,390 ) 38,057 (6,752 ) Mortgage-backed securities: commercial 4,871 (16 ) — — 4,871 (16 ) Collateralized mortgage obligations: residential 27,050 (1,842 ) 39,815 (11,014 ) 66,865 (12,856 ) Collateralized mortgage obligations: commercial 18,741 (790 ) 22,949 (2,111 ) 41,690 (2,901 ) Commercial paper (1) 39,624 (16 ) — — 39,624 (16 ) Corporate debt securities 22,977 (1,843 ) 10,330 (2,322 ) 33,307 (4,165 ) Municipal securities — — 8,854 (3,815 ) 8,854 (3,815 ) Total available for sale $ 121,563 $ (5,116 ) $ 118,611 $ (26,145 ) $ 240,174 $ (31,261 ) Municipal taxable securities $ 498 $ (3 ) $ — $ — $ 498 $ (3 ) Municipal securities 4,556 (170 ) — — 4,556 (170 ) Total held to maturity $ 5,054 $ (173 ) $ — $ — $ 5,054 $ (173 ) |
Note 5 - Loans and Allowance _2
Note 5 - Loans and Allowance for Credit Losses - Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) 2023 2022 Loans: (1) Construction and land development $181,469 $276,876 Commercial real estate (2) 1,167,857 1,312,132 Single-family residential mortgages 1,487,796 1,464,108 Commercial and industrial 130,096 201,223 SBA 52,074 61,411 Other loans 12,569 20,699 Total loans (1) $ 3,031,861 $ 3,336,449 Allowance for loan losses (41,903 ) (41,076 ) Total loans, net $ 2,989,958 $ 3,295,373 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (dollars in thousands) 2023 2022 2021 (1 ) Allowance for loan losses Reserve for unfunded loan commitments Allowance for credit losses Allowance for loan losses Reserve for unfunded loan commitments Allowance for credit losses Allowance for loan losses Reserve for unfunded loan commitments Allowance for credit losses Beginning balance $ 41,076 $ 1,156 $ 42,232 $ 32,912 $ 1,203 $ 34,115 $ 29,337 $ 1,383 $ 30,720 ASU 2016-13 transition adjustment — — — 2,135 1,045 3,180 — — — Adjusted beginning balance $ 41,076 $ 1,156 $ 42,232 $ 35,047 $ 2,248 $ 37,295 $ 29,337 $ 1,383 $ 30,720 Provision/(reversal) for credit losses 3,878 (516 ) 3,362 6,027 (1,092 ) 4,935 3,959 (180 ) 3,779 Less loans charged-off (3,194 ) — (3,194 ) (256 ) — (256 ) (627 ) — (627 ) Recoveries on loans charged-off 143 — 143 258 — 258 243 — 243 Ending balance $ 41,903 $ 640 $ 42,543 $ 41,076 $ 1,156 $ 42,232 $ 32,912 $ 1,203 $ 34,115 (dollars in thousands) December 31, 2023 Construction and land development Commercial real estate Single-family residential mortgages Commercial and industrial SBA Other Total Allowance for loan losses: Beginning of year $ 2,638 $ 17,657 $ 17,640 $ 1,804 $ 621 $ 716 $ 41,076 (Reversals)/provisions for credit losses (1,279 ) 2,626 2,570 (458 ) 636 (217 ) 3,878 Charge-offs (140 ) (2,537 ) (93 ) — (62 ) (362 ) (3,194 ) Recoveries — 80 — 2 1 60 143 Ending allowance balance $ 1,219 $ 17,826 $ 20,117 $ 1,348 $ 1,196 $ 197 $ 41,903 (dollars in thousands) December 31, 2022 Construction and land development Commercial real estate Single-family residential mortgages Commercial and industrial SBA Other Total Allowance for loan losses: Beginning of year $ 4,150 $ 16,603 $ 7,839 $ 2,813 $ 980 $ 527 $ 32,912 ASU 2016-13 Transition Adjustment 314 (2,662 ) 3,960 (188 ) (416 ) 1,127 2,135 Adjusted beginning balance $ 4,464 $ 13,941 $ 11,799 $ 2,625 $ 564 $ 1,654 $ 35,047 (Reversals)/provisions for credit losses (1,826 ) 3,716 5,841 (818 ) (156 ) (730 ) 6,027 Charge-offs — — — (5 ) (14 ) (237 ) (256 ) Recoveries — — — 2 227 29 258 Ending allowance balance $ 2,638 $ 17,657 $ 17,640 $ 1,804 $ 621 $ 716 $ 41,076 (dollars in thousands) December 31, 2021 Construction and land development Commercial real estate Single-family residential mortgages Commercial and industrial SBA Other Total Allowance for loan losses: Beginning of year $ 2,472 $ 13,719 $ 8,486 $ 3,690 $ 927 $ 43 $ 29,337 Provisions/(reversals) 1,678 2,951 (647 ) (533 ) 53 457 3,959 Charge-offs — (67 ) — (501 ) — (59 ) (627 ) Recoveries — — — 157 — 86 243 Ending allowance balance $ 4,150 $ 16,603 $ 7,839 $ 2,813 $ 980 $ 527 $ 32,912 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (dollars in thousands) Term Loan by Vintage December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Revolving Converted to Term During the Period Total Real estate: Construction and land development Pass $ 127,602 $ 25,880 $ 12,168 $ 3,919 $ 192 $ 32 $ — $ — $ 169,793 Special mention — — 11,676 — — — — — 11,676 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total $ 127,602 $ 25,880 $ 23,844 $ 3,919 $ 192 $ 32 $ — $ — $ 181,469 YTD gross write-offs $ — $ — $ — $ — $ — $ 140 $ — $ — $ 140 Commercial real estate Pass $ 90,126 $ 423,564 $ 186,904 $ 175,650 $ 94,796 $ 152,847 $ — $ — $ 1,123,887 Special mention — — — — 7,719 4,880 — — 12,599 Substandard 301 — — 11,410 2,295 17,365 — — 31,371 Doubtful — — — — — — — — — Total $ 90,427 $ 423,564 $ 186,904 $ 187,060 $ 104,810 $ 175,092 $ — $ — $ 1,167,857 YTD gross write-offs $ — $ 2,078 $ — $ 459 $ — $ — $ — $ — $ 2,537 Single-family residential mortgages Pass $ 156,372 $ 593,539 $ 239,502 $ 125,346 $ 83,002 $ 265,050 $ 1,720 $ — $ 1,464,531 Special mention — — 619 — — 3,855 — — 4,474 Substandard — 719 758 4,985 545 11,740 44 — 18,791 Doubtful — — — — — — — — — Total $ 156,372 $ 594,258 $ 240,879 $ 130,331 $ 83,547 $ 280,645 $ 1,764 $ — $ 1,487,796 YTD gross write-offs $ — $ — $ — $ 93 $ — $ — $ — $ — $ 93 Commercial: Commercial and industrial Pass $ 1,305 $ 3,283 $ 6,281 $ 2,901 $ 2,049 $ 4,700 $ 99,339 $ — $ 119,858 Special mention — — — — — — 2,737 — 2,737 Substandard — 87 — 1,410 7 4,952 1,045 — 7,501 Doubtful — — — — — — — — — Total $ 1,305 $ 3,370 $ 6,281 $ 4,311 $ 2,056 $ 9,652 $ 103,121 $ — $ 130,096 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — SBA Pass $ 5,642 $ 11,023 $ 10,037 $ 2,324 $ 4,588 $ 13,783 $ — $ — $ 47,397 Special mention — — 331 — — 1,025 — — 1,356 Substandard — — — — 85 3,236 — — 3,321 Doubtful — — — — — — — — — Total $ 5,642 $ 11,023 $ 10,368 $ 2,324 $ 4,673 $ 18,044 $ — $ — $ 52,074 YTD gross write-offs $ — $ — $ — $ — $ — $ 62 $ — $ — $ 62 Other: Pass $ 193 $ 2,727 $ 8,813 $ 674 $ 29 $ — $ 18 $ — $ 12,454 Special mention — — — — — — — — — Substandard — 80 28 7 — — — — 115 Doubtful — — — — — — — — — Total $ 193 $ 2,807 $ 8,841 $ 681 $ 29 $ — $ 18 $ — $ 12,569 YTD gross write-offs $ — $ 79 $ 273 $ 10 $ — $ — $ — $ — $ 362 Total by risk rating: Pass $ 381,240 $ 1,060,016 $ 463,705 $ 310,814 $ 184,656 $ 436,412 $ 101,077 $ — $ 2,937,920 Special mention — — 12,626 — 7,719 9,760 2,737 — 32,842 Substandard 301 886 786 17,812 2,932 37,293 1,089 — 61,099 Doubtful — — — — — — — — — Total loans $ 381,541 $ 1,060,902 $ 477,117 $ 328,626 $ 195,307 $ 483,465 $ 104,903 $ — $ 3,031,861 Total YTD gross write-offs $ — $ 2,157 $ 273 $ 562 $ — $ 202 $ — $ — $ 3,194 (Dollars in thousands) Term Loan by Vintage December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Revolving Converted to Term During the Period Total Real estate: Construction and land development Pass $ 125,216 $ 52,262 $ 99,016 $ 201 $ — $ 40 $ — $ — $ 276,735 Special mention — — — — — — — — — Substandard — — — — — 141 — — 141 Doubtful — — — — — — — — — Total $ 125,216 $ 52,262 $ 99,016 $ 201 $ — $ 181 $ — $ — $ 276,876 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 479,304 $ 293,058 $ 195,051 $ 110,442 $ 73,013 $ 117,068 $ — $ — $ 1,267,936 Special mention — — 9,280 — — — — — 9,280 Substandard 287 — 8,652 2,329 222 23,426 — — 34,916 Doubtful — — — — — — — — — Total $ 479,591 $ 293,058 $ 212,983 $ 112,771 $ 73,235 $ 140,494 $ — $ — $ 1,312,132 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Single-family residential mortgages Pass $ 637,893 $ 255,529 $ 137,964 $ 96,355 $ 134,415 $ 182,893 $ 2,992 $ — $ 1,448,041 Special mention — — — — 3,925 — — — 3,925 Substandard — — 3,954 — 7,631 452 105 — 12,142 Doubtful — — — — — — — — — Total $ 637,893 $ 255,529 $ 141,918 $ 96,355 $ 145,971 $ 183,345 $ 3,097 $ — $ 1,464,108 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial: Commercial and industrial Pass $ 8,038 $ 7,513 $ 4,448 $ 3,470 $ 1,016 $ 8,827 $ 129,483 $ 86 $ 162,881 Special mention — 5,987 — — 1,638 17,805 3,577 — 29,007 Substandard — — 1,600 16 — 339 7,380 — 9,335 Doubtful — — — — — — — — — Total $ 8,038 $ 13,500 $ 6,048 $ 3,486 $ 2,654 $ 26,971 $ 140,440 $ 86 $ 201,223 YTD gross write-offs $ — $ — $ — $ 5 $ — $ — $ — $ — $ 5 SBA Pass $ 14,922 $ 10,664 $ 6,496 $ 4,688 $ 2,579 $ 16,793 $ — $ — $ 56,142 Special mention — — — — — — — — — Substandard — — — 91 1,017 4,161 — — 5,269 Doubtful — — — — — — — — — Total $ 14,922 $ 10,664 $ 6,496 $ 4,779 $ 3,596 $ 20,954 $ — $ — $ 61,411 YTD gross write-offs $ — $ — $ — $ — $ — $ 14 $ — $ — $ 14 Other: Pass $ 4,224 $ 14,684 $ 1,505 $ 90 $ 7 $ — $ 26 $ — $ 20,536 Special mention — — — — — — — — — Substandard 105 48 10 — — — — — 163 Doubtful — — — — — — — — — Total $ 4,329 $ 14,732 $ 1,515 $ 90 $ 7 $ — $ 26 $ — $ 20,699 YTD gross write-offs $ — $ 237 $ — $ — $ — $ — $ — $ — $ 237 Total by risk rating: Pass $ 1,269,597 $ 633,710 $ 444,480 $ 215,246 $ 211,030 $ 325,621 $ 132,501 $ 86 $ 3,232,271 Special mention — 5,987 9,280 — 5,563 17,805 3,577 — 42,212 Substandard 392 48 14,216 2,436 8,870 28,519 7,485 — 61,966 Doubtful — — — — — — — — — Total loans $ 1,269,989 $ 639,745 $ 467,976 $ 217,682 $ 225,463 $ 371,945 $ 143,563 $ 86 $ 3,336,449 Total YTD gross write-offs $ — $ 237 $ — $ 5 $ — $ 14 $ — $ — $ 256 |
Financing Receivable, Past Due [Table Text Block] | (dollars in thousands) 30 59 60 89 90 Days Total Loans Not Non-Accrual December 31, 2023 Days Days Or More Past Due Past Due Total Loans Loans (1) Real estate: Construction and land development $ — $ — $ — $ — $ 181,469 $ 181,469 $ — Commercial real estate 1,341 216 1,582 3,139 1,164,718 1,167,857 10,569 Single-family residential mortgages 9,050 5,795 15,134 29,979 1,457,817 1,487,796 18,103 Commercial: Commercial and industrial 1,544 — 854 2,398 127,698 130,096 854 SBA 356 — 2,085 2,441 49,633 52,074 2,085 Other: 160 20 8 188 12,381 12,569 8 $ 12,451 $ 6,031 $ 19,663 $ 38,145 $ 2,993,716 $ 3,031,861 $ 31,619 Real estate: Single-family residential mortgage loans held for sale $ — $ — $ — $ — $ 1,911 $ 1,911 $ — (dollars in thousands) 30 59 60 89 90 Days Total Loans Not Non-Accrual December 31, 2022 Days Days Or More Past Due Past Due Total Loans Loans (1) Real estate: Construction and land development $ — $ — $ 141 $ 141 $ 276,735 $ 276,876 $ 141 Commercial real estate 558 240 1,191 1,989 1,310,143 1,312,132 13,189 Single-family residential mortgages 12,764 2,555 4,100 19,419 1,444,689 1,464,108 5,936 Commercial: Commercial and industrial — 545 7 552 200,671 201,223 713 SBA 150 1,017 1,228 2,395 59,016 61,411 2,245 Other: 154 76 99 329 20,370 20,699 99 $ 13,626 $ 4,433 $ 6,766 $ 24,825 $ 3,311,624 $ 3,336,449 $ 22,323 Real estate: Single-family residential mortgage loans held for sale $ — $ — $ — $ — $ — $ — $ — |
Financing Receivable, Nonaccrual [Table Text Block] | Nonaccrual With No (dollars in thousands) Allowance December 31, 2023 for Credit Loss Nonaccrual Real estate: Commercial real estate 10,569 10,569 Single-family residential mortgages 18,103 18,103 Commercial: Commercial and industrial 610 854 SBA 937 2,085 Other: — 8 Total $ 30,219 $ 31,619 Nonaccrual With No (dollars in thousands) Allowance December 31, 2022 for Credit Loss Nonaccrual Real estate: Construction and land development $ 141 $ 141 Commercial real estate 1,191 13,189 Single-family residential mortgages 5,936 5,936 Commercial: Commercial and industrial 713 713 SBA 2,245 2,245 Other: 51 99 Total $ 10,277 $ 22,323 |
Note 6 - Loan Servicing (Tables
Note 6 - Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Mortgage And Small Business Administration Loans Serviced For Others [Table Text Block] | At December 31, (dollars in thousands) 2023 2022 Loans serviced for others: Mortgage loans $ 1,014,017 $ 1,127,668 SBA loans 100,336 119,893 Commercial real estate loans 3,813 3,991 Construction loans 4,710 3,677 |
Servicing Asset at Amortized Cost [Table Text Block] | 2023 2022 2021 Mortgage SBA Mortgage SBA Mortgage SBA (dollars in thousands) Loans Loans Loans Loans Loans Loans Servicing assets: Beginning of period $ 7,354 $ 2,167 $ 8,748 $ 2,769 $ 10,529 $ 3,436 Additions 176 58 532 239 1,920 441 Disposals (329 ) (344 ) (794 ) (478 ) (2,129 ) (646 ) Amortized to expense (692 ) (280 ) (1,132 ) (363 ) (1,989 ) (462 ) Impairment reversal — — — — 417 — End of period $ 6,509 $ 1,601 $ 7,354 $ 2,167 $ 8,748 $ 2,769 |
Note 7 - Premises and Equipme_2
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (dollars in thousands) 2023 2022 Land $ 8,974 $ 8,974 Building and improvements 15,549 15,523 Furniture, fixtures, and equipment 8,411 8,339 Leasehold improvements 7,696 6,775 40,630 39,611 Less accumulated depreciation and amortization (14,949 ) (13,387 ) Construction in progress 3 785 $ 25,684 $ 27,009 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | (dollars in thousands) December 31, 2023 One year $ 1,994,517 Two to three years 6,689 Over three years 1,204 Total $ 2,002,410 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | At December 31, 2023 At December 31, 2022 (dollars in thousands) Principal Unamortized debt issuance costs Principal Unamortized debt issuance costs 2028 Subordinated Notes $ — $ — $ 55,000 $ 180 2031 Subordinated Notes 120,000 853 120,000 1,235 Total $ 120,000 $ 853 $ 175,000 $ 1,415 |
Schedule of Interest and Amortizations Expense [Table Text Block] | For the Year Ended December 31, (dollars in thousands) 2023 2022 Interest Expense: Interest $ 7,916 $ 8,199 Amortization 562 578 |
Note 10 - Subordinated Debent_2
Note 10 - Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Subordinated Debentures [Table Text Block] | Issue Principal Unamortized Recorded Stated Rate December 31, 2023 Stated (dollars in thousands) Date Amount Valuation Reserve Value Description Effective Rate Maturity Subordinated debentures TFC Trust December 22, 2006 $ 5,155 $ 1,189 $ 3,966 Three-month CME Term SOFR plus 0.26% (a) plus 1.65%, 7.30 % March 15, 2037 FAIC Trust December 15, 2004 7,217 842 6,375 Three-month CME Term SOFR 0.26% (a) plus 2.25% 7.90 % December 15, 2034 PGBH Trust December 15, 2004 5,155 558 4,597 Three-month CME Term SOFR 0.26% (a) plus 2.10% 7.75 % December 15, 2034 Total $ 17,527 $ 2,589 $ 14,938 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (dollars in thousands) 2023 2022 2021 Current: Federal $ 10,804 $ 18,315 $ 16,037 State 6,761 10,952 9,087 Total Current 17,565 29,267 25,124 Deferred: Federal (288 ) (1,756 ) (1,148 ) State 504 (493 ) 55 Total Deferred 216 (2,249 ) (1,093 ) Total income tax expense $ 17,781 $ 27,018 $ 24,031 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 2021 (dollars in thousands) Amount Rate Amount Rate Amount Rate Statutory federal tax $ 12,652 21.0 % $ 19,182 21.0 % $ 16,997 21.0 % State tax, net of federal benefit 5,181 8.6 % 8,278 9.1 % 7,182 8.9 % Tax-exempt income (399 ) (0.7 )% (355 ) (0.4 )% (285 ) (0.4 )% Stock-based compensation 54 0.1 % (396 ) (0.4 )% (404 ) (0.5 )% Other items, net 293 0.5 % 309 0.3 % 541 0.7 % Total income tax expense $ 17,781 29.5 % $ 27,018 29.6 % $ 24,031 29.7 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (dollars in thousands) 2023 2022 Deferred tax assets: Allowance for credit losses $ 13,011 $ 12,834 Stock-based compensation 472 546 Operating loss carryforwards 32 154 Unrealized loss on AFS securities 8,597 9,614 Lease liability 9,539 8,149 State tax 1,444 2,426 Other 1,237 917 34,332 34,640 Deferred tax liabilities: Depreciation (1,389 ) (1,598 ) Deferred loan costs (3,123 ) (2,808 ) Acquisition accounting fair value adjustments (2,794 ) (3,052 ) Mortgage servicing rights (1,991 ) (2,259 ) Right of use asset (9,115 ) (7,818 ) Other (155 ) (128 ) (18,567 ) (17,663 ) Net deferred tax assets $ 15,765 $ 16,977 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | 2023 2022 Fixed Variable Fixed Variable (dollars in thousands) Rate Rate Rate Rate Commitments to make loans $ 614 $ 77,230 $ 1,141 $ 128,680 Unused lines of credit 10,629 95,686 13,730 197,314 Commercial and similar letters of credit 90 3,814 1,154 867 Standby letters of credit 1,626 1,061 1,577 1,061 Total $ 12,959 $ 177,791 $ 17,602 $ 327,922 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | (dollars in thousands) For the year ended December 31,: 2024 $ 4,728 2025 5,109 2026 5,121 2027 4,998 2028 4,052 Thereafter 10,699 Total $ 34,707 Less amount of payment representing interest (3,516 ) Total present value of lease payments $ 31,191 |
