Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 01, 2024 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Securities Act File Number | 001-38131 | |
Entity Registrant Name | Esquire Financial Holdings, Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 27-5107901 | |
Entity Address, Address Line One | 100 Jericho Quadrangle, Suite 100, | |
Entity Address, City or Town | Jericho | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11753 | |
City Area Code | 516 | |
Local Phone Number | 535-2002 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | ESQ | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,314,227 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Amendment Flag | false | |
Entity Central Index Key | 0001531031 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 152,733 | $ 165,209 |
Securities available for sale, at fair value | 176,814 | 122,107 |
Securities held-to-maturity, at cost (fair value $64,777 and $69,116, at June 30, 2024 and December 31, 2023, respectively) | 73,062 | 77,001 |
Securities, restricted, at cost | 3,034 | 2,928 |
Loans held for investment | 1,261,062 | 1,207,413 |
Less: allowance for credit losses | (18,521) | (16,631) |
Loans, net of allowance | 1,242,541 | 1,190,782 |
Premises and equipment, net | 2,809 | 2,602 |
Accrued interest receivable | 9,170 | 9,130 |
Other assets | 55,551 | 47,117 |
Total assets | 1,715,714 | 1,616,876 |
Deposits, by Type [Abstract] | ||
Demand | 482,988 | 473,274 |
Savings, NOW and money market | 991,953 | 926,264 |
Time Deposits | 11,952 | 7,761 |
Total deposits | 1,486,893 | 1,407,299 |
Accrued expenses and other liabilities | 11,410 | 11,022 |
Total liabilities | 1,498,303 | 1,418,321 |
Stockholders' equity: | ||
Common stock, par value $0.01; authorized 15,000,000 shares; 8,372,344 and 8,361,185 shares issued, respectively; and 8,292,948 and 8,287,848 shares outstanding, respectively | 84 | 84 |
Additional paid-in capital | 101,815 | 99,713 |
Retained earnings | 132,320 | 114,261 |
Accumulated other comprehensive loss | (14,241) | (13,235) |
Treasury stock at cost, 79,396 and 73,337 shares, respectively | (2,567) | (2,268) |
Total stockholders' equity | 217,411 | 198,555 |
Total liabilities and stockholders' equity | $ 1,715,714 | $ 1,616,876 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||
Securities held to maturity, fair value | $ 64,777 | $ 69,116 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 8,372,344 | 8,361,185 |
Common stock, shares outstanding | 8,292,948 | 8,287,848 |
Treasury stock, shares | 79,396 | 73,337 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest income: | ||||
Loans held for investment | $ 24,216 | $ 19,137 | $ 47,605 | $ 36,752 |
Securities, includes restricted stock | 2,023 | 1,189 | 3,628 | 2,343 |
Securities purchased under agreements to resell | 715 | 1,368 | ||
Interest earning cash and other | 1,146 | 1,014 | 2,225 | 1,957 |
Total interest income | 27,385 | 22,055 | 53,458 | 42,420 |
Interest expense: | ||||
Savings, NOW and money market deposits | 2,932 | 1,809 | 6,030 | 2,821 |
Time deposits | 130 | 156 | 241 | 219 |
Borrowings | 1 | 1 | 2 | 2 |
Total interest expense | 3,063 | 1,966 | 6,273 | 3,042 |
Net interest income | 24,322 | 20,089 | 47,185 | 39,378 |
Provision for credit losses | 1,000 | 1,325 | 2,000 | 1,825 |
Net interest income after provision for loan losses | 23,322 | 18,764 | 45,185 | 37,553 |
Noninterest income: | ||||
Payment processing fees | 5,322 | 5,764 | 10,618 | 11,277 |
Administrative service income | 620 | 739 | 1,366 | 1,268 |
Gain on equity investment | 4,027 | |||
Customer related fees, service charges and other | 333 | 192 | 680 | 385 |
Total noninterest income | 6,275 | 6,695 | 12,664 | 16,957 |
Noninterest expense: | ||||
Employee compensation and benefits | 9,525 | 7,803 | 18,686 | 15,287 |
Occupancy and equipment | 1,156 | 835 | 2,083 | 1,664 |
Professional and consulting services | 857 | 1,615 | 1,808 | 3,158 |
FDIC and regulatory assessments | 233 | 182 | 455 | 326 |
Advertising and marketing | 881 | 320 | 1,753 | 749 |
Travel and business relations | 180 | 246 | 458 | 394 |
Data processing | 1,722 | 1,249 | 3,233 | 2,382 |
Other operating expenses | 678 | 726 | 1,324 | 1,497 |
Total noninterest expense | 15,232 | 12,976 | 29,800 | 25,457 |
Net income before income taxes | 14,365 | 12,483 | 28,049 | 29,053 |
Income tax expense | 3,878 | 3,370 | 7,504 | 7,761 |
Net income | $ 10,487 | $ 9,113 | $ 20,545 | $ 21,292 |
Earnings Per Share, Basic, Other Disclosure [Abstract] | ||||
Basic | $ 1.34 | $ 1.18 | $ 2.64 | $ 2.76 |
Diluted | $ 1.25 | $ 1.10 | $ 2.45 | $ 2.57 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | $ 10,487 | $ 9,113 | $ 20,545 | $ 21,292 |
Other comprehensive income (loss): | ||||
Unrealized (losses) gains arising during the period on securities available-for-sale | 176 | (980) | (1,388) | 931 |
Tax effect | (48) | 270 | 382 | (256) |
Total other comprehensive (loss) income | 128 | (710) | (1,006) | 675 |
Total comprehensive income | $ 10,615 | $ 8,403 | $ 19,539 | $ 21,967 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Previously Reported Common stock | Previously Reported Additional paid in capital | Previously Reported Retained earnings (deficit) | Previously Reported Accumulated other comprehensive loss | Previously Reported Treasury Stock | Previously Reported | Cumulative Change in Accounting Principal Retained earnings (deficit) | Cumulative Change in Accounting Principal | Adjusted for Change in Accounting Principal Common stock | Adjusted for Change in Accounting Principal Additional paid in capital | Adjusted for Change in Accounting Principal Retained earnings (deficit) | Adjusted for Change in Accounting Principal Accumulated other comprehensive loss | Adjusted for Change in Accounting Principal Treasury Stock | Adjusted for Change in Accounting Principal | Common stock | Additional paid in capital | Retained earnings (deficit) | Accumulated other comprehensive loss | Treasury Stock | Total |
Balance, beginning at Dec. 31, 2022 | $ 82 | $ 96,387 | $ 77,712 | $ (15,117) | $ (906) | $ 158,158 | ||||||||||||||
Balance, beginning (shares) at Dec. 31, 2022 | 8,195,333 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 21,292 | 21,292 | ||||||||||||||||||
Other comprehensive income (loss) | 675 | 675 | ||||||||||||||||||
Stock compensation expense | 1,578 | 1,578 | ||||||||||||||||||
Cash dividends declared to common stockholders | (1,843) | (1,843) | ||||||||||||||||||
Exercise of stock options, net of repurchases | 53 | 53 | ||||||||||||||||||
Exercise of stock options, net of repurchases (shares) | 8,752 | |||||||||||||||||||
Shares received related to tax withholding | (153) | (153) | ||||||||||||||||||
Shares received related to tax withholding (shares) | (3,706) | |||||||||||||||||||
Purchase of common stock | (286) | (286) | ||||||||||||||||||
Purchase of common stock (shares) | (8,000) | |||||||||||||||||||
Balance, ending (Accounting Standards Update 2016-13) at Jun. 30, 2023 | $ (568) | $ (568) | $ 82 | $ 96,387 | $ 77,144 | $ (15,117) | $ (906) | $ 157,590 | ||||||||||||
Balance, ending at Jun. 30, 2023 | $ 82 | 98,018 | 96,593 | (14,442) | (1,345) | 178,906 | ||||||||||||||
Balance, ending (shares) (Accounting Standards Update 2016-13) at Jun. 30, 2023 | 8,195,333 | |||||||||||||||||||
Balance, ending (shares) at Jun. 30, 2023 | 8,192,379 | |||||||||||||||||||
Balance, beginning at Mar. 31, 2023 | $ 82 | 97,224 | 88,504 | (13,732) | (1,327) | 170,751 | ||||||||||||||
Balance, beginning (shares) at Mar. 31, 2023 | 8,190,758 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 9,113 | 9,113 | ||||||||||||||||||
Other comprehensive income (loss) | (710) | (710) | ||||||||||||||||||
Stock compensation expense | 788 | 788 | ||||||||||||||||||
Cash dividends declared to common stockholders | (1,024) | (1,024) | ||||||||||||||||||
Exercise of stock options, net of repurchases | 6 | 6 | ||||||||||||||||||
Exercise of stock options, net of repurchases (shares) | 2,121 | |||||||||||||||||||
Purchase of common stock | (18) | (18) | ||||||||||||||||||
Purchase of common stock (shares) | (500) | |||||||||||||||||||
Balance, ending (Accounting Standards Update 2016-13) at Jun. 30, 2023 | $ (568) | $ (568) | $ 82 | $ 96,387 | $ 77,144 | $ (15,117) | $ (906) | $ 157,590 | ||||||||||||
Balance, ending at Jun. 30, 2023 | $ 82 | 98,018 | 96,593 | (14,442) | (1,345) | 178,906 | ||||||||||||||
Balance, ending (shares) (Accounting Standards Update 2016-13) at Jun. 30, 2023 | 8,195,333 | |||||||||||||||||||
Balance, ending (shares) at Jun. 30, 2023 | 8,192,379 | |||||||||||||||||||
Balance, beginning (Accounting Standards Update 2016-13) at Dec. 31, 2023 | $ 84 | $ 99,713 | $ 114,261 | $ (13,235) | $ (2,268) | $ 198,555 | ||||||||||||||
Balance, beginning at Dec. 31, 2023 | 198,555 | |||||||||||||||||||
Balance, beginning (shares) (Accounting Standards Update 2016-13) at Dec. 31, 2023 | 8,287,848 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 20,545 | 20,545 | ||||||||||||||||||
Other comprehensive income (loss) | (1,006) | (1,006) | ||||||||||||||||||
Stock compensation expense | 1,929 | 1,929 | ||||||||||||||||||
Cash dividends declared to common stockholders | (2,486) | (2,486) | ||||||||||||||||||
Exercise of stock options, net of repurchases | 173 | 173 | ||||||||||||||||||
Exercise of stock options, net of repurchases (shares) | 11,159 | |||||||||||||||||||
Shares received related to tax withholding | (299) | (299) | ||||||||||||||||||
Shares received related to tax withholding (shares) | (6,059) | |||||||||||||||||||
Balance, ending at Jun. 30, 2024 | $ 84 | 101,815 | 132,320 | (14,241) | (2,567) | 217,411 | ||||||||||||||
Balance, ending (shares) at Jun. 30, 2024 | 8,292,948 | |||||||||||||||||||
Balance, beginning at Mar. 31, 2024 | $ 84 | 100,853 | 123,077 | (14,369) | (2,567) | 207,078 | ||||||||||||||
Balance, beginning (shares) at Mar. 31, 2024 | 8,292,789 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 10,487 | 10,487 | ||||||||||||||||||
Other comprehensive income (loss) | 128 | 128 | ||||||||||||||||||
Stock compensation expense | 962 | 962 | ||||||||||||||||||
Cash dividends declared to common stockholders | (1,244) | (1,244) | ||||||||||||||||||
Exercise of stock options, net of repurchases (shares) | 159 | |||||||||||||||||||
Balance, ending at Jun. 30, 2024 | $ 84 | $ 101,815 | $ 132,320 | $ (14,241) | $ (2,567) | $ 217,411 | ||||||||||||||
Balance, ending (shares) at Jun. 30, 2024 | 8,292,948 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||||
Stock options repurchased (shares) | 257 | 2,070 | 257 | 3,418 |
Cash dividends per share | $ 0.15 | $ 0.125 | $ 0.30 | $ 0.225 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 20,545 | $ 21,292 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 2,000 | 1,825 |
Depreciation and amortization of premises and equipment | 370 | 349 |
Stock compensation expense | 1,929 | 1,578 |
Gain on equity investment | (4,027) | |
Net amortization (accretion): | ||
Securities | 164 | 226 |
Loans | (247) | (707) |
Right of use asset | 279 | 292 |
Software | 1,044 | 626 |
Changes in other assets and liabilities: | ||
Accrued interest receivable | (40) | (1,217) |
Other assets | (6,305) | (7,879) |
Operating lease liability | (352) | (291) |
Accrued expenses and other liabilities | 608 | 3,040 |
Net cash provided by operating activities | 19,995 | 15,107 |
Cash flows from investing activities: | ||
Net change in loans | (53,512) | (107,649) |
Net change in securities purchased under agreements to resell | 62 | |
Purchases of securities available-for-sale | (65,183) | |
Purchases of securities held-to-maturity | (5,978) | |
Principal repayments on securities available-for-sale | 8,972 | 6,339 |
Principal repayments on securities held-to-maturity | 3,891 | 3,426 |
