Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 13, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BKGM | |
Entity Registrant Name | BankGuam Holding Co | |
Entity Central Index Key | 0001527383 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 9,682,351 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 000-54483 | |
Entity Tax Identification Number | 66-0770448 | |
Entity Address, Address Line One | P.O. Box BW | |
Entity Address, City or Town | Hagåtña | |
Entity Address, Country | GU | |
Entity Address, Postal Zip Code | 96932 | |
City Area Code | 671 | |
Local Phone Number | 472-5300 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | GU | |
Entity Interactive Data Current | Yes | |
Title of 12(g) Security | Common Stock, $0.2083 par value per share |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 33,074 | $ 37,870 |
Interest bearing deposits in banks | 122,268 | 93,846 |
Total cash and cash equivalents | 155,342 | 131,716 |
Restricted cash | 150 | 400 |
Investment in unconsolidated subsidiary | 7,490 | 7,443 |
Investment securities available-for-sale, at fair value | 384,762 | 377,130 |
Investment securities held-to-maturity, at amortized cost (Fair Value $49,822 at 3/31/2020 and $50,204 at 12/31/2019) | 49,075 | 49,984 |
Federal Home Loan Bank stock, at cost | 2,335 | 2,267 |
Loans, net of allowance for loan losses ($29,065 at 3/31/2020 and $27,870 at 12/31/2019) | 1,296,539 | 1,275,272 |
Accrued interest receivable | 6,435 | 5,581 |
Premises and equipment, net | 19,477 | 19,754 |
Other assets | 71,779 | 83,515 |
Total assets | 1,993,384 | 1,953,062 |
Deposits: | ||
Non-interest bearing | 563,078 | 582,967 |
Interest bearing | 1,197,599 | 1,146,939 |
Total deposits | 1,760,677 | 1,729,906 |
Accrued interest payable | 89 | 118 |
Subordinated debt, net | 14,757 | 14,751 |
Other liabilities | 46,740 | 44,044 |
Total liabilities | 1,822,263 | 1,788,819 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Common stock $0.2083 par value; 48,000 shares authorized; 9,713 and 9,704 shares issued and 9,681 and 9,672 shares outstanding at 3/31/2020 and 12/31/2019, respectively | 2,025 | 2,023 |
Preferred stock $100 par value; 300 shares authorized; 9.8 shares issued and outstanding | 980 | 980 |
Additional paid-in capital, Common stock | 24,569 | 24,478 |
Additional paid-in capital, Preferred stock | 8,803 | 8,803 |
Retained earnings | 131,718 | 129,576 |
Accumulated other comprehensive income (loss) | 3,316 | (1,327) |
Common stock in treasury, at cost (32 shares) | (290) | (290) |
Total stockholders’ equity | 171,121 | 164,243 |
Total liabilities and stockholders’ equity | $ 1,993,384 | $ 1,953,062 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Investment securities held-to-maturity, Fair Value | $ 49,822 | $ 50,204 |
Loans, net of allowance for loan losses | $ 29,065 | $ 27,870 |
Common stock, par value | $ 0.2083 | $ 0.2083 |
Common stock, shares authorized | 48,000,000 | 48,000,000 |
Common stock, shares issued | 9,713,000 | 9,704,000 |
Common stock, shares outstanding | 9,681,000 | 9,672,000 |
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 300,000 | 300,000 |
Preferred stock, shares issued | 9,800 | 9,800 |
Preferred stock, shares outstanding | 9,800 | 9,800 |
Common stock in treasury, shares | 32,000 | 32,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest income: | ||
Loans | $ 19,767 | $ 20,333 |
Investment securities | 1,974 | 2,513 |
Deposits with banks | 358 | 571 |
Total interest income | 22,099 | 23,417 |
Interest expense: | ||
Savings deposits | 474 | 472 |
Time deposits | 18 | 28 |
Other borrowed funds | 241 | |
Total interest expense | 733 | 500 |
Net interest income | 21,366 | 22,917 |
Provision for loan losses | 2,207 | 3,852 |
Net interest income, after provision for loan losses | 19,159 | 19,065 |
Non-interest income: | ||
Service charges and fees | 1,738 | 1,470 |
Income from merchant services, net | 543 | 577 |
Cardholders income, net | 157 | 98 |
Trustee fees | 635 | 628 |
Other income | 998 | 853 |
Total non-interest income | 4,071 | 3,626 |
Non-interest expense: | ||
Salaries and employee benefits | 9,524 | 9,076 |
Occupancy | 2,156 | 2,027 |
Equipment and depreciation | 2,972 | 2,760 |
Insurance | 474 | 472 |
Telecommunications | 343 | 345 |
FDIC assessment | 279 | 361 |
Professional services | 577 | 604 |
Contract services | 515 | 360 |
Other real estate owned | 28 | 513 |
Stationery and supplies | 200 | 228 |
Training and education | 185 | 200 |
General, administrative and other | 1,977 | 2,026 |
Total non-interest expense | 19,230 | 18,972 |
Income before income taxes | 4,000 | 3,719 |
Income tax expense | 755 | 817 |
Net income | 3,245 | 2,902 |
Preferred stock dividend | (136) | (134) |
Net income attributable to common stockholders | $ 3,109 | $ 2,768 |
Earnings per common share: | ||
Basic | $ 0.32 | $ 0.29 |
Diluted | 0.32 | 0.29 |
Dividends declared per common share | $ 0.10 | $ 0.10 |
Basic weighted average common shares | 9,673 | 9,647 |
Diluted weighted average common shares | 9,673 | 9,647 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 3,245 | $ 2,902 |
Other comprehensive income: | ||
Unrealized holding gain on available-for-sale securities arising during the period, net of tax | 4,570 | 1,493 |
Amortization of post-transfer unrealized holding loss on held-to-maturity securities during the period, net of tax | 73 | 87 |
Total other comprehensive income | 4,643 | 1,580 |
Total comprehensive income | $ 7,888 | $ 4,482 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital - Common [Member] | Additional Paid-in Capital - Preferred [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Treasury Stock [Member] |
Beginning Balances at Dec. 31, 2018 | $ 148,295 | $ 2,017 | $ 980 | $ 24,214 | $ 8,803 | $ 117,339 | $ (4,768) | $ (290) |
Beginning Balance, Shares at Dec. 31, 2018 | 9,646,344 | |||||||
Comprehensive income: | ||||||||
Net income | 2,902 | 2,902 | ||||||
Reclassification related to adoption of new accounting standard | 496 | 496 | ||||||
Change in accumulated other comprehensive income: | ||||||||
Unrealized gain (loss) on available-for-sale securities, net | 1,580 | 1,580 | ||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards | 73 | $ 2 | 71 | |||||
Common stock issued under Employee Stock Purchase Plan & Service Awards, Shares | 6,881 | |||||||
Cash dividends on common stock | (965) | (965) | ||||||
Cash dividends on preferred stock | (134) | (134) | ||||||
Ending Balances at Mar. 31, 2019 | 152,247 | $ 2,019 | 980 | 24,285 | 8,803 | 119,638 | (3,188) | (290) |
Ending Balance, Shares at Mar. 31, 2019 | 9,653,225 | |||||||
Beginning Balances at Dec. 31, 2019 | 164,243 | $ 2,023 | 980 | 24,478 | 8,803 | 129,576 | (1,327) | (290) |
Beginning Balance, Shares at Dec. 31, 2019 | 9,671,556 | |||||||
Comprehensive income: | ||||||||
Net income | 3,245 | 3,245 | ||||||
Change in accumulated other comprehensive income: | ||||||||
Unrealized gain (loss) on available-for-sale securities, net | 4,643 | 4,643 | ||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards | 93 | $ 2 | 91 | |||||
Common stock issued under Employee Stock Purchase Plan & Service Awards, Shares | 8,990 | |||||||
Cash dividends on common stock | (967) | (967) | ||||||
Cash dividends on preferred stock | (136) | (136) | ||||||
Ending Balances at Mar. 31, 2020 | $ 171,121 | $ 2,025 | $ 980 | $ 24,569 | $ 8,803 | $ 131,718 | $ 3,316 | $ (290) |
Ending Balance, Shares at Mar. 31, 2020 | 9,680,546 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 3,245 | $ 2,902 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 2,207 | 3,852 |
Depreciation | 1,036 | 940 |
Amortization of debt issuance costs | 6 | |
Amortization of fees, discounts and premiums | 260 | 217 |
Gain (loss) on sales of other real estate owned, net | 17 | |
Proceeds from sales of loans held for sale | 3,416 | 9,215 |
Origination of loans held for sale | (3,416) | (9,215) |
Decrease (increase) in mortgage servicing rights | (23) | 73 |
Realized gain on sale of premises and equipment | 2 | 10 |
Noncash lease expense | 681 | 902 |
Net change in operating assets and liabilities: | ||
Accrued interest receivable | (854) | (572) |
Other assets | 11,034 | 1,356 |
Accrued interest payable | (29) | (8) |
Lease liability | 1,050 | (828) |
Other liabilities | 1,646 | 837 |
Net cash provided by operating activities | 20,261 | 9,698 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (52,599) | (12,335) |
Maturities, prepayments and calls of available-for-sale securities | 49,326 | 13,321 |
Maturities, prepayments and calls of held-to-maturity securities | 934 | 3,672 |
Loan originations and principal collections, net | (23,432) | (39,199) |
Income from equity investment in unconsolidated subsidiary | (244) | (96) |
Dividends received from unconsolidated subsidiary | 196 | 110 |
Costs (proceeds) from FHLB stock purchase | (68) | 89 |
Proceeds from sales of other real estate owned | 40 | |
Proceeds from sales of premises and equipment | 2 | 10 |
Purchases of premises and equipment | (761) | (1,482) |
Net cash used in investing activities | (26,646) | (35,870) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 30,771 | (3,518) |
Proceeds from issuance of common stock | 93 | 73 |
Dividends paid | (1,103) | (1,099) |
Net cash provided by (used in) financing activities | 29,761 | (4,544) |
Net change in cash, cash equivalents and restricted cash | 23,376 | (30,716) |
Cash, cash equivalents and restricted cash at beginning of period | 132,116 | 155,495 |
Cash, cash equivalents and restricted cash at end of period | 155,492 | 124,779 |
Cash paid during the period for: | ||
Interest | 403 | 507 |
Income taxes | 88 | 101 |
Supplemental disclosure of noncash investing and financing activities: | ||
Net change in unrealized loss on held-to-maturity securities, net of tax | 73 | 87 |
Net change in unrealized gain (loss) on available-for-sale securities, net of tax | 4,570 | 1,493 |
Other real estate owned transferred to loans, net | $ 42 | |
Initial recognition of right-of-use asset | 32,572 | |
Initial recognition of lease liability | $ (32,369) |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | Note 1 – Nature of Business Organization The accompanying condensed consolidated financial statements include the accounts of BankGuam Holding Company (“Company”) and its wholly-owned subsidiaries, Bank of Guam (“Bank”) and BankGuam Investment Services (“BGIS”) (formerly BankGuam Investment and Insurance Services). The Company is a Guam corporation organized on October 29, 2010, to act as the holding company of the Bank, a Guam banking corporation, a 21-branch bank serving the communities in Guam, the Commonwealth of the Northern Mariana Islands (CNMI), the Federated States of Micronesia (FSM), the Republic of the Marshall Islands (RMI), the Republic of Palau (ROP), and San Francisco, California. BankGuam Investment Services was incorporated in Guam in 2015 and initially capitalized during the first quarter of 2016. During July 2016, the Company executed an agreement to purchase up to 70% of ASC Trust LLC, formerly ASC Trust Corporation, which has resulted in the Company purchasing 45% of the voting common stock of ASC Trust LLC to date. Other than holding the shares of the Bank, BGIS and ASC Trust LLC, the Company conducts no significant activities, although it is authorized, with the prior approval of its principal regulator, the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), to engage in a variety of activities related to the business of banking. Currently, substantially all of the Company’s operations are conducted and substantially all of the assets are owned by the Bank, which accounts for substantially all of our consolidated revenues, expenses and operating income. The Bank provides a variety of financial services to individuals, businesses and governments through its branches. The Bank’s headquarters is located in Hagåtña, Guam. The Bank currently has ten branches in Guam, four in the CNMI, four in the FSM, one in the RMI, one in the ROP, and one in San Francisco, California. The Bank’s primary deposit products are demand deposits, savings and time certificate accounts, and its primary lending products are consumer, commercial and real estate loans. On January 15, 2020, the FDIC notified the Bank that they have no objections to the closure of the Tumon and Malesso branches in Guam Effective April 3, 2020. The Bank proceeded with the closure of Malesso branch, however the closure of Tumon branch was delayed to assist the Bank’s customers during the COVID-19 pandemic. For ease of reference we will sometimes refer to the Company and the Bank as “we”, “us” or “our”. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | Note 2 – Summary of Significant Accounting Policies and Recent Accounting Pronouncements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all footnotes that would be required for a full presentation of financial condition, results of operations, changes in cash flows and comprehensive income in accordance with generally accepted accounting principles in the United States (“GAAP”). However, these interim financial statements reflect all adjustments (consisting of normal recurring adjustments and accruals) which, in the opinion of our management, are necessary for a fair presentation of our financial condition, results of operations and cash flows for the interim periods presented. These unaudited condensed consolidated financial statements have been prepared on a basis consistent with prior periods, and should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2019, and the notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the U.S. Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934 on March 19, 2020. Our condensed consolidated financial condition at March 31, 2020, and the condensed consolidated results of operations for the three months ended March 31, 2020, are not necessarily indicative of what our financial condition will be at December 31, 2020, or of the results of our operations that may be expected for the full year ending December 31, 2020. Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the periods presented. Actual results could differ from those estimates. Restricted Cash Interest-bearing deposits in banks that mature within one year are carried at cost. $150 thousand of these deposits are held by the Bank jointly under the names of Bank of Guam and the Guam Insurance Commissioner, and serve as a bond for the Bank of Guam Trust Department. COVID-19 The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q were issued. On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a global pandemic, which continues to spread throughout the United States and around the world. The declaration of a global pandemic indicates that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The outbreak of COVID-19 could adversely impact a broad range of industries in which the Company’s customers operate and impair their ability to fulfill their financial obligations to the Company. On March 3, 2020, the Federal Open Market Committee reduced the target range for federal funds by 50 basis points to 1.00% - 1.25%. This rate was further reduced to a target range of 0% - 0.25% on March 16, 2020. These reductions in interest rates and other effects of the COVID-19 outbreak may adversely affect the Company’s financial condition and results of operations. As a result of the spread of the COVID-19 coronavirus, economic uncertainties have risen which are likely to negatively impact net interest income and noninterest income. Due to the Company’s concerns for the health and safety of its customers and employees, the Bank has temporarily closed one of its branches in the Commonwealth of the Northern Mariana Islands and ten of its branches in Guam (including one that closed permanently in April 2020), and limited the number of customers allowed to be in its remaining facilities at any one time to 50. The Bank has also implemented a telecommuting program for those personnel who are able to perform their responsibilities remotely, provided the computer hardware and software needed to support those tasks, and established teleconferencing capabilities to reduce the number of people in attendance at all of its larger group meetings. In recognition of the potential difficulties that may be faced by our commercial and consumer customers, the Bank initiated a temporary program in March 2020 under which affected customers may have their loan payments deferred or otherwise adjusted. As of the date of this filing, the current program applies to both commercial and consumer loans, and only for a period of 90 days. Although these actions taken in response to the heightened risks posed by COVID-19 are costly, it is not possible at the time of this filing to estimate the final consequences of these impacts on economic performance or the results of the Company’s operations, its financial condition or its cash flows. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” In February 2018, the FASB issued ASU 2018-02, “ Income Statement – Reporting Comprehensive Income (Topic 220) Recently Issued but Not Yet Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)” The Company was preparing to implement ASU 2016-13 when it was scheduled to become effective January 1, 2020, but the FASB announced on October 16, 2019, a delay of the effective date for smaller reporting companies until January 1, 2023. Management expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the first reporting period in which the new standard is effective, but cannot yet estimate the magnitude of the adjustment or the overall impact of the new guidance on the Company’s financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, " Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share Pro Forma [Abstract] | |