Lease, Cost [Table Text Block] | December 31, December 31, (dollars in thousands) 2023 2022 Operating Leases ROU assets $ 29,803 $ 25,447 Lease liabilities 31,191 26,523 Weighted-average remaining lease term (in years) 7.63 7.91 Weighted-average discount rate 1.72 % 2.19 % |
Note 15 - Related Party Trans_2
Note 15 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the year ended December 31, (dollars in thousands) 2023 2022 Beginning balance $ 6,869 $ 8,441 Repayments — (1,572 ) Balance re-categorized to non-related party (6,869 ) — Ending balance $ — $ 6,869 |
Note 16 - Stock Option Plan (Ta
Note 16 - Stock Option Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | March 2023 December 2022 May 2022 July 2021 January 2021 Expected volatility 28.4 % 28.9 % 29.5 % 31.6 % 30.8 % Expected term (years) 8.0 8.0 6.0 6.0 6.0 Expected dividends 2.92 % 2.55 % 2.52 % 1.98 % 1.86 % Risk free rate 4.27 % 4.00 % 2.71 % 0.48 % 0.26 % Grant date fair value $ 5.49 $ 6.16 $ 5.28 $ 5.69 $ 4.14 |
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 shares and per share data) Shares Price Term in years Value Outstanding at beginning of year 454,610 $ 16.97 Granted 30,000 19.87 Exercised (19,403 ) 15.18 Forfeited/cancelled (67,304 ) 15.04 Outstanding at end of period 397,903 $ 17.61 3.86 $ 703 Options exercisable 332,232 $ 17.26 3.05 $ 657 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted-Average Grant Date Shares Fair Value Outstanding at beginning of year 14,786 $ 27.16 Granted 48,748 18.25 Vested (20,374 ) 23.35 Outstanding at end of period 43,160 $ 18.89 |
Note 17 - Regulatory Matters (T
Note 17 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 (1) Amount Ratio As of December 31, 2023: Tier 1 Leverage Ratio Consolidated $ 472,152 11.99 % $ 157,526 4.0 % $ 196,907 5.0 % Bank 535,952 13.62 % 157,454 4.0 % 196,818 5.0 % Common Equity Tier 1 Risk-Based Capital Ratio Consolidated $ 457,214 19.07 % $ 107,886 4.5 % $ 155,836 6.5 % Bank 535,952 22.41 % 107,598 4.5 % 155,419 6.5 % Tier 1 Risk-Based Capital Ratio Consolidated $ 472,152 19.69 % $ 143,849 6.0 % $ 191,798 8.0 % Bank 535,952 22.41 % 143,464 6.0 % 191,285 8.0 % Total Risk-Based Capital Ratio Consolidated $ 621,423 25.92 % $ 191,798 8.0 % $ 239,748 10.0 % Bank 565,997 23.67 % 191,285 8.0 % 239,106 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 (1) Amount Ratio As of December 31, 2022: Tier 1 Leverage Ratio Consolidated $ 446,776 11.67 % $ 153,116 4.0 % $ 191,395 5.0 % Bank 569,071 14.89 % 152,900 4.0 % 191,124 5.0 % Common Equity Tier 1 Risk Based Capital Ratio Consolidated $ 432,056 16.03 % $ 121,291 4.5 % $ 175,199 6.5 % Bank 569,071 21.14 % 121,110 4.5 % 174,937 6.5 % Tier 1 Risk-Based Capital Ratio Consolidated $ 446,776 16.58 % $ 161,722 6.0 % $ 215,629 8.0 % Bank 569,071 21.14 % 161,481 6.0 % 215,307 8.0 % Total Risk-Based Capital Ratio Consolidated $ 654,159 24.27 % $ 215,629 8.0 % $ 269,537 10.0 % Bank 602,819 22.40 % 215,307 8.0 % 269,134 10.0 % |
Note 18 - Fair Value Measurem_2
Note 18 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | (dollars in thousands) Fair Value Measurements Using: December 31, 2023 Level 1 Level 2 Level 3 Total Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ — $ 8,161 $ — $ 8,161 SBA agency securities — 13,217 — 13,217 Mortgage-backed securities — 34,652 — 34,652 Collateralized mortgage obligations — 149,626 — 149,626 Commercial paper — 73,105 — 73,105 Corporate debt securities — 30,691 — 30,691 Municipal securities — 9,509 — 9,509 Interest Rate Lock Contracts — — 32 32 Forward Mortgage Loan Sale Contracts — — 14 14 $ — $ 318,961 $ 46 $ 319,007 On a non-recurring basis: Commercial real estate loans - collateral-dependent impaired loans $ — $ — $ 10,209 $ 10,209 SBA loans - collateral-dependent impaired loans — — 1,148 1,148 $ — $ — $ 11,357 $ 11,357 December 31, 2022 Level 1 Level 2 Level 3 Total Assets measured at fair value: On a recurring basis: Securities available for sale Government agency securities $ — $ 4,495 $ — $ 4,495 SBA agency securities — 2,411 — 2,411 Mortgage-backed securities — 42,928 — 42,928 Collateralized mortgage obligations — 111,593 — 111,593 Commercial paper — 49,537 — 49,537 Corporate debt securities — 37,012 — 37,012 Municipal securities — 8,854 — 8,854 Forward Mortgage Loan Sale Contracts — — 18 18 $ — $ 256,830 $ 18 $ 256,848 On a non-recurring basis: Other real estate owned $ — $ — $ 577 $ 577 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair (dollars in thousands) Hierarchy Value Value Value Value Financial Assets: Cash and due from banks Level 1 $ 431,373 $ 431,373 $ 83,548 $ 83,548 Interest-earning deposits in other financial institutions Level 1 600 600 600 600 Investment securities - AFS Level 2 318,961 318,961 256,830 256,830 Investment securities - HTM Level 2 5,209 5,097 5,729 5,563 Mortgage loans held for sale Level 2 1,911 1,845 — — Loans, net Level 3 2,989,958 2,918,296 3,295,373 3,251,464 Equity securities (1) Level 3 22,251 22,251 22,238 22,238 Servicing assets Level 3 8,110 14,883 9,521 21,712 Accrued interest receivable (1) Level 1/2/3 13,743 13,743 14,536 14,536 Notional Fair Notional Fair Derivative assets: Value Value Value Value Interest Rate Lock Contracts (1) Level 3 $ 1,255 $ 32 $ — $ — Forward Mortgage Loan Sale Contracts (1) Level 3 1,104 14 1,179 18 Carrying Fair Carrying Fair Financial Liabilities: Value Value Value Value Deposits Level 2 $ 3,174,760 $ 3,181,495 $ 2,977,683 $ 2,960,529 FHLB advances Level 3 150,000 144,891 220,000 210,470 Long-term debt Level 3 119,147 83,864 173,585 132,709 Subordinated debentures Level 3 14,938 14,566 14,720 14,195 Accrued interest payable Level 2/3 11,671 11,671 3,711 3,711 |
Note 19 - Earnings Per Share _2
Note 19 - Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2023 2022 2021 (dollars in thousands except shares and per share data) Income Shares Income Shares Income Shares Net income as reported $ 42,465 $ 64,327 $ 56,906 Less: Earnings allocated to participating securities — (34 ) (192 ) Shares outstanding 18,609,179 18,965,776 19,455,544 Impact of weighting shares 356,167 133,733 (31,995 ) Used in basic EPS 42,465 18,965,346 64,293 19,099,509 56,714 19,423,549 Dilutive effect of outstanding Stock options 15,322 211,477 410,757 Restricted Stock Unit 4,565 21,653 — Used in dilutive EPS $ 42,465 18,985,233 $ 64,293 19,332,639 $ 56,714 19,834,306 Basic earnings per common share $ 2.24 $ 3.37 $ 2.92 Diluted earnings per common share 2.24 3.33 2.86 |
Note 20 - Revenue From Contra_2
Note 20 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Year Ended December 31, (dollars in thousands) 2023 2022 2021 Non-interest income, in scope (1) Fees and service charges on deposit accounts $ 2,014 $ 2,051 $ 2,367 Other fees (2) 984 677 2,543 Other income (3) 2,158 2,094 2,157 Gain on sale of OREO and fixed assets 166 757 — Total in-scope non-interest income 5,322 5,579 7,067 Non-interest income, not in scope (4) 9,696 5,673 11,678 Total non-interest income $ 15,018 $ 11,252 $ 18,745 |
Note 22 - Parent Only Condens_2
Note 22 - Parent Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (dollars in thousands) 2023 2022 ASSETS Cash and cash equivalents $ 47,125 $ 43,718 Investment in Bank 589,998 621,580 Investment in RAM 3,244 3,049 Other assets 6,333 6,161 Total assets $ 646,700 $ 674,508 LIABILITIES AND SHAREHOLDERS' EQUITY Long term debt 119,147 173,585 Subordinated debentures 14,938 14,720 Other liabilities 1,355 1,640 Total liabilities 135,440 189,945 Shareholders' equity: Common stock 271,925 276,912 Additional paid-in capital 3,623 3,361 Retained earnings 255,152 225,883 Non-controlling interest 72 72 Accumulated other comprehensive loss (19,512 ) (21,665 ) Total shareholders' equity 511,260 484,563 Total liabilities and shareholders' equity $ 646,700 $ 674,508 |
Condensed Income Statement [Table Text Block] | (dollars in thousands) 2023 2022 2021 Dividend from subsidiaries $ 85,000 $ — $ 25,000 Interest (reversal)/income (41 ) 52 — Interest expense 9,951 9,645 8,999 Noninterest expense 1,897 2,056 1,452 Income/(loss) before equity in undistributed income of subsidiaries 73,111 (11,649 ) 14,549 (Distributed income in excess of earnings)/undistributed income of: Bank (34,477 ) 72,340 39,109 RAM 195 57 59 Income before income taxes 38,829 60,748 53,717 Income tax benefit 3,636 3,579 3,189 Net income 42,465 64,327 56,906 Other comprehensive income/(loss) 2,153 (20,009 ) (2,785 ) Total comprehensive income $ 44,618 $ 44,318 $ 54,121 |
Condensed Cash Flow Statement [Table Text Block] | (dollars in thousands) 2023 2022 2021 Cash flows from operating activities: Net income $ 42,465 $ 64,327 $ 56,906 Net amortization of other 780 796 724 Provision for deferred income taxes (72 ) (57 ) (337 ) Distributed income in excess of earnings/(undistributed income) of subsidiaries 34,282 (72,397 ) (39,168 ) Change in other assets and liabilities 113 216 1,645 Net cash provided by/(used in) operating activities 77,568 (7,115 ) 19,770 Cash flows from investment activities: Purchase of other equity securities, net (490 ) (1,663 ) (380 ) Net cash used in investing activities (490 ) (1,663 ) (380 ) Cash flows from financing activities: Issuance of subordinated debentures, net of issuance costs — — 118,111 Redemptions of subordinated debentures (55,000 ) — (50,000 ) Dividends paid (12,163 ) (10,736 ) (9,947 ) Common stock repurchased, net of repurchased costs (6,803 ) (19,822 ) (10,540 ) Stock options exercised 295 5,476 3,475 Net cash (used in)/provided by financing activities (73,671 ) (25,082 ) 51,099 Increase/(decrease) in cash and cash equivalents 3,407 (33,860 ) 70,489 Cash and cash equivalents beginning of year 43,718 77,578 7,089 Cash and cash equivalents end of year $ 47,125 $ 43,718 $ 77,578 |
Note 1 - Business Description (
Note 1 - Business Description (Details Textual) $ in Thousands | 127 Months Ended | ||||
Jan. 31, 2022 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Assets | $ 4,026,025 | $ 3,919,058 | |||
Loans Held for Investment and Held for Sale, Gross | 3,000,000 | ||||
Deposits | 3,174,760 | 2,977,683 | |||
Equity, Including Portion Attributable to Noncontrolling Interest | $ 511,260 | $ 484,563 | $ 466,683 | $ 428,488 | |
Number of Businesses Acquired | 6 |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||||
Jan. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Jan. 14, 2022 | |
Cash Reserve Deposit Required and Made | $ 0 | $ 0 | ||||
Gain (Loss) on Sale of Mortgage Loans | 112,000 | 1,200,000 | $ 7,900,000 | |||
Gain (Loss) on Sales of Small Business Administration Loans | 262,000 | 696,000 | 2,100,000 | |||
Goodwill | 71,498,000 | 71,498,000 | ||||
Goodwill, Impairment Loss | 0 | 0 | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 9.60% | |||||
Equity Securities without Readily Determinable Fair Value, Amount | 22,300,000 | 22,200,000 | ||||
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | 0 | 0 | 360,000 | |||
Accounting Standards Update 2019-11 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 2,100,000 | |||||
The 401(k) Plan [Member] | ||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 707,000 | 594,000 | $ 532,000 | |||
Acquisition of the Honolulu, Hawaii Branch Office of the Bank of the Orient [Member] | ||||||
Goodwill | $ 2,300,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 729,000 | |||||
Acquisition of the Honolulu, Hawaii Branch Office of the Bank of the Orient [Member] | Core Deposits [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 729,000 | |||||
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 | |||||
Available-for-Sale Securities [Member] | ||||||
Interest Receivable | $ 919,000 | 759,000 | ||||
Held-to-Maturity Securities [Member] | ||||||
Interest Receivable | $ 43,000 | $ 51,000 |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Changes in CDI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization of intangible assets | $ 2,568 | $ 3,853 | $ 6,347 |
Core Deposits [Member] | |||
Balance, intangible | 10,459 | 9,730 | 9,730 |
Acquired from acquisitions | 0 | 729 | 0 |
Balance, intangible | 10,459 | 10,459 | 9,730 |
Balance, accumulated amortization | 6,741 | 5,655 | 4,534 |
Amortization of intangible assets | 923 | 1,086 | 1,121 |
Balance, accumulated amortization | 7,664 | 6,741 | 5,655 |
Total | $ 2,795 | $ 3,718 | $ 4,075 |
Note 2 - Basis of Presentatio_5
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Estimated CDI Amortization Expense (Details) - Core Deposits [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
2024 | $ 784 | ||
2025 | 672 | ||
2026 | 501 | ||
2027 | 417 | ||
2028 | 297 | ||
Thereafter | 124 | ||
Total | $ 2,795 | $ 3,718 | $ 4,075 |
Note 2 - Basis of Presentatio_6
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Schedule of New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for credit losses on loans | $ 41,903 | $ 41,076 | $ 32,912 | $ 29,337 | [1] | |
Net deferred tax assets | 15,765 | 16,977 | 4,855 | |||
Reserve for unfunded commitments | 640 | 1,157 | 1,203 | |||
Retained earnings, net of tax | $ 255,152 | 225,883 | 181,329 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||||
Allowance for credit losses on loans | $ 35,047 | |||||
Net deferred tax assets | 5,832 | |||||
Reserve for unfunded commitments | 2,248 | |||||
Retained earnings, net of tax | 179,125 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for credit losses on loans | 0 | 2,135 | 2,135 | 0 | ||
Net deferred tax assets | 977 | |||||
Reserve for unfunded commitments | 1,045 | |||||
Retained earnings, net of tax | $ (2,204) | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||||
Allowance for credit losses on loans | $ 41,076 | $ 35,047 | $ 29,337 | |||
[1]Reserve was under the ALL method in accordance with ASC 450 and ASC 310. |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) - USD ($) | Jan. 14, 2022 | Jan. 04, 2022 | Dec. 31, 2023 | Dec. 31, 2022 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 8,495,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 312,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets | 52,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | 81,790,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 81,700,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Liabilities | 88,000 | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | (71,040,000) | |||
Goodwill | $ 71,498,000 | $ 71,498,000 | ||
Acquisition of the Honolulu, Hawaii Branch Office of the Bank of the Orient [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 8,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 312,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Selected Performing Loans | 7,400,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 729,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets | 64,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | 81,800,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 81,700,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Certificate of Deposit Premium | 27,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Liabilities | 90,000 | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ (71,000,000) | |||
Goodwill | 2,300,000 | |||
Acquisition of the Honolulu, Hawaii Branch Office of the Bank of the Orient [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Business Combination, Acquired Receivable, Fair Value | 0 | |||
Acquisition of the Honolulu, Hawaii Branch Office of the Bank of the Orient [Member] | Core Deposits [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 729,000 |
Note 3 - Acquisitions - Assets
Note 3 - Acquisitions - Assets Acquired and Liabilities Assumed, and Fair Value Adjustments (Details) $ in Thousands | Jan. 14, 2022 USD ($) |
Cash and cash equivalents | $ 312 |
Loans, gross | 7,390 |
Bank premises and equipment | (12) |
Core deposit intangible | 729 |
Other assets | 52 |
Total assets acquired | 8,495 |
Deposits | 81,700 |
Escrow Payable | 2 |
Other liabilities | 88 |
Total liabilities assumed | 81,790 |
Excess of assets acquired over liabilities assumed | (73,295) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 2,255 |
Cash received | (71,040) |
Reported Value Measurement [Member] | |