(Purchases) redemption of securities, restricted | (106) | (118) |
Proceeds from sale of equity investment | 1,467 | 3,737 |
Purchase of equity investment | (3,524) | |
Purchases of premises and equipment | (577) | (146) |
Development of capitalized software | (1,013) | (1,324) |
Net cash used in investing activities | (109,585) | (101,651) |
Cash flows from financing activities: | ||
Net increase in deposits | 79,594 | 30,748 |
Decrease in borrowings | (1) | (1) |
Exercise of stock options, net of repurchases | 173 | 53 |
Tax withholding payments for vested equity awards | (299) | (153) |
Cash dividends paid to common stockholders | (2,353) | (1,740) |
Purchase of common stock | (286) | |
Net cash provided by financing activities | 77,114 | 28,621 |
(Decrease) Increase in cash and cash equivalents | (12,476) | (57,923) |
Cash and cash equivalents at beginning of the period | 165,209 | 164,122 |
Cash and cash equivalents at end of the period | 152,733 | 106,199 |
Cash paid during the period for: | ||
Interest | 6,278 | 2,942 |
Taxes | 8,932 | 9,885 |
Noncash transactions: | ||
Dividends declared but not paid | 133 | 103 |
Exchange of noncash instruments | $ (300) | 1,100 |
Cumulative change in accounting principle | $ (568) |
Basis and Summary of Significan
Basis and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Basis and Summary of Significant Accounting Policies: | |
Basis and Summary of Significant Accounting Policies | NOTE 1 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Interim Consolidated Financial Statements including the accounts of Esquire Financial Holdings, Inc. and its wholly owned subsidiary, Esquire Bank, N.A., are collectively referred to as “the Company.” All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial information. In the opinion of management, the interim statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis and all such adjustments are recurring in nature. These financial statements and the accompanying notes should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2023 and 2022. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other period. Subsequent Events The Company has evaluated events for recognition and disclosure through the date of issuance. Investment in Variable Interest Entity On April 1, 2022, the Company sold its legacy National Football League (“NFL”) consumer post-settlement loan portfolio to a variable interest entity (“VIE”) in exchange for a nonvoting interest valued at $13.5 million where the Company will remain as servicer of the loan portfolio at the discretion of the VIE manager. The Company’s investment is considered a significant variable interest, but it does not have the power to direct the activities that most significantly impact the VIE’s economic performance. Therefore, the Company is not considered the primary beneficiary of this VIE and does not consolidate the entity in the Company’s financial statements. The Company’s maximum exposure to loss is limited to the carrying amount of its investment and accounted for under the equity method which is presented within Other assets on the Consolidated Statements of Financial Condition. Losses may occur as a result of a reduction of projected cash flows from the VIE’s loan portfolio based on expected claim settlements. The Company recognized an equity method loss of approximately $500 thousand on its investment in the second quarter of 2024, which is representative of the six months ended June 30, 2024. As of June 30, 2024, the investment’s carrying amount was $10.1 million with a remaining life of 4.8 years. As of December 31, 2023, the investment’s carrying amount was $10.6 million. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the Consolidated Financial Statements. Summary of Significant Accounting Policies Please see "Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies" for a discussion of areas in the accompanying unaudited Consolidated Financial Statements utilizing significant estimates. |
Debt Securities
Debt Securities | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities: | |
Debt Securities | NOTE 2 — Debt Securities The following tables summarize the major categories of securities as of the dates indicated: June 30, 2024 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Securities available-for-sale: Mortgage-backed securities – agency $ 104,774 $ — $ (17,456) $ 87,318 Collateralized mortgage obligations ("CMOs") – agency 91,683 166 (2,353) 89,496 Total available-for-sale $ 196,457 $ 166 $ (19,809) $ 176,814 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value (In thousands) Securities held-to-maturity: CMOs – agency $ 73,062 $ — $ (8,285) $ 64,777 Total held-to-maturity $ 73,062 $ — $ (8,285) $ 64,777 December 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Securities available-for-sale: Mortgage-backed securities – agency $ 107,396 $ 6 $ (16,392) $ 91,010 CMOs – agency 32,966 264 (2,133) 31,097 Total available-for-sale $ 140,362 $ 270 $ (18,525) $ 122,107 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value (In thousands) Securities held-to-maturity: CMOs – agency $ 77,001 $ 9 $ (7,894) $ 69,116 Total held-to-maturity $ 77,001 $ 9 $ (7,894) $ 69,116 Mortgage-backed securities included all pass-through certificates guaranteed by FHLMC, FNMA, or GNMA and the CMOs are backed by government agency pass-through certificates. CMOs, by virtue of the underlying residential collateral or structure, are fixed rate current pay sequentials or planned amortization classes (“PACs”). As actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations, these securities are not considered to have a single maturity date. There were no sales or calls At June 30, 2024, securities having a fair value of $185.6 million were pledged to the Federal Home Loan Bank of New York (“FHLB”) for borrowing capacity totaling $175.1 million. At December 31, 2023, securities having a fair value of $131.5 million were pledged to the FHLB for borrowing capacity totaling $125.7 million. At June 30, 2024 and December 31, 2023, the Company had no outstanding FHLB advances. At June 30, 2024, securities having a fair value of $56.0 million were pledged to the Federal Reserve Bank of New York (“FRB”) for borrowing capacity totaling $54.4 million. At December 31, 2023, securities having a fair value of $59.7 million were pledged to the FRB for borrowing capacity totaling $58.0 million. At June 30, 2024 and December 31, 2023, the Company had no outstanding FRB borrowings. The following table provides the gross unrealized and unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized or unrecognized loss position: June 30, 2024 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In thousands) Securities available-for-sale: Mortgage-backed securities – agency $ 6,439 $ (94) $ 80,879 $ (17,362) $ 87,318 $ (17,456) CMOs – agency 51,839 (219) 11,766 (2,134) 63,605 (2,353) Total available-for-sale $ 58,278 $ (313) $ 92,645 $ (19,496) $ 150,923 $ (19,809) Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrecognized Losses Fair Value Gross Unrecognized Losses Fair Value Gross Unrecognized Losses (In thousands) Securities held-to-maturity: CMOs – agency $ 4,957 $ (40) $ 59,820 $ (8,245) $ 64,777 $ (8,285) Total held-to-maturity $ 4,957 $ (40) $ 59,820 $ (8,245) $ 64,777 $ (8,285) December 31, 2023 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In thousands) Securities available-for-sale: Mortgage-backed securities – agency $ 3,143 $ (17) $ 86,082 $ (16,375) $ 89,225 $ (16,392) CMOs – agency — — 13,176 (2,133) 13,176 (2,133) Total available-for-sale $ 3,143 $ (17) $ 99,258 $ (18,508) $ 102,401 $ (18,525) Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrecognized Losses Fair Value Gross Unrecognized Losses Fair Value Gross Unrecognized Losses (In thousands) Securities held-to-maturity: CMOs – agency $ — $ — $ 63,739 $ (7,894) $ 63,739 $ (7,894) Total held-to-maturity $ — $ — $ 63,739 $ (7,894) $ 63,739 $ (7,894) Management evaluates securities available-for-sale in unrealized loss positions to determine whether the impairment is due to credit-related factors. Due to the decline in fair value being attributable to changes in interest rates, not credit quality and because the Company does not have the intent to sell the securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider the securities to be impaired at June 30, 2024. As of June 30, 2024, none of the Company’s available-for-sale securities were in an unrealized loss position due to credit, and therefore no allowance for credit losses on available-for-sale securities was required. Additionally, there was no allowance for credit losses on securities held-to-maturity due to the high credit quality composition consisting of issuances from government sponsored agencies. Accrued interest receivable on securities totaling $786 thousand at June 30, 2024 and $515 thousand at December 31, 2023, was included in Accrued interest receivable in the Consolidated Statements of Financial Condition and excluded from amortized cost and estimated fair value in the tables above. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2024 | |
Loans: | |
Loans | NOTE 3 — Loans The composition of loans by class is summarized as follows: June 30, December 31, 2024 2023 (In thousands) Real estate: Multifamily $ 352,097 $ 348,241 Commercial real estate 88,376 89,498 1 – 4 family 15,336 17,937 Total real estate 455,809 455,676 Commercial 786,593 737,914 Consumer 19,010 14,491 Total loans held for investment 1,261,412 1,208,081 Deferred fees and unearned premiums, net (350) (668) Allowance for credit losses (18,521) (16,631) Loans held for investment, net $ 1,242,541 $ 1,190,782 The following tables present the activity in the allowance for credit losses by class for the three months ending June 30, 2024 and June 30, 2023: Commercial Multifamily Real Estate 1 ‑ 4 Family Commercial Consumer Total (In thousands) June 30, 2024 Allowance for credit losses: Beginning balance $ 3,311 $ 791 $ 61 $ 12,631 $ 729 $ 17,523 Provision (credit) for credit losses 92 (47) (6) 904 57 1,000 Recoveries — — — — 5 5 Loans charged-off — — — — (7) (7) Total ending allowance balance $ 3,403 $ 744 $ 55 $ 13,535 $ 784 $ 18,521 June 30, 2023 Allowance for credit losses: Beginning balance $ 2,106 $ 885 $ 54 $ 9,588 $ 319 $ 12,952 Provision (credit) for credit losses 317 (18) 11 983 32 1,325 Recoveries — — — — 16 16 Loans charged-off — — — (5) (109) (114) Total ending allowance balance $ 2,423 $ 867 $ 65 $ 10,566 $ 258 $ 14,179 The following tables present the activity in the allowance for credit losses by class for the six months ending June 30, 2024 and June 30, 2023: Commercial Multifamily Real Estate 1 ‑ 4 Family Commercial Consumer Total (In thousands) June 30, 2024 Allowance for credit losses: Beginning balance $ 3,236 $ 823 $ 58 $ 12,056 $ 458 $ 16,631 Provision (credit) for credit losses 167 (79) (3) 1,479 436 2,000 Recoveries — — — — 24 24 Loans charged-off — — — — (134) (134) Total ending allowance balance $ 3,403 $ 744 $ 55 $ 13,535 $ 784 $ 18,521 June 30, 2023 Allowance for credit losses: Beginning balance, prior to adoption of CECL Standard $ 2,017 $ 1,022 $ 192 $ 8,645 $ 347 $ 12,223 Impact of adopting CECL Standard 8 (109) (131) 514 1 283 Provision (credit) for credit losses 398 (46) 4 1,412 57 1,825 Recoveries — — — — 16 16 Loans charged-off — — — (5) (163) (168) Total ending allowance balance $ 2,423 $ 867 $ 65 $ 10,566 $ 258 $ 14,179 As of June 30, 2024 and December 31, 2023, there was one multifamily collateral dependent loan secured by real estate totaling $10.9 million with no associated specific reserve on the Consolidated Statements of Financial Condition. The following tables present the aging of the recorded investment in past due loans by class of loans as of June 30, 2024 and December 31, 2023: Total Past 30-59 60-89 