Earnings Per Common Share | Note 3 – Earnings Per Common Share Basic earnings per common share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Potential common shares that may be issued by the Company relate to shares subscribed but not yet issued in 2020 and 2019 under the Employee Stock Purchase Plan, and are reported as dilutive options. No shares were subscribed but not issued at March 31, 2020 and 2019. Earnings per common share are computed based on reported net income, preferred stock dividends and the following common share data: Three Months Ended March 31, 2020 2019 Net income $ 3,245 $ 2,902 Less preferred stock dividends (136 ) (134 ) Net income attributable to common stockholders 3,109 2,768 Weighted average number of common shares outstanding - used to calculate basic and diluted earnings per common share 9,673 9,647 Earnings per common share: Basic $ 0.32 $ 0.29 Diluted $ 0.32 $ 0.29 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 4 – Investment Securities The amortized cost and fair value of investment securities, with gross unrealized gains and losses, follows: March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities Available-for-Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ 45,488 $ 181 $ - $ 45,669 U.S. government agency pool securities 177,405 135 (631 ) 176,909 U.S. government agency or GSE residential mortgage-backed securities 157,403 4,781 - 162,184 Total $ 380,296 $ 5,097 $ (631 ) $ 384,762 Securities Held-to-Maturity U.S. government agency and government sponsored enterprise (GSE) debt securities $ 31,794 $ 503 $ - $ 32,297 U.S. government agency pool securities 5,448 11 (45 ) 5,414 U.S. government agency or GSE residential mortgage-backed securities 11,833 278 - 12,111 Total $ 49,075 $ 792 $ (45 ) $ 49,822 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities Available-for-Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ 75,496 $ 3 $ (64 ) $ 75,435 U.S. government agency pool securities 174,543 42 (1,088 ) 173,497 U.S. government agency or GSE residential mortgage-backed securities 128,409 181 (392 ) 128,198 Total $ 378,448 $ 226 $ (1,544 ) $ 377,130 Securities Held-to-Maturity U.S. government agency and government sponsored enterprise (GSE) debt securities $ 31,723 $ 286 $ (1 ) $ 32,008 U.S. government agency pool securities 5,727 6 (70 ) 5,663 U.S. government agency or GSE residential mortgage-backed securities 12,534 67 (68 ) 12,533 Total $ 49,984 $ 359 $ (139 ) $ 50,204 At March 31, 2020, and December 31, 2019, investment securities with a carrying value of $336.8 million and $299.5 million, respectively, were pledged to secure various government deposits and to meet other public requirements. There were no sales of investment securities for the three months ended March 31, 2020 and 2019. The amortized cost and estimated fair value of investment securities by contractual maturity at March 31, 2020, and December 31, 2019, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or borrowers the right to prepay obligations with or without call or prepayment penalties. At March 31, 2020, obligations of U.S. government corporations and agencies with amortized costs totaling $429.4 million consist predominantly of Small Business Administration (“SBA”) agency pool securities totaling $182.9 million and residential mortgage-backed securities totaling $169.2 million whose contractual maturity, or principal repayment, will follow the repayment of the underlying small business loans or mortgages. For purposes of the following table, the entire outstanding balance of these SBA pools and mortgage-backed securities issued by U.S. government corporations and agencies is categorized based on final maturity date. At March 31, 2020, the Bank estimates the average remaining life of these SBA pools and mortgage-backed securities to be each approximately 2.7 years, respectively. March 31, 2020 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 39,994 $ 40,166 $ 22,161 $ 22,413 Due after one but within five years 10,837 10,835 12,142 12,379 Due after five but within ten years 102,899 104,124 6,665 6,858 Due after ten years 226,566 229,637 8,107 8,172 Total $ 380,296 $ 384,762 $ 49,075 $ 49,822 December 31, 2019 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 55,022 $ 54,980 $ 19,840 $ 19,982 Due after one but within five years 26,868 26,838 14,680 14,796 Due after five but within ten years 101,390 101,252 7,172 7,211 Due after ten years 195,168 194,060 8,292 8,215 Total $ 378,448 $ 377,130 $ 49,984 $ 50,204 Temporarily Impaired Securities The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020, and December 31, 2019. March 31, 2020 Less Than Twelve Months More Than Twelve Months Total Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Securities Available for Sale U.S. government agency pool securities $ (12 ) $ 8,216 $ (619 ) $ 102,431 $ (631 ) $ 110,647 Total $ (12 ) $ 8,216 $ (619 ) $ 102,431 $ (631 ) $ 110,647 Securities Held to Maturity U.S. government agency pool securities $ - $ - $ (45 ) $ 3,583 $ (45 ) $ 3,583 Total $ - $ - $ (45 ) $ 3,583 $ (45 ) $ 3,583 December 31, 2019 Less Than Twelve Months More Than Twelve Months Total Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Securities Available for Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ (8 ) $ 15,008 $ (56 ) $ 50,426 $ (64 ) $ 65,434 U.S. government agency pool securities (19 ) 15,619 (1,069 ) 144,607 (1,088 ) 160,226 U.S. government agency or GSE residential mortgage-backed securities (200 ) 60,439 (192 ) 21,414 (392 ) 81,853 Total $ (227 ) $ 91,066 $ (1,317 ) $ 216,447 $ (1,544 ) $ 307,513 Securities Held to Maturity U.S. government agency and government sponsored enterprise (GSE) debt securities $ (1 ) $ 2,010 $ - $ - $ (1 ) $ 2,010 U.S. government agency pool securities - - (70 ) 3,767 (70 ) 3,767 U.S. government agency or GSE residential mortgage-backed securities (3 ) 3,483 (65 ) 5,014 (68 ) 8,497 Total $ (4 ) $ 5,493 $ (135 ) $ 8,781 $ (139 ) $ 14,274 The investment securities that were in an unrealized loss position as of March 31, 2020, comprised a total of 68 Small Business Administration (“SBA”) Pool securities, which were not other-than-temporarily impaired. Total gross unrealized losses were primarily attributable to changes in market interest rates, relative to when the investment securities were purchased, and not due to any change in the credit quality of the investment securities. The Company does not intend to sell the investment securities that were in an unrealized loss position and it is not likely that the Company will be required to sell the investment securities before recovery of their amortized cost, which may be at maturity. However, the Company may elect to sell certain investment securities with an unrealized loss position in its “available for sale” portfolio as needed to replenish its liquidity. Investment in Unconsolidated Subsidiary On July 1, 2019, with the approval of the Federal Reserve Bank of San Francisco, the Company used $4.1 million of the proceeds from the subordinated notes totaling $15.0 million that were issued on June 27, 2019, to acquire an additional 20% of the voting common stock of ASC Trust LLC at the second closing, pursuant to the Stock Purchase Agreement (the “Agreement”) dated May 27, 2016, between the Company and David J. John, as amended to date. This transaction brought the Company’s non-controlling interest in ASC Trust LLC to 45%. The Company’s Chief Executive Officer serves on the Board of Directors of ASC Trust LLC. Another of the Company’s Board members also serves as a non-minority voting member of an entity that owns 10% of the common stock of ASC Trust LCC. See “Note 13 – Subordinated Debt” for more detailed information on the subordinated notes. The Agreement provides for the acquisition of an additional 25% of the stock of ASC Trust LLC in April 2021, with the future purchase subject to regulatory approval. The Agreement contains customary warranties, representations and indemnification provisions. |
Loans Held for Sale, Loans and
Loans Held for Sale, Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans Held for Sale, Loans and Allowance for Loan Losses | Note 5 – Loans Held for Sale, Loans and Allowance for Loan Losses Loans Held for Sale In its normal course of business, the Bank originates mortgage loans held for sale to the FHLMC. The Bank has elected to measure its residential mortgage loans held for sale at cost. Origination fees and costs are recognized in earnings at the time of origination. Loans are sold to FHLMC at par. During the three months ended March 31, 2020, the Bank originated $3.4 million and sold approximately $3.4 million in FHLMC mortgage loans. During the three months ended March 31, 2019, the Bank originated approximately $3.6 million and sold approximately $8.4 million in FHLMC loans Mortgage loans serviced for others are not included in the accompanying condensed consolidated statements of financial condition. The unpaid principal balances of mortgage loans serviced for others were $186.4 million at March 31, 2020, and $189.5 million at December 31, 2019. The decrease of $3.1 million (1.6%) during the three months ended March 31, 2020, was due to the principal paydowns during the period. We retain mortgage servicing rights on mortgage loans that we sell. Such rights represent the net positive cash flows generated from the servicing of such mortgage loans and we recognize such rights as assets on our statements of financial condition based on their estimated fair values. We receive servicing fees, less any subservicing costs, on the unpaid principal balances of such mortgage loans. Those fees are collected from the monthly payments made by the mortgagors or from the proceeds of the sale or foreclosure and liquidation of the underlying real property collateralizing the loans. At March 31, 2020, and December 31, 2019, mortgage servicing rights each totaled $1.7 million, respectively, and are included in other assets in the accompanying condensed consolidated statements of financial condition. The Bank accounts for mortgage servicing rights at fair value with changes in fair value recorded as a part of service fees and charges in the condensed consolidated statements of income. Loans Outstanding loan balances are presented net of unearned income, deferred loan fees, and unamortized discount and premium totaling $2.7 million at March 31, 2020, and $2.9 million at December 31, 2019. Loans subject to ASC Topic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” The loan portfolio consisted of the following at: March 31, 2020 December 31, 2019 Amount Percent Amount Percent Commercial Commercial & industrial $ 279,746 21.1 % $ 282,426 21.6 % Commercial mortgage 608,297 45.8 % 591,364 45.3 % Commercial construction 83,302 6.3 % 71,101 5.4 % Commercial agriculture 655 0.0 % 664 0.1 % Total commercial 972,000 73.2 % 945,555 72.4 % Consumer Residential mortgage 124,472 9.4 % 124,250 9.5 % Home equity 2,749 0.2 % 2,685 0.2 % Automobile 21,083 1.6 % 21,631 1.7 % Other consumer loans 1 207,957 15.6 % 211,884 16.2 % Total consumer 356,261 26.8 % 360,450 27.6 % Gross loans 1,328,261 100.0 % 1,306,005 100.0 % Deferred loan (fees) costs, net (2,657 ) (2,863 ) Allowance for loan losses (29,065 ) (27,870 ) Loans, net $ 1,296,539 $ 1,275,272 1 Comprised of other revolving credit, installment loans, and overdrafts. Paycheck Protection Program With the passage of the Paycheck Protection Program (“PPP”), administered by the Small Business Administration (“SBA”), the Bank is actively participating in assisting its customers with applications for resources through the program. PPP loans have a two-year term and earn interest at 1%. The Bank believes that the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. As of April 30, 2020, the Bank has approved over $90.0 million in PPP loans. The Bank has already funded a portion of the PPP loans in April 2020 and expects to fully fund them by the end of May 2020. It is the Bank’s understanding that loans funded through the PPP program are fully guaranteed by the U.S. government. Should those circumstances change, the Bank could be required to establish additional allowance for loan loss through additional credit loss expense charged to earnings. Allowance for Loan Losses The allowance for loan losses is evaluated on a quarterly basis by Bank management, and is based upon management’s periodic review of the collectability of loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available or conditions change. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. ASC 310-10 defines an impaired loan as one for which there is uncertainty concerning collection of all principal and interest per the original contractual terms of the loan. For those loans that are classified as impaired, an allowance is established when the discounted cash flow (or the collateral value or the observable market price) of the impaired loan is lower than the carrying value of the loan. The general component covers unimpaired loans, and is estimated using a loss migration analysis based on historical charge-off experience and expected loss, given the default probability derived from the Bank’s internal risk rating process. The loss migration analysis tracks twelve rolling quarters of loan loss history and industry loss factors to determine historical losses by classification category for each loan type, except certain consumer loans. These calculated loss factors are then applied to outstanding loan balances for all non-impaired loans. Additionally, a qualitative factor that is determined utilizing external economic factors and internal assessments is applied to each homogeneous loan pool. We also conduct individual loan review analyses, as part of the allowance for loan loss allocation process, applying specific monitoring policies and procedures in analyzing the existing loan portfolio. In the three months ended March 31, 2020, management adjusted the economic risk factor methodology to incorporate the current economic implications, which includes receding tourism and rising unemployment due to the COVID-19 pandemic. Set forth below is a summary of the Bank’s activity in the allowance for loan losses during the three months ended March 31, 2020 and 2019, and the year ended December 31, 2019: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Year Ended December 31, 2019 Balance, beginning of period $ 27,870 $ 23,774 $ 23,774 Provision for loan losses 2,207 3,852 9,788 Recoveries on loans previously charged off 480 477 2,213 Charged off loans (1,492 ) (2,001 ) (7,905 ) Balance, end of period $ 29,065 $ 26,102 $ 27,870 Set forth below is information regarding loan balances and the related allowance for loan losses, by portfolio type, for the three months ended March 31, 2020 and 2019, and the year ended December 31, 2019, respectively. Commercial Residential Mortgages Consumer Total (Dollars in thousands) Three Months Ended March 31, 2020 Allowance for loan losses: Balance at beginning of period $ 18,360 $ 1,490 $ 8,020 $ 27,870 Charge-offs - - (1,492 ) (1,492 ) Recoveries 5 - 475 480 Provision 1,223 402 582 2,207 Balance at end of period $ 19,588 $ 1,892 $ 7,585 $ 29,065 Allowance balance at end of period related to: Loans individually evaluated for impairment $ 4,156 $ 2 $ 396 $ 4,554 Loans collectively evaluated for impairment 15,432 1,890 7,189 24,511 Ending balance $ 19,588 $ 1,892 $ 7,585 $ 29,065 Loan balances at end of period: Loans individually evaluated for impairment $ 33,916 $ 4,416 $ 415 $ 38,747 Loans collectively evaluated for impairment 938,084 122,805 228,625 1,289,514 Ending balance $ 972,000 $ 127,221 $ 229,040 $ 1,328,261 Three Months Ended March 31, 2019 Allowance for loan losses: Balance at beginning of period $ 14,887 $ 1,648 $ 7,239 $ 23,774 Charge-offs (210 ) - (1,791 ) (2,001 ) Recoveries 4 2 471 477 Provision 2,664 (196 ) 1,384 3,852 Ending balance $ 17,345 $ 1,454 $ 7,303 $ 26,102 Allowance balance at end of period related to: Loans individually evaluated for impairment $ 7,107 $ 59 $ 1,495 $ 8,661 Loans collectively evaluated for impairment 10,238 1,395 5,808 17,441 Ending balance $ 17,345 $ 1,454 $ 7,303 $ 26,102 Loan balances at end of period: Loans individually evaluated for impairment $ 24,812 $ 4,891 $ 1,668 $ 31,371 Loans collectively evaluated for impairment 870,442 128,270 246,119 1,244,831 Ending balance $ 895,254 $ 133,161 $ 247,787 $ 1,276,202 Year Ended December 31, 2019 Allowance for loan losses: Balance at beginning of year $ 14,887 $ 1,648 $ 7,239 $ 23,774 Charge-offs (1,599 ) - (6,306 ) (7,905 ) Recoveries 37 67 2,109 2,213 Provision 5,035 (225 ) 4,978 9,788 Ending balance $ 18,360 $ 1,490 $ 8,020 $ 27,870 Allowance balance at end of year related to: Loans individually evaluated for impairment $ 6,105 $ 2 $ 1,657 $ 7,764 Loans collectively evaluated for impairment 12,255 1,488 6,363 20,106 Ending balance $ 18,360 $ 1,490 $ 8,020 $ 27,870 Loan balances at end of year: Loans individually evaluated for impairment $ 34,185 $ 3,758 $ 1,808 $ 39,751 Loans collectively evaluated for impairment 911,370 123,177 231,707 1,266,254 Ending balance $ 945,555 $ 126,935 $ 233,515 $ 1,306,005 Credit Quality The following table provides a summary of the delinquency status of the Bank’s loans by portfolio type: 30-59 Days Past Due 60-89 Days Past Due 90 Days and Greater Non- Accrual 90 Days and Greater Still Accruing Total Past Due Current Total Loans Outstanding March 31, 2020 Commercial Commercial & industrial $ 4,972 $ 530 $ 3,701 $ 406 $ 9,609 $ 270,137 $ 279,746 Commercial mortgage 17,941 592 2,384 - 20,917 587,380 608,297 Commercial construction - - - - - 83,302 83,302 Commercial agriculture - - - - - 655 655 Total commercial 22,913 1,122 6,085 406 30,526 941,474 972,000 Consumer Residential mortgage 6,468 5,155 1,172 337 13,132 111,340 124,472 Home equity - - - - - 2,749 2,749 Automobile 1,820 376 - 313 2,509 18,574 21,083 Other consumer 1 4,746 1,841 32 2,033 8,652 199,305 207,957 Total consumer 13,034 7,372 1,204 2,683 24,293 331,968 356,261 Total $ 35,947 $ 8,494 $ 7,289 $ 3,089 $ 54,819 $ 1,273,442 $ 1,328,261 December 31, 2019 Commercial Commercial & industrial $ 15,924 $ - $ 4,076 $ - $ 20,000 $ 262,426 $ 282,426 Commercial mortgage 1,490 358 2,698 - 4,546 586,818 591,364 Commercial construction - - - - - 71,101 71,101 Commercial agriculture - - - - - 664 664 Total commercial 17,414 358 6,774 - 24,546 921,009 945,555 Consumer Residential mortgage 5,318 3,515 1,214 187 10,234 114,016 124,250 Home equity - - - - - 2,685 2,685 Automobile 1,241 278 - 93 1,612 20,019 21,631 Other consumer 1 2,991 1,515 96 1,510 6,112 205,772 211,884 Total consumer 9,550 5,308 1,310 1,790 17,958 342,492 360,450 Total $ 26,964 $ 5,666 $ 8,084 $ 1,790 $ 42,504 $ 1,263,501 $ 1,306,005 1 Comprised of other revolving credit, installment loans, and overdrafts. Generally, the accrual of interest on a loan is discontinued when principal or interest payments become more than 90 days past due, unless management believes the loan is adequately collateralized and is in the process of collection, with the exception of automobile and other consumer loans which, rather than being placed on non-accrual status, are charged off once they become 120 days delinquent. When a loan is placed on non-accrual status, previously accrued but unpaid interest is reversed against current income. Subsequent collections of cash are applied as principal reductions when received, except when the ultimate collectability of principal is probable, in which case interest payments are credited to income. Non-accrual loans may be restored to accrual status when principal and interest become current and full repayment is expected. The following table provides information as of March 31, 2020, and December 31, 2019, with respect to loans on non-accrual status, by portfolio type: March 31, 2020 December 31, 2019 (Dollars in thousands) Non-accrual loans: Commercial Commercial & industrial $ 10,250 $ 10,587 Commercial mortgage 8,457 8,100 Commercial construction - - Commercial agriculture - - Total commercial 18,707 18,687 Consumer Residential mortgage $ 3,485 $ 3,370 Home equity - - Automobile - - Other consumer 1 109 206 Total consumer 3,594 3,576 Total non-accrual loans $ 22,301 $ 22,263 1 Comprised of other revolving credit, installment loans, and overdrafts. Credit Quality Indicators The Bank uses several credit quality indicators to manage credit risk, including an internal credit risk rating system that categorizes loans into pass, special mention, substandard, formula classified, doubtful or loss categories. Credit risk ratings are applied individually to those classes of loans that have significant or unique credit characteristics and that benefit from a case-by-case evaluation. These are typically loans to businesses or individuals in the classes which comprise the commercial portfolio segment. Groups of loans that are underwritten and structured using standardized criteria and characteristics, such as statistical models (e.g., credit scoring or payment performance), are typically risk-rated and monitored collectively. These are typically loans to individuals in the classes which comprise the consumer portfolio segment. The following are the definitions of the Bank’s credit quality indicators: Pass (A): Exceptional: Essentially risk-free credit. These are loans of the highest quality that pose virtually no risk of loss to the Bank. This includes loans fully collateralized by means of a savings account(s) and time certificate(s) of deposit, and by at least 110% of the loan amount. Borrowers should have strong financial statements, good liquidity and excellent credit. Pass (B): Standard: Multiple, strong sources of repayment. These are loans to borrowers with a demonstrated history of financial and managerial performance. The risk of loss is considered to be low. Loans are well-structured, with clearly identified primary and readily available secondary sources of repayment. These loans may be secured by an equal amount of funds in a savings account or time certificate of deposit. These loans may also be secured by marketable collateral whose value can be reasonably determined through outside appraisals. The borrower characteristically has well supported cash flows and low leverage. Pass (C): Acceptable: Good primary and secondary sources of repayment. These are loans to borrowers of average financial condition, stability and management expertise. The borrower should be a well-established individual or company with adequate financial resources to withstand short-term fluctuations in the marketplace. The borrower’s financial ratios and trends are favorable. The loans may be unsecured or supported by non-real estate collateral for which the value is more difficult to determine, represent a reasonable credit risk and require an average amount of account officer attention. The borrower’s ability to repay unsecured credit is to be of unquestionable strength. Pass (D): Monitor: Sufficient primary sources of repayment and an acceptable secondary source of repayment. Acceptable business or individual credit, but the borrower’s operations, cash flows or financial conditions carry average levels of risk. These loans are considered to be collectable in full, but may require a greater-than-average amount of loan officer monitoring. Borrowers are capable of absorbing normal setbacks without failing to meet the terms of the loan agreement. Special Mention: A Special Mention asset has potential weaknesses that deserve a heightened degree of monitoring. These potential weaknesses may result in a deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. The Special Mention classification should neither be a compromise between a pass grade and substandard, nor should it be a “catch all” grade to identify any loan that has a policy exception. Substandard: A Substandard asset is inadequately protected by the current sound worth and payment capacity of the obligor or the collateral pledged. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Assets classified as substandard are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Formula Classified: Formula Classified loans are all loans and credit cards delinquent 90 days and over which have yet to be formally classified Special Mention, Substandard or Doubtful by the Bank’s Loan Committee. In most instances, the monthly formula total is comprised primarily of residential real estate loans, consumer loans, credit cards and commercial loans under $250 thousand. However, commercial loans are typically formally classified by the Loan Committee no later than their 90-day delinquency, and those do not become part of the formula classification. Real estate loans 90-days delinquent that are in the foreclosure process, which is typically completed within another 60 days, are not formally classified during this period. Doubtful: A loan with weaknesses well enough defined that eventual repayment in full, on the basis of currently existing facts, conditions and values, is highly questionable, even though certain factors may be present which could improve the status of the loan. The probability of some loss is extremely high, but because of certain known factors that may work to the advantage of strengthening of the assets (i.e. capital injection, perfecting liens on additional collateral, refinancing plans, etc.), its classification as an estimated loss is deferred until its more exact status can be determined. Loss: Loans classified as “Loss” are considered uncollectible, and are either unsecured or are supported by collateral that is of little to no value. As such, their continuance as recorded assets is not warranted. While this classification does not mandate that a loan has no ultimate recovery value, losses should be taken in the period during which these loans are deemed to be uncollectible. Loans identified as loss are immediately approved for charge-off. The Bank may refer loans to outside collection agencies, attorneys, or its internal collection division to continue collection efforts. Any subsequent recoveries are credited to the Allowance for Loan Losses. The Bank classifies its loan portfolios using internal credit quality ratings, as discussed above under Allowance for Loan Losses March 31, 2020 December 31, 2019 Increase (Decrease) (Dollars in thousands) Pass: Commercial & industrial $ 234,845 $ 247,202 $ (12,357 ) Commercial mortgage 569,085 551,459 17,626 Commercial construction 83,302 71,101 12,201 Commercial agriculture 655 664 (9 ) Residential mortgage 119,877 119,851 26 Home equity 2,749 2,685 64 Automobile 21,082 21,538 (456 ) Other consumer 207,533 210,165 (2,632 ) Total pass loans $ 1,239,128 $ 1,224,665 $ 14,463 Special Mention: Commercial & industrial $ 14,371 $ 3,641 $ 10,730 Total special mention loans $ 14,371 $ 3,641 $ 10,730 Substandard: Commercial & industrial $ 21,059 $ 21,597 $ (538 ) Commercial mortgage 37,988 38,414 (426 ) Residential mortgage 751 762 (11 ) Other consumer 11 12 (1 ) Total substandard loans $ 59,809 $ 60,785 $ (976 ) Formula Classified: Residential mortgage $ 3,844 $ 3,637 $ 207 Automobile 1 93 (92 ) Other consumer 413 1,707 (1,294 ) Total formula classified loans $ 4,258 $ 5,437 $ (1,179 ) Doubtful: Commercial & industrial $ 9,471 $ 9,986 $ (515 ) Commercial mortgage 1,224 1,491 (267 ) Total doubtful loans $ 10,695 $ 11,477 $ (782 ) Total outstanding loans, gross $ 1,328,261 $ 1,306,005 $ 22,256 As the above table indicates, the Bank’s total gross loans approximated $1.33 billion at March 31, 2020, up $22.3 million from $1.31 billion at December 31, 2019. The disaggregation of the portfolio by risk rating in the table reflects the following changes between December 31, 2019, and March 31, 2020: • Loans rated “pass” increased by $14.5 million, to $1.24 billion at March 31, 2020, from $1.22 billion at December 31, 2019. The increase is primarily attributed to increases in commercial mortgage loans by $17.6 million and commercial construction loans by $12.2 million. These increases were partially offset by decreases in commercial & industrial loans by $12.4 million, other consumer loans by $2.6 million, and automobile loans by $456 thousand. The increase in commercial mortgage is due to new loans, while the increase in commercial construction loans were due to new loans totaling $12.0 million and additional disbursements of $3.0 million. These increases were offset by $1.6 million in pay downs and one loan totaling $1.2 million in construction that was completed and reallocated to commercial mortgage category. The decrease in commercial & industrial was due to $28.0 million in pay offs, $11.3 million in pay downs and $5.6 million in one loan relationship that was classified to “special mention”, offset by $19.6 million in new loans and $12.9 million in additional disbursements. The decrease in other consumer are due to $13.4 million in pay downs, $11.4 million in payoffs, $428 thousand in charge-offs and $43 thousand classified to “formula”. These decreases were largely offset by $23.1 million in loans funded during the quarter. The decrease in automobile loans is due to pay downs and payoffs. • The “special mention” category increased by $10.7 million, to $14.4 million at March 31, 2020, from $ 3.6 million at December 31, 2019. This is attributed to an increase in commercial & industrial loans by $10.7 million, primarily as a result of one loan relationship totaling $5.6 million reclassified to “special mention”. In addition, there were new loans from the same relationship totaling $5.6 million. • Loans classified as “substandard” decreased by $976 thousand, to $59.8 million at March 31, 2020, from $60.8 million at December 31, 2019. The decrease was the result of commercial & industrial primarily due to $527 thousand in pay downs. The decrease in substandard commercial mortgage loans by $426 thousand is due to pay downs. • The “formula classified” category decreased by $1.2 million, to $4.3 million at March 31, 2020, from $5.4 million at December 31, 2019. The decrease is due primarily to a decrease of other consumer loans in that category by $1.3 million due to COVID-19 loan deferrals. • The “doubtful” category decreased by $782 thousand, to $10.7 million at March 31, 2020, from $11.5 million at December 31, 2019. The decrease of $515 thousand in commercial & industrial loans were due to paydowns, while the decrease of $267 thousand in commercial mortgage was primarily due to one loan payoff of $260 thousand. Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due according to the original contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans include loans that are in non-accrual status and other loans that have been modified in Troubled Debt Restructurings (TDRs), where economic concessions have been granted to borrowers experiencing financial difficulties. These concessions typically result from the Bank’s loss mitigation actions, and could include reductions in the interest rate, payment extensions, forbearance, or other actions taken with the intention of maximizing collections. Impairment is measured on a loan-by-loan basis for commercial and real estate loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral (if the loan is collateral-dependent). Large groups of smaller-balance homogeneous loans, such as consumer loans, are collectively evaluated for impairment. Impairment reserves for these groups of consumer loans are determined using historical loss given default rates for similar loans. The following table sets forth information regarding non-accrual loans and restructured loans, at March 31, 2020, and December 31, 2019: March 31, 2020 December 31, 2019 (Dollars in thousands) Impaired loans: Restructured loans: Non-accruing restructured loans $ 6,630 $ 7,293 Accruing restructured loans 14,782 15,191 Total restructured loans 21,412 22,484 Other impaired loans 17,335 17,267 Total impaired loans $ 38,747 $ 39,751 Impaired loans less than 90 days delinquent and included in total impaired loans $ 30,206 $ 29,704 The table below contains additional information with respect to impaired loans, by portfolio type, at March 31, 2020, and December 31, 2019: Recorded Investment Unpaid Principal Balance Average Recorded Investment Interest Income Recognized (Dollars in thousands) March 31, 2020, With no related allowance recorded: Commercial & industrial $ 25,056 $ 25,981 $ 6,264 $ 88 Commercial mortgage 8,490 8,490 2,122 - Commercial construction - - - - Commercial agriculture - - - - Residential mortgage 901 901 225 (390 ) Home equity - - - - Automobile - - - - Other consumer - - - - Total impaired loans with no related allowance $ 34,447 $ 35,372 $ 8,611 $ (302 ) March 31, 2020, With a related allowance recorded: Commercial & industrial $ 267 $ 493 $ 67 $ 3 Commercial mortgage 103 118 26 - Commercial construction - - - - Commercial agriculture - - - - Residential mortgage 3,516 3,526 879 (6 ) Home equity - - - - Automobile 1 1 - - Other consumer 413 413 103 - Total impaired loans with a related allowance $ 4,300 $ 4,551 $ 1,075 $ (3 ) December 31, 2019, With no related allowance recorded: Commercial & industrial $ 25,702 $ 26,627 $ 20,734 $ 105 Commercial mortgage 8,138 8,138 9,230 (1 ) Commercial construction - - - - Commercial agriculture - - - - Residential mortgage 379 379 115 (174 ) Home equity - - - - Automobile - - - - Other consumer - - - - Total impaired loans with no related allowance $ 34,219 $ 35,144 $ 30,079 $ (70 ) December 31, 2019, With a related allowance recorded: Commercial & industrial $ 247 $ 472 $ 214 $ 1 Commercial mortgage 98 114 79 - Commercial construction - - - - Commercial agriculture - - - - Residential mortgage 3,379 3,400 4,260 (6 ) Home equity - - - - Automobile 93 93 97 2 Other consumer 1,715 1,716 1,516 18 Total impaired loans with a related allowance $ 5,532 $ 5,795 $ 6,166 $ 15 Troubled Debt Restructurings In accordance with FASB’s Accounting Standards Update No. 2011-02, “A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring” P.L. 116-136, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) provided guidance around the modification of loans as a result of the COVID-19 pandemic, which outlined, among other criteria, that short-term modifications made on a good faith basis to borrowers who were current as defined by the CARES Act prior to any relief, are not TDRs. This includes short-term (e.g. six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers are considered current under the CARES Act if they are less than 30 days past due on their contractual payments at the time a modification program is implemented. Additional information regarding performing and nonperforming TDRs at March 31, 2020, and December 31, 2019, is set forth in the following table: Number of Pre- Modification Outstanding Recorded Principal Post- Modification Outstanding Recorded Outstanding Balance Loans Investment Modifications Investment March 31, 2020 December 31, 2019 Performing Residential mortgage 1 $ 27 $ - $ 27 $ 26 $ 26 Commercial mortgage 5 16,074 - 16,074 14,756 15,165 Automobile - - - - - - Consumer - - - - - - Total performing 6 $ 16,101 $ - $ 16,101 $ 14,782 $ 15,191 Nonperforming Residential mortgage - $ - $ - $ - $ - $ - Commercial mortgage 16 11,025 - 11,025 6,630 7,293 Automobile - - - - - - Consumer - - - - - - Total nonperforming 16 $ 11,025 $ - $ 11,025 $ 6,630 $ 7,293 Total Troubled Debt Restructurings (TDRs) 22 $ 27,126 $ - $ 27,126 $ 21,412 $ 22,484 Principal modification includes principal forgiveness at the time of modification, contingent principal forgiveness granted over the life of the loan based on borrower performance, and principal that has been legally separated and deferred to the end of the loan, with zero percent contractual interest rate. In an effort to constructively work with borrowers affected by the COVID-19 pandemic, the Bank initiated a temporary program in March 2020 to allow for 90-day deferrals for residential mortgage and commercial loans upon request from the borrower, and a 90-day deferral for all consumer and automobile loans. The Bank did not identify consumer loans that were deferred and were over 30 days delinquent as TDRs due to the dollar amounts of the loans. However, management did identify a specific reserve for consumer loans over 90 days that were deferred and increased its environmental factors for the reserve to account for the effects of the COVID-19 pandemic. There were no defaults on troubled debt restructurings following the modification during the three months ended March 31, 2020 and 2019. The Bank has two significant borrowing relationships in bankruptcy. The Bank has calculated a specific reserve within the allowance for one of the borrowing relationships in bankruptcy in the amount of $4.2 million, and has sufficient collateral for the other borrowing relationship. The Bank’s management believes that at March 31, 2020, there is sufficient coverage to protect the Bank’s exposure to both relationships. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies The Bank is involved in certain legal actions and claims that arise in the ordinary course of business. Management believes that, as a result of its legal defenses and insurance arrangements, none of these matters is expected to have a material adverse effect on the Bank’s, BGIS’s or the Company’s financial condition, results of operations or cash flows. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 3 Months Ended |
Mar. 31, 2020 | |
Banking And Thrift [Abstract] | |
Regulatory Capital Requirements | Note 7 – Regulatory Capital Requirements The Bank is subject to various regulatory capital requirements administered by the United States 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 Bank’s, BGIS’s and the Company’s condensed consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items, as calculated under regulatory accounting practices. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table) of Total and Tier 1 capital (as defined in the regulations) to risk weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). As of March 31, 2020, and December 31, 2019, the Bank met all capital adequacy requirements to which it is subject. As of March 31, 2020, the Bank’s capital ratios each exceeded the Federal Deposit Insurance Corporation’s well capitalized standards under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum Total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the Bank’s last regulatory examination that management believes have changed the Bank’s category. The Bank anticipates a large influx of deposits from the federal relief programs due to the COVID-19 pandemic, and understands the adverse impact it will have on its Tier 1 capital (to average assets). Management believes that is has the capacity to absorb the growth in total assets, and the tools needed to move deposits off of its balance sheet through its Trust services to continue to be above the well capitalized standards under the regulatory framework for prompt corrective action. The Company’s actual capital amounts and ratios as of March 31, 2020, and December 31, 2019, are presented in the table below. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio At March 31, 2020: Total capital (to Risk Weighted Assets) $ 199,415 14.450 % $ 110,402 8.000 % $ 138,002 10.000 % Tier 1 capital (to Risk Weighted Assets) $ 167,022 12.103 % $ 82,801 6.000 % $ 110,402 8.000 % Tier 1 capital (to Average Assets) $ 167,022 8.382 % $ 79,710 4.000 % $ 99,637 5.000 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 157,239 11.394 % $ 62,101 4.500 % $ 89,701 6.500 % At December 31, 2019: Total capital (to Risk Weighted Assets) $ 197,000 14.417 % $ 109,313 8.000 % $ 136,641 10.000 % Tier 1 capital (to Risk Weighted Assets) $ 164,787 12.060 % $ 81,985 6.000 % $ 109,313 8.000 % Tier 1 capital (to Average Assets) $ 164,787 8.418 % $ 78,298 4.000 % $ 97,873 5.000 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 155,005 11.344 % $ 61,489 4.500 % $ 88,817 6.500 % |
Off-Balance-Sheet Activities
Off-Balance-Sheet Activities | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Off-Balance-Sheet Activities | Note 8 – Off-Balance-Sheet Activities The Bank is a party to credit-related financial instruments with off-balance-sheet risk to meet the financing needs of its customers in the normal course of business. These financial instruments include commitments to extend credit, standby letters of credit, and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in addition to the amount reflected in the condensed consolidated financial statements. The Bank’s exposure to credit loss, in the event of nonperformance by the other parties to financial instruments for loan commitments and letters of credit, is represented by the contractual amount of these instruments. The Bank follows the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of financial instruments with off-balance-sheet risk at March 31, 2020, and December 31, 2019, is as follows: March 31, 2020 December 31, 2019 Commitments to extend credit $ 145,768 $ 157,463 Letters of credit: Standby letters of credit $ 57,489 $ 58,182 Commercial letters of credit 1,518 513 Total $ 59,007 $ 58,695 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for some lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the customer. Commercial and standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party or the shipment of merchandise from a third party. These letters of credit are primarily issued to support public and private borrowing arrangements. The majority of all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers, and similar credit underwriting standards are applied. The Bank generally holds collateral supporting those commitments. The Bank considers its standby and other letters of credit to be payment guarantees. At March 31, 2020, the maximum undiscounted future payments that the Bank could be required to make for all outstanding letters of credit were $59.0 million. All of these arrangements mature within one year. The Bank has recourse to recover from the customer any amounts paid under these guarantees. Most of the guarantees are fully collateralized; however, several are unsecured. The Bank had recorded $36 thousand in reserve liabilities associated with these guarantees at March 31, 2020. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes We record an amount equal to the tax credits, tax loss carry-forwards and tax deductions (“tax benefits”) that we believe will be available to offset or reduce the amounts of income taxes in future periods as a deferred tax asset on our condensed consolidated statements of financial condition. Under applicable federal and state income tax laws and regulations in the United States, such tax benefits will expire if not used within specified periods of time. Accordingly, the ability to fully use the deferred tax asset depends on the amount of taxable income that we generate during those time periods. At least once each year, or more frequently if warranted, we make an estimates of future taxable income that we believe we are likely to generate during those future periods. If we conclude, on the basis of those estimates and the amount of the tax benefits available to us, that it is more likely than not that we will be able to fully utilize those tax benefits prior to their expiration, we recognize the deferred tax asset in full on our balance sheet. On the other hand, if we conclude on the basis of those estimates and the amount of the tax benefits available to us that it has become more likely than not that we will be unable to utilize those tax benefits in full prior to their expiration, then we would establish a (or increase any existing) valuation allowance to reduce the deferred tax asset on our balance sheet to the amount which we believe we are more likely than not to be able to utilize. Such a reduction is implemented by recognizing a non-cash charge that would have the effect of increasing the provision, or reducing any credit, for income taxes that we would otherwise have recorded in our condensed consolidated statements of income. The determination of whether and the extent to which we will be able to utilize our deferred tax asset involves significant management judgments and assumptions that are subject to period-to-period changes as a result of changes in tax laws, changes in the market, or economic conditions that could affect our operating results or variances between our actual operating results and our projected operating results, as well as other factors. A valuation allowance of $1.8 million has been provided at March 31, 2020, and December 31, 2019, to reduce the deferred tax asset because, in management’s opinion, it is more likely than not that less than the entire amount will be realized. The portion of the deferred tax asset with valuation allowance is attributable to a cumulative net operating loss carry forward from the Bank’s CNMI operations, which losses management anticipates will continue. The charge from the net operating loss has already been realized in the accompanying condensed consolidated statements of income as a result of the Guam income tax code. The difference between the effective income tax expense and the income tax expense computed at the Guam statutory rate of 21% was due to nontaxable interest income earned on loans to the Government of Guam. In addition to filing a federal income tax return in Guam, the Bank files income tax returns in the CNMI and the State of California. The Bank is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2012. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10 – Fair Value Measurements The Bank uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with ASC Topic 820 “Fair Value Measurements and Disclosures” Fair Value Hierarchy In accordance with the guidance of ASC Topic 820, the Bank groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1: Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets measured at fair value on a recurring basis as of March 31, 2020, and December 31, 2019, are as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total At March 31, 2020 U.S. treasury notes and bonds $ 35,157 $ - $ - $ 35,157 U.S. government agency and government sponsored enterprise (GSE) debt securities - 10,512 - 10,512 U.S. government agency pool securities - 176,909 - 176,909 U.S. government agency or GSE - 162,184 - 162,184 Total fair value of available-for-sale securities 35,157 349,605 - 384,762 Other assets: MSRs - - 1,744 1,744 Total fair value $ 35,157 $ 349,605 $ 1,744 $ 386,506 At December 31, 2019 U.S. treasury notes and bonds $ 44,978 $ - $ - $ 44,978 U.S. government agency and government sponsored enterprise (GSE) debt securities - 30,457 - 30,457 U.S. government agency pool securities - 173,497 - 173,497 U.S. government agency or GSE - 128,198 - 128,198 Total fair value of available-for-sale securities 44,978 332,152 - 377,130 Other assets: MSRs - - 1,704 1,704 Total fair value $ 44,978 $ 332,152 $ 1,704 $ 378,834 There were no liabilities measured at fair value on a recurring basis as of March 31, 2020, and December 31, 2019. For the periods ended March 31, 2020, and December 31, 2019, the changes in Level 3 assets measured at fair value on a recurring basis are as follows: March 31, 2020 December 31, 2019 Beginning balance $ 1,704 $ 1,778 Realized and unrealized net gains: Included in net income 40 (74 ) Ending balance $ 1,744 $ 1,704 The valuation technique used for Level 3 mortgage servicing rights (“MSRs”) is their discounted cash flow. Inputs considered in determining Level 3 pricing include the anticipated prepayment rates, discount rates, and cost to service. Significant increases or decreases in any of those inputs in isolation would result in a significantly lower or higher fair value measurement. The following table presents quantitative information about the valuation technique and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis: Estimated Fair Value Valuation Technique Unobservable Inputs Range of Inputs Weighted Average Rate March 31, 2020 Financial instrument: MSRs $ 1,744 Discounted Cash Flow Discount Rate 7.51% - 8.47% 7.70% Weighted Average Prepayment Rate (Public Securities Association) 125% December 31, 2019 Financial instrument: MSRs $ 1,704 Discounted Cash Flow Discount Rate 7.51% - 8.47% 7.70% Weighted Average Prepayment Rate (Public Securities Association) 125% There were no transfers into or out of the Bank’s Level 3 financial instruments for the periods ended March 31, 2020, and December 31, 2019. Nonrecurring Fair Value Measurements Under certain circumstances, the Bank makes adjustments to fair value for assets and liabilities even though they are not measured at fair value on an ongoing basis. The following table presents the financial instruments carried on the condensed consolidated statements of financial condition by caption and by level in the fair value hierarchy at March 31, 2020, and December 31, 2019, for which a nonrecurring change in fair value has been recorded: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2020 Other assets Other real estate owned $ - $ - $ 50 $ 50 December 31, 2019 Other assets Other real estate owned $ - $ - $ 8 $ 8 The fair value of loans subject to write downs is estimated using the appraised value of the underlying collateral, discounted as necessary due to management’s estimates of changes in economic conditions. Additionally, the Bank also makes adjustments to nonfinancial assets and liabilities even though they are not measured at fair value on an ongoing basis. With the exception of other real estate owned, the Bank does not The following methods and assumptions were used by the Bank in estimating fair value disclosures for financial instruments: Cash and Cash Equivalents The carrying amount of cash and short-term instruments approximates fair value based on the short-term nature of the assets. Interest-Bearing Deposits in Banks Fair values for other interest-bearing deposits are estimated using discounted cash flow analyses based on current interest rates or yields for similar types of deposits. Federal Home Loan Bank Stock The Bank is a member of the FHLB of Des Moines. As a member, we are required to own stock of the FHLB, the amount of which is based primarily on the level of our borrowings from that institution. We also have the right to acquire additional shares of stock in the FHLB; however, to date, we have not done so. It is not practicable to determine the fair value of FHLB stock due to restrictions placed on its transferability. Investment Securities When quoted prices are available in an active market, the Bank classifies the securities within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury notes and bonds. If quoted market prices are not available, the Bank estimates fair values using pricing models and discounted cash flows that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, and credit spreads. Examples of such instruments, which would generally be classified within Level 2 of the valuation hierarchy, include U.S. GSE obligations, U.S. government agency pool securities, and other securities. Mortgage-backed securities are included in Level 2 if observable inputs are available. In certain cases where there is limited activity or less transparency around inputs to the valuation, the Bank would classify those securities in Level 3. At March 31, 2020, and December 31, 2019, the Bank did not have any Level 3 investment securities. Loans For variable-rate loans that re-price frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for other loans are estimated using discounted cash flow analyses, based upon interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values for nonperforming loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. Loans are classified in Level 3. Mortgage Servicing Rights The fair value of MSRs is determined using models which depend on estimates of prepayment rates, discount rates and costs to service. MSRs are classified in Level 3. Deposit Liabilities The fair values disclosed for demand deposits (for example, interest and non-interest checking, passbook savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies current market interest rates on comparable instruments to a schedule of aggregated expected monthly maturities on time deposits. Deposit liabilities are classified in Level 3. Short-Term Borrowings The carrying amounts of federal funds purchased and FHLB advances maturing within ninety days approximate their fair values. Long-Term Borrowings The fair value of FHLB advances maturing after ninety days is determined based on expected present value techniques using current market interest rates for advances with similar terms and remaining maturities. Accrued Interest The carrying amount of accrued interest approximates fair value. Off-Balance Sheet Commitments and Contingent Liabilities Management does not believe it is practicable to provide an estimate of fair value for off-balance sheet commitments or contingent liabilities because of the uncertainty involved in attempting to assess the likelihood and timing of a commitment being drawn upon, coupled with a lack of an established market for these instruments and the wide diversity of fee structures. Fair Value of Other Financial Instruments The estimated fair values of the Bank’s financial instruments, excluding those assets recorded at fair value on a recurring basis on the Bank’s condensed consolidated statements of financial condition, are as follows: Estimated fair value Carrying Amount Level 1 Level 2 Level 3 (Dollars in thousands) March 31, 2020 Financial assets: Cash and cash equivalents $ 155,342 $ 155,342 $ - $ - Restricted cash 150 150 - - Federal Home Loan Bank stock 2,335 - 2,335 - Investment securities held-to-maturity 49,075 - 49,822 - Loans, net 1,296,539 - - 1,335,255 Total $ 1,503,441 $ 155,492 $ 52,157 $ 1,335,255 Financial liabilities: Deposits 1,760,677 - - 1,771,032 Total $ 1,760,677 $ - $ - $ 1,771,032 December 31, 2019 Financial assets: Cash and cash equivalents $ 131,716 $ 131,716 $ - $ - Restricted cash 400 400 - - Federal Home Loan Bank stock 2,267 - 2,267 - Investment securities held-to-maturity 49,984 - 50,204 - Loans, net 1,275,272 - - 1,310,822 Total $ 1,459,639 $ 132,116 $ 52,471 $ 1,310,822 Financial liabilities: Deposits $ 1,729,906 $ - $ - $ 1,733,072 Total $ 1,729,906 $ - $ - $ 1,733,072 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Comprehensive Income Net Of Tax [Abstract] | |
Comprehensive Income (Loss) | Note 11 – Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows: March 31, 2020 December 31, 2019 Net unrealized gain (loss) on available-for-sale securities $ 4,466 $ (971 ) Amounts reclassified from AOCI for (gain) on sale of investment securities available-for-sale included in net income - (347 ) Tax effect (938 ) 277 Unrealized holding gain (loss) on available-for-sale securities, net of tax 3,528 (1,041 ) Gross unrealized holding loss on held-to-maturity securities (285 ) (625 ) Amortization of unrealized holding loss on held-to-maturity during the period 73 339 Unrealized holding loss on held-to-maturity securities (212 ) (286 ) Accumulated other comprehensive income (loss) $ 3,316 $ (1,327 ) |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 12 – Leases The Bank leases certain land, office spaces, and storage spaces. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Instead, the Bank recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 50 years or more. The exercise of lease renewal options is at our sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease terms, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments based on a percentage of the prevailing market value of the lease and the average of the Treasury Bill Rate and the Guam Consumer Price Index figure, and others include rental payments adjusted periodically for inflation. The Bank's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Bank leases certain facilities from two separate entities in which two of its directors have separate ownership interests. Lease payments made to these entities during the three months ended March 31, 2020 and 2019, approximated $59 thousand and $58 thousand, respectively. During the year ended December 31, 2019, lease payments made to these entities approximated $354 thousand. Additionally, the Bank leases office space to third parties, with original lease terms ranging from 1 to 3 years with option periods ranging up to 12 years. At March 31, 2020, minimum future rents to be received under non-cancelable operating sublease agreements were $34 thousand and $8 thousand for the periods ending December 31, 2020 and 2021, respectively. The cash flow from operating leases included in the measurement of lease liabilities during the three months ended March 31, 2020, was $876 thousand. The following table summarizes the lease-related assets and liabilities recorded as part of other assets and other liabilities, respectively, in our condensed consolidated statements of financial condition at March 31, 2020, and December 31, 2019: March 31, 2020 December 31, 2019 Assets Operating lease right-of-use assets $ 28,855 $ 29,898 Total lease assets $ 28,855 $ 29,898 Liabilities Current Operating $ 2,365 $ 2,362 Noncurrent Operating 26,810 27,797 Total lease liabilities $ 29,175 $ 30,159 The operating lease cost, including short-term lease and variable lease costs, was $935 thousand during the three months ended March 31, 2020. Short term leases was $8 thousand for the three months ended March 31, 2020. Short term leases include one lease that is less than 12 months. The following table provides the maturities of lease liabilities at March 31, 2020: Operating Leases (a) Total 2020 $ 3,395 $ 3,395 2021 3,098 3,098 2022 2,530 2,530 2023 2,325 2,325 2024 2,259 2,259 After 2024 39,482 39,482 Total lease payments $ 53,089 $ 53,089 Less: Interest (b) 23,914 23,914 Present value of lease liabilities (c) $ 29,175 $ 29,175 Note: For leases commencing prior to 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. (a) Operating lease payments include $25.8 million related to options to extend lease terms that are reasonably certain of being exercised. (b) Calculated using the incremental borrowing rate based on the lease term for each lease. (c) Includes the current portion of $2.4 million for operating leases. The following table provides the weighted-average lease term and discount rate at March 31, 2020: March 31, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 24.4 24.1 Weighted-average discount rate Operating leases 4.09 % 4.07 % |
Subordinated Debt
Subordinated Debt | 3 Months Ended |
Mar. 31, 2020 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debt | Note 13 – Subordinated Debt On June 27, 2019, the Company issued $15.0 million in aggregate principal amount of its 6.35% Fixed-to-Floating Rate Subordinated Notes due June 30, 2029 (the “Notes”). The Notes have a ten-year term and initially bear interest at a fixed annual rate of 6.35%. Beginning June 30, 2024, the interest rate will reset quarterly to the then-current three-month LIBOR plus 466 basis points. The Company is required to pay interest only semi-annually during the fixed period, and quarterly during the floating rate period. The principal sum of the Notes plus any unpaid interest are due on the maturity date. The Notes are unsecured, subordinated obligations of the Company only and are not obligations of, and are not guaranteed by, any subsidiary of the Company. The Notes rank junior in right to payment to the Company’s current and future senior indebtedness. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the periods presented. Actual results could differ from those estimates. |
Restricted Cash | Restricted Cash Interest-bearing deposits in banks that mature within one year are carried at cost. $150 thousand of these deposits are held by the Bank jointly under the names of Bank of Guam and the Guam Insurance Commissioner, and serve as a bond for the Bank of Guam Trust Department. |
COVID-19 | COVID-19 The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q were issued. On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a global pandemic, which continues to spread throughout the United States and around the world. The declaration of a global pandemic indicates that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The outbreak of COVID-19 could adversely impact a broad range of industries in which the Company’s customers operate and impair their ability to fulfill their financial obligations to the Company. On March 3, 2020, the Federal Open Market Committee reduced the target range for federal funds by 50 basis points to 1.00% - 1.25%. This rate was further reduced to a target range of 0% - 0.25% on March 16, 2020. These reductions in interest rates and other effects of the COVID-19 outbreak may adversely affect the Company’s financial condition and results of operations. As a result of the spread of the COVID-19 coronavirus, economic uncertainties have risen which are likely to negatively impact net interest income and noninterest income. Due to the Company’s concerns for the health and safety of its customers and employees, the Bank has temporarily closed one of its branches in the Commonwealth of the Northern Mariana Islands and ten of its branches in Guam (including one that closed permanently in April 2020), and limited the number of customers allowed to be in its remaining facilities at any one time to 50. The Bank has also implemented a telecommuting program for those personnel who are able to perform their responsibilities remotely, provided the computer hardware and software needed to support those tasks, and established teleconferencing capabilities to reduce the number of people in attendance at all of its larger group meetings. In recognition of the potential difficulties that may be faced by our commercial and consumer customers, the Bank initiated a temporary program in March 2020 under which affected customers may have their loan payments deferred or otherwise adjusted. As of the date of this filing, the current program applies to both commercial and consumer loans, and only for a period of 90 days. Although these actions taken in response to the heightened risks posed by COVID-19 are costly, it is not possible at the time of this filing to estimate the final consequences of these impacts on economic performance or the results of the Company’s operations, its financial condition or its cash flows. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” In February 2018, the FASB issued ASU 2018-02, “ Income Statement – Reporting Comprehensive Income (Topic 220) |
Recently Issued but Not Yet Adopted Accounting Pronouncements | Recently Issued but Not Yet Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)” The Company was preparing to implement ASU 2016-13 when it was scheduled to become effective January 1, 2020, but the FASB announced on October 16, 2019, a delay of the effective date for smaller reporting companies until January 1, 2023. Management expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the first reporting period in which the new standard is effective, but cannot yet estimate the magnitude of the adjustment or the overall impact of the new guidance on the Company’s financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, " Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Fair Value Measurements | The Bank uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with ASC Topic 820 “Fair Value Measurements and Disclosures” Fair Value Hierarchy In accordance with the guidance of ASC Topic 820, the Bank groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1: Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share Pro Forma [Abstract] | |