Cash and cash equivalents | 312 |
Loans, gross | 7,352 |
Bank premises and equipment | (12) |
Core deposit intangible | 0 |
Other assets | 412 |
Total assets acquired | 8,088 |
Deposits | 81,673 |
Escrow Payable | 2 |
Other liabilities | 460 |
Total liabilities assumed | 82,135 |
Excess of assets acquired over liabilities assumed | (74,047) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 8,088 |
Changes Measurement [Member] | |
Cash and cash equivalents | 0 |
Loans, gross | 38 |
Bank premises and equipment | 0 |
Core deposit intangible | 729 |
Other assets | (360) |
Total assets acquired | 407 |
Deposits | 27 |
Escrow Payable | 0 |
Other liabilities | (372) |
Total liabilities assumed | (345) |
Excess of assets acquired over liabilities assumed | 752 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 407 |
Note 4 - Investment Securitie_2
Note 4 - Investment Securities (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 0 | $ 0 | $ 0 | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 962,000 | 810,000 | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | 0 | 0 | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 28,729,000 | 31,261,000 | |||
Commercial Paper [Member] | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 16,000 | [1] | 16,000 | [2] | |
Debt Securities, Available-for-sale, Recorded Value Equal to Fair Value | 19,900,000 | 9,900,000 | |||
Residential Mortgage-Backed Securities and Residential Collateralized Mortgage Obligations [Member] | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ 18,100,000 | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss to Total Accumulated Loss, Percent | 62.80% | ||||
Corporate Debt Securities [Member] | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ 4,100,000 | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss to Total Accumulated Loss, Percent | 14.30% | ||||
Municipal Bonds [Member] | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ 3,100,000 | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss to Total Accumulated Loss, Percent | 10.90% | ||||
Commercial Collateralized Mortgage Obligations [Member] | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ 2,700,000 | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss to Total Accumulated Loss, Percent | 9.30% | ||||
US Government Agencies Debt Securities and SBA Securities [Member] | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ 760,000 | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss to Total Accumulated Loss, Percent | 2.60% | ||||
Asset Pledged as Collateral [Member] | |||||
Financial Instruments, Owned, at Fair Value | $ 95,200,000 | ||||
Asset Pledged as Collateral [Member] | Deposits [Member] | |||||
Financial Instruments, Owned, at Fair Value | $ 61,000 | $ 76,000 | |||
[1]The Company held $19.9 million of commercial paper where the recorded value and fair value are equal as of December 31, 2023.[2]The Company held $9.9 million of commercial paper where the recorded value and fair value are equal as of December 31, 2022. |
Note 4 - Investment Securitie_3
Note 4 - Investment Securities - Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available for sale, amortized cost | $ 347,070 | $ 288,088 |
Available for sale, gross unrealized gains | 620 | 3 |
Available for sale, gross unrealized losses | (28,729) | (31,261) |
Available for sale | 318,961 | 256,830 |
Held to maturity (fair value of $5,097 and $5,563 at December 31, 2023 and December 31, 2022) | 5,209 | 5,729 |
Held to maturity, gross unrealized gains | 3 | 7 |
Held to maturity, gross unrealized losses | (115) | (173) |
Securities held to maturity, fair value | 5,097 | 5,563 |
US Government Agencies Debt Securities [Member] | ||
Available for sale, amortized cost | 8,705 | 5,012 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | (544) | (517) |
Available for sale | 8,161 | 4,495 |
Small Business Administration Agency Securities [Member] | ||
Available for sale, amortized cost | 13,289 | 2,634 |
Available for sale, gross unrealized gains | 144 | 0 |
Available for sale, gross unrealized losses | (216) | (223) |
Available for sale | 13,217 | 2,411 |
Residential Mortgage-Backed Securities [Member] | ||
Available for sale, amortized cost | 40,507 | 44,809 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | (5,855) | (6,752) |
Available for sale | 34,652 | 38,057 |
Residential Collateralized Mortgage Obligations [Member] | ||
Available for sale, amortized cost | 94,071 | 82,759 |
Available for sale, gross unrealized gains | 454 | 0 |
Available for sale, gross unrealized losses | (12,198) | (12,856) |
Available for sale | 82,327 | 69,903 |
Commercial Mortgage-Backed Securities [Member] | ||
Available for sale, amortized cost | 4,887 | |
Available for sale, gross unrealized gains | 0 | |
Available for sale, gross unrealized losses | (16) | |
Available for sale | 4,871 | |
Commercial Collateralized Mortgage Obligations [Member] | ||
Available for sale, amortized cost | 69,941 | 44,591 |
Available for sale, gross unrealized gains | 22 | 0 |
Available for sale, gross unrealized losses | (2,664) | (2,901) |
Available for sale | 67,299 | 41,690 |
Commercial Paper [Member] | ||
Available for sale, amortized cost | 73,121 | 49,551 |
Available for sale, gross unrealized gains | 0 | 2 |
Available for sale, gross unrealized losses | (16) | (16) |
Available for sale | 73,105 | 49,537 |
Corporate Debt Securities [Member] | ||
Available for sale, amortized cost | 34,800 | 41,176 |
Available for sale, gross unrealized gains | 0 | 1 |
Available for sale, gross unrealized losses | (4,109) | (4,165) |
Available for sale | 30,691 | 37,012 |
Municipal Bonds [Member] | ||
Available for sale, amortized cost | 12,636 | 12,669 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | (3,127) | (3,815) |
Available for sale | 9,509 | 8,854 |
Held to maturity (fair value of $5,097 and $5,563 at December 31, 2023 and December 31, 2022) | 4,708 | 4,726 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | (115) | (170) |
Securities held to maturity, fair value | 4,593 | 4,556 |
Taxable Municipal Bonds [Member] | ||
Held to maturity (fair value of $5,097 and $5,563 at December 31, 2023 and December 31, 2022) | 501 | 1,003 |
Held to maturity, gross unrealized gains | 3 | 7 |
Held to maturity, gross unrealized losses | 0 | (3) |
Securities held to maturity, fair value | $ 504 | $ 1,007 |
Note 4 - Investment Securitie_4
Note 4 - Investment Securities - Expected Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Less than one year, Available for sale, Amortized Cost | $ 76,153 | $ 53,256 |
Less than one year, Available for sale, Estimated Fair Value | 76,140 | 53,243 |
More than one year to five years, Available for sale, Amortized Cost | 92,104 | 73,970 |
Available for sale, Estimated Fair Value, More than one year to five years | 86,972 | 68,471 |
More than five years to ten years, Available for sale, Amortized Cost | 153,816 | 142,849 |
More than five years to ten years, Available for sale, Estimated Fair Value | 136,671 | 122,326 |
More than ten years, Available for sale, Amortized Cost | 24,997 | 18,013 |
More than ten years, Available for sale, Estimated Fair Value | 19,178 | 12,790 |
Available for sale, amortized cost | 347,070 | 288,088 |
Available for sale | 318,961 | 256,830 |
Less than one year, Held to Maturity, Amortized Cost | 0 | 501 |
Less than one year, Held to maturity, Estimated Fair Value | 0 | 498 |
More than one year to five years, Held to maturity, Amortized Cost | 501 | 502 |
More than one year to five years, Held to Maturity, Estimated Fair Value | 504 | 509 |
More than five years to ten years, Held to maturity Amortized Cost | 2,952 | 1,739 |
More than five years to ten years, Held to maturity Estimated Fair Value | 2,873 | 1,692 |
More than ten years, Held to Maturity, Amortized Cost | 1,756 | 2,987 |
More than ten years, Held to Maturity, Estimated Fair Value | 1,720 | 2,864 |
Held to maturity (fair value of $5,097 and $5,563 at December 31, 2023 and December 31, 2022) | 5,209 | 5,729 |
Securities held to maturity, fair value | 5,097 | 5,563 |
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 | 8,705 | 5,012 |
Available for sale, Estimated Fair Value, More than one year to five years | 8,161 | 4,495 |
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 | 8,705 | 5,012 |
Available for sale | 8,161 | 4,495 |
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 | 2,292 | 2,634 |
Available for sale, Estimated Fair Value, More than one year to five years | 2,095 | 2,411 |
More than five years to ten years, Available for sale, Amortized Cost | 10,997 | 0 |
More than five years to ten years, Available for sale, Estimated Fair Value | 11,122 | 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 | 13,289 | 2,634 |
Available for sale | 13,217 | 2,411 |
Residential Mortgage-Backed 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 | 11,023 | 13,013 |
Available for sale, Estimated Fair Value, More than one year to five years | 9,986 | 11,598 |
More than five years to ten years, Available for sale, Amortized Cost | 19,762 | 29,114 |
More than five years to ten years, Available for sale, Estimated Fair Value | 16,965 | 24,361 |
More than ten years, Available for sale, Amortized Cost | 9,722 | 2,682 |
More than ten years, Available for sale, Estimated Fair Value | 7,701 | 2,098 |
Available for sale, amortized cost | 40,507 | 44,809 |
Available for sale | 34,652 | 38,057 |
Residential Collateralized Mortgage Obligations [Member] | ||
Less than one year, Available for sale, Amortized Cost | 18 | 0 |
Less than one year, Available for sale, Estimated Fair Value | 17 | 0 |
More than one year to five years, Available for sale, Amortized Cost | 36,876 | 20,687 |
Available for sale, Estimated Fair Value, More than one year to five years | 35,758 | 19,646 |
More than five years to ten years, Available for sale, Amortized Cost | 57,177 | 62,072 |
More than five years to ten years, Available for sale, Estimated Fair Value | 46,552 | 50,257 |
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 | 94,071 | 82,759 |
Available for sale | 82,327 | 69,903 |
Commercial Collateralized Mortgage Obligations [Member] | ||
Less than one year, Available for sale, Amortized Cost | 3,014 | 0 |
Less than one year, Available for sale, Estimated Fair Value | 3,018 | 0 |
More than one year to five years, Available for sale, Amortized Cost | 20,296 | 16,382 |
Available for sale, Estimated Fair Value, More than one year to five years | 18,481 | 14,644 |
More than five years to ten years, Available for sale, Amortized Cost | 46,631 | 28,209 |
More than five years to ten years, Available for sale, Estimated Fair Value | 45,800 | 27,046 |
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 | 69,941 | 44,591 |
Available for sale | 67,299 | 41,690 |
Commercial Paper [Member] | ||
Less than one year, Available for sale, Amortized Cost | 73,121 | 49,551 |
Less than one year, Available for sale, Estimated Fair Value | 73,105 | 49,537 |
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 | 73,121 | 49,551 |
Available for sale | 73,105 | 49,537 |
Corporate Debt Securities [Member] | ||
Less than one year, Available for sale, Amortized Cost | 0 | 3,705 |
Less than one year, Available for sale, Estimated Fair Value | 0 | 3,706 |
More than one year to five years, Available for sale, Amortized Cost | 12,912 | 11,355 |
Available for sale, Estimated Fair Value, More than one year to five years | 12,491 | 10,806 |
More than five years to ten years, Available for sale, Amortized Cost | 19,249 | 23,454 |
More than five years to ten years, Available for sale, Estimated Fair Value | 16,232 | 20,662 |
More than ten years, Available for sale, Amortized Cost | 2,639 | 2,662 |
More than ten years, Available for sale, Estimated Fair Value | 1,968 | 1,838 |
Available for sale, amortized cost | 34,800 | 41,176 |
Available for sale | 30,691 | 37,012 |
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 | 12,636 | 12,669 |
More than ten years, Available for sale, Estimated Fair Value | 9,509 | 8,854 |
Available for sale, amortized cost | 12,636 | 12,669 |
Available for sale | 9,509 | 8,854 |
Less than one year, Held to Maturity, Amortized Cost | 0 | 0 |
Less than one year, 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 | 2,952 | 1,739 |
More than five years to ten years, Held to maturity Estimated Fair Value | 2,873 | 1,692 |
More than ten years, Held to Maturity, Amortized Cost | 1,756 | 2,987 |
More than ten years, Held to Maturity, Estimated Fair Value | 1,720 | 2,864 |
Held to maturity (fair value of $5,097 and $5,563 at December 31, 2023 and December 31, 2022) | 4,708 | 4,726 |
Securities held to maturity, fair value | 4,593 | 4,556 |
Taxable Municipal Bonds [Member] | ||
Less than one year, Held to Maturity, Amortized Cost | 0 | 501 |
Less than one year, Held to maturity, Estimated Fair Value | 0 | 498 |
More than one year to five years, Held to maturity, Amortized Cost | 501 | 502 |
More than one year to five years, Held to Maturity, Estimated Fair Value | 504 | 509 |
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 $5,097 and $5,563 at December 31, 2023 and December 31, 2022) | 501 | 1,003 |
Securities held to maturity, fair value | $ 504 | 1,007 |
Commercial Mortgage-Backed Securities [Member] | ||
Less than one year, Available for sale, Amortized Cost | 0 | |
Less than one year, Available for sale, Estimated Fair Value | 0 | |
More than one year to five years, Available for sale, Amortized Cost | 4,887 | |
Available for sale, Estimated Fair Value, More than one year to five years | 4,871 | |
More than five years to ten years, Available for sale, Amortized Cost | 0 | |
More than five years to ten years, Available for sale, Estimated Fair Value | 0 | |
More than ten years, Available for sale, Amortized Cost | 0 | |
More than ten years, Available for sale, Estimated Fair Value | 0 | |
Available for sale, amortized cost | 4,887 | |
Available for sale | $ 4,871 |
Note 4 - Investment Securitie_5
Note 4 - Investment Securities - Summary of Investment Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Less than Twelve Months Estimated Fair Value, available for sale | $ 83,611 | $ 121,563 | ||
Less than Twelve Months Unrealized Losses, available for sale | (213) | (5,116) | ||
Twelve Months or More Estimated Fair Value, available for sale | 176,221 | 118,611 | ||
Twelve Months or More Unrealized Losses | (28,516) | (26,145) | ||
Total Estimated Fair Value, available for sale | 259,832 | 240,174 | ||
Total Unrealized Losses, available for sale | (28,729) | (31,261) | ||
Less than Twelve Months Estimated Fair Value, held to maturity | 1,397 | 5,054 | ||
Less than Twelve Months Unrealized Losses, held to maturity | (19) | (173) | ||
Twelve Months or More Estimated Fair Value, held to maturity | 3,196 | 0 | ||
Twelve Months or More Unrealized Losses, held to maturity | (96) | 0 | ||
Total Estimated Fair Value, held to maturity | 4,593 | 5,054 | ||
Total Unrealized Losses, held to maturity | (115) | (173) | ||
US Government Agencies Debt Securities [Member] | ||||
Less than Twelve Months Estimated Fair Value, available for sale | 4,238 | 354 | ||
Less than Twelve Months Unrealized Losses, available for sale | (72) | (24) | ||
Twelve Months or More Estimated Fair Value, available for sale | 3,923 | 4,141 | ||
Twelve Months or More Unrealized Losses | (472) | (493) | ||
Total Estimated Fair Value, available for sale | 8,161 | 4,495 | ||
Total Unrealized Losses, available for sale | (544) | (517) | ||
SBA Securities [Member] | ||||
Less than Twelve Months Estimated Fair Value, available for sale | 5,102 | 2,411 | ||
Less than Twelve Months Unrealized Losses, available for sale | (18) | (223) | ||
Twelve Months or More Estimated Fair Value, available for sale | 2,094 | 0 | ||
Twelve Months or More Unrealized Losses | (198) | 0 | ||
Total Estimated Fair Value, available for sale | 7,196 | 2,411 | ||
Total Unrealized Losses, available for sale | (216) | (223) | ||
Residential Mortgage-Backed Securities [Member] | ||||
Less than Twelve Months Estimated Fair Value, available for sale | 0 | 5,535 | ||
Less than Twelve Months Unrealized Losses, available for sale | 0 | (362) | ||
Twelve Months or More Estimated Fair Value, available for sale | 34,652 | 32,522 | ||