90 Days Due & Days Days or More Nonaccrual Nonaccrual Loans Not Past Due Past Due Past Due Loans Loans Past Due Total (In thousands) June 30, 2024 Multifamily $ — $ — $ — $ 10,940 $ 10,940 $ 341,157 $ 352,097 Commercial real estate — — — — — 88,376 88,376 1 – 4 family — — — — — 15,336 15,336 Commercial — — — — — 786,593 786,593 Consumer 69 1 71 — 141 18,869 19,010 Total $ 69 $ 1 $ 71 $ 10,940 $ 11,081 $ 1,250,331 $ 1,261,412 Total Past 30-59 60-89 90 Days Due & Days Days or More Nonaccrual Nonaccrual Loans Not Past Due Past Due Past Due Loans Loans Past Due Total (In thousands) December 31, 2023 Multifamily $ — $ — $ — $ 10,940 $ 10,940 $ 337,301 $ 348,241 Commercial real estate — — — — — 89,498 89,498 1 – 4 family — — — — — 17,937 17,937 Commercial — — — — — 737,914 737,914 Consumer 24 41 69 — 134 14,357 14,491 Total $ 24 $ 41 $ 69 $ 10,940 $ 11,074 $ 1,197,007 $ 1,208,081 Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed whenever a credit is extended, renewed or modified, or when an observable event occurs indicating a potential decline in credit quality, and no less than annually for large balance loans. The Company uses the following definitions for risk ratings: Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. The following is a summary of the credit risk profile of loans, measured at amortized cost, by internally assigned grade as of the periods indicated, the years represent the year of originations for non-revolving loans: June 30, 2024 2024 2023 2022 2021 2020 2019 and Prior Revolving Revolving-Term Total (In thousands) Multifamily: Pass $ 18,572 $ 105,040 $ 26,925 $ 108,776 $ 23,256 $ 58,767 $ — $ — $ 341,336 Special Mention — — — — — — — — — Substandard — — — — 10,940 — — — 10,940 Doubtful — — — — — — — — — Total 18,572 105,040 26,925 108,776 34,196 58,767 — — 352,276 Current period gross charge-offs — — — — — — — — — Commercial real estate: Pass — 3,100 58,132 10,439 1,736 14,908 — — 88,315 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total — 3,100 58,132 10,439 1,736 14,908 — — 88,315 Current period gross charge-offs — — — — — — — — — 1-4 family: Pass — — 1,842 — — 13,495 — — 15,337 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total — — 1,842 — — 13,495 — — 15,337 Current period gross charge-offs — — — — — — — — — Commercial: Pass 27,851 43,864 36,882 8,235 368 435 661,108 3,343 782,086 Special Mention — — — — — — 3,987 — 3,987 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 27,851 43,864 36,882 8,235 368 435 665,095 3,343 786,073 Current period gross charge-offs — — — — — — — — — Consumer: Pass 1,342 4,590 3,564 — 329 1,052 8,184 — 19,061 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 1,342 4,590 3,564 — 329 1,052 8,184 — 19,061 Current period gross charge-offs — — 134 — — — — — 134 Total: Pass 47,765 156,594 127,345 127,450 25,689 88,657 669,292 3,343 1,246,135 Special Mention — — — — — — 3,987 — 3,987 Substandard — — — — 10,940 — — — 10,940 Doubtful — — — — — — — — — Total loans $ 47,765 $ 156,594 $ 127,345 $ 127,450 $ 36,629 $ 88,657 $ 673,279 $ 3,343 $ 1,261,062 Total current period gross charge-offs $ — $ — $ 134 $ — $ — $ — $ — $ — $ 134 December 31, 2023 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total (In thousands) Multifamily: Pass $ 105,175 $ 29,116 $ 109,919 $ 23,512 $ 22,155 $ 47,566 $ — $ — $ 337,443 Special Mention — — — — — — — — — Substandard — — — 10,940 — — — — 10,940 Doubtful — — — — — — — — — Total 105,175 29,116 109,919 34,452 22,155 47,566 — — 348,383 Current period gross charge-offs — — — — — — — — — Commercial real estate: Pass 3,401 58,552 10,560 1,757 5,651 9,515 — — 89,436 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 3,401 58,552 10,560 1,757 5,651 9,515 — — 89,436 Current period gross charge-offs — — — — — — — — — 1-4 family: Pass — 1,861 — — 4,296 11,776 — — 17,933 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total — 1,861 — — 4,296 11,776 — — 17,933 Current period gross charge-offs — — — — — — — — — Commercial: Pass 43,500 59,203 9,212 489 — 465 615,177 5,024 733,070 Special Mention — — — — — — 3,988 — 3,988 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 43,500 59,203 9,212 489 — 465 619,165 5,024 737,058 Current period gross charge-offs — — — — — 5 — — 5 Consumer: Pass 5,414 5,397 56 358 1,106 32 2,240 — 14,603 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 5,414 5,397 56 358 1,106 32 2,240 — 14,603 Current period gross charge-offs — 324 25 90 — — — — 439 Total: Pass 157,490 154,129 129,747 26,116 33,208 69,354 617,417 5,024 1,192,485 Special Mention — — — — — — 3,988 — 3,988 Substandard — — — 10,940 — — — — 10,940 Doubtful — — — — — — — — — Total loans $ 157,490 $ 154,129 $ 129,747 $ 37,056 $ 33,208 $ 69,354 $ 621,405 $ 5,024 $ 1,207,413 Total current period gross charge-offs $ — $ 324 $ 25 $ 90 $ — $ 5 $ — $ — $ 444 The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses. For smaller dollar commercial and consumer loan classes, the Company evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. Loan Modifications In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. During the three and six months ended June 30, 2024 and 2023, the Company did not modify the terms of any loans or commitments to lend to borrowers experiencing financial difficulty in the form of an interest rate reduction, term extension, principal forgiveness or other-than-insignificant payment delay. Pledged Loans At June 30, 2024, loans totaling $215.7 million were pledged to the FHLB for borrowing capacity totaling $149.7 million. At December 31, 2023, loans totaling $222.4 million were pledged to the FHLB for borrowing capacity totaling $158.5 million. |
Noninterest Income
Noninterest Income | 6 Months Ended |
Jun. 30, 2024 | |
Noninterest Income: | |
Noninterest Income | NOTE 4 — Noninterest Income The majority of the Company’s revenue-generating transactions are not subject to Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, including revenue generated from financial instruments, such as loans, letters of credit, and investment securities. Descriptions of revenue-generating activities that are within the scope of ASC 606, and are presented in the Consolidated Statements of Income as components of noninterest income, are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Payment processing fees: Payment processing income $ 5,140 $ 5,550 $ 10,240 $ 10,850 ACH income 182 214 378 427 Total payment processing fees 5,322 5,764 10,618 11,277 Customer related fees, service charges and other: Administrative service income 620 739 1,366 1,268 Gain on equity investment (1) — — — 4,027 Other 333 192 680 385 Total customer related fees, service charges and other 953 931 2,046 5,680 Total noninterest income $ 6,275 $ 6,695 $ 12,664 $ 16,957 (1) Represents a valuation adjustment not within the scope of ASC 606 The Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affect the determination of the amount and timing of revenue from the above-described contracts with customers. ● Payment processing income – We provide payment processing services as an acquiring bank through the third-party or independent sales organization (“ISO”) business model in which we process credit and debit card transactions on behalf of merchants. We enter into a tri-party merchant agreement, between the Company, ISO and each merchant. The Company’s performance obligation is clearing and settling credit and debit transactions on behalf of the merchants. The Company recognizes revenue monthly once it summarizes and computes all revenue and expenses applicable to each ISO, which is our performance obligation. ● ACH income – We provide ACH services for merchants and other commercial customers. Contracts are entered into with third parties that require ACH transactions processed on behalf of their customers. Fees are variable and based on the volume of transactions within a given month. Our performance obligations are processing and settling ACHs on behalf of the customers. Our obligation is satisfied within each business day when the transactions (ACH files) are sent to the FRB for clearing. Revenue is recognized based on the total volume of transactions processed that month for a given customer. ● Administrative service income – Administrative service income is derived primarily from the management of qualified settlement funds (“QSFs”), which are funds from settled mass torts and class action lawsuits. Our performance obligations with the QSFs are outlined in court approved orders which includes ensuring funds are invested into safe investment vehicles such as U.S. treasuries and FDIC insured products. Our fees for placing these funds in appropriate vehicles are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. ● Other – The other category includes revenue from service charges on deposit accounts, debit card fees, asset management fees, and certain loan related fees where revenue is recognized as performance obligations are satisfied. |
Share-Based Payment Plans
Share-Based Payment Plans | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Plans: | |
Share-Based Payment Plans | NOTE 5 — Share-Based Payment Plans The Company issues incentive and non-statutory stock options and restricted stock awards to certain employees and directors pursuant to its equity incentive plans, which have been approved by the stockholders. Share-based awards are granted by the Compensation Committee of the Board of Directors. Under the plans, options are granted with an exercise price equal to the fair value of the Company’s stock at the date of the grant. Options granted vest over three The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on peer volatility. The Company uses peer data to estimate option exercise and post-vesting termination behavior. The expected term of options granted is based on peer data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. There were no stock The following table presents a summary of the activity related to options for the six months ended June 30, 2024: Six Months Ended June 30, 2024 Weighted Weighted Average Average Remaining Exercise Contractual Options Price Life (Years) Outstanding at beginning of year 639,519 $ 20.76 Granted — — Exercised (11,416) 16.21 Forfeited (834) 45.91 Expired — — Outstanding at period end 627,269 $ 20.81 3.90 Vested or expected to vest 627,269 $ 20.81 3.90 Exercisable at period end 528,970 $ 16.72 3.00 The Company recognized compensation expense related to options of $188 thousand and $159 thousand for the three months ended June 30, 2024 and 2023, respectively. The Company recognized compensation expense related to options of $368 thousand and $326 thousand for the six months ended June 30, 2024 and 2023, respectively. At June 30, 2024, unrecognized compensation cost related to nonvested options was approximately $1.1 million and is expected to be recognized over a weighted average period of 1.97 years. The intrinsic value for outstanding options and for options vested or expected to vest was $16.8 million and $16.3 million for exercisable options at June 30, 2024. Information related to stock option exercises during each period is as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (In thousands) Intrinsic value of options exercised $ 8 $ 88 $ 377 $ 330 Cash received from option exercises — 6 173 53 Excess tax benefit from option exercises 1 16 84 73 The following table presents a summary of the activity related to restricted stock for the six months ended June 30, 2024: Six Months Ended June 30, 2024 Weighted Average Grant Date Shares Fair Value Outstanding at beginning of year 514,935 $ 32.44 Granted — — Vested (20,503) 19.25 Forfeited — — Outstanding at period end 494,432 $ 32.98 The Company recognized compensation expense related to restricted stock of $774 thousand and $629 thousand for the three months ended June 30, 2024 and 2023, respectively. The Company recognized compensation expense related to restricted stock of $1.6 million and $1.3 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there was $10.6 million of total unrecognized compensation cost related to nonvested shares granted under the plan. The cost is expected to be recognized over a weighted-average period of 4.27 years. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings per Share: | |