Summary of Earnings Per Common Share | Earnings per common share are computed based on reported net income, preferred stock dividends and the following common share data: Three Months Ended March 31, 2020 2019 Net income $ 3,245 $ 2,902 Less preferred stock dividends (136 ) (134 ) Net income attributable to common stockholders 3,109 2,768 Weighted average number of common shares outstanding - used to calculate basic and diluted earnings per common share 9,673 9,647 Earnings per common share: Basic $ 0.32 $ 0.29 Diluted $ 0.32 $ 0.29 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Value of Investment Securities, with Gross Unrealized Gains and Losses | The amortized cost and fair value of investment securities, with gross unrealized gains and losses, follows: March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities Available-for-Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ 45,488 $ 181 $ - $ 45,669 U.S. government agency pool securities 177,405 135 (631 ) 176,909 U.S. government agency or GSE residential mortgage-backed securities 157,403 4,781 - 162,184 Total $ 380,296 $ 5,097 $ (631 ) $ 384,762 Securities Held-to-Maturity U.S. government agency and government sponsored enterprise (GSE) debt securities $ 31,794 $ 503 $ - $ 32,297 U.S. government agency pool securities 5,448 11 (45 ) 5,414 U.S. government agency or GSE residential mortgage-backed securities 11,833 278 - 12,111 Total $ 49,075 $ 792 $ (45 ) $ 49,822 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities Available-for-Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ 75,496 $ 3 $ (64 ) $ 75,435 U.S. government agency pool securities 174,543 42 (1,088 ) 173,497 U.S. government agency or GSE residential mortgage-backed securities 128,409 181 (392 ) 128,198 Total $ 378,448 $ 226 $ (1,544 ) $ 377,130 Securities Held-to-Maturity U.S. government agency and government sponsored enterprise (GSE) debt securities $ 31,723 $ 286 $ (1 ) $ 32,008 U.S. government agency pool securities 5,727 6 (70 ) 5,663 U.S. government agency or GSE residential mortgage-backed securities 12,534 67 (68 ) 12,533 Total $ 49,984 $ 359 $ (139 ) $ 50,204 |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of investment securities by contractual maturity at March 31, 2020, and December 31, 2019, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or borrowers the right to prepay obligations with or without call or prepayment penalties. At March 31, 2020, obligations of U.S. government corporations and agencies with amortized costs totaling $429.4 million consist predominantly of Small Business Administration (“SBA”) agency pool securities totaling $182.9 million and residential mortgage-backed securities totaling $169.2 million whose contractual maturity, or principal repayment, will follow the repayment of the underlying small business loans or mortgages. For purposes of the following table, the entire outstanding balance of these SBA pools and mortgage-backed securities issued by U.S. government corporations and agencies is categorized based on final maturity date. At March 31, 2020, the Bank estimates the average remaining life of these SBA pools and mortgage-backed securities to be each approximately 2.7 years, respectively. March 31, 2020 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 39,994 $ 40,166 $ 22,161 $ 22,413 Due after one but within five years 10,837 10,835 12,142 12,379 Due after five but within ten years 102,899 104,124 6,665 6,858 Due after ten years 226,566 229,637 8,107 8,172 Total $ 380,296 $ 384,762 $ 49,075 $ 49,822 December 31, 2019 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 55,022 $ 54,980 $ 19,840 $ 19,982 Due after one but within five years 26,868 26,838 14,680 14,796 Due after five but within ten years 101,390 101,252 7,172 7,211 Due after ten years 195,168 194,060 8,292 8,215 Total $ 378,448 $ 377,130 $ 49,984 $ 50,204 |
Summary of Gross Unrealized Losses and Fair Value of Investments, with Unrealized Losses of Temporarily Impaired Securities | The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020, and December 31, 2019. March 31, 2020 Less Than Twelve Months More Than Twelve Months Total Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Securities Available for Sale U.S. government agency pool securities $ (12 ) $ 8,216 $ (619 ) $ 102,431 $ (631 ) $ 110,647 Total $ (12 ) $ 8,216 $ (619 ) $ 102,431 $ (631 ) $ 110,647 Securities Held to Maturity U.S. government agency pool securities $ - $ - $ (45 ) $ 3,583 $ (45 ) $ 3,583 Total $ - $ - $ (45 ) $ 3,583 $ (45 ) $ 3,583 December 31, 2019 Less Than Twelve Months More Than Twelve Months Total Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Securities Available for Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ (8 ) $ 15,008 $ (56 ) $ 50,426 $ (64 ) $ 65,434 U.S. government agency pool securities (19 ) 15,619 (1,069 ) 144,607 (1,088 ) 160,226 U.S. government agency or GSE residential mortgage-backed securities (200 ) 60,439 (192 ) 21,414 (392 ) 81,853 Total $ (227 ) $ 91,066 $ (1,317 ) $ 216,447 $ (1,544 ) $ 307,513 Securities Held to Maturity U.S. government agency and government sponsored enterprise (GSE) debt securities $ (1 ) $ 2,010 $ - $ - $ (1 ) $ 2,010 U.S. government agency pool securities - - (70 ) 3,767 (70 ) 3,767 U.S. government agency or GSE residential mortgage-backed securities (3 ) 3,483 (65 ) 5,014 (68 ) 8,497 Total $ (4 ) $ 5,493 $ (135 ) $ 8,781 $ (139 ) $ 14,274 |
Loans Held for Sale, Loans an_2
Loans Held for Sale, Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loan Portfolio | The loan portfolio consisted of the following at: March 31, 2020 December 31, 2019 Amount Percent Amount Percent Commercial Commercial & industrial $ 279,746 21.1 % $ 282,426 21.6 % Commercial mortgage 608,297 45.8 % 591,364 45.3 % Commercial construction 83,302 6.3 % 71,101 5.4 % Commercial agriculture 655 0.0 % 664 0.1 % Total commercial 972,000 73.2 % 945,555 72.4 % Consumer Residential mortgage 124,472 9.4 % 124,250 9.5 % Home equity 2,749 0.2 % 2,685 0.2 % Automobile 21,083 1.6 % 21,631 1.7 % Other consumer loans 1 207,957 15.6 % 211,884 16.2 % Total consumer 356,261 26.8 % 360,450 27.6 % Gross loans 1,328,261 100.0 % 1,306,005 100.0 % Deferred loan (fees) costs, net (2,657 ) (2,863 ) Allowance for loan losses (29,065 ) (27,870 ) Loans, net $ 1,296,539 $ 1,275,272 1 Comprised of other revolving credit, installment loans, and overdrafts. |
Activity of Allowance for Loan Losses | Set forth below is a summary of the Bank’s activity in the allowance for loan losses during the three months ended March 31, 2020 and 2019, and the year ended December 31, 2019: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Year Ended December 31, 2019 Balance, beginning of period $ 27,870 $ 23,774 $ 23,774 Provision for loan losses 2,207 3,852 9,788 Recoveries on loans previously charged off 480 477 2,213 Charged off loans (1,492 ) (2,001 ) (7,905 ) Balance, end of period $ 29,065 $ 26,102 $ 27,870 |
Loan Balances and Related Allowance for Loan Losses, by Portfolio Type | Set forth below is information regarding loan balances and the related allowance for loan losses, by portfolio type, for the three months ended March 31, 2020 and 2019, and the year ended December 31, 2019, respectively. Commercial Residential Mortgages Consumer Total (Dollars in thousands) Three Months Ended March 31, 2020 Allowance for loan losses: Balance at beginning of period $ 18,360 $ 1,490 $ 8,020 $ 27,870 Charge-offs - - (1,492 ) (1,492 ) Recoveries 5 - 475 480 Provision 1,223 402 582 2,207 Balance at end of period $ 19,588 $ 1,892 $ 7,585 $ 29,065 Allowance balance at end of period related to: Loans individually evaluated for impairment $ 4,156 $ 2 $ 396 $ 4,554 Loans collectively evaluated for impairment 15,432 1,890 7,189 24,511 Ending balance $ 19,588 $ 1,892 $ 7,585 $ 29,065 Loan balances at end of period: Loans individually evaluated for impairment $ 33,916 $ 4,416 $ 415 $ 38,747 Loans collectively evaluated for impairment 938,084 122,805 228,625 1,289,514 Ending balance $ 972,000 $ 127,221 $ 229,040 $ 1,328,261 Three Months Ended March 31, 2019 Allowance for loan losses: Balance at beginning of period $ 14,887 $ 1,648 $ 7,239 $ 23,774 Charge-offs (210 ) - (1,791 ) (2,001 ) Recoveries 4 2 471 477 Provision 2,664 (196 ) 1,384 3,852 Ending balance $ 17,345 $ 1,454 $ 7,303 $ 26,102 Allowance balance at end of period related to: Loans individually evaluated for impairment $ 7,107 $ 59 $ 1,495 $ 8,661 Loans collectively evaluated for impairment 10,238 1,395 5,808 17,441 Ending balance $ 17,345 $ 1,454 $ 7,303 $ 26,102 Loan balances at end of period: Loans individually evaluated for impairment $ 24,812 $ 4,891 $ 1,668 $ 31,371 Loans collectively evaluated for impairment 870,442 128,270 246,119 1,244,831 Ending balance $ 895,254 $ 133,161 $ 247,787 $ 1,276,202 Year Ended December 31, 2019 Allowance for loan losses: Balance at beginning of year $ 14,887 $ 1,648 $ 7,239 $ 23,774 Charge-offs (1,599 ) - (6,306 ) (7,905 ) Recoveries 37 67 2,109 2,213 Provision 5,035 (225 ) 4,978 9,788 Ending balance $ 18,360 $ 1,490 $ 8,020 $ 27,870 Allowance balance at end of year related to: Loans individually evaluated for impairment $ 6,105 $ 2 $ 1,657 $ 7,764 Loans collectively evaluated for impairment 12,255 1,488 6,363 20,106 Ending balance $ 18,360 $ 1,490 $ 8,020 $ 27,870 Loan balances at end of year: Loans individually evaluated for impairment $ 34,185 $ 3,758 $ 1,808 $ 39,751 Loans collectively evaluated for impairment 911,370 123,177 231,707 1,266,254 Ending balance $ 945,555 $ 126,935 $ 233,515 $ 1,306,005 |
Summary of Delinquency Status of Loans | The following table provides a summary of the delinquency status of the Bank’s loans by portfolio type: 30-59 Days Past Due 60-89 Days Past Due 90 Days and Greater Non- Accrual 90 Days and Greater Still Accruing Total Past Due Current Total Loans Outstanding March 31, 2020 Commercial Commercial & industrial $ 4,972 $ 530 $ 3,701 $ 406 $ 9,609 $ 270,137 $ 279,746 Commercial mortgage 17,941 592 2,384 - 20,917 587,380 608,297 Commercial construction - - - - - 83,302 83,302 Commercial agriculture - - - - - 655 655 Total commercial 22,913 1,122 6,085 406 30,526 941,474 972,000 Consumer Residential mortgage 6,468 5,155 1,172 337 13,132 111,340 124,472 Home equity - - - - - 2,749 2,749 Automobile 1,820 376 - 313 2,509 18,574 21,083 Other consumer 1 4,746 1,841 32 2,033 8,652 199,305 207,957 Total consumer 13,034 7,372 1,204 2,683 24,293 331,968 356,261 Total $ 35,947 $ 8,494 $ 7,289 $ 3,089 $ 54,819 $ 1,273,442 $ 1,328,261 December 31, 2019 Commercial Commercial & industrial $ 15,924 $ - $ 4,076 $ - $ 20,000 $ 262,426 $ 282,426 Commercial mortgage 1,490 358 2,698 - 4,546 586,818 591,364 Commercial construction - - - - - 71,101 71,101 Commercial agriculture - - - - - 664 664 Total commercial 17,414 358 6,774 - 24,546 921,009 945,555 Consumer Residential mortgage 5,318 3,515 1,214 187 10,234 114,016 124,250 Home equity - - - - - 2,685 2,685 Automobile 1,241 278 - 93 1,612 20,019 21,631 Other consumer 1 2,991 1,515 96 1,510 6,112 205,772 211,884 Total consumer 9,550 5,308 1,310 1,790 17,958 342,492 360,450 Total $ 26,964 $ 5,666 $ 8,084 $ 1,790 $ 42,504 $ 1,263,501 $ 1,306,005 1 Comprised of other revolving credit, installment loans, and overdrafts. |
Loans on Non-Accrual Status, by Portfolio | The following table provides information as of March 31, 2020, and December 31, 2019, with respect to loans on non-accrual status, by portfolio type: March 31, 2020 December 31, 2019 (Dollars in thousands) Non-accrual loans: Commercial Commercial & industrial $ 10,250 $ 10,587 Commercial mortgage 8,457 8,100 Commercial construction - - Commercial agriculture - - Total commercial 18,707 18,687 Consumer Residential mortgage $ 3,485 $ 3,370 Home equity - - Automobile - - Other consumer 1 109 206 Total consumer 3,594 3,576 Total non-accrual loans $ 22,301 $ 22,263 1 Comprised of other revolving credit, installment loans, and overdrafts. |
Summary of Loans by Portfolio Type and Internal Credit Quality Ratings | The following table provides a summary of loans by portfolio type and the Bank’s internal credit quality ratings as of March 31, 2020, and December 31, 2019: March 31, 2020 December 31, 2019 Increase (Decrease) (Dollars in thousands) Pass: Commercial & industrial $ 234,845 $ 247,202 $ (12,357 ) Commercial mortgage 569,085 551,459 17,626 Commercial construction 83,302 71,101 12,201 Commercial agriculture 655 664 (9 ) Residential mortgage 119,877 119,851 26 Home equity 2,749 2,685 64 Automobile 21,082 21,538 (456 ) Other consumer 207,533 210,165 (2,632 ) Total pass loans $ 1,239,128 $ 1,224,665 $ 14,463 Special Mention: Commercial & industrial $ 14,371 $ 3,641 $ 10,730 Total special mention loans $ 14,371 $ 3,641 $ 10,730 Substandard: Commercial & industrial $ 21,059 $ 21,597 $ (538 ) Commercial mortgage 37,988 38,414 (426 ) Residential mortgage 751 762 (11 ) Other consumer 11 12 (1 ) Total substandard loans $ 59,809 $ 60,785 $ (976 ) Formula Classified: Residential mortgage $ 3,844 $ 3,637 $ 207 Automobile 1 93 (92 ) Other consumer 413 1,707 (1,294 ) Total formula classified loans $ 4,258 $ 5,437 $ (1,179 ) Doubtful: Commercial & industrial $ 9,471 $ 9,986 $ (515 ) Commercial mortgage 1,224 1,491 (267 ) Total doubtful loans $ 10,695 $ 11,477 $ (782 ) Total outstanding loans, gross $ 1,328,261 $ 1,306,005 $ 22,256 |
Schedule Of Non Accrual Loans And Restructured Loans | The following table sets forth information regarding non-accrual loans and restructured loans, at March 31, 2020, and December 31, 2019: March 31, 2020 December 31, 2019 (Dollars in thousands) Impaired loans: Restructured loans: Non-accruing restructured loans $ 6,630 $ 7,293 Accruing restructured loans 14,782 15,191 Total restructured loans 21,412 22,484 Other impaired loans 17,335 17,267 Total impaired loans $ 38,747 $ 39,751 Impaired loans less than 90 days delinquent and included in total impaired loans $ 30,206 $ 29,704 |
Information Related to Impaired Loans | The table below contains additional information with respect to impaired loans, by portfolio type, at March 31, 2020, and December 31, 2019: Recorded Investment Unpaid Principal Balance Average Recorded Investment Interest Income Recognized (Dollars in thousands) March 31, 2020, With no related allowance recorded: Commercial & industrial $ 25,056 $ 25,981 $ 6,264 $ 88 Commercial mortgage 8,490 8,490 2,122 - Commercial construction - - - - Commercial agriculture - - - - Residential mortgage 901 901 225 (390 ) Home equity - - - - Automobile - - - - Other consumer - - - - Total impaired loans with no related allowance $ 34,447 $ 35,372 $ 8,611 $ (302 ) March 31, 2020, With a related allowance recorded: Commercial & industrial $ 267 $ 493 $ 67 $ 3 Commercial mortgage 103 118 26 - Commercial construction - - - - Commercial agriculture - - - - Residential mortgage 3,516 3,526 879 (6 ) Home equity - - - - Automobile 1 1 - - Other consumer 413 413 103 - Total impaired loans with a related allowance $ 4,300 $ 4,551 $ 1,075 $ (3 ) December 31, 2019, With no related allowance recorded: Commercial & industrial $ 25,702 $ 26,627 $ 20,734 $ 105 Commercial mortgage 8,138 8,138 9,230 (1 ) Commercial construction - - - - Commercial agriculture - - - - Residential mortgage 379 379 115 (174 ) Home equity - - - - Automobile - - - - Other consumer - - - - Total impaired loans with no related allowance $ 34,219 $ 35,144 $ 30,079 $ (70 ) December 31, 2019, With a related allowance recorded: Commercial & industrial $ 247 $ 472 $ 214 $ 1 Commercial mortgage 98 114 79 - Commercial construction - - - - Commercial agriculture - - - - Residential mortgage 3,379 3,400 4,260 (6 ) Home equity - - - - Automobile 93 93 97 2 Other consumer 1,715 1,716 1,516 18 Total impaired loans with a related allowance $ 5,532 $ 5,795 $ 6,166 $ 15 |
Troubled Debt Restructurings | Additional information regarding performing and nonperforming TDRs at March 31, 2020, and December 31, 2019, is set forth in the following table: Number of Pre- Modification Outstanding Recorded Principal Post- Modification Outstanding Recorded Outstanding Balance Loans Investment Modifications Investment March 31, 2020 December 31, 2019 Performing Residential mortgage 1 $ 27 $ - $ 27 $ 26 $ 26 Commercial mortgage 5 16,074 - 16,074 14,756 15,165 Automobile - - - - - - Consumer - - - - - - Total performing 6 $ 16,101 $ - $ 16,101 $ 14,782 $ 15,191 Nonperforming Residential mortgage - $ - $ - $ - $ - $ - Commercial mortgage 16 11,025 - 11,025 6,630 7,293 Automobile - - - - - - Consumer - - - - - - Total nonperforming 16 $ 11,025 $ - $ 11,025 $ 6,630 $ 7,293 Total Troubled Debt Restructurings (TDRs) 22 $ 27,126 $ - $ 27,126 $ 21,412 $ 22,484 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Banking And Thrift [Abstract] | |
Summary of Actual Capital Amounts and Ratios | The Company’s actual capital amounts and ratios as of March 31, 2020, and December 31, 2019, are presented in the table below. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio At March 31, 2020: Total capital (to Risk Weighted Assets) $ 199,415 14.450 % $ 110,402 8.000 % $ 138,002 10.000 % Tier 1 capital (to Risk Weighted Assets) $ 167,022 12.103 % $ 82,801 6.000 % $ 110,402 8.000 % Tier 1 capital (to Average Assets) $ 167,022 8.382 % $ 79,710 4.000 % $ 99,637 5.000 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 157,239 11.394 % $ 62,101 4.500 % $ 89,701 6.500 % At December 31, 2019: Total capital (to Risk Weighted Assets) $ 197,000 14.417 % $ 109,313 8.000 % $ 136,641 10.000 % Tier 1 capital (to Risk Weighted Assets) $ 164,787 12.060 % $ 81,985 6.000 % $ 109,313 8.000 % Tier 1 capital (to Average Assets) $ 164,787 8.418 % $ 78,298 4.000 % $ 97,873 5.000 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 155,005 11.344 % $ 61,489 4.500 % $ 88,817 6.500 % |
Off-Balance-Sheet Activities (T
Off-Balance-Sheet Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments with Off-Balance-Sheet Risk | A summary of financial instruments with off-balance-sheet risk at March 31, 2020, and December 31, 2019, is as follows: March 31, 2020 December 31, 2019 Commitments to extend credit $ 145,768 $ 157,463 Letters of credit: Standby letters of credit $ 57,489 $ 58,182 Commercial letters of credit 1,518 513 Total $ 59,007 $ 58,695 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Financial assets measured at fair value on a recurring basis as of March 31, 2020, and December 31, 2019, are as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total At March 31, 2020 U.S. treasury notes and bonds $ 35,157 $ - $ - $ 35,157 U.S. government agency and government sponsored enterprise (GSE) debt securities - 10,512 - 10,512 U.S. government agency pool securities - 176,909 - 176,909 U.S. government agency or GSE - 162,184 - 162,184 Total fair value of available-for-sale securities 35,157 349,605 - 384,762 Other assets: MSRs - - 1,744 1,744 Total fair value $ 35,157 $ 349,605 $ 1,744 $ 386,506 At December 31, 2019 U.S. treasury notes and bonds $ 44,978 $ - $ - $ 44,978 U.S. government agency and government sponsored enterprise (GSE) debt securities - 30,457 - 30,457 U.S. government agency pool securities - 173,497 - 173,497 U.S. government agency or GSE - 128,198 - 128,198 Total fair value of available-for-sale securities 44,978 332,152 - 377,130 Other assets: MSRs - - 1,704 1,704 Total fair value $ 44,978 $ 332,152 $ 1,704 $ 378,834 |
Assets Measured at Fair Value on Recurring Basis | For the periods ended March 31, 2020, and December 31, 2019, the changes in Level 3 assets measured at fair value on a recurring basis are as follows: March 31, 2020 December 31, 2019 Beginning balance $ 1,704 $ 1,778 Realized and unrealized net gains: Included in net income 40 (74 ) Ending balance $ 1,744 $ 1,704 |