Twelve Months or More Unrealized Losses | (5,855) | (6,390) | ||
Total Estimated Fair Value, available for sale | 34,652 | 38,057 | ||
Total Unrealized Losses, available for sale | (5,855) | (6,752) | ||
Residential Collateralized Mortgage Obligations [Member] | ||||
Less than Twelve Months Estimated Fair Value, available for sale | 2,597 | 27,050 | ||
Less than Twelve Months Unrealized Losses, available for sale | (37) | (1,842) | ||
Twelve Months or More Estimated Fair Value, available for sale | 60,275 | 39,815 | ||
Twelve Months or More Unrealized Losses | (12,161) | (11,014) | ||
Total Estimated Fair Value, available for sale | 62,872 | 66,865 | ||
Total Unrealized Losses, available for sale | (12,198) | (12,856) | ||
Commercial Mortgage-Backed Securities [Member] | ||||
Less than Twelve Months Estimated Fair Value, available for sale | 4,871 | |||
Less than Twelve Months Unrealized Losses, available for sale | (16) | |||
Twelve Months or More Estimated Fair Value, available for sale | 0 | |||
Twelve Months or More Unrealized Losses | 0 | |||
Total Estimated Fair Value, available for sale | 4,871 | |||
Total Unrealized Losses, available for sale | (16) | |||
Commercial Collateralized Mortgage Obligations [Member] | ||||
Less than Twelve Months Estimated Fair Value, available for sale | 18,463 | 18,741 | ||
Less than Twelve Months Unrealized Losses, available for sale | (70) | (790) | ||
Twelve Months or More Estimated Fair Value, available for sale | 35,077 | 22,949 | ||
Twelve Months or More Unrealized Losses | (2,594) | (2,111) | ||
Total Estimated Fair Value, available for sale | 53,540 | 41,690 | ||
Total Unrealized Losses, available for sale | (2,664) | (2,901) | ||
Commercial Paper [Member] | ||||
Less than Twelve Months Estimated Fair Value, available for sale | 53,211 | [1] | 39,624 | [2] |
Less than Twelve Months Unrealized Losses, available for sale | (16) | [1] | (16) | [2] |
Twelve Months or More Estimated Fair Value, available for sale | 0 | 0 | ||
Twelve Months or More Unrealized Losses | 0 | 0 | ||
Total Estimated Fair Value, available for sale | 53,211 | [1] | 39,624 | [2] |
Total Unrealized Losses, available for sale | (16) | [1] | (16) | [2] |
Corporate Debt Securities [Member] | ||||
Less than Twelve Months Estimated Fair Value, available for sale | 0 | 22,977 | ||
Less than Twelve Months Unrealized Losses, available for sale | 0 | (1,843) | ||
Twelve Months or More Estimated Fair Value, available for sale | 30,691 | 10,330 | ||
Twelve Months or More Unrealized Losses | (4,109) | (2,322) | ||
Total Estimated Fair Value, available for sale | 30,691 | 33,307 | ||
Total Unrealized Losses, available for sale | (4,109) | (4,165) | ||
Municipal Bonds [Member] | ||||
Less than Twelve Months Estimated Fair Value, available for sale | 0 | 0 | ||
Less than Twelve Months Unrealized Losses, available for sale | 0 | 0 | ||
Twelve Months or More Estimated Fair Value, available for sale | 9,509 | 8,854 | ||
Twelve Months or More Unrealized Losses | (3,127) | (3,815) | ||
Total Estimated Fair Value, available for sale | 9,509 | 8,854 | ||
Total Unrealized Losses, available for sale | (3,127) | (3,815) | ||
Less than Twelve Months Estimated Fair Value, held to maturity | 1,397 | 4,556 | ||
Less than Twelve Months Unrealized Losses, held to maturity | (19) | (170) | ||
Twelve Months or More Estimated Fair Value, held to maturity | 3,196 | 0 | ||
Twelve Months or More Unrealized Losses, held to maturity | (96) | 0 | ||
Total Estimated Fair Value, held to maturity | 4,593 | 4,556 | ||
Total Unrealized Losses, held to maturity | $ (115) | (170) | ||
Taxable Municipal Bonds [Member] | ||||
Less than Twelve Months Estimated Fair Value, held to maturity | 498 | |||
Less than Twelve Months Unrealized Losses, held to maturity | (3) | |||
Twelve Months or More Estimated Fair Value, held to maturity | 0 | |||
Twelve Months or More Unrealized Losses, held to maturity | 0 | |||
Total Estimated Fair Value, held to maturity | 498 | |||
Total Unrealized Losses, held to maturity | $ (3) | |||
[1]The Company held $19.9 million of commercial paper where the recorded value and fair value are equal as of December 31, 2023.[2]The Company held $9.9 million of commercial paper where the recorded value and fair value are equal as of December 31, 2022. |
Note 5 - Loans and Allowance _3
Note 5 - Loans and Allowance for Credit Losses - Loans (Details Textual) Pure in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Financing Receivable Number Of Loans 90 Days Past Due And Still Accruing | $ 0 | $ 0 | |
Financing Receivable, Nonaccrual | [1] | 31,619 | 22,323 |
Financing Receivable, Nonaccrual, Interest Income | $ 0 | $ 0 | |
Number Of Loans Identified As Troubled Debt Restructurings | 0 | 0 | |
Financing Receivable, Modified, Commitment to Lend | $ 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Nonaccrual | $ 10,569 | $ 13,189 | |
Commercial Real Estate Portfolio Segment [Member] | Office [Member] | |||
Financing Receivable, Nonaccrual | 8,800 | ||
Commercial Real Estate Portfolio Segment [Member] | Warehouse [Member] | |||
Financing Receivable, Nonaccrual | 1,400 | ||
Commercial Real Estate Portfolio Segment [Member] | Other [Member] | |||
Financing Receivable, Nonaccrual | $ 360,000,000 | ||
[1]Included in total loans. |
Note 5 - Loans and Allowance _4
Note 5 - Loans and Allowance for Credit Losses - Loans - Schedule of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Loans, gross | [1] | $ 3,031,861 | $ 3,336,449 | |||
Allowance for loan losses | (41,903) | (41,076) | $ (32,912) | $ (29,337) | [2] | |
Total loans held for investment, net | 2,989,958 | 3,295,373 | ||||
Construction And Land Development Loans [Member] | ||||||
Loans, gross | 181,469 | 276,876 | ||||
Allowance for loan losses | (1,219) | (2,638) | (4,150) | (2,472) | ||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans, gross | [3] | 1,167,857 | 1,312,132 | |||
Allowance for loan losses | (17,826) | (17,657) | (16,603) | (13,719) | ||
Single Family Residential Mortgages Loans [Member] | ||||||
Loans, gross | 1,487,796 | 1,464,108 | ||||
Allowance for loan losses | (20,117) | (17,640) | (7,839) | (8,486) | ||
Commercial and Industrial [Member] | ||||||
Loans, gross | [1] | 130,096 | 201,223 | |||
Allowance for loan losses | (1,348) | (1,804) | (2,813) | (3,690) | ||
SBA Loans [Member] | ||||||
Loans, gross | 52,074 | 61,411 | ||||
Allowance for loan losses | (1,196) | (621) | (980) | (927) | ||
Other Loans [Member] | ||||||
Loans, gross | 12,569 | 20,699 | ||||
Allowance for loan losses | $ (197) | $ (716) | $ (527) | $ (43) | ||
[1]net of discounts and deferred fees and costs[2]Reserve was under the ALL method in accordance with ASC 450 and ASC 310.[3]includes non-farm & non-residential real estate loans, multifamily resident and 1-4 family single family residential loan for a business purpose |
Note 5 - Loans and Allowance _5
Note 5 - Loans and Allowance for Credit Losses - Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Beginning balance | $ 41,076 | $ 32,912 | $ 29,337 | [1] |
Provision/(reversal) for credit losses | 3,878 | 6,027 | 3,959 | |
Less loans charged-off | (3,194) | (256) | (627) | |
Recoveries on loans charged-off | 143 | 258 | 243 | |
Ending balance | 41,903 | 41,076 | 32,912 | |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning balance | 0 | 2,135 | 0 | |
Ending balance | 0 | 2,135 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Beginning balance | 41,076 | 35,047 | 29,337 | |
Ending balance | 41,076 | 35,047 | ||
Unfunded Loan Commitment [Member] | ||||
Beginning balance | 1,156 | 1,203 | 1,383 | [1] |
Provision/(reversal) for credit losses | (516) | (1,092) | (180) | |
Less loans charged-off | 0 | 0 | 0 | |
Recoveries on loans charged-off | 0 | 0 | 0 | |
Ending balance | 640 | 1,156 | 1,203 | |
Unfunded Loan Commitment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning balance | 0 | 1,045 | 0 | |
Ending balance | 0 | 1,045 | ||
Unfunded Loan Commitment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Beginning balance | 1,156 | 2,248 | 1,383 | |
Ending balance | 1,156 | 2,248 | ||
Allow for Credit Loss and Unfunded Loan Commitments [Member] | ||||
Beginning balance | 42,232 | 34,115 | 30,720 | [1] |
Provision/(reversal) for credit losses | 3,362 | 4,935 | 3,779 | |
Less loans charged-off | (3,194) | (256) | (627) | |
Recoveries on loans charged-off | 143 | 258 | 243 | |
Ending balance | 42,543 | 42,232 | 34,115 | |
Allow for Credit Loss and Unfunded Loan Commitments [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning balance | 0 | 3,180 | 0 | |
Ending balance | 0 | 3,180 | ||
Allow for Credit Loss and Unfunded Loan Commitments [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Beginning balance | 42,232 | 37,295 | 30,720 | |
Ending balance | 42,232 | 37,295 | ||
Construction And Land Development Loans [Member] | ||||
Beginning balance | 2,638 | 4,150 | 2,472 | |
Provision/(reversal) for credit losses | (1,279) | (1,826) | 1,678 | |
Less loans charged-off | (140) | 0 | 0 | |
Recoveries on loans charged-off | 0 | 0 | 0 | |
Ending balance | 1,219 | 2,638 | 4,150 | |
Construction And Land Development Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning balance | 314 | |||
Ending balance | 314 | |||
Construction And Land Development Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Beginning balance | 4,464 | |||
Ending balance | 4,464 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning balance | 17,657 | 16,603 | 13,719 | |
Provision/(reversal) for credit losses | 2,626 | 3,716 | 2,951 | |
Less loans charged-off | (2,537) | 0 | (67) | |
Recoveries on loans charged-off | 80 | 0 | 0 | |
Ending balance | 17,826 | 17,657 | 16,603 | |
Commercial Real Estate Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning balance | (2,662) | |||
Ending balance | (2,662) | |||
Commercial Real Estate Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Beginning balance | 13,941 | |||
Ending balance | 13,941 | |||
Single Family Residential Mortgages Loans [Member] | ||||
Beginning balance | 17,640 | 7,839 | 8,486 | |
Provision/(reversal) for credit losses | 2,570 | 5,841 | (647) | |
Less loans charged-off | (93) | 0 | 0 | |
Recoveries on loans charged-off | 0 | 0 | 0 | |
Ending balance | 20,117 | 17,640 | 7,839 | |
Single Family Residential Mortgages Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning balance | 3,960 | |||
Ending balance | 3,960 | |||
Single Family Residential Mortgages Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Beginning balance | 11,799 | |||
Ending balance | 11,799 | |||
Commercial and Industrial [Member] | ||||
Beginning balance | 1,804 | 2,813 | 3,690 | |
Provision/(reversal) for credit losses | (458) | (818) | (533) | |
Less loans charged-off | 0 | (5) | (501) | |
Recoveries on loans charged-off | 2 | 2 | 157 | |
Ending balance | 1,348 | 1,804 | 2,813 | |
Commercial and Industrial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning balance | (188) | |||
Ending balance | (188) | |||
Commercial and Industrial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Beginning balance | 2,625 | |||
Ending balance | 2,625 | |||
SBA Loans [Member] | ||||
Beginning balance | 621 | 980 | 927 | |
Provision/(reversal) for credit losses | 636 | (156) | 53 | |
Less loans charged-off | (62) | (14) | 0 | |
Recoveries on loans charged-off | 1 | 227 | 0 | |
Ending balance | 1,196 | 621 | 980 | |
SBA Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning balance | (416) | |||
Ending balance | (416) | |||
SBA Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Beginning balance | 564 | |||
Ending balance | 564 | |||
Other Loans [Member] | ||||
Beginning balance | 716 | 527 | 43 | |
Provision/(reversal) for credit losses | (217) | (730) | 457 | |
Less loans charged-off | (362) | (237) | (59) | |
Recoveries on loans charged-off | 60 | 29 | 86 | |
Ending balance | $ 197 | 716 | 527 | |
Other Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning balance | 1,127 | |||
Ending balance | 1,127 | |||
Other Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Beginning balance | $ 1,654 | |||
Ending balance | $ 1,654 | |||
[1]Reserve was under the ALL method in accordance with ASC 450 and ASC 310. |
Note 5 - Loans and Allowance _6
Note 5 - Loans and Allowance for Credit Losses - Loans - Risk Category of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Current fiscal year | $ 381,541 | $ 1,269,989 | ||
Fiscal year before current | 1,060,902 | 639,745 | ||
Two fiscal year before current | 477,117 | 467,976 | ||
Three fiscal year before current | 328,626 | 217,682 | ||
Four fiscal year before current | 195,307 | 225,463 | ||
Five fiscal year before current | 483,465 | 371,945 | ||
Revolving | 104,903 | 143,563 | ||
Revolving converted to term loans | 0 | 86 | ||
Loans, gross | [1] | 3,031,861 | 3,336,449 | |
YTD gross write-offs | 0 | 0 | ||
YTD gross write-offs, year two | 2,157 | 237 | ||
YTD gross write-offs, year three | 273 | 0 | ||
YTD gross write-offs, year four | 562 | 5 | ||
YTD gross write-offs, yera five | 0 | 0 | ||
YTD gross write-offs, prior | 202 | 14 | ||
YTD gross write-offs, revolving | 0 | 0 | ||
YTD gross write-offs, revolving to term | 0 | 0 | ||
YTD gross write-offs, total | 3,194 | 256 | $ 627 | |
Pass [Member] | ||||
Current fiscal year | 381,240 | 1,269,597 | ||
Fiscal year before current | 1,060,016 | 633,710 | ||
Two fiscal year before current | 463,705 | 444,480 | ||
Three fiscal year before current | 310,814 | 215,246 | ||
Four fiscal year before current | 184,656 | 211,030 | ||
Five fiscal year before current | 436,412 | 325,621 | ||
Revolving | 101,077 | 132,501 | ||
Revolving converted to term loans | 0 | 86 | ||
Loans, gross | 2,937,920 | 3,232,271 | ||
Special Mention [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 5,987 | ||
Two fiscal year before current | 12,626 | 9,280 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 7,719 | 5,563 | ||
Five fiscal year before current | 9,760 | 17,805 | ||
Revolving | 2,737 | 3,577 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 32,842 | 42,212 | ||
Substandard [Member] | ||||
Current fiscal year | 301 | 392 | ||
Fiscal year before current | 886 | 48 | ||
Two fiscal year before current | 786 | 14,216 | ||
Three fiscal year before current | 17,812 | 2,436 | ||
Four fiscal year before current | 2,932 | 8,870 | ||
Five fiscal year before current | 37,293 | 28,519 | ||
Revolving | 1,089 | 7,485 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 61,099 | 61,966 | ||
Doubtful [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 0 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 0 | ||
Five fiscal year before current | 0 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 0 | 0 | ||
Construction And Land Development Loans [Member] | ||||
Current fiscal year | 127,602 | 125,216 | ||
Fiscal year before current | 25,880 | 52,262 | ||
Two fiscal year before current | 23,844 | 99,016 | ||
Three fiscal year before current | 3,919 | 201 | ||
Four fiscal year before current | 192 | 0 | ||
Five fiscal year before current | 32 | 181 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 181,469 | 276,876 | ||
YTD gross write-offs, year two | 0 | 0 | ||
YTD gross write-offs, year three | 0 | 0 | ||
YTD gross write-offs, year four | 0 | 0 | ||
YTD gross write-offs, yera five | 0 | 0 | ||
YTD gross write-offs, prior | 140 | 0 | ||
YTD gross write-offs, revolving | 0 | 0 | ||
YTD gross write-offs, revolving to term | 0 | 0 | ||
YTD gross write-offs, total | 140 | 0 | 0 | |
Construction And Land Development Loans [Member] | Pass [Member] | ||||
Current fiscal year | 127,602 | 125,216 | ||
Fiscal year before current | 25,880 | 52,262 | ||
Two fiscal year before current | 12,168 | 99,016 | ||
Three fiscal year before current | 3,919 | 201 | ||
Four fiscal year before current | 192 | 0 | ||
Five fiscal year before current | 32 | 40 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 169,793 | 276,735 | ||
Construction And Land Development Loans [Member] | Special Mention [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 11,676 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 0 | ||
Five fiscal year before current | 0 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 11,676 | 0 | ||