Earnings per Share | NOTE 6 — Earnings per Share The factors used in the earnings per share computation follow: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in thousands, except per share data) Basic: Net income $ 10,487 $ 9,113 $ 20,545 $ 21,292 Weighted average shares outstanding 7,798,441 7,708,350 7,792,664 7,708,546 Basic earnings per share $ 1.34 $ 1.18 $ 2.64 $ 2.76 Diluted: Net income $ 10,487 $ 9,113 $ 20,545 $ 21,292 Weighted average shares outstanding for basic earnings per share 7,798,441 7,708,350 7,792,664 7,708,546 Add: Dilutive effects of share based awards 604,309 591,354 609,455 592,603 Weighted average shares and dilutive potential shares 8,402,750 8,299,704 8,402,119 8,301,149 Diluted earnings per share $ 1.25 $ 1.10 $ 2.45 $ 2.57 Share-based awards totaling 93,996 shares shares |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases: | |
Leases | NOTE 7 — Leases The Company recognizes the present value of its operating lease payments related to its office facilities and retail branch as operating lease assets and corresponding lease liabilities on the Consolidated Statements of Financial Condition. These operating lease assets represent the Company’s right to use an underlying asset for the lease term, and the lease liability represents the Company’s obligation to make lease payments over the lease term. As these leases do not provide an implicit rate, the Company used its incremental borrowing rate, the rate of interest to borrow on a collateralized basis for a similar term, at the lease commencement date in order to determine present value. As of June 30, 2024, right of use (“ROU”) lease assets liabilities assets liabilities As of June 30, 2024, the Company was obligated under several non-cancelable leases for certain premises and equipment. The minimum annual rental commitments, exclusive of taxes and other charges, under non-cancelable lease agreements for premises at June 30, 2024, are summarized as follows: Operating Lease Liabilities (In thousands) 2024 $ 396 2025 803 2026 754 2027 — 2028 — Thereafter — Total operating lease payments 1,953 Less: interest 122 Present value of operating lease liabilities $ 1,831 In addition to the table above, as of June 30, 2024, the Company had an additional future operating lease commitment of $2.6 million that was signed but not yet commenced. This operating lease will commence in the fourth quarter of 2024 with a lease term of 10 years. June 30, 2024 2023 Weighted-average remaining lease term 2.42 years 3.42 years Weighted-average discount rate 3.29 % 3.29 % The components of total lease cost are as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (In thousands) Operating lease cost $ 158 $ 156 $ 315 $ 315 Short-term lease cost 25 62 59 121 Total lease cost $ 183 $ 218 $ 374 $ 436 Cash paid for operating leases $ 220 $ 220 $ 447 $ 436 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Measurements: | |
Fair Value Measurements | NOTE 8 — Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values. Level 1 Level 2 Level 3 For available-for-sale securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2024 Assets Securities available-for-sale Mortgage-backed securities – agency $ — $ 87,318 $ — CMOs – agency — 89,496 — Total available-for-sale $ — $ 176,814 $ — December 31, 2023 Assets Securities available-for-sale Mortgage-backed securities – agency $ — $ 91,010 $ — CMOs – agency — 31,097 — Total available-for-sale $ — $ 122,107 $ — There were no transfers between Level 1 and Level 2 during the three and six months ended June 30, 2024 and 2023. The following tables present the carrying amounts and fair values (represents exit price) of financial instruments not carried at fair value at June 30, 2024 and December 31, 2023: Fair Value Measurement at June 30, 2024, Using: Carrying Value (Level 1) (Level 2) (Level 3) Total (In thousands) Financial Assets: Cash and cash equivalents $ 152,733 $ 152,733 $ — $ — $ 152,733 Securities, held-to-maturity 73,062 — 64,777 — 64,777 Securities, restricted, at cost 3,034 N/A N/A N/A N/A Loans held for investment, net 1,242,541 — — 1,222,508 1,222,508 Accrued interest receivable 9,170 — 855 8,315 9,170 Financial Liabilities: Time deposits 11,952 — 11,902 — 11,902 Demand and other deposits 1,474,941 1,474,941 — — 1,474,941 Secured borrowings 43 — — 43 43 Accrued interest payable 6 — 6 — 6 Fair Value Measurement at December 31, 2023, Using: Carrying Value (Level 1) (Level 2) (Level 3) Total (In thousands) Financial Assets: Cash and cash equivalents $ 165,209 $ 165,209 $ — $ — $ 165,209 Securities, held-to-maturity 77,001 — 69,116 — 69,116 Securities, restricted, at cost 2,928 N/A N/A N/A N/A Loans held for investment, net 1,190,782 — — 1,172,226 1,172,226 Accrued interest receivable 9,130 — 579 8,551 9,130 Financial Liabilities: Time deposits 7,761 — 7,647 — 7,647 Demand and other deposits 1,399,538 1,399,538 — — 1,399,538 Secured borrowings 44 — — 44 44 Accrued interest payable 11 — 11 — 11 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Loss: | |
Accumulated Other Comprehensive Loss | NOTE 9 — Accumulated Other Comprehensive Loss The following presents changes in accumulated other comprehensive loss by component, net of tax, for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Unrealized (Losses) Gains on Securities Available-for-Sale Beginning balance $ (14,369) $ (13,732) $ (13,235) $ (15,117) Other comprehensive income (loss) before reclassifications, net of tax 128 (710) (1,006) 675 Net current period other comprehensive income (loss) 128 (710) (1,006) 675 Ending balance $ (14,241) $ (14,442) $ (14,241) $ (14,442) There were no reclassifications |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 10,487 | $ 9,113 | $ 20,545 | $ 21,292 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis and Summary of Signific_2
Basis and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Basis and Summary of Significant Accounting Policies: | |
Basis of Presentation | Basis of Presentation The Interim Consolidated Financial Statements including the accounts of Esquire Financial Holdings, Inc. and its wholly owned subsidiary, Esquire Bank, N.A., are collectively referred to as “the Company.” All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial information. In the opinion of management, the interim statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis and all such adjustments are recurring in nature. These financial statements and the accompanying notes should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2023 and 2022. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other period. |
Subsequent Events | Subsequent Events The Company has evaluated events for recognition and disclosure through the date of issuance. |
Investment in Variable Interest Entity | Investment in Variable Interest Entity On April 1, 2022, the Company sold its legacy National Football League (“NFL”) consumer post-settlement loan portfolio to a variable interest entity (“VIE”) in exchange for a nonvoting interest valued at $13.5 million where the Company will remain as servicer of the loan portfolio at the discretion of the VIE manager. The Company’s investment is considered a significant variable interest, but it does not have the power to direct the activities that most significantly impact the VIE’s economic performance. Therefore, the Company is not considered the primary beneficiary of this VIE and does not consolidate the entity in the Company’s financial statements. The Company’s maximum exposure to loss is limited to the carrying amount of its investment and accounted for under the equity method which is presented within Other assets on the Consolidated Statements of Financial Condition. Losses may occur as a result of a reduction of projected cash flows from the VIE’s loan portfolio based on expected claim settlements. The Company recognized an equity method loss of approximately $500 thousand on its investment in the second quarter of 2024, which is representative of the six months ended June 30, 2024. As of June 30, 2024, the investment’s carrying amount was $10.1 million with a remaining life of 4.8 years. As of December 31, 2023, the investment’s carrying amount was $10.6 million. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the Consolidated Financial Statements. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Please see "Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies" for a discussion of areas in the accompanying unaudited Consolidated Financial Statements utilizing significant estimates. |
Debt Securities (Tables)
Debt Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities: | |
Schedule of available-for-sale and held-to-maturity debt securities by date | June 30, 2024 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Securities available-for-sale: Mortgage-backed securities – agency $ 104,774 $ — $ (17,456) $ 87,318 Collateralized mortgage obligations ("CMOs") – agency 91,683 166 (2,353) 89,496 Total available-for-sale $ 196,457 $ 166 $ (19,809) $ 176,814 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value (In thousands) Securities held-to-maturity: CMOs – agency $ 73,062 $ — $ (8,285) $ 64,777 Total held-to-maturity $ 73,062 $ — $ (8,285) $ 64,777 December 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Securities available-for-sale: Mortgage-backed securities – agency $ 107,396 $ 6 $ (16,392) $ 91,010 CMOs – agency 32,966 264 (2,133) 31,097 Total available-for-sale $ 140,362 $ 270 $ (18,525) $ 122,107 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value (In thousands) Securities held-to-maturity: CMOs – agency $ 77,001 $ 9 $ (7,894) $ 69,116 Total held-to-maturity $ 77,001 $ 9 $ (7,894) $ 69,116 |
Schedule of gross unrealized and unrecognized losses and fair value for available-for-sale and held-to-maturity debt securities in continuous unrealized loss positions | June 30, 2024 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In thousands) Securities available-for-sale: Mortgage-backed securities – agency $ 6,439 $ (94) $ 80,879 $ (17,362) $ 87,318 $ (17,456) CMOs – agency 51,839 (219) 11,766 (2,134) 63,605 (2,353) Total available-for-sale $ 58,278 $ (313) $ 92,645 $ (19,496) $ 150,923 $ (19,809) Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrecognized Losses Fair Value Gross Unrecognized Losses Fair Value Gross Unrecognized Losses (In thousands) Securities held-to-maturity: CMOs – agency $ 4,957 $ (40) $ 59,820 $ (8,245) $ 64,777 $ (8,285) Total held-to-maturity $ 4,957 $ (40) $ 59,820 $ (8,245) $ 64,777 $ (8,285) December 31, 2023 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In thousands) Securities available-for-sale: Mortgage-backed securities – agency $ 3,143 $ (17) $ 86,082 $ (16,375) $ 89,225 $ (16,392) CMOs – agency — — 13,176 (2,133) 13,176 (2,133) Total available-for-sale $ 3,143 $ (17) $ 99,258 $ (18,508) $ 102,401 $ (18,525) Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrecognized Losses Fair Value Gross Unrecognized Losses Fair Value Gross Unrecognized Losses (In thousands) Securities held-to-maturity: CMOs – agency $ — $ — $ 63,739 $ (7,894) $ 63,739 $ (7,894) Total held-to-maturity $ — $ — $ 63,739 $ (7,894) $ 63,739 $ (7,894) |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Loans: | |