Summary of Valuation Techniques and Unobservable Inputs | The following table presents quantitative information about the valuation technique and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis: Estimated Fair Value Valuation Technique Unobservable Inputs Range of Inputs Weighted Average Rate March 31, 2020 Financial instrument: MSRs $ 1,744 Discounted Cash Flow Discount Rate 7.51% - 8.47% 7.70% Weighted Average Prepayment Rate (Public Securities Association) 125% December 31, 2019 Financial instrument: MSRs $ 1,704 Discounted Cash Flow Discount Rate 7.51% - 8.47% 7.70% Weighted Average Prepayment Rate (Public Securities Association) 125% |
Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the financial instruments carried on the condensed consolidated statements of financial condition by caption and by level in the fair value hierarchy at March 31, 2020, and December 31, 2019, for which a nonrecurring change in fair value has been recorded: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2020 Other assets Other real estate owned $ - $ - $ 50 $ 50 December 31, 2019 Other assets Other real estate owned $ - $ - $ 8 $ 8 |
Fair Value of Other Financial Instruments | The estimated fair values of the Bank’s financial instruments, excluding those assets recorded at fair value on a recurring basis on the Bank’s condensed consolidated statements of financial condition, are as follows: Estimated fair value Carrying Amount Level 1 Level 2 Level 3 (Dollars in thousands) March 31, 2020 Financial assets: Cash and cash equivalents $ 155,342 $ 155,342 $ - $ - Restricted cash 150 150 - - Federal Home Loan Bank stock 2,335 - 2,335 - Investment securities held-to-maturity 49,075 - 49,822 - Loans, net 1,296,539 - - 1,335,255 Total $ 1,503,441 $ 155,492 $ 52,157 $ 1,335,255 Financial liabilities: Deposits 1,760,677 - - 1,771,032 Total $ 1,760,677 $ - $ - $ 1,771,032 December 31, 2019 Financial assets: Cash and cash equivalents $ 131,716 $ 131,716 $ - $ - Restricted cash 400 400 - - Federal Home Loan Bank stock 2,267 - 2,267 - Investment securities held-to-maturity 49,984 - 50,204 - Loans, net 1,275,272 - - 1,310,822 Total $ 1,459,639 $ 132,116 $ 52,471 $ 1,310,822 Financial liabilities: Deposits $ 1,729,906 $ - $ - $ 1,733,072 Total $ 1,729,906 $ - $ - $ 1,733,072 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Comprehensive Income Net Of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) Included in Stockholder's Equity | The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows: March 31, 2020 December 31, 2019 Net unrealized gain (loss) on available-for-sale securities $ 4,466 $ (971 ) Amounts reclassified from AOCI for (gain) on sale of investment securities available-for-sale included in net income - (347 ) Tax effect (938 ) 277 Unrealized holding gain (loss) on available-for-sale securities, net of tax 3,528 (1,041 ) Gross unrealized holding loss on held-to-maturity securities (285 ) (625 ) Amortization of unrealized holding loss on held-to-maturity during the period 73 339 Unrealized holding loss on held-to-maturity securities (212 ) (286 ) Accumulated other comprehensive income (loss) $ 3,316 $ (1,327 ) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Summary of Lease Related Assets and Liabilities Recorded in Unaudited Condensed Consolidated Statements of Financial Condition | The following table summarizes the lease-related assets and liabilities recorded as part of other assets and other liabilities, respectively, in our condensed consolidated statements of financial condition at March 31, 2020, and December 31, 2019: March 31, 2020 December 31, 2019 Assets Operating lease right-of-use assets $ 28,855 $ 29,898 Total lease assets $ 28,855 $ 29,898 Liabilities Current Operating $ 2,365 $ 2,362 Noncurrent Operating 26,810 27,797 Total lease liabilities $ 29,175 $ 30,159 |
Schedule of Maturities of Lease Liabilities Under Operating Leases | The following table provides the maturities of lease liabilities at March 31, 2020: Operating Leases (a) Total 2020 $ 3,395 $ 3,395 2021 3,098 3,098 2022 2,530 2,530 2023 2,325 2,325 2024 2,259 2,259 After 2024 39,482 39,482 Total lease payments $ 53,089 $ 53,089 Less: Interest (b) 23,914 23,914 Present value of lease liabilities (c) $ 29,175 $ 29,175 Note: For leases commencing prior to 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. (a) Operating lease payments include $25.8 million related to options to extend lease terms that are reasonably certain of being exercised. (b) Calculated using the incremental borrowing rate based on the lease term for each lease. (c) Includes the current portion of $2.4 million for operating leases. |
Summary of Weighted-Average Lease Term and Discount Rate | The following table provides the weighted-average lease term and discount rate at March 31, 2020: March 31, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 24.4 24.1 Weighted-average discount rate Operating leases 4.09 % 4.07 % |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - Branch | Jan. 15, 2020 | Mar. 31, 2020 | Jul. 01, 2016 |
Guam [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 10 | ||
CNMI [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 4 | ||
FSM [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 4 | ||
RMI [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 1 | ||
ROP [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 1 | ||
San Francisco, California [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 1 | ||
ASC Trust Corporation [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of Voting common stock acquire | 45.00% | ||
ASC Trust Corporation [Member] | Maximum [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of shares acquire | 70.00% | ||
Bank Branch [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 21 | ||
Tumon and Malesso branches, Guam | |||
Segment Reporting Information [Line Items] | |||
Closure date | Apr. 3, 2020 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 16, 2020 | Mar. 03, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jan. 01, 2019 |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Interest-bearing Deposits in Banks and Other Financial Institutions | $ 122,268 | $ 93,846 | |||||
Operating lease ROU assets | 28,855 | $ 29,898 | |||||
Operating lease liabilities | $ 29,175 | ||||||
ASU 2016-02 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Operating lease ROU assets | $ 32,600 | ||||||
Operating lease liabilities | $ 32,400 | ||||||
ASU 2018-02 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Reclassified from deferred tax asset to retained earnings | $ 496 | ||||||
COVID 19 [Member] | Minimum [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Debt instrument basis spread on variable rate | 0.00% | 1.00% | |||||
COVID 19 [Member] | Maximum [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Debt instrument basis spread on variable rate | 0.25% | 1.25% | |||||
Base Rate [Member] | COVID 19 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Debt instrument basis spread on variable rate | 5.00% | ||||||
Bank of Guam Trust Department Customer [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Interest-bearing Deposits in Banks and Other Financial Institutions | $ 150 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | Mar. 31, 2020 | Mar. 31, 2019 |
Earnings Per Share [Abstract] | ||
Shares subscribed and not issued | 0 | 0 |
Earnings Per Common Share - Sum
Earnings Per Common Share - Summary of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income | $ 3,245 | $ 2,902 |
Less preferred stock dividends | (136) | (134) |
Net income attributable to common stockholders | $ 3,109 | $ 2,768 |
Weighted average number of common shares outstanding - used to calculate basic and diluted earnings per common share | 9,673 | 9,647 |
Earnings per common share: | ||
Basic | $ 0.32 | $ 0.29 |
Diluted | $ 0.32 | $ 0.29 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Fair Value of Investment Securities, with Gross Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 380,296 | $ 378,448 |
Securities Available for Sale, Gross Unrealized Gains | 5,097 | 226 |
Securities Available for Sale, Gross Unrealized Losses | (631) | (1,544) |
Securities Available for Sale, Estimated Fair Value | 384,762 | 377,130 |
Securities Held to Maturity, Amortized Cost | 49,075 | 49,984 |
Securities Held to Maturity, Gross Unrealized Gains | 792 | 359 |
Securities Held to Maturity, Gross Unrealized Losses | (45) | (139) |
Securities Held to Maturity, Estimated Fair Value | 49,822 | 50,204 |
U.S. Government Agency and Government Sponsored Enterprise (GSE) Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 45,488 | 75,496 |
Securities Available for Sale, Gross Unrealized Gains | 181 | 3 |
Securities Available for Sale, Gross Unrealized Losses | (64) | |
Securities Available for Sale, Estimated Fair Value | 45,669 | 75,435 |
Securities Held to Maturity, Amortized Cost | 31,794 | 31,723 |
Securities Held to Maturity, Gross Unrealized Gains | 503 | 286 |
Securities Held to Maturity, Gross Unrealized Losses | (1) | |
Securities Held to Maturity, Estimated Fair Value | 32,297 | 32,008 |
U.S. Government Agency Pool Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 177,405 | 174,543 |
Securities Available for Sale, Gross Unrealized Gains | 135 | 42 |
Securities Available for Sale, Gross Unrealized Losses | (631) | (1,088) |
Securities Available for Sale, Estimated Fair Value | 176,909 | 173,497 |
Securities Held to Maturity, Amortized Cost | 5,448 | 5,727 |
Securities Held to Maturity, Gross Unrealized Gains | 11 | 6 |
Securities Held to Maturity, Gross Unrealized Losses | (45) | (70) |
Securities Held to Maturity, Estimated Fair Value | 5,414 | 5,663 |
U.S. Government Agency or GSE Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 157,403 | 128,409 |
Securities Available for Sale, Gross Unrealized Gains | 4,781 | 181 |
Securities Available for Sale, Gross Unrealized Losses | (392) | |
Securities Available for Sale, Estimated Fair Value | 162,184 | 128,198 |
Securities Held to Maturity, Amortized Cost | 11,833 | 12,534 |
Securities Held to Maturity, Gross Unrealized Gains | 278 | 67 |
Securities Held to Maturity, Gross Unrealized Losses | (68) | |
Securities Held to Maturity, Estimated Fair Value | $ 12,111 | $ 12,533 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | Jul. 01, 2019USD ($) | Mar. 31, 2020USD ($)Securities | Dec. 31, 2019USD ($) | Jun. 27, 2019USD ($) | Mar. 31, 2019USD ($)Securities |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Investment securities at carrying value, pledged | $ 336,800,000 | $ 299,500,000 | |||
Number of sales of investment securities | Securities | 0 | 0 | |||
Available for sale debt securities | $ 384,762,000 | $ 377,130,000 | |||
Notes, aggregate principal amount | $ 14,757,000 | $ 14,751,000 | |||
Subordinated Notes [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Notes, aggregate principal amount | $ 15,000,000 | ||||
ASC Trust LLC [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Proceeds used to acquire additional stock | $ 4,100,000 | ||||
Percentage of Voting common stock acquire | 20.00% | ||||
Stock purchase agreement date | May 27, 2016 | ||||
Non-controlling interest | 45.00% | ||||
Percentage of first expected additional shares acquire | 25.00% | ||||
ASC Trust LLC [Member] | Subordinated Notes [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Notes, aggregate principal amount | $ 15,000,000 | ||||
ASC Trust LLC [Member] | Director | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Percentage of non minority voting of common stock owned | 10.00% | ||||
Agency Securities Issued by Federal Home Loan Bank (FHLB) [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Available for sale debt securities | $ 429,400,000 | ||||
Small Business Administration (SBA) Pool Securities [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Available for sale debt securities | $ 182,900,000 | ||||
Estimated average remaining life securities | 2 years 8 months 12 days | ||||
Investment securities in unrealized loss position were not other-than-temporarily impaired | Securities | 68 | ||||
Residential Mortgage Backed Securities [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Available for sale debt securities | $ 169,200,000 | ||||
Estimated average remaining life securities | 2 years 8 months 12 days |
Investment Securities - Summa_2
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investments Debt And Equity Securities [Abstract] | ||
Available for sale, Amortized cost, Due within one year | $ 39,994 | $ 55,022 |
Available for sale, Amortized cost, Due after one but within five years | 10,837 | 26,868 |
Available for sale, Amortized cost, Due after five but within ten years | 102,899 | 101,390 |
Available for sale, Amortized cost, Due after ten years | 226,566 | 195,168 |
Securities Available for Sale, Amortized Cost | 380,296 | 378,448 |
Available for sale, Estimated Fair Value, Due within one year | 40,166 | 54,980 |
Available for sale, Estimated Fair Value, Due after one but within five years | 10,835 | 26,838 |
Available for sale, Estimated Fair Value, Due after five but within ten years | 104,124 | 101,252 |
Available for sale, Estimated Fair Value, Due after ten years | 229,637 | 194,060 |
Securities Available for Sale, Estimated Fair Value | 384,762 | 377,130 |
Held to Maturity, Amortized Cost, Due within one year | 22,161 | 19,840 |
Held to Maturity, Amortized Cost, Due after one but within five years | 12,142 | 14,680 |
Held to Maturity, Amortized Cost, Due after five but within ten years | 6,665 | 7,172 |
Held to Maturity, Amortized Cost, Due after ten years | 8,107 | 8,292 |
Securities Held to Maturity, Amortized Cost | 49,075 | 49,984 |
Held to maturity, Estimated Fair Value, Due within one year | 22,413 | 19,982 |
Held to maturity, Estimated Fair Value, Due after one but within five years | 12,379 | 14,796 |
Held to maturity, Estimated Fair Value, Due after five but within ten years | 6,858 | 7,211 |
Held to maturity, Estimated Fair Value, Due after ten years | 8,172 | 8,215 |
Securities Held to Maturity, Estimated Fair Value | $ 49,822 | $ 50,204 |
Investment Securities - Summa_3
Investment Securities - Summary of Gross Unrealized Losses and Fair Value of Investments, with Unrealized Losses of Temporarily Impaired Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Unrealized Losses, Less Than Twelve Months | $ (12) | $ (227) |
Securities Available for Sale, Estimated Fair Value, Less Than Twelve Months | 8,216 | 91,066 |
Securities Available for Sale, Unrealized Losses, More Than Twelve Months | (619) | (1,317) |
Securities Available for Sale, Estimated Fair Value, More Than Twelve Months | 102,431 | 216,447 |
Securities Available for Sale, Unrealized Losses, Total | (631) | (1,544) |
Securities Available for Sale, Estimated Fair Value, Total | 110,647 | 307,513 |
Securities Held to Maturity, Unrealized Losses, Less Than Twelve Months | (4) | |
Securities Held to Maturity, Estimated Fair Value, Less Than Twelve Months | 5,493 | |
Securities Held to Maturity, Unrealized Losses, More Than Twelve Months | (45) | (135) |
Securities Held to Maturity, Estimated Fair Value, More Than Twelve Months | 3,583 | 8,781 |
Securities Held to Maturity, Unrealized Losses, Total | (45) | (139) |
Securities Held to Maturity, Estimated Fair Value, Total | 3,583 | 14,274 |
U.S. Government Agency and Government Sponsored Enterprise (GSE) Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Unrealized Losses, Less Than Twelve Months | (8) | |
Securities Available for Sale, Estimated Fair Value, Less Than Twelve Months | 15,008 | |
Securities Available for Sale, Unrealized Losses, More Than Twelve Months | (56) | |
Securities Available for Sale, Estimated Fair Value, More Than Twelve Months | 50,426 | |
Securities Available for Sale, Unrealized Losses, Total | (64) | |
Securities Available for Sale, Estimated Fair Value, Total | 65,434 | |
Securities Held to Maturity, Unrealized Losses, Less Than Twelve Months | (1) | |
Securities Held to Maturity, Estimated Fair Value, Less Than Twelve Months | 2,010 | |
Securities Held to Maturity, Unrealized Losses, Total | (1) | |
Securities Held to Maturity, Estimated Fair Value, Total | 2,010 | |
U.S. Government Agency Pool Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Unrealized Losses, Less Than Twelve Months | (12) | (19) |
Securities Available for Sale, Estimated Fair Value, Less Than Twelve Months | 8,216 | 15,619 |
Securities Available for Sale, Unrealized Losses, More Than Twelve Months | (619) | (1,069) |
Securities Available for Sale, Estimated Fair Value, More Than Twelve Months | 102,431 | 144,607 |
Securities Available for Sale, Unrealized Losses, Total | (631) | (1,088) |
Securities Available for Sale, Estimated Fair Value, Total | 110,647 | 160,226 |
Securities Held to Maturity, Unrealized Losses, More Than Twelve Months | (45) | (70) |
Securities Held to Maturity, Estimated Fair Value, More Than Twelve Months | 3,583 | 3,767 |
Securities Held to Maturity, Unrealized Losses, Total | (45) | (70) |
Securities Held to Maturity, Estimated Fair Value, Total | $ 3,583 | 3,767 |
U.S. Government Agency or GSE Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Unrealized Losses, Less Than Twelve Months | (200) | |
Securities Available for Sale, Estimated Fair Value, Less Than Twelve Months | 60,439 | |
Securities Available for Sale, Unrealized Losses, More Than Twelve Months | (192) | |
Securities Available for Sale, Estimated Fair Value, More Than Twelve Months | 21,414 | |
Securities Available for Sale, Unrealized Losses, Total | (392) | |
Securities Available for Sale, Estimated Fair Value, Total | 81,853 | |
Securities Held to Maturity, Unrealized Losses, Less Than Twelve Months | (3) | |
Securities Held to Maturity, Estimated Fair Value, Less Than Twelve Months | 3,483 | |
Securities Held to Maturity, Unrealized Losses, More Than Twelve Months | (65) | |
Securities Held to Maturity, Estimated Fair Value, More Than Twelve Months | 5,014 | |
Securities Held to Maturity, Unrealized Losses, Total | (68) | |
Securities Held to Maturity, Estimated Fair Value, Total | $ 8,497 |
Loans Held for Sale, Loans an_3
Loans Held for Sale, Loans and Allowance for Loan Losses - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($)BorrowingRelationship | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | ||
Accounts Notes And Loans Receivable [Line Items] | |||||
Bank originated of mortgage loans held for sale | $ 3,400,000 | $ 3,600,000 | |||
Sale of mortgage loans held for sale | 3,400,000 | ||||
Mortgage loans held for sale | 8,400,000 | ||||
Unpaid principal balances of mortgage loans serviced | 186,400,000 | $ 189,500,000 | |||
Mortgage loan payment of principal | 3,100,000 | ||||
Mortgage servicing rights at their fair value | 1,700,000 | 1,700,000 | |||
Deferred fee (income) costs | $ 2,657,000 | 2,863,000 | |||
Debt instrument, interest rate | 0.00% | ||||
Accrual of interest payments on loan | 90 days | ||||
Nonaccrual status, charged off on loan | 120 days | ||||
All loans and credit cards delinquent | 90 days | ||||
Real estate loans delinquent | 90 days | ||||
Delinquent real estate loans foreclosure completion period | 90 days | ||||
Period for loans delinquent under formula category | 60 days | ||||
Maximum value of commercial loans considered to include in monthly formula total | $ 250,000 | ||||
Gross loans, total amount | 1,328,261,000 | $ 1,276,202,000 | 1,306,005,000 | ||
Increase (Decrease) in total gross loans | 22,256,000 | ||||
Troubled Debt Restructurings (TDRs) | $ 21,412,000 | 22,484,000 | |||
Number of days deferrals residential mortgage and commercial loans | 90 days | ||||
Number of days deferrals for consumer and auto mobile loans | 90 days | ||||
Number of days troubled debt restructurings loans delinquent | 30 days | ||||
Defaults troubled debt restructuring | 0 | 0 | |||
Number of significant borrowing relationship in bankruptcy | BorrowingRelationship | 2 | ||||
Borrowing Relationship One [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Specific reserve | $ 4,200,000 | ||||
Automobile [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 21,083,000 | 21,631,000 | |||
Commercial Mortgage [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 608,297,000 | 591,364,000 | |||
Commercial Mortgage [Member] | Troubled Debt Restructuring [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Increase (Decrease) in total gross loans | (1,100,000) | ||||
Commercial Construction Loan [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 83,302,000 | 71,101,000 | |||