Construction And Land Development Loans [Member] | Substandard [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 0 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 0 | ||
Five fiscal year before current | 0 | 141 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 0 | 141 | ||
Construction And Land Development Loans [Member] | Doubtful [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 0 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 0 | ||
Five fiscal year before current | 0 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 0 | 0 | ||
Commercial and Industrial [Member] | ||||
Current fiscal year | 1,305 | 8,038 | ||
Fiscal year before current | 3,370 | 13,500 | ||
Two fiscal year before current | 6,281 | 6,048 | ||
Three fiscal year before current | 4,311 | 3,486 | ||
Four fiscal year before current | 2,056 | 2,654 | ||
Five fiscal year before current | 9,652 | 26,971 | ||
Revolving | 103,121 | 140,440 | ||
Revolving converted to term loans | 0 | 86 | ||
Loans, gross | [1] | 130,096 | 201,223 | |
YTD gross write-offs | 0 | 0 | ||
YTD gross write-offs, year two | 0 | 0 | ||
YTD gross write-offs, year three | 0 | 0 | ||
YTD gross write-offs, year four | 0 | 5 | ||
YTD gross write-offs, yera five | 0 | 0 | ||
YTD gross write-offs, prior | 0 | 0 | ||
YTD gross write-offs, revolving | 0 | 0 | ||
YTD gross write-offs, revolving to term | 0 | 0 | ||
YTD gross write-offs, total | 0 | 5 | 501 | |
Commercial and Industrial [Member] | Pass [Member] | ||||
Current fiscal year | 1,305 | 8,038 | ||
Fiscal year before current | 3,283 | 7,513 | ||
Two fiscal year before current | 6,281 | 4,448 | ||
Three fiscal year before current | 2,901 | 3,470 | ||
Four fiscal year before current | 2,049 | 1,016 | ||
Five fiscal year before current | 4,700 | 8,827 | ||
Revolving | 99,339 | 129,483 | ||
Revolving converted to term loans | 0 | 86 | ||
Loans, gross | 119,858 | 162,881 | ||
Commercial and Industrial [Member] | Special Mention [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 5,987 | ||
Two fiscal year before current | 0 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 1,638 | ||
Five fiscal year before current | 0 | 17,805 | ||
Revolving | 2,737 | 3,577 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 2,737 | 29,007 | ||
Commercial and Industrial [Member] | Substandard [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 87 | 0 | ||
Two fiscal year before current | 0 | 1,600 | ||
Three fiscal year before current | 1,410 | 16 | ||
Four fiscal year before current | 7 | 0 | ||
Five fiscal year before current | 4,952 | 339 | ||
Revolving | 1,045 | 7,380 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 7,501 | 9,335 | ||
Commercial and Industrial [Member] | Doubtful [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 0 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 0 | ||
Five fiscal year before current | 0 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Current fiscal year | 90,427 | 479,591 | ||
Fiscal year before current | 423,564 | 293,058 | ||
Two fiscal year before current | 186,904 | 212,983 | ||
Three fiscal year before current | 187,060 | 112,771 | ||
Four fiscal year before current | 104,810 | 73,235 | ||
Five fiscal year before current | 175,092 | 140,494 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | [2] | 1,167,857 | 1,312,132 | |
YTD gross write-offs | 0 | 0 | ||
YTD gross write-offs, year two | 2,078 | 0 | ||
YTD gross write-offs, year three | 0 | 0 | ||
YTD gross write-offs, year four | 459 | 0 | ||
YTD gross write-offs, yera five | 0 | 0 | ||
YTD gross write-offs, prior | 0 | 0 | ||
YTD gross write-offs, revolving | 0 | 0 | ||
YTD gross write-offs, revolving to term | 0 | 0 | ||
YTD gross write-offs, total | 2,537 | 0 | 67 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||
Current fiscal year | 90,126 | 479,304 | ||
Fiscal year before current | 423,564 | 293,058 | ||
Two fiscal year before current | 186,904 | 195,051 | ||
Three fiscal year before current | 175,650 | 110,442 | ||
Four fiscal year before current | 94,796 | 73,013 | ||
Five fiscal year before current | 152,847 | 117,068 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 1,123,887 | 1,267,936 | ||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 0 | 9,280 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 7,719 | 0 | ||
Five fiscal year before current | 4,880 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 12,599 | 9,280 | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||
Current fiscal year | 301 | 287 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 0 | 8,652 | ||
Three fiscal year before current | 11,410 | 2,329 | ||
Four fiscal year before current | 2,295 | 222 | ||
Five fiscal year before current | 17,365 | 23,426 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 31,371 | 34,916 | ||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 0 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 0 | ||
Five fiscal year before current | 0 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 0 | 0 | ||
Single Family Residential Mortgages Loans [Member] | ||||
Current fiscal year | 156,372 | 637,893 | ||
Fiscal year before current | 594,258 | 255,529 | ||
Two fiscal year before current | 240,879 | 141,918 | ||
Three fiscal year before current | 130,331 | 96,355 | ||
Four fiscal year before current | 83,547 | 145,971 | ||
Five fiscal year before current | 280,645 | 183,345 | ||
Revolving | 1,764 | 3,097 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 1,487,796 | 1,464,108 | ||
YTD gross write-offs | 0 | 0 | ||
YTD gross write-offs, year two | 0 | 0 | ||
YTD gross write-offs, year three | 0 | 0 | ||
YTD gross write-offs, year four | 93 | 0 | ||
YTD gross write-offs, yera five | 0 | 0 | ||
YTD gross write-offs, prior | 0 | 0 | ||
YTD gross write-offs, revolving | 0 | 0 | ||
YTD gross write-offs, revolving to term | 0 | 0 | ||
YTD gross write-offs, total | 93 | 0 | 0 | |
Single Family Residential Mortgages Loans [Member] | Pass [Member] | ||||
Current fiscal year | 156,372 | 637,893 | ||
Fiscal year before current | 593,539 | 255,529 | ||
Two fiscal year before current | 239,502 | 137,964 | ||
Three fiscal year before current | 125,346 | 96,355 | ||
Four fiscal year before current | 83,002 | 134,415 | ||
Five fiscal year before current | 265,050 | 182,893 | ||
Revolving | 1,720 | 2,992 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 1,464,531 | 1,448,041 | ||
Single Family Residential Mortgages Loans [Member] | Special Mention [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 619 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 3,925 | ||
Five fiscal year before current | 3,855 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 4,474 | 3,925 | ||
Single Family Residential Mortgages Loans [Member] | Substandard [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 719 | 0 | ||
Two fiscal year before current | 758 | 3,954 | ||
Three fiscal year before current | 4,985 | 0 | ||
Four fiscal year before current | 545 | 7,631 | ||
Five fiscal year before current | 11,740 | 452 | ||
Revolving | 44 | 105 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 18,791 | 12,142 | ||
Single Family Residential Mortgages Loans [Member] | Doubtful [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 0 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 0 | ||
Five fiscal year before current | 0 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 0 | 0 | ||
SBA Loans [Member] | ||||
Current fiscal year | 5,642 | 14,922 | ||
Fiscal year before current | 11,023 | 10,664 | ||
Two fiscal year before current | 10,368 | 6,496 | ||
Three fiscal year before current | 2,324 | 4,779 | ||
Four fiscal year before current | 4,673 | 3,596 | ||
Five fiscal year before current | 18,044 | 20,954 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 52,074 | 61,411 | ||
YTD gross write-offs | 0 | 0 | ||
YTD gross write-offs, year two | 0 | 0 | ||
YTD gross write-offs, year three | 0 | 0 | ||
YTD gross write-offs, year four | 0 | 0 | ||
YTD gross write-offs, yera five | 0 | 0 | ||
YTD gross write-offs, prior | 62 | 14 | ||
YTD gross write-offs, revolving | 0 | 0 | ||
YTD gross write-offs, revolving to term | 0 | 0 | ||
YTD gross write-offs, total | 62 | 14 | 0 | |
SBA Loans [Member] | Pass [Member] | ||||
Current fiscal year | 5,642 | 14,922 | ||
Fiscal year before current | 11,023 | 10,664 | ||
Two fiscal year before current | 10,037 | 6,496 | ||
Three fiscal year before current | 2,324 | 4,688 | ||
Four fiscal year before current | 4,588 | 2,579 | ||
Five fiscal year before current | 13,783 | 16,793 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 47,397 | 56,142 | ||
SBA Loans [Member] | Special Mention [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 331 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 0 | ||
Five fiscal year before current | 1,025 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 1,356 | 0 | ||
SBA Loans [Member] | Substandard [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 0 | 0 | ||
Three fiscal year before current | 0 | 91 | ||
Four fiscal year before current | 85 | 1,017 | ||
Five fiscal year before current | 3,236 | 4,161 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 3,321 | 5,269 | ||
SBA Loans [Member] | Doubtful [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 0 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 0 | ||
Five fiscal year before current | 0 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 0 | 0 | ||
Other Loans [Member] | ||||
Current fiscal year | 193 | 4,329 | ||
Fiscal year before current | 2,807 | 14,732 | ||
Two fiscal year before current | 8,841 | 1,515 | ||
Three fiscal year before current | 681 | 90 | ||
Four fiscal year before current | 29 | 7 | ||
Five fiscal year before current | 0 | 0 | ||
Revolving | 18 | 26 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 12,569 | 20,699 | ||
YTD gross write-offs | 0 | 0 | ||
YTD gross write-offs, year two | 79 | 237 | ||
YTD gross write-offs, year three | 273 | 0 | ||
YTD gross write-offs, year four | 10 | 0 | ||
YTD gross write-offs, yera five | 0 | 0 | ||
YTD gross write-offs, prior | 0 | 0 | ||
YTD gross write-offs, revolving | 0 | 0 | ||
YTD gross write-offs, revolving to term | 0 | 0 | ||
YTD gross write-offs, total | 362 | 237 | $ 59 | |
Other Loans [Member] | Pass [Member] | ||||
Current fiscal year | 193 | 4,224 | ||
Fiscal year before current | 2,727 | 14,684 | ||
Two fiscal year before current | 8,813 | 1,505 | ||
Three fiscal year before current | 674 | 90 | ||
Four fiscal year before current | 29 | 7 | ||
Five fiscal year before current | 0 | 0 | ||
Revolving | 18 | 26 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 12,454 | 20,536 | ||
Other Loans [Member] | Special Mention [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 0 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 0 | ||
Five fiscal year before current | 0 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 0 | 0 | ||
Other Loans [Member] | Substandard [Member] | ||||
Current fiscal year | 0 | 105 | ||
Fiscal year before current | 80 | 48 | ||
Two fiscal year before current | 28 | 10 | ||
Three fiscal year before current | 7 | 0 | ||
Four fiscal year before current | 0 | 0 | ||
Five fiscal year before current | 0 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | 115 | 163 | ||
Other Loans [Member] | Doubtful [Member] | ||||
Current fiscal year | 0 | 0 | ||
Fiscal year before current | 0 | 0 | ||
Two fiscal year before current | 0 | 0 | ||
Three fiscal year before current | 0 | 0 | ||
Four fiscal year before current | 0 | 0 | ||
Five fiscal year before current | 0 | 0 | ||
Revolving | 0 | 0 | ||
Revolving converted to term loans | 0 | 0 | ||
Loans, gross | $ 0 | $ 0 | ||
[1]net of discounts and deferred fees and costs[2]includes non-farm & non-residential real estate loans, multifamily resident and 1-4 family single family residential loan for a business purpose |
Note 5 - Loans and Allowance _7
Note 5 - Loans and Allowance for Credit Losses - Loans - Aging of Recorded Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Loans, gross | [1] | $ 3,031,861 | $ 3,336,449 |
Non-accrual Loans | [2] | 31,619 | 22,323 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans, gross | 12,451 | 13,626 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans, gross | 6,031 | 4,433 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 19,663 | 6,766 | |
Financial Asset, Past Due [Member] | |||
Loans, gross | 38,145 | 24,825 | |
Financial Asset, Not Past Due [Member] | |||
Loans, gross | 2,993,716 | 3,311,624 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans, gross | [3] | 1,167,857 | 1,312,132 |
Non-accrual Loans | 10,569 | 13,189 | |
Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | |||
Loans, gross | 181,469 | 276,876 | |
Non-accrual Loans | [2] | 0 | 141 |
Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans, gross | 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] | |||
Loans, gross | 0 | 141 | |
Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans, gross | 0 | 141 | |
Commercial Real Estate Portfolio Segment [Member] | Construction And Land Development Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 181,469 | 276,735 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Loans, gross | 1,167,857 | 1,312,132 | |
Non-accrual Loans | [2] | 10,569 | 13,189 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans, gross | 1,341 | 558 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans, gross | 216 | 240 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 1,582 | 1,191 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | |||
Loans, gross | 3,139 | 1,989 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 1,164,718 | 1,310,143 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | |||
Loans, gross | 1,487,796 | 1,464,108 | |
Non-accrual Loans | [2] | 18,103 | 5,936 |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans, gross | 9,050 | 12,764 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans, gross | 5,795 | 2,555 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 15,134 | 4,100 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans, gross | 29,979 | 19,419 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 1,457,817 | 1,444,689 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans, Held for Sale [Member] | |||
Loans, gross | 1,911 | 0 | |
Non-accrual Loans | 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] | |||
Loans, gross | 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] | |||
Loans, gross | 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] | |||
Loans, gross | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans, Held for Sale [Member] | Financial Asset, Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Single Family Residential Mortgages Loans, Held for Sale [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 1,911 | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Loans, gross | 130,096 | 201,223 | |
Non-accrual Loans | [2] | 854 | 713 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans, gross | 1,544 | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans, gross | 0 | 545 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 854 | 7 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, Past Due [Member] | |||
Loans, gross | 2,398 | 552 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 127,698 | 200,671 | |
Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | |||
Loans, gross | 52,074 | 61,411 | |
Non-accrual Loans | [2] | 2,085 | 2,245 |
Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans, gross | 356 | 150 | |
Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans, gross | 0 | 1,017 | |
Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 2,085 | 1,228 | |
Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | Financial Asset, Past Due [Member] | |||
Loans, gross | 2,441 | 2,395 | |
Commercial Portfolio Segment [Member] | Small Business Administration Agency Securities [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 49,633 | 59,016 | |
Commercial Portfolio Segment [Member] | Other Loans [Member] | |||
Loans, gross | 12,569 | 20,699 | |