Schedule of composition of loans by class | June 30, December 31, 2024 2023 (In thousands) Real estate: Multifamily $ 352,097 $ 348,241 Commercial real estate 88,376 89,498 1 – 4 family 15,336 17,937 Total real estate 455,809 455,676 Commercial 786,593 737,914 Consumer 19,010 14,491 Total loans held for investment 1,261,412 1,208,081 Deferred fees and unearned premiums, net (350) (668) Allowance for credit losses (18,521) (16,631) Loans held for investment, net $ 1,242,541 $ 1,190,782 |
Schedule of activity in the allowance for credit losses by class (CECL and incurred loss methodologies) | Commercial Multifamily Real Estate 1 ‑ 4 Family Commercial Consumer Total (In thousands) June 30, 2024 Allowance for credit losses: Beginning balance $ 3,311 $ 791 $ 61 $ 12,631 $ 729 $ 17,523 Provision (credit) for credit losses 92 (47) (6) 904 57 1,000 Recoveries — — — — 5 5 Loans charged-off — — — — (7) (7) Total ending allowance balance $ 3,403 $ 744 $ 55 $ 13,535 $ 784 $ 18,521 June 30, 2023 Allowance for credit losses: Beginning balance $ 2,106 $ 885 $ 54 $ 9,588 $ 319 $ 12,952 Provision (credit) for credit losses 317 (18) 11 983 32 1,325 Recoveries — — — — 16 16 Loans charged-off — — — (5) (109) (114) Total ending allowance balance $ 2,423 $ 867 $ 65 $ 10,566 $ 258 $ 14,179 Commercial Multifamily Real Estate 1 ‑ 4 Family Commercial Consumer Total (In thousands) June 30, 2024 Allowance for credit losses: Beginning balance $ 3,236 $ 823 $ 58 $ 12,056 $ 458 $ 16,631 Provision (credit) for credit losses 167 (79) (3) 1,479 436 2,000 Recoveries — — — — 24 24 Loans charged-off — — — — (134) (134) Total ending allowance balance $ 3,403 $ 744 $ 55 $ 13,535 $ 784 $ 18,521 June 30, 2023 Allowance for credit losses: Beginning balance, prior to adoption of CECL Standard $ 2,017 $ 1,022 $ 192 $ 8,645 $ 347 $ 12,223 Impact of adopting CECL Standard 8 (109) (131) 514 1 283 Provision (credit) for credit losses 398 (46) 4 1,412 57 1,825 Recoveries — — — — 16 16 Loans charged-off — — — (5) (163) (168) Total ending allowance balance $ 2,423 $ 867 $ 65 $ 10,566 $ 258 $ 14,179 |
Schedule of the aging of the recorded investment in past due loans by class | Total Past 30-59 60-89 90 Days Due & Days Days or More Nonaccrual Nonaccrual Loans Not Past Due Past Due Past Due Loans Loans Past Due Total (In thousands) June 30, 2024 Multifamily $ — $ — $ — $ 10,940 $ 10,940 $ 341,157 $ 352,097 Commercial real estate — — — — — 88,376 88,376 1 – 4 family — — — — — 15,336 15,336 Commercial — — — — — 786,593 786,593 Consumer 69 1 71 — 141 18,869 19,010 Total $ 69 $ 1 $ 71 $ 10,940 $ 11,081 $ 1,250,331 $ 1,261,412 Total Past 30-59 60-89 90 Days Due & Days Days or More Nonaccrual Nonaccrual Loans Not Past Due Past Due Past Due Loans Loans Past Due Total (In thousands) December 31, 2023 Multifamily $ — $ — $ — $ 10,940 $ 10,940 $ 337,301 $ 348,241 Commercial real estate — — — — — 89,498 89,498 1 – 4 family — — — — — 17,937 17,937 Commercial — — — — — 737,914 737,914 Consumer 24 41 69 — 134 14,357 14,491 Total $ 24 $ 41 $ 69 $ 10,940 $ 11,074 $ 1,197,007 $ 1,208,081 |
Schedule of credit risk profile of loans, net of deferred fees and unearned premium, by internally assigned grade for non-revolving loans | June 30, 2024 2024 2023 2022 2021 2020 2019 and Prior Revolving Revolving-Term Total (In thousands) Multifamily: Pass $ 18,572 $ 105,040 $ 26,925 $ 108,776 $ 23,256 $ 58,767 $ — $ — $ 341,336 Special Mention — — — — — — — — — Substandard — — — — 10,940 — — — 10,940 Doubtful — — — — — — — — — Total 18,572 105,040 26,925 108,776 34,196 58,767 — — 352,276 Current period gross charge-offs — — — — — — — — — Commercial real estate: Pass — 3,100 58,132 10,439 1,736 14,908 — — 88,315 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total — 3,100 58,132 10,439 1,736 14,908 — — 88,315 Current period gross charge-offs — — — — — — — — — 1-4 family: Pass — — 1,842 — — 13,495 — — 15,337 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total — — 1,842 — — 13,495 — — 15,337 Current period gross charge-offs — — — — — — — — — Commercial: Pass 27,851 43,864 36,882 8,235 368 435 661,108 3,343 782,086 Special Mention — — — — — — 3,987 — 3,987 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 27,851 43,864 36,882 8,235 368 435 665,095 3,343 786,073 Current period gross charge-offs — — — — — — — — — Consumer: Pass 1,342 4,590 3,564 — 329 1,052 8,184 — 19,061 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 1,342 4,590 3,564 — 329 1,052 8,184 — 19,061 Current period gross charge-offs — — 134 — — — — — 134 Total: Pass 47,765 156,594 127,345 127,450 25,689 88,657 669,292 3,343 1,246,135 Special Mention — — — — — — 3,987 — 3,987 Substandard — — — — 10,940 — — — 10,940 Doubtful — — — — — — — — — Total loans $ 47,765 $ 156,594 $ 127,345 $ 127,450 $ 36,629 $ 88,657 $ 673,279 $ 3,343 $ 1,261,062 Total current period gross charge-offs $ — $ — $ 134 $ — $ — $ — $ — $ — $ 134 December 31, 2023 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total (In thousands) Multifamily: Pass $ 105,175 $ 29,116 $ 109,919 $ 23,512 $ 22,155 $ 47,566 $ — $ — $ 337,443 Special Mention — — — — — — — — — Substandard — — — 10,940 — — — — 10,940 Doubtful — — — — — — — — — Total 105,175 29,116 109,919 34,452 22,155 47,566 — — 348,383 Current period gross charge-offs — — — — — — — — — Commercial real estate: Pass 3,401 58,552 10,560 1,757 5,651 9,515 — — 89,436 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 3,401 58,552 10,560 1,757 5,651 9,515 — — 89,436 Current period gross charge-offs — — — — — — — — — 1-4 family: Pass — 1,861 — — 4,296 11,776 — — 17,933 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total — 1,861 — — 4,296 11,776 — — 17,933 Current period gross charge-offs — — — — — — — — — Commercial: Pass 43,500 59,203 9,212 489 — 465 615,177 5,024 733,070 Special Mention — — — — — — 3,988 — 3,988 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 43,500 59,203 9,212 489 — 465 619,165 5,024 737,058 Current period gross charge-offs — — — — — 5 — — 5 Consumer: Pass 5,414 5,397 56 358 1,106 32 2,240 — 14,603 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 5,414 5,397 56 358 1,106 32 2,240 — 14,603 Current period gross charge-offs — 324 25 90 — — — — 439 Total: Pass 157,490 154,129 129,747 26,116 33,208 69,354 617,417 5,024 1,192,485 Special Mention — — — — — — 3,988 — 3,988 Substandard — — — 10,940 — — — — 10,940 Doubtful — — — — — — — — — Total loans $ 157,490 $ 154,129 $ 129,747 $ 37,056 $ 33,208 $ 69,354 $ 621,405 $ 5,024 $ 1,207,413 Total current period gross charge-offs $ — $ 324 $ 25 $ 90 $ — $ 5 $ — $ — $ 444 |
Share-Based Payment Plans (Tabl
Share-Based Payment Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Plans: | |
Schedule of activity related to stock options | Six Months Ended June 30, 2024 Weighted Weighted Average Average Remaining Exercise Contractual Options Price Life (Years) Outstanding at beginning of year 639,519 $ 20.76 Granted — — Exercised (11,416) 16.21 Forfeited (834) 45.91 Expired — — Outstanding at period end 627,269 $ 20.81 3.90 Vested or expected to vest 627,269 $ 20.81 3.90 Exercisable at period end 528,970 $ 16.72 3.00 |
Schedule of stock option exercises during the period | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (In thousands) Intrinsic value of options exercised $ 8 $ 88 $ 377 $ 330 Cash received from option exercises — 6 173 53 Excess tax benefit from option exercises 1 16 84 73 |
Schedule of activity related to restricted stock | Six Months Ended June 30, 2024 Weighted Average Grant Date Shares Fair Value Outstanding at beginning of year 514,935 $ 32.44 Granted — — Vested (20,503) 19.25 Forfeited — — Outstanding at period end 494,432 $ 32.98 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings per Share: | |
Schedule of components used in computation of earnings per share | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Dollars in thousands, except per share data) Basic: Net income $ 10,487 $ 9,113 $ 20,545 $ 21,292 Weighted average shares outstanding 7,798,441 7,708,350 7,792,664 7,708,546 Basic earnings per share $ 1.34 $ 1.18 $ 2.64 $ 2.76 Diluted: Net income $ 10,487 $ 9,113 $ 20,545 $ 21,292 Weighted average shares outstanding for basic earnings per share 7,798,441 7,708,350 7,792,664 7,708,546 Add: Dilutive effects of share based awards 604,309 591,354 609,455 592,603 Weighted average shares and dilutive potential shares 8,402,750 8,299,704 8,402,119 8,301,149 Diluted earnings per share $ 1.25 $ 1.10 $ 2.45 $ 2.57 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases: | |
Schedule of minimum annual rental commitments, exclusive of taxes and other charges, under under non-cancellable lease agreements | Operating Lease Liabilities (In thousands) 2024 $ 396 2025 803 2026 754 2027 — 2028 — Thereafter — Total operating lease payments 1,953 Less: interest 122 Present value of operating lease liabilities $ 1,831 |
Schedule of weighted-average remaining term and discount rates associated with non-cancelable lease agreements | June 30, 2024 2023 Weighted-average remaining lease term 2.42 years 3.42 years Weighted-average discount rate 3.29 % 3.29 % |
Schedule of total lease cost components | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (In thousands) Operating lease cost $ 158 $ 156 $ 315 $ 315 Short-term lease cost 25 62 59 121 Total lease cost $ 183 $ 218 $ 374 $ 436 Cash paid for operating leases $ 220 $ 220 $ 447 $ 436 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Measurements: | |
Schedule of assets and liabilities measured at fair value on a recurring basis | Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2024 Assets Securities available-for-sale Mortgage-backed securities – agency $ — $ 87,318 $ — CMOs – agency — 89,496 — Total available-for-sale $ — $ 176,814 $ — December 31, 2023 Assets Securities available-for-sale Mortgage-backed securities – agency $ — $ 91,010 $ — CMOs – agency — 31,097 — Total available-for-sale $ — $ 122,107 $ — |
Schedule of carrying amounts and fair values (exit prices) of financial instruments not carried at fair value | Fair Value Measurement at June 30, 2024, Using: Carrying Value (Level 1) (Level 2) (Level 3) Total (In thousands) Financial Assets: Cash and cash equivalents $ 152,733 $ 152,733 $ — $ — $ 152,733 Securities, held-to-maturity 73,062 — 64,777 — 64,777 Securities, restricted, at cost 3,034 N/A N/A N/A N/A Loans held for investment, net 1,242,541 — — 1,222,508 1,222,508 Accrued interest receivable 9,170 — 855 8,315 9,170 Financial Liabilities: Time deposits 11,952 — 11,902 — 11,902 Demand and other deposits 1,474,941 1,474,941 — — 1,474,941 Secured borrowings 43 — — 43 43 Accrued interest payable 6 — 6 — 6 Fair Value Measurement at December 31, 2023, Using: Carrying Value (Level 1) (Level 2) (Level 3) Total (In thousands) Financial Assets: Cash and cash equivalents $ 165,209 $ 165,209 $ — $ — $ 165,209 Securities, held-to-maturity 77,001 — 69,116 — 69,116 Securities, restricted, at cost 2,928 N/A N/A N/A N/A Loans held for investment, net 1,190,782 — — 1,172,226 1,172,226 Accrued interest receivable 9,130 — 579 8,551 9,130 Financial Liabilities: Time deposits 7,761 — 7,647 — 7,647 Demand and other deposits 1,399,538 1,399,538 — — 1,399,538 Secured borrowings 44 — — 44 44 Accrued interest payable 11 — 11 — 11 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Loss: | |
Schedule of changes in accumulated other comprehensive loss by component, net of tax | Three Months Ended Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Unrealized (Losses) Gains on Securities Available-for-Sale Beginning balance $ (14,369) $ (13,732) $ (13,235) $ (15,117) Other comprehensive income (loss) before reclassifications, net of tax 128 (710) (1,006) 675 Net current period other comprehensive income (loss) 128 (710) (1,006) 675 Ending balance $ (14,241) $ (14,442) $ (14,241) $ (14,442) |
Basis and Summary of Signific_3
Basis and Summary of Significant Accounting Policies - Equity Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Apr. 01, 2022 | Jun. 30, 2024 | Dec. 31, 2023 | |