Commercial & Industrial [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 279,746,000 | 282,426,000 | |||
Other Consumer Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | [1] | 207,957,000 | 211,884,000 | ||
Pass [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 1,239,128,000 | 1,224,665,000 | |||
Increase (Decrease) in total gross loans | 14,463,000 | ||||
Loans additional disbursements | 3,000,000 | ||||
Due to various loans | 43,000 | ||||
Pass [Member] | Automobile [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 21,082,000 | 21,538,000 | |||
Increase (Decrease) in total gross loans | (456,000) | ||||
Pass [Member] | Commercial Mortgage [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 569,085,000 | 551,459,000 | |||
Increase (Decrease) in total gross loans | 17,626,000 | ||||
Due to various loans | 1,200,000 | ||||
Due of various loans of special mention | 5,600,000 | ||||
Pay off due to change in category relationship | 28,000,000 | ||||
Pay down due to change in category relationship | 11,300,000 | ||||
Pass [Member] | Commercial Construction Loan [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 83,302,000 | 71,101,000 | |||
Increase (Decrease) in total gross loans | 12,201,000 | ||||
Pass [Member] | Commercial Construction Loan [Member] | New Loan [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Increase (Decrease) in total gross loans | 12,000,000 | ||||
Pass [Member] | Commercial & Industrial [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 234,845,000 | 247,202,000 | |||
Increase (Decrease) in total gross loans | (12,357,000) | ||||
Pass [Member] | Other Consumer Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 207,533,000 | 210,165,000 | |||
Increase (Decrease) in total gross loans | (2,632,000) | ||||
Pay off due to change in category relationship | 11,400,000 | ||||
Pay down due to change in category relationship | 13,400,000 | ||||
Charge-offs due to change in category relationship | 428,000 | ||||
Pass [Member] | New Loan [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Increase (Decrease) in total gross loans | 1,600 | ||||
Pass [Member] | Auto Mobile Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Increase (Decrease) in total gross loans | 23,100,000 | ||||
Special Mention [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 14,371,000 | 3,641,000 | |||
Increase (Decrease) in total gross loans | 10,730,000 | ||||
Loans additional disbursements | 12,900,000 | ||||
Special Mention [Member] | Commercial & Industrial [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 14,371,000 | 3,641,000 | |||
Increase (Decrease) in total gross loans | 10,730,000 | ||||
Due of various loans | 5,600,000 | ||||
Transfer of loan due to reclassification | 5,600,000 | ||||
Special Mention [Member] | New Loan [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Increase (Decrease) in total gross loans | 19,600,000 | ||||
Substandard [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 59,809,000 | 60,785,000 | |||
Increase (Decrease) in total gross loans | (976,000) | ||||
Substandard [Member] | Commercial Mortgage [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 37,988,000 | 38,414,000 | |||
Increase (Decrease) in total gross loans | (426,000) | ||||
Pay down due to change in category relationship | (426,000) | ||||
Substandard [Member] | Commercial & Industrial [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 21,059,000 | 21,597,000 | |||
Increase (Decrease) in total gross loans | (538,000) | ||||
Pay down due to change in category relationship | (527,000) | ||||
Substandard [Member] | Other Consumer Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 11,000 | 12,000 | |||
Increase (Decrease) in total gross loans | (1,000) | ||||
Formula Classified [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 4,258,000 | 5,437,000 | |||
Increase (Decrease) in total gross loans | (1,179,000) | ||||
Formula Classified [Member] | Automobile [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 1,000 | 93,000 | |||
Increase (Decrease) in total gross loans | (92,000) | ||||
Formula Classified [Member] | Other Consumer Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 413,000 | 1,707,000 | |||
Increase (Decrease) in total gross loans | (1,294,000) | ||||
Doubtful [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 10,695,000 | 11,477,000 | |||
Increase (Decrease) in total gross loans | (782,000) | ||||
Doubtful [Member] | Commercial Mortgage [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 1,224,000 | 1,491,000 | |||
Increase (Decrease) in total gross loans | (267,000) | ||||
Pay off due to change in category relationship | 260,000 | ||||
Doubtful [Member] | Commercial & Industrial [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 9,471,000 | $ 9,986,000 | |||
Increase (Decrease) in total gross loans | $ (515,000) | ||||
Minimum [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Percentage of Loan collateralized | 110.00% | ||||
Subsequent Events [Member] | Paycheck Protection Program [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Debt instrument, term | 2 years | ||||
Debt instrument, interest rate | 1.00% | ||||
Debt instrument, face amount | $ 90,000,000 | ||||
Commercial Mortgage [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Increase (Decrease) percentage of gross loan | (1.60%) | ||||
[1] | Comprised of other revolving credit, installment loans, and overdrafts. |
Loans Held for Sale, Loans an_4
Loans Held for Sale, Loans and Allowance for Loan Losses - Loan Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | $ 1,328,261 | $ 1,306,005 | $ 1,276,202 | ||
Deferred loan (fees) costs, net | (2,657) | (2,863) | |||
Allowance for loan losses | (29,065) | (27,870) | (26,102) | $ (23,774) | |
Loans, net | $ 1,296,539 | $ 1,275,272 | |||
Commercial, Percent | 73.20% | 72.40% | |||
Consumer, Percent | 26.80% | 27.60% | |||
Gross loans, Total Percent | 100.00% | 100.00% | |||
Automobile [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | $ 21,083 | $ 21,631 | |||
Consumer, Percent | 1.60% | 1.70% | |||
Residential Mortgage Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | $ 124,472 | $ 124,250 | |||
Consumer, Percent | 9.40% | 9.50% | |||
Home Equity [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | $ 2,749 | $ 2,685 | |||
Consumer, Percent | 0.20% | 0.20% | |||
Commercial & Industrial [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | $ 279,746 | $ 282,426 | |||
Commercial, Percent | 21.10% | 21.60% | |||
Commercial Mortgage [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | $ 608,297 | $ 591,364 | |||
Commercial, Percent | 45.80% | 45.30% | |||
Commercial Construction Loan [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | $ 83,302 | $ 71,101 | |||
Commercial, Percent | 6.30% | 5.40% | |||
Commercial Agriculture [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | $ 655 | $ 664 | |||
Commercial, Percent | 0.00% | 0.10% | |||
Other Consumer Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | [1] | $ 207,957 | $ 211,884 | ||
Consumer, Percent | [1] | 15.60% | 16.20% | ||
Commercial [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | $ 972,000 | $ 945,555 | 895,254 | ||
Allowance for loan losses | (19,588) | (18,360) | $ (17,345) | $ (14,887) | |
Consumer Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | $ 356,261 | $ 360,450 | |||
[1] | Comprised of other revolving credit, installment loans, and overdrafts. |
Loans Held for Sale, Loans an_5
Loans Held for Sale, Loans and Allowance for Loan Losses - Activity of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Receivables [Abstract] | |||
Balance, beginning of period | $ 27,870 | $ 23,774 | $ 23,774 |
Provision for loan losses | 2,207 | 3,852 | 9,788 |
Recoveries on loans previously charged off | 480 | 477 | 2,213 |
Charged off loans | (1,492) | (2,001) | (7,905) |
Balance, end of period | $ 29,065 | $ 26,102 | $ 27,870 |
Loans Held for Sale, Loans an_6
Loans Held for Sale, Loans and Allowance for Loan Losses - Loan Balances and Related Allowance for Loan Losses, by Portfolio Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Allowance for loan losses: | |||
Balance, beginning of period | $ 27,870 | $ 23,774 | $ 23,774 |
Charge-offs | (1,492) | (2,001) | (7,905) |
Recoveries | 480 | 477 | 2,213 |
Provision | 2,207 | 3,852 | 9,788 |
Balance, end of period | 29,065 | 26,102 | 27,870 |
Allowance balance at end of period related to: | |||
Loans individually evaluated for impairment | 4,554 | 8,661 | 7,764 |
Loans collectively evaluated for impairment | 24,511 | 17,441 | 20,106 |
Balance, end of period | 29,065 | 26,102 | 27,870 |
Loan balances at end of period: | |||
Loans individually evaluated for impairment | 38,747 | 31,371 | 39,751 |
Loans collectively evaluated for impairment | 1,289,514 | 1,244,831 | 1,266,254 |
Ending balance | 1,328,261 | 1,276,202 | 1,306,005 |
Commercial [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 18,360 | 14,887 | 14,887 |
Charge-offs | (210) | (1,599) | |
Recoveries | 5 | 4 | 37 |
Provision | 1,223 | 2,664 | 5,035 |
Balance, end of period | 19,588 | 17,345 | 18,360 |
Allowance balance at end of period related to: | |||
Loans individually evaluated for impairment | 4,156 | 7,107 | 6,105 |
Loans collectively evaluated for impairment | 15,432 | 10,238 | 12,255 |
Balance, end of period | 19,588 | 17,345 | 18,360 |
Loan balances at end of period: | |||
Loans individually evaluated for impairment | 33,916 | 24,812 | 34,185 |
Loans collectively evaluated for impairment | 938,084 | 870,442 | 911,370 |
Ending balance | 972,000 | 895,254 | 945,555 |
Residential Mortgage And Home Equity [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 1,490 | 1,648 | 1,648 |
Recoveries | 2 | 67 | |
Provision | 402 | (196) | (225) |
Balance, end of period | 1,892 | 1,454 | 1,490 |
Allowance balance at end of period related to: | |||
Loans individually evaluated for impairment | 2 | 59 | 2 |
Loans collectively evaluated for impairment | 1,890 | 1,395 | 1,488 |
Balance, end of period | 1,892 | 1,454 | 1,490 |
Loan balances at end of period: | |||
Loans individually evaluated for impairment | 4,416 | 4,891 | 3,758 |
Loans collectively evaluated for impairment | 122,805 | 128,270 | 123,177 |
Ending balance | 127,221 | 133,161 | 126,935 |
Consumer [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 8,020 | 7,239 | 7,239 |
Charge-offs | (1,492) | (1,791) | (6,306) |
Recoveries | 475 | 471 | 2,109 |
Provision | 582 | 1,384 | 4,978 |
Balance, end of period | 7,585 | 7,303 | 8,020 |
Allowance balance at end of period related to: | |||
Loans individually evaluated for impairment | 396 | 1,495 | 1,657 |
Loans collectively evaluated for impairment | 7,189 | 5,808 | 6,363 |
Balance, end of period | 7,585 | 7,303 | 8,020 |
Loan balances at end of period: | |||
Loans individually evaluated for impairment | 415 | 1,668 | 1,808 |
Loans collectively evaluated for impairment | 228,625 | 246,119 | 231,707 |
Ending balance | $ 229,040 | $ 247,787 | $ 233,515 |
Loans Held for Sale, Loans an_7
Loans Held for Sale, Loans and Allowance for Loan Losses - Summary of Delinquency Status of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | $ 54,819 | $ 42,504 | ||
Current | 1,273,442 | 1,263,501 | ||
Total Loans Outstanding | 1,328,261 | 1,306,005 | $ 1,276,202 | |
Automobile [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 2,509 | 1,612 | ||
Current | 18,574 | 20,019 | ||
Total Loans Outstanding | 21,083 | 21,631 | ||
Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 13,132 | 10,234 | ||
Current | 111,340 | 114,016 | ||
Total Loans Outstanding | 124,472 | 124,250 | ||
Home Equity [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Current | 2,749 | 2,685 | ||
Total Loans Outstanding | 2,749 | 2,685 | ||
Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 9,609 | 20,000 | ||
Current | 270,137 | 262,426 | ||
Total Loans Outstanding | 279,746 | 282,426 | ||
Commercial Mortgage [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 20,917 | 4,546 | ||
Current | 587,380 | 586,818 | ||
Total Loans Outstanding | 608,297 | 591,364 | ||
Commercial Construction Loan [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Current | 83,302 | 71,101 | ||
Total Loans Outstanding | 83,302 | 71,101 | ||
Commercial Agriculture [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Current | 655 | 664 | ||
Total Loans Outstanding | 655 | 664 | ||
Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | [1] | 8,652 | 6,112 | |
Current | [1] | 199,305 | 205,772 | |
Total Loans Outstanding | [1] | 207,957 | 211,884 | |
Commercial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 30,526 | 24,546 | ||
Current | 941,474 | 921,009 | ||
Total Loans Outstanding | 972,000 | 945,555 | $ 895,254 | |
Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 24,293 | 17,958 | ||
Current | 331,968 | 342,492 | ||
Total Loans Outstanding | 356,261 | 360,450 | ||
30-59 Days Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 35,947 | 26,964 | ||
30-59 Days Past Due [Member] | Automobile [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 1,820 | 1,241 | ||
30-59 Days Past Due [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 6,468 | 5,318 | ||
30-59 Days Past Due [Member] | Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 4,972 | 15,924 | ||
30-59 Days Past Due [Member] | Commercial Mortgage [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 17,941 | 1,490 | ||
30-59 Days Past Due [Member] | Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | [1] | 4,746 | 2,991 | |
30-59 Days Past Due [Member] | Commercial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 22,913 | 17,414 | ||
30-59 Days Past Due [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 13,034 | 9,550 | ||
60-89 Days Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 8,494 | 5,666 | ||
60-89 Days Past Due [Member] | Automobile [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 376 | 278 | ||
60-89 Days Past Due [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 5,155 | 3,515 | ||
60-89 Days Past Due [Member] | Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 530 | |||
60-89 Days Past Due [Member] | Commercial Mortgage [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 592 | 358 | ||
60-89 Days Past Due [Member] | Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | [1] | 1,841 | 1,515 | |
60-89 Days Past Due [Member] | Commercial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 1,122 | 358 | ||
60-89 Days Past Due [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 7,372 | 5,308 | ||
90 Days and Greater Non-Accrual [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 7,289 | 8,084 | ||
90 Days and Greater Non-Accrual [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 1,172 | 1,214 | ||
90 Days and Greater Non-Accrual [Member] | Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 3,701 | 4,076 | ||
90 Days and Greater Non-Accrual [Member] | Commercial Mortgage [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 2,384 | 2,698 | ||
90 Days and Greater Non-Accrual [Member] | Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | [1] | 32 | 96 | |
90 Days and Greater Non-Accrual [Member] | Commercial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 6,085 | 6,774 | ||
90 Days and Greater Non-Accrual [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 1,204 | 1,310 | ||
90 Days and Greater Still Accruing [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 3,089 | 1,790 | ||
90 Days and Greater Still Accruing [Member] | Automobile [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 313 | 93 | ||
90 Days and Greater Still Accruing [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 337 | 187 | ||
90 Days and Greater Still Accruing [Member] | Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 406 | |||
90 Days and Greater Still Accruing [Member] | Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | [1] | 2,033 | 1,510 | |
90 Days and Greater Still Accruing [Member] | Commercial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 406 | |||
90 Days and Greater Still Accruing [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | $ 2,683 | $ 1,790 | ||
[1] | Comprised of other revolving credit, installment loans, and overdrafts. |
Loans Held for Sale, Loans an_8
Loans Held for Sale, Loans and Allowance for Loan Losses - Loans on Non-Accrual Status, by Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | $ 22,301 | $ 22,263 | |
Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 3,485 | 3,370 | |
Commercial & Industrial [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 10,250 | 10,587 | |
Commercial Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 8,457 | 8,100 | |
Other Consumer Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | [1] | 109 | 206 |
Commercial [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 18,707 | 18,687 | |
Consumer Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | $ 3,594 | $ 3,576 | |
[1] | Comprised of other revolving credit, installment loans, and overdrafts. |
Loans Held for Sale, Loans an_9
Loans Held for Sale, Loans and Allowance for Loan Losses - Summary of Loans by Portfolio Type and Internal Credit Quality Ratings (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | ||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | $ 1,328,261 | $ 1,306,005 | $ 1,276,202 | |
Increase (Decrease) in total gross loans | 22,256 | |||
Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 1,239,128 | 1,224,665 | ||
Increase (Decrease) in total gross loans | 14,463 | |||
Special Mention [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 14,371 | 3,641 | ||
Increase (Decrease) in total gross loans | 10,730 | |||
Substandard [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 59,809 | 60,785 | ||
Increase (Decrease) in total gross loans | (976) | |||
Formula Classified [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 4,258 | 5,437 | ||
Increase (Decrease) in total gross loans | (1,179) | |||
Doubtful [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 10,695 | 11,477 | ||
Increase (Decrease) in total gross loans | (782) | |||
Automobile [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 21,083 | 21,631 | ||
Automobile [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 21,082 | 21,538 | ||
Increase (Decrease) in total gross loans | (456) | |||
Automobile [Member] | Formula Classified [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 1 | 93 | ||
Increase (Decrease) in total gross loans | (92) | |||
Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 124,472 | 124,250 | ||
Residential Mortgage Loans [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 119,877 | 119,851 | ||
Increase (Decrease) in total gross loans | 26 | |||
Residential Mortgage Loans [Member] | Substandard [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 751 | 762 | ||
Increase (Decrease) in total gross loans | (11) | |||
Residential Mortgage Loans [Member] | Formula Classified [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 3,844 | 3,637 | ||
Increase (Decrease) in total gross loans | 207 | |||
Home Equity [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 2,749 | 2,685 | ||
Home Equity [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 2,749 | 2,685 | ||
Increase (Decrease) in total gross loans | 64 | |||
Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 279,746 | 282,426 | ||
Commercial & Industrial [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 234,845 | 247,202 | ||
Increase (Decrease) in total gross loans | (12,357) | |||
Commercial & Industrial [Member] | Special Mention [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 14,371 | 3,641 | ||
Increase (Decrease) in total gross loans | 10,730 | |||
Commercial & Industrial [Member] | Substandard [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 21,059 | 21,597 | ||
Increase (Decrease) in total gross loans | (538) | |||
Commercial & Industrial [Member] | Doubtful [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 9,471 | 9,986 | ||
Increase (Decrease) in total gross loans | (515) | |||
Commercial Mortgage [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 608,297 | 591,364 | ||
Commercial Mortgage [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 569,085 | 551,459 | ||
Increase (Decrease) in total gross loans | 17,626 | |||