Non-accrual Loans | [2] | 8 | 99 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans, gross | 160 | 154 | |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans, gross | 20 | 76 | |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 8 | 99 | |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans, gross | 188 | 329 | |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | $ 12,381 | $ 20,370 | |
[1]net of discounts and deferred fees and costs[2]Included in total loans.[3]includes non-farm & non-residential real estate loans, multifamily resident and 1-4 family single family residential loan for a business purpose |
Note 5 - Loans and Allowance _8
Note 5 - Loans and Allowance for Credit Losses - Loans - Schedule of Financing Receivables, Nonaccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Nonaccrual with no allowance for credit loss | $ 30,219 | $ 10,277 | |
Non-accrual Loans | [1] | 31,619 | 22,323 |
Construction And Land Development Loans [Member] | |||
Nonaccrual with no allowance for credit loss | 141 | ||
Non-accrual Loans | 141 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Nonaccrual with no allowance for credit loss | 10,569 | 1,191 | |
Non-accrual Loans | 10,569 | 13,189 | |
Single Family Residential Mortgages Loans [Member] | |||
Nonaccrual with no allowance for credit loss | 18,103 | 5,936 | |
Non-accrual Loans | 18,103 | 5,936 | |
Commercial and Industrial [Member] | |||
Nonaccrual with no allowance for credit loss | 610 | 713 | |
Non-accrual Loans | 854 | 713 | |
SBA Loans [Member] | |||
Nonaccrual with no allowance for credit loss | 937 | 2,245 | |
Non-accrual Loans | 2,085 | 2,245 | |
Other Loans [Member] | |||
Nonaccrual with no allowance for credit loss | 0 | 51 | |
Non-accrual Loans | $ 8 | $ 99 | |
[1]Included in total loans. |
Note 6 - Loan Servicing (Detail
Note 6 - Loan Servicing (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Loan Servicing Fees Net of Amortization | $ 2,576,000 | $ 2,209,000 | $ 684,000 |
Servicing Asset, Custodial Balance | 6,400,000 | 7,000,000 | |
Servicing Asset at Amortized Cost, Recovery on Impairments | $ 417,000 | ||
Servicing Asset | 8,110,000 | 9,521,000 | |
Mortgages [Member] | |||
Servicing Asset | $ 12,100,000 | $ 18,300,000 | |
Mortgages [Member] | Measurement Input, Discount Rate [Member] | |||
Servicing Asset, Measurement Input | 0.1123 | 0.111 | |
Mortgages [Member] | Measurement Input, Prepayment Rate [Member] | |||
Servicing Asset, Measurement Input | 0.0791 | 0.0773 | |
Mortgages [Member] | Measurement Input, Default Rate [Member] | |||
Servicing Asset, Measurement Input | 0.001 | 0.001 | |
Small Business Administration Loans [Member] | |||
Servicing Asset | $ 2,800,000 | $ 3,500,000 | |
Small Business Administration Loans [Member] | Measurement Input, Discount Rate [Member] | |||
Servicing Asset, Measurement Input | 0.085 | 0.085 | |
Small Business Administration Loans [Member] | Measurement Input, Prepayment Rate [Member] | |||
Servicing Asset, Measurement Input | 0.1768 | 0.1679 | |
Small Business Administration Loans [Member] | Measurement Input, Default Rate [Member] | |||
Servicing Asset, Measurement Input | 0.0073 | 0.0037 |
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, 2023 | Dec. 31, 2022 |
Mortgages [Member] | ||
Loans serviced for others | $ 1,014,017 | $ 1,127,668 |
Small Business Administration Loans [Member] | ||
Loans serviced for others | 100,336 | 119,893 |
Commerical Real Estate Loans [Member] | ||
Loans serviced for others | 3,813 | 3,991 |
Construction Loans [Member] | ||
Loans serviced for others | $ 4,710 | $ 3,677 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgages [Member] | |||
Beginning of period | $ 7,354 | $ 8,748 | $ 10,529 |
Additions | 176 | 532 | 1,920 |
Disposals | (329) | (794) | (2,129) |
Amortized to expense | (692) | (1,132) | (1,989) |
Impairment reversal | 0 | 0 | 417 |
End of period | 6,509 | 7,354 | 8,748 |
Small Business Administration Loans [Member] | |||
Beginning of period | 2,167 | 2,769 | 3,436 |
Additions | 58 | 239 | 441 |
Disposals | (344) | (478) | (646) |
Amortized to expense | (280) | (363) | (462) |
Impairment reversal | 0 | 0 | 0 |
End of period | $ 1,601 | $ 2,167 | $ 2,769 |
Note 7 - Premises and Equipme_3
Note 7 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation and Leasehold Amortization, Excluding Intangibles Amortization | $ 2,000,000 | $ 2,000,000 | $ 1,900,000 |
Gain (Loss) on Disposition of Property Plant Equipment | $ 32,000 | $ 757,000 | $ 0 |
Note 7 - Premises and Equipme_4
Note 7 - Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Premises and equipment, gross | $ 40,630 | $ 39,611 |
Less accumulated depreciation and amortization | (14,949) | (13,387) |
Construction in progress | 3 | 785 |
Property, Plant and Equipment, Net | 25,684 | 27,009 |
Land [Member] | ||
Premises and equipment, gross | 8,974 | 8,974 |
Building and Building Improvements [Member] | ||
Premises and equipment, gross | 15,549 | 15,523 |
Furniture and Fixtures [Member] | ||
Premises and equipment, gross | 8,411 | 8,339 |
Leasehold Improvements [Member] | ||
Premises and equipment, gross | $ 7,696 | $ 6,775 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits | $ 405,600 | |
Brokered Time Deposits | 254,900 | $ 255,000 |
Collateralized Deposits From the State of California [Member] | ||
Time Deposits | 80,000 | 0 |
Time Deposits Acquired Through Internet Listing Services [Member] | ||
Time Deposits | 61,400 | 10,700 |
Certificates of Deposit Held Through CDARS [Member] | ||
Time Deposits | $ 135,700 | $ 17,700 |
Note 8 - Deposits - Schedule of
Note 8 - Deposits - Schedule of Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
One year, 250,000 and under | $ 1,994,517 |
Two to three years, 250,000 and under | 6,689 |
Over three years, 250,000 and under | 1,204 |
Total, 250,000 and under | $ 2,002,410 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||||
Dec. 01, 2023 | Mar. 31, 2021 | Nov. 30, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument, Face Amount | $ 120,000 | $ 175,000 | |||
Six Point One Eight Percent Fixed To Floating Rate Subordinated Debentures Due December First Two Thousands Twenty Eight [Member] | |||||
Debt Instrument, Face Amount | $ 55,000 | 0 | 55,000 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.18% | ||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100% | ||||
Six Point One Eight Percent Fixed To Floating Rate Subordinated Debentures Due December First Two Thousands Twenty Eight [Member] | London Interbank Offered Rate [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 | $ 120,000 | $ 120,000 | $ 120,000 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4% | ||||
Four Percent Fixed To Floating Rate Subordinated Debentures Due April First Two Thousand Thirty One [Member] | Secured Overnight Financing Rate (SOFR) [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, 2023 | Dec. 31, 2022 | Mar. 31, 2021 | Nov. 30, 2018 |
Principal | $ 120,000 | $ 175,000 | ||
Unamortized debt issuance costs | 853 | 1,415 | ||
Six Point One Eight Percent Fixed To Floating Rate Subordinated Debentures Due December First Two Thousands Twenty Eight [Member] | ||||
Principal | 0 | 55,000 | $ 55,000 | |
Unamortized debt issuance costs | 0 | 180 | ||
Four Percent Fixed To Floating Rate Subordinated Debentures Due April First Two Thousand Thirty One [Member] | ||||
Principal | 120,000 | 120,000 | $ 120,000 | |
Unamortized debt issuance costs | $ 853 | $ 1,235 |
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, 2023 | Dec. 31, 2022 | |
Interest | $ 7,916 | $ 8,199 |
Amortization | $ 562 | $ 578 |
Note 10 - Subordinated Debent_3
Note 10 - Subordinated Debentures (Details Textual) | 1 Months Ended | 12 Months Ended | |||||
Oct. 01, 2018 | Jan. 31, 2020 USD ($) shares | Oct. 31, 2018 USD ($) shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2016 USD ($) | |
Subordinated Debt | $ 14,700,000 | $ 14,900,000 | |||||
Debt Instrument, Face Amount | 120,000,000 | 175,000,000 | |||||
Interest Expense, Debt | 7,916,000 | 8,199,000 | |||||
Subordinated Debt [Member] | |||||||
Interest Expense, Debt | 1,300,000 | 650,000 | $ 377,000 | ||||
Debt Amortization Expense | 218,000 | 218,000 | $ 218,000 | ||||
TFC Statutory Trust [Member] | |||||||
Number of Trust Capital Securities | 5,000 | ||||||
Trust Capital Securities, Liquidation Amount | $ 5,000,000 | ||||||
Common Securities Liquidation Preference Value | 155,000 | ||||||
TFC Statutory Trust [Member] | Other Assets [Member] | |||||||
Common Stock Held in Trust | 155,000 | ||||||
TFC Statutory Trust [Member] | Subordinated Debt [Member] | |||||||
Debt Instrument, Face Amount | 5,000,000 | ||||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 1,200,000 | $ 1,300,000 | $ 1,900,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 7.30% | 6.42% | |||||
TFC Statutory Trust [Member] | Subordinated Debt [Member] | Tenor Spread Adjustment [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.26% | ||||||
TFC Statutory Trust [Member] | Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | ||||||
TFC Statutory Trust [Member] | Subordinated Debt [Member] | London Interbank Offered Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | ||||||
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] | |||||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 1,200,000 | $ 842,000 | $ 918,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 7.90% | 7.02% | |||||
First American International Statutory Trust I 1[Member] | Subordinated Debt [Member] | Tenor Spread Adjustment [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.26% | ||||||
First American International Statutory Trust I 1[Member] | Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | 2.25% | |||||
PGB Holdings Inc And Banking Subsidiary Pacific Global Bank [Member] | |||||||
Common Securities Liquidation Preference Value | $ 155,000 | ||||||
Common Unit, Issued (in shares) | shares | 5,000 | ||||||
Common Unit Liquidation Preference Value | $ 5,000,000 | ||||||
PGB Holdings Inc And Banking Subsidiary Pacific Global Bank [Member] | Other Assets [Member] | |||||||
Common Stock Held in Trust | 155,000 | ||||||
PGB Holdings Inc And Banking Subsidiary Pacific Global Bank [Member] | Subordinated Debt [Member] | |||||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 763,000 | $ 559,000 | $ 610,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 7.75% | 6.87% | |||||
PGB Holdings Inc And Banking Subsidiary Pacific Global Bank [Member] | Subordinated Debt [Member] | Tenor Spread Adjustment [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.26% | ||||||
PGB Holdings Inc And Banking Subsidiary Pacific Global Bank [Member] | Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | 2.10% |
Note 10 - Subordinated Debent_4
Note 10 - Subordinated Debentures - Schedule of Subordinated Debentures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Long-term debt, net of issuance costs | $ 119,147 | $ 173,585 | |
Subordinated Debt [Member] | |||
Principal amount | 17,527 | ||
Unamortized valuation reserve | 2,589 | ||
Long-term debt, net of issuance costs | 14,938 | ||
TFC Trust [Member] | Subordinated Debt [Member] | |||
Principal amount | 5,155 | ||
Unamortized valuation reserve | 1,189 | ||
Long-term debt, net of issuance costs | $ 3,966 | ||
Tenor spread adjustment | [1] | 0.26% | |
Effective rate | 7.30% | ||
TFC Trust [Member] | Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt instrument, variable rate | 1.65% | ||
FAIC Trust [Member] | Subordinated Debt [Member] | |||
Principal amount | $ 7,217 | ||
Unamortized valuation reserve | 842 | ||
Long-term debt, net of issuance costs | $ 6,375 | ||
Tenor spread adjustment | [1] | 0.26% | |
Effective rate | 7.90% | ||
FAIC Trust [Member] | Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt instrument, variable rate | 2.25% | ||
PGBH Trust [Member] | Subordinated Debt [Member] | |||
Principal amount | $ 5,155 | ||
Unamortized valuation reserve | 558 | ||
Long-term debt, net of issuance costs | $ 4,597 | ||
Tenor spread adjustment | [1] | 0.26% | |
Effective rate | 7.75% | ||
PGBH Trust [Member] | Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt instrument, variable rate | 2.10% | ||
[1]Represents applicable tenor spread adjustment when the original Libor index was discontinued on June 30, 2023 |
Note 11 - Borrowing Arrangeme_2
Note 11 - Borrowing Arrangements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Financing Receivable, before Allowance for Credit Loss | [1] | $ 3,031,861 | $ 3,336,449 | |
Long-Term Federal Home Loan Bank Advances | $ 150,000 | |||
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate at Period End | 1.18% | |||
Advances from Federal Home Loan Banks, Total | $ 150,000 | 220,000 | ||
Federal Home Loan Bank Advances [Member] | ||||
Debt Instrument, Term (Year) | 5 years | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 2,900 | $ 2,900 | $ 1,800 | |
Federal Reserve Bank of San Francisco Secured Line of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 42,300 | |||
Federal Reserve Bank of San Francisco Secured Line of Credit [Member] | Asset Pledged as Collateral [Member] | ||||
Financing Receivable, before Allowance for Credit Loss | 62,800 | |||
Federal Home Loan Bank Secured Line of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | |||
Federal Home Loan Bank Secured Line of Credit [Member] | Asset Pledged as Collateral [Member] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,500,000 | |||
Federal Home Loan Bank Overnight Advances [Member] | ||||
Long-Term Federal Home Loan Bank Advances | 0 | |||
Advances from Federal Home Loan Banks, Total | 0 | |||
Other Financial Institutions [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 92,000 | |||
Wells Fargo Bank [Member] | Line of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | |||
[1]net of discounts and deferred fees and costs |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2023 | Dec. 31, 2020 | |
Unrecognized Tax Benefits | $ 0 | $ 0 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | $ 0 | $ 0 | ||
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards | 21,104 | ||||
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |||||
Operating Loss Carryforwards | $ 5,570 | ||||
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | |||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 70,000 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 10,804 | $ 18,315 | $ 16,037 |
State | 6,761 | 10,952 | 9,087 |
Total Current | 17,565 | 29,267 | 25,124 |
Federal | (288) | (1,756) | (1,148) |
State | 504 | (493) | 55 |
Total Deferred | 216 | (2,249) | (1,093) |
Total income tax expense | $ 17,781 | $ 27,018 | $ 24,031 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statutory federal tax, amount | $ 12,652 | $ 19,182 | $ 16,997 |
Statutory federal tax, rate | 21% | 21% | 21% |
State tax, net of federal benefit | $ 5,181 | $ 8,278 | $ 7,182 |
State tax, net of federal benefit, rate | 8.60% | 9.10% | 8.90% |
Tax-exempt income, amount | $ (399) | $ (355) | $ (285) |
Tax-exempt income, rate | (0.70%) | (0.40%) | (0.40%) |
Stock-based compensation, amount | $ 54 | $ (396) | $ (404) |
Stock-based compensation, rate | 0.10% | (0.40%) | 0.50% |
Stock-based compensation, rate | (0.10%) | 0.40% | (0.50%) |
Other items, net, amount | $ 293 | $ 309 | $ 541 |
Other items, net, rate | 0.50% | 0.30% | 0.70% |
Total income tax expense | $ 17,781 | $ 27,018 | $ 24,031 |
Total income tax expense | 29.50% | 29.60% | 29.70% |
Note 12 - Income Taxes - Summar
Note 12 - Income Taxes - Summary of Components of Net Deferred Tax Asset Accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for credit losses | $ 13,011 | $ 12,834 |
Stock-based compensation | 472 | 546 |
Operating loss carryforwards | 32 | 154 |
Unrealized loss on AFS securities | 8,597 | 9,614 |
Lease liability | 9,539 | 8,149 |
State tax | 1,444 | 2,426 |
Other | 1,237 | 917 |
Deferred Tax Assets, Gross | 34,332 | 34,640 |
Depreciation | (1,389) | (1,598) |
Deferred loan costs | (3,123) | (2,808) |
Acquisition accounting fair value adjustments | (2,794) | (3,052) |
Mortgage servicing rights | (1,991) | (2,259) |
Right of use asset | (9,115) | (7,818) |
Other | (155) | (128) |
Deferred Tax Liabilities, Gross | (18,567) | (17,663) |