Legacy NFL Portfolio | Discontinued Operations, Disposed of by Means Other than Sale, Exchange [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Post-settlement loan portfolio fair value | $ 13,500 | ||
Non-voting Interest in VIE | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investment carrying amount | $ 10,100 | $ 10,600 | |
Equity investments remaining useful life | 4 years 9 months 18 days | ||
Gain (loss) on equity investment | $ (500) |
Debt Securities - Summary of re
Debt Securities - Summary of reconciliation of amortized cost to fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 196,457 | $ 140,362 |
Gross Unrealized Gains | 166 | 270 |
Gross Unrealized Losses | (19,809) | (18,525) |
Fair Value | 176,814 | 122,107 |
Mortgage-backed securities - agency | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 104,774 | 107,396 |
Gross Unrealized Gains | 0 | 6 |
Gross Unrealized Losses | (17,456) | (16,392) |
Fair Value | 87,318 | 91,010 |
Collateralized mortgage obligations (CMO's) - agency | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 91,683 | 32,966 |
Gross Unrealized Gains | 166 | 264 |
Gross Unrealized Losses | (2,353) | (2,133) |
Fair Value | $ 89,496 | $ 31,097 |
Debt Securities - summary of _2
Debt Securities - summary of reconciliation of amortized cost to fair value for held-to-maturity securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | $ 73,062 | $ 77,001 |
Gross Unrecognized Gains | 0 | 9 |
Gross Unrecognized Losses | (8,285) | (7,894) |
Fair Value | 64,777 | 69,116 |
Collateralized mortgage obligations (CMO's) - agency | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 73,062 | 77,001 |
Gross Unrecognized Gains | 0 | 9 |
Gross Unrecognized Losses | (8,285) | (7,894) |
Fair Value | $ 64,777 | $ 69,116 |
Debt Securities - Summary of un
Debt Securities - Summary of unrealized loss position, available for sale securities (Details) - Temporarily Impaired Securities - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Fair Value, Less than 12 Months | $ 58,278 | $ 3,143 |
Gross Unrealized Losses, Less than 12 Months | (313) | (17) |
Fair Value, 12 Months or Longer | 92,645 | 99,258 |
Gross Unrealized Losses, 12 Months or Longer | (19,496) | (18,508) |
Fair Value, Total | 150,923 | 102,401 |
Gross Unrealized Losses, Total | (19,809) | (18,525) |
Residential Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Fair Value, Less than 12 Months | 6,439 | 3,143 |
Gross Unrealized Losses, Less than 12 Months | (94) | (17) |
Fair Value, 12 Months or Longer | 80,879 | 86,082 |
Gross Unrealized Losses, 12 Months or Longer | (17,362) | (16,375) |
Fair Value, Total | 87,318 | 89,225 |
Gross Unrealized Losses, Total | (17,456) | (16,392) |
Collateralized mortgage obligations (CMO's) - agency | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Fair Value, Less than 12 Months | 51,839 | |
Gross Unrealized Losses, Less than 12 Months | (219) | |
Fair Value, 12 Months or Longer | 11,766 | 13,176 |
Gross Unrealized Losses, 12 Months or Longer | (2,134) | (2,133) |
Fair Value, Total | 63,605 | 13,176 |
Gross Unrealized Losses, Total | $ (2,353) | $ (2,133) |
Debt Securities - Summary of _3
Debt Securities - Summary of unrealized loss position, held to maturity securities (Details) - Temporarily Impaired Securities - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Fair Value, Less than 12 Months | $ 4,957 | |
Gross Unrecognized Losses, Less than 12 Months | (40) | |
Fair Value, 12 Months or Longer | 59,820 | $ 63,739 |
Gross Unrecognized Losses, 12 Months or Longer | (8,245) | (7,894) |
Fair Value, Total | 64,777 | 63,739 |
Gross Unrecognized Losses, Total | (8,285) | (7,894) |
Collateralized mortgage obligations (CMO's) - agency | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Fair Value, Less than 12 Months | 4,957 | |
Gross Unrecognized Losses, Less than 12 Months | (40) | |
Fair Value, 12 Months or Longer | 59,820 | 63,739 |
Gross Unrecognized Losses, 12 Months or Longer | (8,245) | (7,894) |
Fair Value, Total | 64,777 | 63,739 |
Gross Unrecognized Losses, Total | $ (8,285) | $ (7,894) |
Debt Securities - Additional In
Debt Securities - Additional Information (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Securities, Available-for-Sale [Line Items] | |||
Sales or calls of securities | $ 0 | $ 0 | |
Fair value of pledged securities | 3,034,000 | $ 2,928,000 | |
Available-for-sale securities, allowance for credit losses | 0 | ||
Held-to-maturity securities, allowance for credit losses | 0 | ||
Accrued interest receivable on securities | 786,000 | 515,000 | |
Federal Home Loan Bank Advances | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Short-term debt | 0 | ||
Federal Reserve Bank Advances | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Short-term debt | 0 | ||
Federal Reserve Bank of New York (FRB) | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Fair value of pledged securities | 56,000,000 | 59,700,000 | |
Securities pledged borrowed amount | 54,400,000 | 58,000,000 | |
Federal Home Loan Bank of New York (FHLB) | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Fair value of pledged securities | 185,600,000 | 131,500,000 | |
Securities pledged borrowed amount | $ 175,100,000 | $ 125,700,000 |
Loans - Summary of loan composi
Loans - Summary of loan compositions by class (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment | $ 1,261,412 | $ 1,208,081 | |
Deferred loan fees and unearned premiums, net | (350) | (668) | |
Allowance for credit losses | (18,521) | (16,631) | $ (14,179) |
Loans, net of allowance | 1,242,541 | 1,190,782 | |
Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment | 455,809 | 455,676 | |
Real Estate | Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment | 352,097 | 348,241 | |
Allowance for credit losses | (3,403) | (3,236) | (2,423) |
Real Estate | Commercial Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment | 88,376 | 89,498 | |
Allowance for credit losses | (744) | (823) | (867) |
Real Estate | 1-4 Family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment | 15,336 | 17,937 | |
Allowance for credit losses | (55) | (58) | (65) |
Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment | 786,593 | 737,914 | |
Allowance for credit losses | (13,535) | (12,056) | (10,566) |
Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment | 19,010 | 14,491 | |
Allowance for credit losses | $ (784) | $ (458) | $ (258) |
Loans - Summary of activity in
Loans - Summary of activity in allowance for loan losses by class (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Allowance for loan losses: | ||||
Beginning allowance balance | $ 16,631 | |||
Provision (credit) for credit losses | $ 1,000 | $ 1,325 | 2,000 | $ 1,825 |
Recoveries | 5 | 16 | 24 | 16 |
Loans charged-off | (7) | (114) | (134) | (168) |
Ending allowance balance | 18,521 | 14,179 | 18,521 | 14,179 |
Accounting Standards Update 2016-13 | Adjusted for Change in Accounting Principal | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 283 | |||
Accounting Standards Update 2016-13 | Previously Reported | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 17,523 | 12,952 | 12,223 | |
Real Estate | Multifamily | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 3,236 | |||
Provision (credit) for credit losses | 92 | 317 | 167 | 398 |
Recoveries | 0 | 0 | ||
Loans charged-off | 0 | 0 | ||
Ending allowance balance | 3,403 | 2,423 | 3,403 | 2,423 |
Real Estate | Multifamily | Accounting Standards Update 2016-13 | Adjusted for Change in Accounting Principal | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 8 | |||
Real Estate | Multifamily | Accounting Standards Update 2016-13 | Previously Reported | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 3,311 | 2,106 | 2,017 | |
Real Estate | Commercial Real Estate | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 823 | |||
Provision (credit) for credit losses | (47) | (18) | (79) | (46) |
Recoveries | 0 | 0 | ||
Loans charged-off | 0 | 0 | ||
Ending allowance balance | 744 | 867 | 744 | 867 |
Real Estate | Commercial Real Estate | Accounting Standards Update 2016-13 | Adjusted for Change in Accounting Principal | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | (109) | |||
Real Estate | Commercial Real Estate | Accounting Standards Update 2016-13 | Previously Reported | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 791 | 885 | 1,022 | |
Real Estate | 1-4 Family | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 58 | |||
Provision (credit) for credit losses | (6) | 11 | (3) | 4 |
Recoveries | 0 | 0 | ||
Loans charged-off | 0 | 0 | ||
Ending allowance balance | 55 | 65 | 55 | 65 |
Real Estate | 1-4 Family | Accounting Standards Update 2016-13 | Adjusted for Change in Accounting Principal | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | (131) | |||
Real Estate | 1-4 Family | Accounting Standards Update 2016-13 | Previously Reported | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 61 | 54 | 192 | |
Commercial | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 12,056 | |||
Provision (credit) for credit losses | 904 | 983 | 1,479 | 1,412 |
Recoveries | 0 | 0 | ||
Loans charged-off | 0 | (5) | (5) | |
Ending allowance balance | 13,535 | 10,566 | 13,535 | 10,566 |
Commercial | Accounting Standards Update 2016-13 | Adjusted for Change in Accounting Principal | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 514 | |||
Commercial | Accounting Standards Update 2016-13 | Previously Reported | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 12,631 | 9,588 | 8,645 | |
Consumer | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 458 | |||
Provision (credit) for credit losses | 57 | 32 | 436 | 57 |
Recoveries | 5 | 16 | 24 | 16 |
Loans charged-off | (7) | (109) | (134) | (163) |
Ending allowance balance | 784 | 258 | $ 784 | 258 |
Consumer | Accounting Standards Update 2016-13 | Adjusted for Change in Accounting Principal | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | 1 | |||
Consumer | Accounting Standards Update 2016-13 | Previously Reported | ||||
Allowance for loan losses: | ||||
Beginning allowance balance | $ 729 | $ 319 | $ 347 |
Loans - Summary of balance in a
Loans - Summary of balance in allowance for loan losses and recorded investment in loans by class and based on impairment method (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Ending allowance balance attributable to loans: | |||
Total ending allowance balance | $ 18,521 | $ 16,631 | $ 14,179 |
Loans: | |||
Total ending loans balance | 1,261,412 | 1,208,081 | |
Real Estate | |||
Loans: | |||
Total ending loans balance | 455,809 | 455,676 | |
Real Estate | Multifamily | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance balance | 3,403 | 3,236 | 2,423 |
Loans: | |||
Total ending loans balance | 352,097 | 348,241 | |
Collateral dependent nonaccrual loans | 10,900 | ||
Real Estate | Commercial Real Estate | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance balance | 744 | 823 | 867 |
Loans: | |||
Total ending loans balance | 88,376 | 89,498 | |
Real Estate | 1-4 Family | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance balance | 55 | 58 | 65 |
Loans: | |||
Total ending loans balance | 15,336 | 17,937 | |
Commercial | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance balance | 13,535 | 12,056 | 10,566 |
Loans: | |||
Total ending loans balance | 786,593 | 737,914 | |
Consumer | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance balance | 784 | 458 | $ 258 |
Loans: | |||
Total ending loans balance | $ 19,010 | $ 14,491 |
Loans - Summary of loans by pas
Loans - Summary of loans by past due status (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 10,940 | $ 10,940 |
Total Past Due & Nonaccrual Loans | 11,081 | 11,074 |