Commercial Mortgage [Member] | Substandard [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 37,988 | 38,414 | ||
Increase (Decrease) in total gross loans | (426) | |||
Commercial Mortgage [Member] | Doubtful [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 1,224 | 1,491 | ||
Increase (Decrease) in total gross loans | (267) | |||
Commercial Construction Loan [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 83,302 | 71,101 | ||
Commercial Construction Loan [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 83,302 | 71,101 | ||
Increase (Decrease) in total gross loans | 12,201 | |||
Commercial Agriculture [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 655 | 664 | ||
Commercial Agriculture [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 655 | 664 | ||
Increase (Decrease) in total gross loans | (9) | |||
Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | [1] | 207,957 | 211,884 | |
Other Consumer Loans [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 207,533 | 210,165 | ||
Increase (Decrease) in total gross loans | (2,632) | |||
Other Consumer Loans [Member] | Substandard [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 11 | 12 | ||
Increase (Decrease) in total gross loans | (1) | |||
Other Consumer Loans [Member] | Formula Classified [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 413 | $ 1,707 | ||
Increase (Decrease) in total gross loans | $ (1,294) | |||
[1] | Comprised of other revolving credit, installment loans, and overdrafts. |
Loans Held for Sale, Loans a_10
Loans Held for Sale, Loans and Allowance for Loan Losses - Non-Accrual Loans and Restructured Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Restructured loans: | ||
Non-accruing restructured loans | $ 6,630 | $ 7,293 |
Accruing restructured loans | 14,782 | 15,191 |
Total restructured loans | 21,412 | 22,484 |
Other impaired loans | 17,335 | 17,267 |
Total impaired loans | 38,747 | 39,751 |
Impaired loans less than 90 days delinquent and included in total impaired loans | $ 30,206 | $ 29,704 |
Loans Held for Sale, Loans a_11
Loans Held for Sale, Loans and Allowance for Loan Losses - Information Related to Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable Impaired [Line Items] | ||
Total impaired loans with no related allowance, Recorded Investment | $ 34,447 | $ 34,219 |
Total impaired loans with no related allowance, Unpaid Principal Balance | 35,372 | 35,144 |
Total impaired loans with no related allowance, Average Recorded Investment | 8,611 | 30,079 |
Total impaired loans with no related allowance, Interest Income Recognized | (302) | (70) |
Total impaired loans with a related allowance recorded, Recorded Investment | 4,300 | 5,532 |
Total impaired loans with a related allowance recorded, Unpaid Principal Balance | 4,551 | 5,795 |
Total impaired loans with a related allowance recorded, Average Recorded Investment | 1,075 | 6,166 |
Total impaired loans with a related allowance recorded, Interest Income Recognized | (3) | 15 |
Automobile [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total impaired loans with a related allowance recorded, Recorded Investment | 1 | 93 |
Total impaired loans with a related allowance recorded, Unpaid Principal Balance | 1 | 93 |
Total impaired loans with a related allowance recorded, Average Recorded Investment | 97 | |
Total impaired loans with a related allowance recorded, Interest Income Recognized | 2 | |
Residential Mortgage Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total impaired loans with no related allowance, Recorded Investment | 901 | 379 |
Total impaired loans with no related allowance, Unpaid Principal Balance | 901 | 379 |
Total impaired loans with no related allowance, Average Recorded Investment | 225 | 115 |
Total impaired loans with no related allowance, Interest Income Recognized | (390) | (174) |
Total impaired loans with a related allowance recorded, Recorded Investment | 3,516 | 3,379 |
Total impaired loans with a related allowance recorded, Unpaid Principal Balance | 3,526 | 3,400 |
Total impaired loans with a related allowance recorded, Average Recorded Investment | 879 | 4,260 |
Total impaired loans with a related allowance recorded, Interest Income Recognized | (6) | (6) |
Commercial & Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total impaired loans with no related allowance, Recorded Investment | 25,056 | 25,702 |
Total impaired loans with no related allowance, Unpaid Principal Balance | 25,981 | 26,627 |
Total impaired loans with no related allowance, Average Recorded Investment | 6,264 | 20,734 |
Total impaired loans with no related allowance, Interest Income Recognized | 88 | 105 |
Total impaired loans with a related allowance recorded, Recorded Investment | 267 | 247 |
Total impaired loans with a related allowance recorded, Unpaid Principal Balance | 493 | 472 |
Total impaired loans with a related allowance recorded, Average Recorded Investment | 67 | 214 |
Total impaired loans with a related allowance recorded, Interest Income Recognized | 3 | 1 |
Commercial Mortgage [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total impaired loans with no related allowance, Recorded Investment | 8,490 | 8,138 |
Total impaired loans with no related allowance, Unpaid Principal Balance | 8,490 | 8,138 |
Total impaired loans with no related allowance, Average Recorded Investment | 2,122 | 9,230 |
Total impaired loans with no related allowance, Interest Income Recognized | (1) | |
Total impaired loans with a related allowance recorded, Recorded Investment | 103 | 98 |
Total impaired loans with a related allowance recorded, Unpaid Principal Balance | 118 | 114 |
Total impaired loans with a related allowance recorded, Average Recorded Investment | 26 | 79 |
Other Consumer Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total impaired loans with a related allowance recorded, Recorded Investment | 413 | 1,715 |
Total impaired loans with a related allowance recorded, Unpaid Principal Balance | 413 | 1,716 |
Total impaired loans with a related allowance recorded, Average Recorded Investment | $ 103 | 1,516 |
Total impaired loans with a related allowance recorded, Interest Income Recognized | $ 18 |
Loans Held for Sale, Loans a_12
Loans Held for Sale, Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)SecurityLoan | Dec. 31, 2019USD ($) | |
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 22 | |
Pre-Modification Outstanding Recorded Investment | $ 27,126 | |
Post-Modification Outstanding Recorded Investment | 27,126 | |
Outstanding Balance | $ 21,412 | $ 22,484 |
Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 6 | |
Pre-Modification Outstanding Recorded Investment | $ 16,101 | |
Post-Modification Outstanding Recorded Investment | 16,101 | |
Outstanding Balance | $ 14,782 | 15,191 |
Performing [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 27 | |
Post-Modification Outstanding Recorded Investment | 27 | |
Outstanding Balance | $ 26 | 26 |
Performing [Member] | Commercial Mortgage [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 5 | |
Pre-Modification Outstanding Recorded Investment | $ 16,074 | |
Post-Modification Outstanding Recorded Investment | 16,074 | |
Outstanding Balance | $ 14,756 | 15,165 |
Nonperforming [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 16 | |
Pre-Modification Outstanding Recorded Investment | $ 11,025 | |
Post-Modification Outstanding Recorded Investment | 11,025 | |
Outstanding Balance | $ 6,630 | 7,293 |
Nonperforming [Member] | Commercial Mortgage [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 16 | |
Pre-Modification Outstanding Recorded Investment | $ 11,025 | |
Post-Modification Outstanding Recorded Investment | 11,025 | |
Outstanding Balance | $ 6,630 | $ 7,293 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Summary of Company's Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Banking And Thrift [Abstract] | ||
Total capital (to Risk Weighted Assets), Actual, Amount | $ 199,415 | $ 197,000 |
Tier 1 capital (to Risk Weighted Assets), Actual, Amount | 167,022 | 164,787 |
Tier 1 capital (to Average Assets), Actual, Amount | 167,022 | 164,787 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual, Amount | $ 157,239 | $ 155,005 |
Total capital (to Risk Weighted Assets), Actual, Ratio | 14.45% | 14.417% |
Tier 1 capital (to Risk Weighted Assets), Actual, Ratio | 12.103% | 12.06% |
Tier 1 capital (to Average Assets), Actual, Ratio | 8.382% | 8.418% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual, Ratio | 11.394% | 11.344% |
Total capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 110,402 | $ 109,313 |
Tier 1 capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | 82,801 | 81,985 |
Tier 1 capital (to Average Assets), For Capital Adequacy Purposes, Amount | 79,710 | 78,298 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 62,101 | $ 61,489 |
Total capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 capital (to Average Assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Total capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 138,002 | $ 136,641 |
Tier 1 capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 110,402 | 109,313 |
Tier 1 capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 99,637 | 97,873 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 89,701 | $ 88,817 |
Total capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Off-Balance-Sheet Activities -
Off-Balance-Sheet Activities - Summary of Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial Instrument with off-balance-sheet risk | $ 145,768 | $ 157,463 |
Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial Instrument with off-balance-sheet risk | 59,007 | 58,695 |
Letters of Credit [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial Instrument with off-balance-sheet risk | 57,489 | 58,182 |
Letters of Credit [Member] | Commercial Letters Of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial Instrument with off-balance-sheet risk | $ 1,518 | $ 513 |
Off-Balance-Sheet Activities _2
Off-Balance-Sheet Activities - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value Disclosures [Abstract] | |
Letters of credit expiration date maximum | 1 year |
Maximum undiscounted future payments | $ 59,000 |
Guarantee maturity maximum | 1 year |
Reserve liabilities associated with guarantees | $ 36 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 1.8 | $ 1.8 |
Guam income tax statutory rate | 21.00% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | $ 384,762 | $ 377,130 |
Mortgage servicing rights at their fair value | 1,700 | 1,700 |
U.S. Government Agency Pool Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 176,909 | 173,497 |
U.S. Government Agency or GSE Residential Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 162,184 | 128,198 |
Fair Value on Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 384,762 | 377,130 |
Mortgage servicing rights at their fair value | 1,744 | 1,704 |
Total fair value | 386,506 | 378,834 |
Fair Value on Recurring Basis [Member] | U.S. Treasury Notes and Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 35,157 | 44,978 |
Fair Value on Recurring Basis [Member] | U.S. Government Agency and Sponsored Enterprise (GSE) Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 10,512 | 30,457 |
Fair Value on Recurring Basis [Member] | U.S. Government Agency Pool Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 176,909 | 173,497 |
Fair Value on Recurring Basis [Member] | U.S. Government Agency or GSE Residential Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 162,184 | 128,198 |
Fair Value on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 35,157 | 44,978 |
Total fair value | 35,157 | 44,978 |
Fair Value on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Notes and Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 35,157 | 44,978 |
Fair Value on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 349,605 | 332,152 |
Total fair value | 349,605 | 332,152 |
Fair Value on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agency and Sponsored Enterprise (GSE) Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 10,512 | 30,457 |
Fair Value on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agency Pool Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 176,909 | 173,497 |
Fair Value on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agency or GSE Residential Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 162,184 | 128,198 |
Fair Value on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights at their fair value | 1,744 | 1,704 |
Total fair value | $ 1,744 | $ 1,704 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Transfers in or out of the Bank's Level 3 financial instruments | $ 0 | $ 0 |
Nonfinancial assets or liabilities for which a nonrecurring change in fair value | $ 0 | 0 |
Number of days to maturity federal funds purchased and FHLB advances to be treated as short-term borrowings | 90 days | |
Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of FHLB advances maturing after ninety days | 90 days | |
Fair Value on Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on a recurring basis | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 1,704 | $ 1,778 |
Realized and unrealized net gains: | ||
Included in net income | 40 | (74) |
Ending balance | $ 1,744 | $ 1,704 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Valuation Techniques and Unobservable Inputs (Detail) $ in Thousands | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Estimated Fair Value | $ 1,700 | $ 1,700 |
Fair Value on Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Estimated Fair Value | 1,744 | 1,704 |
Fair Value on Recurring Basis [Member] | Discount Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Estimated Fair Value | $ 1,744 | $ 1,704 |
Mortgage Servicing Rights, Valuation Technique [Extensible List] | us-gaap:ValuationTechniqueDiscountedCashFlowMember | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Fair Value on Recurring Basis [Member] | Discount Rate [Member] | Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Range of Inputs | 0.0751 | 0.0751 |
Fair Value on Recurring Basis [Member] | Discount Rate [Member] | Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Range of Inputs | 0.0847 | 0.0847 |
Fair Value on Recurring Basis [Member] | Discount Rate [Member] | Weighted Average [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Range of Inputs | 0.0770 | 0.0770 |
Fair Value on Recurring Basis [Member] | Weighted Average Prepayment Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Range of Inputs | 1.25 | 1.25 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value on Nonrecurring Basis [Member] - Other Real Estate Owned [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total fair value | $ 50 | $ 8 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total fair value | $ 50 | $ 8 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Other Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Investment securities held-to-maturity | $ 49,822 | $ 50,204 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 155,342 | 131,716 |
Restricted cash | 150 | 400 |
Federal Home Loan Bank stock | 2,335 | 2,267 |
Investment securities held-to-maturity | 49,075 | 49,984 |
Loans, net | 1,296,539 | 1,275,272 |
Total | 1,503,441 | 1,459,639 |
Financial liabilities: | ||
Deposits | 1,760,677 | 1,729,906 |
Total | 1,760,677 | 1,729,906 |
Fair Value on Nonrecurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 155,342 | 131,716 |
Restricted cash | 150 | 400 |
Total | 155,492 | 132,116 |
Fair Value on Nonrecurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | ||
Financial assets: | ||
Federal Home Loan Bank stock | 2,335 | 2,267 |
Investment securities held-to-maturity | 49,822 | 50,204 |
Total | 52,157 | 52,471 |
Fair Value on Nonrecurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 1,335,255 | 1,310,822 |
Total | 1,335,255 | 1,310,822 |
Financial liabilities: | ||
Deposits | 1,771,032 | 1,733,072 |
Total | $ 1,771,032 | $ 1,733,072 |
Comprehensive Income (Loss) - C
Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) Included in Stockholder's Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Comprehensive Income Net Of Tax [Abstract] | ||
Net unrealized gain (loss) on available-for-sale securities | $ 4,466 | $ (971) |
Amounts reclassified from AOCI for (gain) on sale of investment securities available-for-sale included in net income | (347) | |
Tax effect | (938) | 277 |
Unrealized holding gain (loss) on available-for-sale securities, net of tax | 3,528 | (1,041) |
Gross unrealized holding loss on held-to-maturity securities | (285) | (625) |
Amortization of unrealized holding loss on held-to-maturity during the period | 73 | 339 |
Unrealized holding loss on held-to-maturity securities | (212) | (286) |
Accumulated other comprehensive income (loss) | $ 3,316 | $ (1,327) |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Lease [Line Items] | |||
Operating lease option to extend description | Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 50 years or more. | ||
Operating lease option to extend | true | ||
Operating lease payments | $ 876,000 | ||
Minimum future rents to be received under non-cancelable operating sublease agreements, 2020 | 34 | ||
Minimum future rents to be received under non-cancelable operating sublease agreements, 2021 | 8 | ||
Operating lease cost | 935 | ||
Short term leases | 8 | ||
Bank Facility Lease [Member] | |||
Lease [Line Items] | |||
Operating lease payments | $ 59 | $ 58 | $ 354 |
Minimum [Member] | |||
Lease [Line Items] | |||
Operating lease option to extend | 1 year | ||
Original operating lease term | 1 year | ||
Maximum [Member] | |||
Lease [Line Items] | |||
Operating lease option to extend | 50 years | ||
Original operating lease term | 3 years | ||
Operating lease renewal term | 12 years |
Leases - Summary of Lease Relat
Leases - Summary of Lease Related Assets and Liabilities Recorded in Unaudited Condensed Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 28,855 | $ 29,898 |
Total lease assets | 28,855 | 29,898 |
Operating | 2,365 | 2,362 |
Operating | 26,810 | 27,797 |
Total lease liabilities | $ 29,175 | $ 30,159 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities Under Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
Operating Leases, 2020 | $ 3,395 | |
Operating Leases, 2021 | 3,098 | |
Operating Leases, 2022 | 2,530 | |
Operating Leases, 2023 | 2,325 | |
Operating Leases, 2024 | 2,259 | |
Operating Leases, After 2024 | 39,482 | |
Operating Leases, Total lease payments | 53,089 | |
Operating Leases, Less: Interest | 23,914 | |
Operating lease liabilities | 29,175 | |
Total | ||
Lease liability, 2020 | 3,395 | |
Lease liability, 2021 | 3,098 | |
Lease liability, 2022 | 2,530 | |
Lease liability, 2023 | 2,325 | |
Lease liability, 2024 | 2,259 | |
Lease liability, After 2024 | 39,482 | |
Lease liability, Total lease payments | 53,089 | |
Lease liability, Less: Interest | 23,914 | |
Lease liability, Present value of lease liabilities | $ 29,175 | $ 30,159 |
Leases - Schedule of Maturiti_2
Leases - Schedule of Maturities of Lease Liabilities Under Operating Leases (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease payments related to option to extend lease | $ 25,800 | |
Current portion of operating lease liability | $ 2,365 | $ 2,362 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Lease Term and Discount Rate (Detail) | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating leases | 24 years 4 months 24 days | 24 years 1 month 6 days |
Operating leases | 4.09% | 4.07% |
Subordinated Debt - Additional
Subordinated Debt - Additional Information (Detail) - USD ($) | Jun. 27, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Notes, aggregate principal amount | $ 14,757,000 | $ 14,751,000 | |
Notes, interest rate | 0.00% | ||
Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Notes, aggregate principal amount | $ 15,000,000 | ||
Notes, interest rate | 6.35% | ||
Notes, maturity date | Jun. 30, 2029 | ||
Notes, term | 10 years | ||
Notes, interest payment terms | The Company is required to pay interest only semi-annually during the fixed period, and quarterly during the floating rate period. | ||
Subordinated Notes [Member] | Three-month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Notes, basis points payable | 4.66% |