Net deferred tax assets | $ 15,765 | $ 16,977 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Off-Balance-Sheet, Credit Loss, Liability | $ 640,000 | $ 1,200,000 |
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 516,000 | 1,100,000 |
Affordable Housing Partnerships and SBIC Funds [Member] | ||
Other Commitment | $ 3,300,000 | $ 3,500,000 |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingencies - Schedule of Financial Commitments Represents Credit Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial commitments, contractual amount, fixed rate | $ 12,959 | $ 17,602 |
Financial commitments, contractual amount, variable rate | 177,791 | 327,922 |
Standby Letters of Credit [Member] | ||
Financial commitments, contractual amount, fixed rate | 1,626 | 1,577 |
Financial commitments, contractual amount, variable rate | 1,061 | 1,061 |
Commitments to Make Loans [Member] | ||
Financial commitments, contractual amount, fixed rate | 614 | 1,141 |
Financial commitments, contractual amount, variable rate | 77,230 | 128,680 |
Unused lines of Credit [Member] | ||
Financial commitments, contractual amount, fixed rate | 10,629 | 13,730 |
Financial commitments, contractual amount, variable rate | 95,686 | 197,314 |
Commercial And Similar Letters Of Credit [Member] | ||
Financial commitments, contractual amount, fixed rate | 90 | 1,154 |
Financial commitments, contractual amount, variable rate | $ 3,814 | $ 867 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease, Expense | $ 5,700,000 | $ 5,400,000 | $ 5,300,000 |
Operating Lease, Lease Income | $ 570,000 | $ 548,000 | $ 479,000 |
Note 14 - Leases - Future Minim
Note 14 - Leases - Future Minimum Rent Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024, future minimum lease payments | $ 4,728 | |
2025, future minimum lease payments | 5,109 | |
2026, future minimum lease payments | 5,121 | |
2027, future minimum lease payments | 4,998 | |
2028, future minimum lease payments | 4,052 | |
Thereafter, future minimum lease payments | 10,699 | |
Total | 34,707 | |
Less amount of payment representing interest | (3,516) | |
Total present value of lease payments | $ 31,191 | $ 26,523 |
Note 14 - Leases - Operating Le
Note 14 - Leases - Operating Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ROU assets | $ 29,803 | $ 25,447 |
Total present value of lease payments | $ 31,191 | $ 26,523 |
Weighted-average remaining lease term (in years) (Year) | 7 years 7 months 17 days | 7 years 10 months 28 days |
Weighted-average discount rate | 1.72% | 2.19% |
Note 15 - Related Party Trans_3
Note 15 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable, Related Parties | $ 0 | $ 6,869 | $ 8,441 |
Executive Officers, Directors and their Related Interests [Member] | |||
Unfunded Loan Commitments, Available To Related Parties | 0 | 1,600 | |
Principal Officers, Directors and their Affiliates [Member] | |||
Related Party Deposit Liabilities | 25,700 | 88,100 | |
Directors and Their Affiliates [Member] | |||
Loans and Leases Receivable, Related Parties | $ 6,000 | $ 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, 2023 | Dec. 31, 2022 | |
Beginning balance | $ 6,869 | $ 8,441 |
Repayments | 0 | (1,572) |
Balance re-categorized to non-related party | (6,869) | 0 |
Ending balance | $ 0 | $ 6,869 |
Note 16 - Stock Option Plan (De
Note 16 - Stock Option Plan (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||
Jul. 20, 2023 | Jan. 18, 2023 | May 17, 2017 | Mar. 31, 2023 | Dec. 31, 2022 | May 31, 2022 | Jul. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 08, 2022 | Jan. 31, 2017 | |
Share-Based Payment Arrangement, Expense | $ 750,000 | $ 848,000 | $ 1,100,000 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 581,000 | 517,000 | 581,000 | 1,400,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 1,100,000 | $ 1,100,000 | $ 1,200,000 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares) | 127,005 | 65,671 | 127,005 | 237,500 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Option, Nonvested, Weighted Average Exercise Price (in dollars per share) | $ 4.69 | $ 4.99 | $ 4.69 | $ 4.28 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 19,403 | 445,308 | 302,744 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 30,000 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.49 | $ 6.16 | $ 5.28 | $ 5.69 | $ 4.14 | ||||||||
Proceeds from Stock Options Exercised | $ 295,000 | $ 5,476,000 | $ 3,475,000 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 90,000 | 4,000,000 | 3,800,000 | ||||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||||||
Share-Based Payment Arrangement, Expense | 246,000 | 300,000 | 485,000 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 400,000 | 179,000 | 400,000 | 635,000 | |||||||||
Employee Service, Share Based Compensation Tax Expense (Benefit) from Compensation Expense | $ 3,000 | $ (587,000) | $ (873,000) | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 2 months 12 days | ||||||||||||
Stock Options One [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 56,334 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 18.4 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares (in shares) | 30,000 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ 19.87 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 5,000 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercised, Weighted Average Grant Date Fair Value (in dollars per share) | $ 17.74 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 30,000 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 19.87 | ||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 48,748 | 0 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 14,786 | 43,160 | 14,786 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Directors and Executive Officers [Member] | |||||||||||||
Share-Based Payment Arrangement, Expense | $ 504,000 | $ 453,000 | |||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 182,000 | $ 338,000 | 182,000 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 16,500 | 32,248 | |||||||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Granted at Closing Price (in dollars per share) | $ 13.93 | $ 20.46 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 43,160 | ||||||||||||
Restricted Stock [Member] | |||||||||||||
Share-Based Payment Arrangement, Expense | $ 0 | 95,000 | $ 602,000 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 0 | $ 0 | $ 0 | $ 729,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 0 | 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 (in shares) | 0 | 40,000 | |||||||||||
Stock Option Plan 2010 [Member] | |||||||||||||
Share Based Compensation, Arrangement By Share Based Payment Award, Common Stock Reserved As Percentage Of Issued And Outstanding | 30% | ||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,494,478 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 0 | ||||||||||||
The 2017 Omnibus Stock Incentive Plan [Member] | |||||||||||||
Share Based Compensation, Arrangement By Share Based Payment Award, Common Stock Reserved As Percentage Of Issued And Outstanding | 30% | ||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,848,341 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,032,173 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum | 5.50% |
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 | ||||
Mar. 31, 2023 | Dec. 31, 2022 | May 31, 2022 | Jul. 31, 2021 | Jan. 31, 2021 | |
Expected volatility | 28.40% | 28.90% | 29.50% | 31.60% | 30.80% |
Expected term (years) (Year) | 8 years | 8 years | 6 years | 6 years | 6 years |
Expected dividends | 2.92% | 2.55% | 2.52% | 1.98% | 1.86% |
Risk free rate | 4.27% | 4% | 2.71% | 0.48% | 0.26% |
Grant date fair value (in dollars per share) | $ 5.49 | $ 6.16 | $ 5.28 | $ 5.69 | $ 4.14 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning Balance, Shares (in shares) | 454,610 | ||
Outstanding at beginning of year (in dollars per share) | $ 16.97 | ||
Granted, Shares (in shares) | 30,000 | ||
Granted, Weighted Average Exercise Price (in dollars per share) | $ 19.87 | ||
Exercised, Shares (in shares) | (19,403) | (445,308) | (302,744) |
Exercised, Weighted Average Exercise Price (in dollars per share) | $ 15.18 | ||
Forfeited/cancelled, Shares (in shares) | (67,304) | ||
Forfeited/cancelled, Weighted Average Exercise Price (in dollars per share) | $ 15.04 | ||
Balance, Shares (in shares) | 397,903 | 454,610 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 17.61 | $ 16.97 | |
Outstanding at end of period, weighted average remaining contractual term (Year) | 3 years 10 months 9 days | ||
Outstanding at end of period, aggregate intrinsic value | $ 703 | ||
Options exercisable, Shares (in shares) | 332,232 | ||
Options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 17.26 | ||
Options exercisable, Weighted Average Remaining Contractual Term (Year) | 3 years 18 days | ||
Options exercisable, Aggregate Intrinsic Value | $ 657 |
Note 16 - Stock Option Plan - R
Note 16 - Stock Option Plan - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | |
Outstanding at beginning of year (in shares) | 14,786 | |
Outstanding at beginning of year, weighted-average grant date fair value (in dollars per share) | $ 27.16 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 48,748 | 0 |
Granted, weighted-average grant date fair value (in dollars per share) | $ 18.25 | |
Vested (in shares) | (20,374) | |
Vested, weighted-average grant date fair value (in dollars per share) | $ 23.35 | |
Outstanding at end of period (in shares) | 43,160 | |
Outstanding at end of period, weighted-average grant date fair value (in dollars per share) | $ 18.89 |
Note 17 - Regulatory Matters (D
Note 17 - Regulatory Matters (Details Textual) $ in Billions | 12 Months Ended | |||||
Jan. 01, 2019 | Jan. 01, 2016 | Dec. 31, 2021 | Dec. 31, 2023 | Jan. 01, 2022 USD ($) | 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 | 0.04 | |||||
Banking Regulation, Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.06 | |||||
Increased Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 0.06 | |||||
Increased Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 0.08 | |||||
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, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2015 | |
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.04 | |||
RBB Bancorp [Member] | ||||
Tier 1 Leverage Ratio, Amount | $ 472,152 | $ 446,776 | ||
Tier 1 Leverage Ratio, Ratio | 0.1199 | 0.1167 | ||
Tier 1 Leverage Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 157,526 | $ 153,116 | ||
Tier 1 Leverage Ratio, Minimum Required for Capital Adequacy Purposes Ratio | [1] | 0.04 | 0.04 | |
Tier 1 Leverage Ratio, Minimum Required Plus Capital Conservation Buffer Fully Phased-In Amount | $ 196,907 | $ 191,395 | ||
Tier 1 Leverage Ratio, Minimum Required Plus Capital Conservation Buffer Fully Phased-In Ratio | 5% | |||
Common Equity Tier 1 Risk-Based Capital Ratio, Amount | $ 457,214 | $ 432,056 | ||
Common Equity Tier 1 Risk-Based Capital Ratio, Ratio | 0.1907 | 0.1603 | ||
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 107,886 | $ 121,291 | ||
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | [1] | 4.50% | 4.50% | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Amount | $ 155,836 | $ 175,199 | ||
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 | $ 472,152 | $ 446,776 | ||
Tier 1 Risk-Based Capital Ratio, Ratio | 0.1969 | 0.1658 | ||
Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 143,849 | $ 161,722 | ||
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | [1] | 0.06 | 0.06 | |
Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Amount | $ 191,798 | $ 215,629 | ||
Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Ratio | 8% | 8% | ||
Total Risk-Based Capital Ratio, Amount | $ 621,423 | $ 654,159 | ||
Total Risk-Based Capital Ratio, Ratio | 0.2592 | 0.2427 | ||
Total Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 191,798 | $ 215,629 | ||
Total Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | [1] | 0.08 | 0.08 | |
Total Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Amount | $ 239,748 | $ 269,537 | ||
Total Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Ratio | 10% | 10% | ||
Royal Business Bank [Member] | ||||
Tier 1 Leverage Ratio, Amount | $ 535,952 | $ 569,071 | ||
Tier 1 Leverage Ratio, Ratio | 0.1362 | 0.1489 | ||
Tier 1 Leverage Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 157,454 | $ 152,900 | ||
Tier 1 Leverage Ratio, Minimum Required for Capital Adequacy Purposes Ratio | [1] | 0.04 | 0.04 | |
Tier 1 Leverage Ratio, Minimum Required Plus Capital Conservation Buffer Fully Phased-In Amount | $ 196,818 | $ 191,124 | ||
Tier 1 Leverage Ratio, Minimum Required Plus Capital Conservation Buffer Fully Phased-In Ratio | 5% | 5% | ||
Common Equity Tier 1 Risk-Based Capital Ratio, Amount | $ 535,952 | $ 569,071 | ||
Common Equity Tier 1 Risk-Based Capital Ratio, Ratio | 0.2241 | 0.2114 | ||
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 107,598 | $ 121,110 | ||
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | [1] | 4.50% | 4.50% | |
Common Equity Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Amount | $ 155,419 | $ 174,937 | ||
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 | $ 535,952 | $ 569,071 | ||
Tier 1 Risk-Based Capital Ratio, Ratio | 0.2241 | 0.2114 | ||
Tier 1 Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 143,464 | $ 161,481 | ||
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | [1] | 0.06 | 0.06 | |
Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Amount | $ 191,285 | $ 215,307 | ||
Tier 1 Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Ratio | 8% | 8% | ||
Total Risk-Based Capital Ratio, Amount | $ 565,997 | $ 602,819 | ||
Total Risk-Based Capital Ratio, Ratio | 0.2367 | 0.224 | ||
Total Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Amount | $ 191,285 | $ 215,307 | ||
Total Risk-Based Capital Ratio, Minimum Required for Capital Adequacy Purposes Ratio | [1] | 0.08 | 0.08 | |
Total Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Amount | $ 239,106 | $ 269,134 | ||
Total Risk-Based Capital Ratio, Minimum Required Plus Capital Conversation Buffer Fully Phased-In, Ratio | 10% | 10% | ||
[1]These ratios are exclusive of the capital conservation buffer. |
Note 18 - Fair Value Measurem_3
Note 18 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) | 12 Months Ended | ||||
Nov. 10, 2023 USD ($) | Sep. 01, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Financing Receivables, Collateral Dependent, Write-down | $ 521,000 | ||||
Other Real Estate, Disposals | $ 284,000 | $ 293,000 | |||
Gains (Losses) on Sales of Other Real Estate | $ (57,000) | $ 190,000 | 134,000 | $ 0 | $ 0 |
Write Down on Other Real Estate Owned | $ 0 | 0 | |||
Minimum [Member] | Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts [Member] | |||||
Derivative, Buy Price (in USD per Per Share) | $ / item | 99.5 | ||||
Derivative, Sale Price (in USD per Per Share) | $ / item | 102 | ||||
Maximum [Member] | Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts [Member] | |||||
Derivative, Buy Price (in USD per Per Share) | $ / item | 100.3 | ||||
Derivative, Sale Price (in USD per Per Share) | $ / item | 104 | ||||
Single-Family Residences [Member] | |||||
Assets, Fair Value Disclosure | $ 0 | $ 577,000 | |||
Measurement Input, Selling Costs [Member] | |||||
Collateral Dependent Loans, Measurement Input | 0.10 | ||||
Measurement Input, Comparability Adjustment [Member] | Other Real Estate Owned [Member] | Minimum [Member] | |||||
Alternative Investment, Measurement Input | 0.05 | ||||
Measurement Input, Comparability Adjustment [Member] | Other Real Estate Owned [Member] | Maximum [Member] | |||||
Alternative Investment, Measurement Input | 0.06 | ||||
Measurement Input, Margin Cost Rate [Member] | Minimum [Member] | Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivative Asset, Measurement Input | 0.005 | ||||
Measurement Input, Margin Cost Rate [Member] | Maximum [Member] | Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivative Asset, Measurement Input | 1 | ||||
Collateral Pledged [Member] | |||||
Loans Receivable, Fair Value Disclosure | $ 11,400,000 |
Note 18 - Fair Value Measurem_4