Loans Not Past Due | 1,250,331 | 1,197,007 |
Loans held for investment | 1,261,412 | 1,208,081 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due Loans | 69 | 24 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due Loans | 1 | 41 |
Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due Loans | 71 | 69 |
Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment | 455,809 | 455,676 |
Real Estate | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | 10,940 | 10,940 |
Total Past Due & Nonaccrual Loans | 10,940 | 10,940 |
Loans Not Past Due | 341,157 | 337,301 |
Loans held for investment | 352,097 | 348,241 |
Real Estate | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 88,376 | 89,498 |
Loans held for investment | 88,376 | 89,498 |
Real Estate | 1-4 Family | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 15,336 | 17,937 |
Loans held for investment | 15,336 | 17,937 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 786,593 | 737,914 |
Loans held for investment | 786,593 | 737,914 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 141 | 134 |
Loans Not Past Due | 18,869 | 14,357 |
Loans held for investment | 19,010 | 14,491 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due Loans | 69 | 24 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due Loans | 1 | 41 |
Consumer | Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due Loans | $ 71 | $ 69 |
Loans - Summary of loans by cre
Loans - Summary of loans by credit quality indicator based on internally assigned credit grade (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | $ 1,261,062 | $ 1,207,413 |
Current period gross charge-offs | 134 | 444 |
Federal Home Loan Bank Advances | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Pledged to FHLB | 215,700 | 222,400 |
Maximum borrowing capacity | 149,700 | 158,500 |
2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 47,765 | |
2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 156,594 | 157,490 |
2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 127,345 | 154,129 |
Current period gross charge-offs | 134 | 324 |
2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 127,450 | 129,747 |
Current period gross charge-offs | 25 | |
2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 36,629 | 37,056 |
Current period gross charge-offs | 90 | |
2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 33,208 | |
2019 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 88,657 | |
2018 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 69,354 | |
Current period gross charge-offs | 5 | |
Revolving | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 673,279 | 621,405 |
Revolving-Term | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 3,343 | 5,024 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 1,246,135 | 1,192,485 |
Pass | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 47,765 | |
Pass | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 156,594 | 157,490 |
Pass | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 127,345 | 154,129 |
Pass | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 127,450 | 129,747 |
Pass | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 25,689 | 26,116 |
Pass | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 33,208 | |
Pass | 2019 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 88,657 | |
Pass | 2018 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 69,354 | |
Pass | Revolving | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 669,292 | 617,417 |
Pass | Revolving-Term | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 3,343 | 5,024 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 3,987 | 3,988 |
Special Mention | Revolving | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 3,987 | 3,988 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 10,940 | 10,940 |
Substandard | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 10,940 | 10,940 |
Real Estate | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 352,276 | 348,383 |
Real Estate | Multifamily | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 18,572 | |
Real Estate | Multifamily | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 105,040 | 105,175 |
Real Estate | Multifamily | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 26,925 | 29,116 |
Real Estate | Multifamily | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 108,776 | 109,919 |
Real Estate | Multifamily | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 34,196 | 34,452 |
Real Estate | Multifamily | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 22,155 | |
Real Estate | Multifamily | 2019 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 58,767 | |
Real Estate | Multifamily | 2018 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 47,566 | |
Real Estate | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 341,336 | 337,443 |
Real Estate | Multifamily | Pass | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 18,572 | |
Real Estate | Multifamily | Pass | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 105,040 | 105,175 |
Real Estate | Multifamily | Pass | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 26,925 | 29,116 |
Real Estate | Multifamily | Pass | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 108,776 | 109,919 |
Real Estate | Multifamily | Pass | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 23,256 | 23,512 |
Real Estate | Multifamily | Pass | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 22,155 | |
Real Estate | Multifamily | Pass | 2019 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 58,767 | |
Real Estate | Multifamily | Pass | 2018 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 47,566 | |
Real Estate | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 10,940 | 10,940 |
Real Estate | Multifamily | Substandard | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 10,940 | 10,940 |
Real Estate | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 88,315 | 89,436 |
Real Estate | Commercial Real Estate | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 3,100 | 3,401 |
Real Estate | Commercial Real Estate | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 58,132 | 58,552 |
Real Estate | Commercial Real Estate | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 10,439 | 10,560 |
Real Estate | Commercial Real Estate | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 1,736 | 1,757 |
Real Estate | Commercial Real Estate | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 5,651 | |
Real Estate | Commercial Real Estate | 2019 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 14,908 | |
Real Estate | Commercial Real Estate | 2018 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 9,515 | |
Real Estate | Commercial Real Estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 88,315 | 89,436 |
Real Estate | Commercial Real Estate | Pass | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 3,100 | 3,401 |
Real Estate | Commercial Real Estate | Pass | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 58,132 | 58,552 |
Real Estate | Commercial Real Estate | Pass | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 10,439 | 10,560 |
Real Estate | Commercial Real Estate | Pass | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 1,736 | 1,757 |
Real Estate | Commercial Real Estate | Pass | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 5,651 | |
Real Estate | Commercial Real Estate | Pass | 2019 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 14,908 | |
Real Estate | Commercial Real Estate | Pass | 2018 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 9,515 | |
Real Estate | 1-4 Family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 15,337 | 17,933 |
Real Estate | 1-4 Family | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 1,842 | 1,861 |
Real Estate | 1-4 Family | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 4,296 | |
Real Estate | 1-4 Family | 2019 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 13,495 | |
Real Estate | 1-4 Family | 2018 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 11,776 | |
Real Estate | 1-4 Family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 15,337 | 17,933 |
Real Estate | 1-4 Family | Pass | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 1,842 | 1,861 |
Real Estate | 1-4 Family | Pass | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 4,296 | |
Real Estate | 1-4 Family | Pass | 2019 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 13,495 | |
Real Estate | 1-4 Family | Pass | 2018 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 11,776 | |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 786,073 | 737,058 |
Current period gross charge-offs | 5 | |
Commercial | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 27,851 | |
Commercial | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 43,864 | 43,500 |
Commercial | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 36,882 | 59,203 |
Commercial | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 8,235 | 9,212 |
Commercial | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 368 | 489 |
Commercial | 2019 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 435 | |
Commercial | 2018 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 465 | |
Current period gross charge-offs | 5 | |
Commercial | Revolving | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 665,095 | 619,165 |
Commercial | Revolving-Term | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 3,343 | 5,024 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 782,086 | 733,070 |
Commercial | Pass | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 27,851 | |
Commercial | Pass | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 43,864 | 43,500 |
Commercial | Pass | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 36,882 | 59,203 |
Commercial | Pass | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 8,235 | 9,212 |
Commercial | Pass | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 368 | 489 |
Commercial | Pass | 2019 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 435 | |
Commercial | Pass | 2018 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 465 | |
Commercial | Pass | Revolving | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 661,108 | 615,177 |
Commercial | Pass | Revolving-Term | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 3,343 | 5,024 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 3,987 | 3,988 |
Commercial | Special Mention | Revolving | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 3,987 | 3,988 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 19,061 | 14,603 |
Current period gross charge-offs | 134 | 439 |
Consumer | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 1,342 | |
Consumer | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 4,590 | 5,414 |
Consumer | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 3,564 | 5,397 |
Current period gross charge-offs | 134 | 324 |
Consumer | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 56 | |
Current period gross charge-offs | 25 | |
Consumer | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 329 | 358 |
Current period gross charge-offs | 90 | |
Consumer | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 1,106 | |
Consumer | 2019 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 1,052 | |
Consumer | 2018 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 32 | |
Consumer | Revolving | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 8,184 | 2,240 |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 19,061 | 14,603 |
Consumer | Pass | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 1,342 | |
Consumer | Pass | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 4,590 | 5,414 |
Consumer | Pass | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 3,564 | 5,397 |
Consumer | Pass | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 56 | |
Consumer | Pass | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 329 | 358 |
Consumer | Pass | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 1,106 | |
Consumer | Pass | 2019 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 1,052 | |
Consumer | Pass | 2018 and Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | 32 | |
Consumer | Pass | Revolving | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-revolving loans internally assigned grade | $ 8,184 | $ 2,240 |
Noninterest Income (Details)
Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Noninterest income | ||||
Total non-interest income | $ 6,275 | $ 6,695 | $ 12,664 | $ 16,957 |
Non-voting Interest in VIE | ||||
Noninterest income | ||||
Gain (loss) on equity investment | (500) | |||
Total Payment Processing Fees | ||||
Noninterest income | ||||
Total non-interest income | 5,322 | 5,764 | 10,618 | 11,277 |
Payment Processing Income | ||||
Noninterest income | ||||
Total non-interest income | 5,140 | 5,550 | 10,240 | 10,850 |
ACH Income | ||||
Noninterest income | ||||
Total non-interest income | 182 | 214 | 378 | 427 |
Total Customer Related Fees, Service Charges and Other | ||||
Noninterest income | ||||
Total non-interest income | 953 | 931 | 2,046 | 5,680 |
Administrative Service Income | ||||
Noninterest income | ||||
Total non-interest income | 620 | 739 | 1,366 | 1,268 |
Gain on Equity Investment (1) | ||||
Noninterest income | ||||
Total non-interest income | 4,027 | |||
Other | ||||
Noninterest income | ||||
Total non-interest income | $ 333 | $ 192 | $ 680 | $ 385 |
Share-Based Payment Plans - (De
Share-Based Payment Plans - (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Stock Options | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Contractual term of awards | 10 years |
Stock Options | Minimum | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Vesting period | 3 years |
Stock Options | Maximum | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Vesting period | 5 years |
Restricted stock | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Vesting period | 6 years |
Share-Based Payment Plans - Sum
Share-Based Payment Plans - Summary of options activity (Details) - Stock Options | 6 Months Ended | |
Jun. 30, 2024 $ / shares shares | Jun. 30, 2023 shares | |
Options | ||
Outstanding at beginning of year | shares | 639,519 | |
Granted | shares | 0 | 0 |
Exercised | shares | (11,416) | |
Forfeited | shares | (834) | |
Outstanding at period end | shares | 627,269 | |
Vested or expected to vest | shares | 627,269 | |
Exercisable at period end | shares | 528,970 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of year | $ / shares | $ 20.76 | |
Granted | $ / shares | 0 | |
Exercised | $ / shares | 16.21 | |
Forfeited | $ / shares | 45.91 | |
Outstanding at period end | $ / shares | 20.81 | |
Vested or expected to vest | $ / shares | 20.81 | |
Exercisable at period end | $ / shares | $ 16.72 | |
Weighted Average Remaining Contractual Life (Years), outstanding at period end | 3 years 10 months 24 days | |
Weighted Average Remaining Contractual Life (Years), vested or expected to vest | 3 years 10 months 24 days | |
Weighted Average Remaining Contractual Life (Years), exercisable at period end | 3 years |
Share-Based Payment Plans - Inf
Share-Based Payment Plans - Information Related to Stock Option Exercises (Details) - Stock Options - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Intrinsic value of options exercised | $ 8 | $ 88 | $ 377 | $ 330 |
Cash received from option exercises | 6 | 173 | 53 | |
Excess tax benefit from option exercises | $ 1 | $ 16 | $ 84 | $ 73 |
Share-Based Payment Plans - S_2
Share-Based Payment Plans - Summary of restricted stock activity (Details) - Restricted stock | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Shares | |
Outstanding at beginning of year | shares | 514,935 |
Vested | shares | (20,503) |
Outstanding at period end | shares | 494,432 |
Weighted Average Grant Date Fair Value | |
Outstanding at beginning of year | $ / shares | $ 32.44 |
Vested | $ / shares | 19.25 |
Outstanding at period end | $ / shares | $ 32.98 |
Share-Based Payment Plans - Add
Share-Based Payment Plans - Additional disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options expense | $ 1,929 | $ 1,578 | ||
Exercise of stock options, net of repurchases | $ 173 | $ 53 | ||
Stock Options | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options granted in period | 0 | 0 | ||
Stock options expense | $ 188 | $ 159 | $ 368 | $ 326 |
Unrecognized compensation cost related to non-vested options | 1,100 | $ 1,100 | ||
Recognition period of nonvested stock options | 1 year 11 months 19 days | |||
Intrinsic value of outstanding options | 16,800 | $ 16,800 | ||
Intrinsic value of exercisable options | 16,300 | 16,300 | ||
Excess tax benefit from option exercises | 1 | 16 | 84 | 73 |
Restricted stock | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options expense | 774 | $ 629 | 1,600 | $ 1,300 |
Unrecognized compensation cost related to non-vested options | $ 10,600 | $ 10,600 | ||
Recognition period of nonvested stock options | 4 years 3 months 7 days |
Earnings per Share - Summary of
Earnings per Share - Summary of earnings per share computation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Basic | ||||
Net income | $ 10,487 | $ 9,113 | $ 20,545 | $ 21,292 |
Weighted average shares outstanding for basic earnings per share | 7,798,441 | 7,708,350 | 7,792,664 | 7,708,546 |
Basic earnings per share (in dollars per share) | $ 1.34 | $ 1.18 | $ 2.64 | $ 2.76 |
Diluted | ||||
Net income | $ 10,487 | $ 9,113 | $ 20,545 | $ 21,292 |
Weighted average shares outstanding for basic earnings per share | 7,798,441 | 7,708,350 | 7,792,664 | 7,708,546 |
Add: Dilutive effects of share based awards | 604,309 | 591,354 | 609,455 | 592,603 |
Weighted average shares and dilutive potential common shares | 8,402,750 | 8,299,704 | 8,402,119 | 8,301,149 |
Diluted earnings per share (in dollars per share) | $ 1.25 | $ 1.10 | $ 2.45 | $ 2.57 |
Stock options and restricted shares not considered in computing diluted earnings per share because they were anti-dilutive | 93,996 | 50,500 | 93,996 | 50,500 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Leases: | ||
ROU lease assets | $ 1.4 | $ 1.7 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Operating lease liability | $ 1.8 | $ 2.2 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities |
Commitment amount for operating lease not yet commenced | $ 2.6 | |
Term of operating lease not yet commenced | 10 years |
Leases - Maturities of operatin
Leases - Maturities of operating lease (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Maturities of operating lease liabilities | |
2024 | $ 396 |
2025 | 803 |
2026 | 754 |
Total lease payments | 1,953 |
Less: interest | 122 |
Present value of operating lease liabilities | $ 1,831 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Lease cost | ||||
Weighted-average remaining lease term | 2 years 5 months 1 day | 3 years 5 months 1 day | 2 years 5 months 1 day | 3 years 5 months 1 day |
Weighted-average discount rate | 3.29% | 3.29% | 3.29% | 3.29% |
Operating lease cost | $ 158 | $ 156 | $ 315 | $ 315 |
Short-term lease cost | 25 | 62 | 59 | 121 |
Total lease cost | 183 | 218 | 374 | 436 |
Cash paid for operating leases | $ 220 | $ 220 | $ 447 | $ 436 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Available-for-sale securities | ||
Total available-for-sale | $ 176,814 | $ 122,107 |
Debt Securities, Held-to-Maturity, Fair Value [Abstract] | ||
Securities held to maturity, fair value | 64,777 | 69,116 |
Residential Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Total available-for-sale | 87,318 | 91,010 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Available-for-sale securities | ||
Total available-for-sale | 89,496 | 31,097 |
Debt Securities, Held-to-Maturity, Fair Value [Abstract] | ||
Securities held to maturity, fair value | 64,777 | 69,116 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | ||
Total available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Total available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Available-for-sale securities | ||
Total available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | ||
Total available-for-sale | 176,814 | 122,107 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Total available-for-sale | 87,318 | 91,010 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Available-for-sale securities | ||
Total available-for-sale | 89,496 | 31,097 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
Total available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Total available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Available-for-sale securities | ||
Total available-for-sale | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of estimated fair values of financial instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financial Assets: | ||
Securities, held to maturity | $ 73,062 | $ 77,001 |
Securities, restricted, at cost | 3,034 | 2,928 |
Loans held for investment, net | 1,242,541 | 1,190,782 |
Accrued interest receivable | 9,170 | 9,130 |
Financial Liabilities: | ||
Time deposits | 11,952 | 7,761 |
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 152,733 | 165,209 |
Securities, held to maturity | 73,062 | 77,001 |
Securities, restricted, at cost | 3,034 | 2,928 |
Loans held for investment, net | 1,242,541 | 1,190,782 |
Accrued interest receivable | 9,170 | 9,130 |
Financial Liabilities: | ||
Time deposits | 11,952 | 7,761 |
Demand and other deposits | 1,474,941 | 1,399,538 |
Secured borrowings | 43 | 44 |
Accrued interest payable | 6 | 11 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 152,733 | 165,209 |
Securities, held to maturity | 64,777 | 69,116 |
Loans held for investment, net | 1,222,508 | 1,172,226 |
Accrued interest receivable | 9,170 | 9,130 |
Financial Liabilities: | ||
Time deposits | 11,902 | 7,647 |
Demand and other deposits | 1,474,941 | 1,399,538 |
Secured borrowings | 43 | 44 |
Accrued interest payable | 6 | 11 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 152,733 | 165,209 |
Loans held for investment, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities: | ||
Time deposits | 0 | |
Demand and other deposits | 1,474,941 | 1,399,538 |
Secured borrowings | 0 | 0 |
Accrued interest payable | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities, held to maturity | 64,777 | 69,116 |
Loans held for investment, net | 0 | 0 |
Accrued interest receivable | 855 | 579 |
Financial Liabilities: | ||
Time deposits | 11,902 | 7,647 |
Demand and other deposits | 0 | 0 |
Secured borrowings | 0 | 0 |
Accrued interest payable | 6 | 11 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Loans held for investment, net | 1,222,508 | 1,172,226 |
Accrued interest receivable | 8,315 | 8,551 |
Financial Liabilities: | ||
Time deposits | 0 | |
Demand and other deposits | 0 | 0 |
Secured borrowings | 43 | $ 44 |
Accrued interest payable | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of changes in accumulated other comprehensive income (loss) by component, net of tax (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Unrealized (Losses) Gains on Available-for-Sale Securities | ||||
Beginning balance | $ (14,369,000) | $ (13,732,000) | $ (13,235,000) | $ (15,117,000) |
Other comprehensive (loss) income before reclassifications, net of tax | 128,000 | (710,000) | (1,006,000) | 675,000 |
Net current period other comprehensive income (loss) | 128,000 | (710,000) | (1,006,000) | 675,000 |
Ending balance | $ (14,241,000) | $ (14,442,000) | (14,241,000) | (14,442,000) |
Reclassifications | $ 0 | $ 0 |