Note 18 - Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Major Category of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Recurring [Member] | ||
Assets measured at fair value | $ 319,007 | $ 256,848 |
Fair Value, Recurring [Member] | Forward Mortgage Loan Sale Contracts [Member] | ||
Assets measured at fair value | 14 | 18 |
Fair Value, Recurring [Member] | Interest Rate Lock Contracts [Member] | ||
Assets measured at fair value | 32 | |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Assets measured at fair value | 8,161 | 4,495 |
Fair Value, Recurring [Member] | Small Business Administration Agency Securities [Member] | ||
Assets measured at fair value | 13,217 | 2,411 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured at fair value | 34,652 | 42,928 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets measured at fair value | 149,626 | 111,593 |
Fair Value, Recurring [Member] | Commercial Paper [Member] | ||
Assets measured at fair value | 73,105 | 49,537 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets measured at fair value | 30,691 | 37,012 |
Fair Value, Recurring [Member] | Municipal Securities [Member] | ||
Assets measured at fair value | 9,509 | 8,854 |
Fair Value, Nonrecurring [Member] | ||
Assets measured at fair value | 11,357 | |
Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Assets measured at fair value | 10,209 | |
Fair Value, Nonrecurring [Member] | SBA Loans [Member] | ||
Assets measured at fair value | 1,148 | |
Fair Value, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Assets measured at fair value | 577 | |
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] | Forward Mortgage Loan Sale Contracts [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 | ||
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] | ||
Assets measured at fair value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Assets measured at fair value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | SBA Loans [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 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets measured at fair value | 318,961 | 256,830 |
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] | Interest Rate Lock Contracts [Member] | ||
Assets measured at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Assets measured at fair value | 8,161 | 4,495 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Small Business Administration Agency Securities [Member] | ||
Assets measured at fair value | 13,217 | 2,411 |
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 | 34,652 | 42,928 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets measured at fair value | 149,626 | 111,593 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commercial Paper [Member] | ||
Assets measured at fair value | 73,105 | 49,537 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets measured at fair value | 30,691 | 37,012 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Municipal Securities [Member] | ||
Assets measured at fair value | 9,509 | 8,854 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Assets measured at fair value | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Assets measured at fair value | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | SBA Loans [Member] | ||
Assets measured at fair value | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Assets measured at fair value | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets measured at fair value | 46 | 18 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Forward Mortgage Loan Sale Contracts [Member] | ||
Assets measured at fair value | 14 | 18 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Interest Rate Lock Contracts [Member] | ||
Assets measured at fair value | 32 | |
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] | ||
Assets measured at fair value | 11,357 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Assets measured at fair value | 10,209 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | SBA Loans [Member] | ||
Assets measured at fair value | $ 1,148 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Assets measured at fair value | $ 577 |
Note 18 - Fair Value Measurem_5
Note 18 - Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Significant Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Investment securities - AFS | $ 318,961 | $ 256,830 | ||
Investment securities - HTM | 5,097 | 5,563 | ||
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||||
Cash and due from banks | 431,373 | 83,548 | ||
Interest-earning deposits in other financial institutions | 600 | 600 | ||
Mortgage loans held for sale | 1,911 | 0 | ||
Accrued interest receivable (1) | [1] | 13,743 | 14,536 | |
Accrued interest payable | 11,671 | 3,711 | ||
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Cash and due from banks | 431,373 | 83,548 | ||
Interest-earning deposits in other financial institutions | 600 | 600 | ||
Mortgage loans held for sale | 1,845 | 0 | ||
Accrued interest receivable (1) | [1] | 13,743 | 14,536 | |
Accrued interest payable | 11,671 | 3,711 | ||
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||||
Investment securities - AFS | 318,961 | 256,830 | ||
Investment securities - HTM | 5,209 | 5,729 | ||
Servicing assets | 8,110 | 9,521 | ||
Deposits | 3,174,760 | 2,977,683 | ||
FHLB advances | 150,000 | 220,000 | ||
Long-term debt | 119,147 | 173,585 | ||
Subordinated debentures | 14,938 | 14,720 | ||
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Investment securities - AFS | 318,961 | 256,830 | ||
Investment securities - HTM | 5,097 | 5,563 | ||
Servicing assets | 14,883 | 21,712 | ||
Deposits | 3,181,495 | 2,960,529 | ||
FHLB advances | 144,891 | 210,470 | ||
Long-term debt | 83,864 | 132,709 | ||
Subordinated debentures | 14,566 | 14,195 | ||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Contracts [Member] | ||||
Derivative assets, notional amount | 1,255 | 0 | ||
Derivative assets | 32 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Forward Mortgage Loan Sale Contracts [Member] | ||||
Derivative assets, notional amount | 1,104 | 1,179 | ||
Derivative assets | 14 | [1] | 18 | |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||||
Loans, net | 2,989,958 | 3,295,373 | ||
Equity securities (1) | [1] | 22,251 | 22,238 | |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Loans, net | 2,918,296 | 3,251,464 | ||
Equity securities (1) | [1] | $ 22,251 | $ 22,238 | |
[1]Included in “Accrued interest and other assets” on the consolidated balance sheets. |
Note 19 - Earnings Per Share _3
Note 19 - Earnings Per Share ("EPS") (Details Textual) - Common Stock [Member] - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 332,500 | 0 | 0 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 6,012 | 0 | 0 |
Note 19 - Earnings Per Share _4
Note 19 - 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income as reported, income | $ 42,465 | $ 64,327 | $ 56,906 |
Less: Earnings allocated to participating securities, income | $ 0 | $ (34) | $ (192) |
Shares outstanding, shares (in shares) | 18,609,179 | 18,965,776 | 19,455,544 |
Impact of weighting shares, shares (in shares) | 356,167 | 133,733 | (31,995) |
Used in basic EPS, income | $ 42,465 | $ 64,293 | $ 56,714 |
Used in basic EPS, shares (in shares) | 18,965,346 | 19,099,509 | 19,423,549 |
Used in dilutive EPS, income | $ 42,465 | $ 64,293 | $ 56,714 |
Used in dilutive EPS, shares (in shares) | 18,985,233 | 19,332,639 | 19,834,306 |
Basic earnings per common share, income (in dollars per share) | $ 2.24 | $ 3.37 | $ 2.92 |
Diluted earnings per common share, income (in dollars per share) | $ 2.24 | $ 3.33 | $ 2.86 |
Share-Based Payment Arrangement, Option [Member] | |||
Dilutive shares (in shares) | 15,322 | 211,477 | 410,757 |
Restricted Stock Units (RSUs) [Member] | |||
Dilutive shares (in shares) | 4,565 | 21,653 | 0 |
Note 20 - Revenue From Contra_3
Note 20 - 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 | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Total in-scope non-interest income | $ 5,322 | $ 5,579 | $ 7,067 | |
Gain on sale of OREO and fixed assets | 166 | 757 | 0 | |
Non-interest income, not in scope (4) | [1] | 9,696 | 5,673 | 11,678 |
Total noninterest income | 15,018 | 11,252 | 18,745 | |
Fees And Service Charges On Deposit Accounts [Member] | ||||
Total in-scope non-interest income | [2] | 2,014 | 2,051 | 2,367 |
Other Fees [Member] | ||||
Total in-scope non-interest income | [2],[3] | 984 | 677 | 2,543 |
Other Service Income [Member] | ||||
Total in-scope non-interest income | [2],[4] | $ 2,158 | $ 2,094 | $ 2,157 |
[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 21 - Qualified Affordabl_2
Note 21 - Qualified Affordable Housing Project Investments (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization Method Qualified Affordable Housing Project Investments | $ 6,400,000 | $ 7,600,000 | |
Qualified Affordable Housing Project Investments, Commitment | 2,300,000 | 2,600,000 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 1,100,000 | 1,100,000 | $ 1,000,000 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 1,000,000 | 991,000 | 1,000,000 |
Affordable Housing Project Investment, Write-down, Amount | $ 0 | $ 0 | $ 0 |
Minimum [Member] | |||
Affordable Housing Tax Credits Commitment, Year to be Paid | 2024 | ||
Maximum [Member] | |||
Affordable Housing Tax Credits Commitment, Year to be Paid | 2038 |
Note 22 - Parent Only Condens_3
Note 22 - Parent Only Condensed Financial Information - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 431,373 | $ 83,548 | ||
Total assets | 4,026,025 | 3,919,058 | ||
Long term debt | 119,147 | 173,585 | ||
Subordinated debentures | 14,700 | 14,900 | ||
Total liabilities | 3,514,765 | 3,434,495 | ||
Common Stock - 100,000,000 shares authorized, no par value; 18,609,179 shares issued and outstanding at December 31, 2023 and 18,965,776 shares issues and outstanding at December 31, 2022 | 271,925 | 276,912 | ||
Additional paid-in capital | 3,623 | 3,361 | ||
Retained earnings | 255,152 | 225,883 | $ 181,329 | |
Non-controlling interest | 72 | 72 | ||
Accumulated other comprehensive loss, net | (19,512) | (21,665) | ||
Total shareholders' equity | 511,260 | 484,563 | $ 466,683 | $ 428,488 |
Total liabilities and shareholders' equity | 4,026,025 | 3,919,058 | ||
Parent Company [Member] | ||||
Cash and cash equivalents | 47,125 | 43,718 | ||
Other assets | 6,333 | 6,161 | ||
Total assets | 646,700 | 674,508 | ||
Long term debt | 119,147 | 173,585 | ||
Subordinated debentures | 14,938 | 14,720 | ||
Other liabilities | 1,355 | 1,640 | ||
Total liabilities | 135,440 | 189,945 | ||
Common Stock - 100,000,000 shares authorized, no par value; 18,609,179 shares issued and outstanding at December 31, 2023 and 18,965,776 shares issues and outstanding at December 31, 2022 | 271,925 | 276,912 | ||
Additional paid-in capital | 3,623 | 3,361 | ||
Retained earnings | 255,152 | 225,883 | ||
Non-controlling interest | 72 | 72 | ||
Accumulated other comprehensive loss, net | (19,512) | (21,665) | ||
Total shareholders' equity | 511,260 | 484,563 | ||
Total liabilities and shareholders' equity | 646,700 | 674,508 | ||
Parent Company [Member] | Royal Business Bank [Member] | ||||
Investment | 589,998 | 621,580 | ||
Parent Company [Member] | Royal Asset Management [Member] | ||||
Investment | $ 3,244 | $ 3,049 |
Note 22 - Parent Only Condens_4
Note 22 - Parent Only Condensed Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest expense | $ 101,862 | $ 31,416 | $ 22,720 |
Noninterest expense | 70,696 | 64,526 | 58,192 |
Income before income taxes | 60,246 | 91,345 | 80,937 |
Income tax expense | 17,781 | 27,018 | 24,031 |
Net income | 42,465 | 64,327 | 56,906 |
Parent Company [Member] | |||
Dividend from subsidiaries | 85,000 | 0 | 25,000 |
Interest (reversal)/income | (41) | 52 | 0 |
Interest expense | 9,951 | 9,645 | 8,999 |
Noninterest expense | 1,897 | 2,056 | 1,452 |
Income/(loss) before equity in undistributed income of subsidiaries | 73,111 | (11,649) | 14,549 |
Income before income taxes | 38,829 | 60,748 | 53,717 |
Income tax expense | 3,636 | 3,579 | 3,189 |
Net income | 42,465 | 64,327 | 56,906 |
Other comprehensive income/(loss) | 2,153 | (20,009) | (2,785) |
Total comprehensive income | 44,618 | 44,318 | 54,121 |
Parent Company [Member] | Royal Business Bank [Member] | |||
Equity in undistributed income | (34,477) | 72,340 | 39,109 |
Parent Company [Member] | Royal Asset Management [Member] | |||
Equity in undistributed income | $ 195 | $ 57 | $ 59 |
Note 22 - Parent Only Condens_5
Note 22 - Parent Only Condensed Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 42,465,000 | $ 64,327,000 | $ 56,906,000 |
Provision for deferred income taxes | 216,000 | (2,249,000) | (1,093,000) |
Net cash provided by/(used in) operating activities | 51,292,000 | 93,812,000 | 202,175,000 |
Net cash used in investing activities | 243,309,000 | (260,171,000) | (504,181,000) |
Issuance of subordinated notes, net of issuance costs | 0 | 0 | 118,111,000 |
Redemption of subordinated notes | (55,000,000) | 0 | (50,000,000) |
Dividends paid | (12,163,000) | (10,736,000) | (9,947,000) |
Common stock repurchased, net of repurchased costs | (6,803,000) | (19,822,000) | (10,540,000) |
Proceeds from Stock Options Exercised | 295,000 | 5,476,000 | 3,475,000 |
Net cash (used in)/provided by financing activities | 53,224,000 | (444,465,000) | 801,724,000 |
Increase/(decrease) in cash and cash equivalents | 347,825,000 | (610,824,000) | 499,718,000 |
Cash and cash equivalents at beginning of period | 83,548,000 | 694,372,000 | 194,654,000 |
Cash and cash equivalents at end of period | 431,373,000 | 83,548,000 | 694,372,000 |
Parent Company [Member] | |||
Net income | 42,465,000 | 64,327,000 | 56,906,000 |
Net amortization of other | 780,000 | 796,000 | 724,000 |
Provision for deferred income taxes | (72,000) | (57,000) | (337,000) |
Distributed income in excess of earnings/(undistributed income) of subsidiaries | 34,282,000 | (72,397,000) | (39,168,000) |
Change in other assets and liabilities | 113,000 | 216,000 | 1,645,000 |
Net cash provided by/(used in) operating activities | 77,568,000 | (7,115,000) | 19,770,000 |
Purchase of other equity securities, net | (490,000) | (1,663,000) | (380,000) |
Net cash used in investing activities | (490,000) | (1,663,000) | (380,000) |
Issuance of subordinated notes, net of issuance costs | 0 | 0 | 118,111,000 |
Redemption of subordinated notes | (55,000,000) | 0 | (50,000,000) |
Dividends paid | (12,163,000) | (10,736,000) | (9,947,000) |
Common stock repurchased, net of repurchased costs | (6,803,000) | (19,822,000) | (10,540,000) |
Proceeds from Stock Options Exercised | 295,000 | 5,476,000 | 3,475,000 |
Net cash (used in)/provided by financing activities | (73,671,000) | (25,082,000) | 51,099,000 |
Increase/(decrease) in cash and cash equivalents | 3,407,000 | (33,860,000) | 70,489,000 |
Cash and cash equivalents at beginning of period | 43,718,000 | 77,578,000 | 7,089,000 |
Cash and cash equivalents at end of period | $ 47,125,000 | $ 43,718,000 | $ 77,578,000 |
Note 23 - Repurchase of Commo_2
Note 23 - Repurchase of Common Stock (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 22, 2021 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 500,000 | |||
Stock Repurchased During Period, Shares (in shares) | 396,374 | 902,526 | 473,122 | |
Payments for Repurchase of Common Stock | $ 6,803,000 | $ 19,822,000 | $ 10,540,000 | |
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 17.02 | $ 21.96 | $ 22.28 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 36,750 |
Note 24 - Subsequent Events (De
Note 24 - Subsequent Events (Details Textual) - $ / shares | 12 Months Ended | |||||
Jan. 18, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 29, 2024 | Apr. 22, 2021 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.64 | $ 0.56 | $ 0.51 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 500,000 | |||||
Subsequent Event [Member] | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.16 | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,000,000 | |||||
Dividends Payable, Date Declared | Jan. 18, 2024 | |||||
Dividends Payable, Date to be Paid | Feb. 09, 2024 | |||||
Dividends Payable, Date of Record | Jan. 31, 2024 |