Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HVBC | |
Entity Registrant Name | HV BANCORP, INC. | |
Entity Central Index Key | 0001594555 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-37981 | |
Entity Tax Identification Number | 46-4351868 | |
Entity Address, Address Line One | 2005 South Easton Road | |
Entity Address, Address Line Two | Suite 304 | |
Entity Address, City or Town | Doylestown | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18901 | |
City Area Code | 267 | |
Local Phone Number | 280-4000 | |
Entity Common Stock, Shares Outstanding | 2,237,213 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | PA | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 4,367,000 | $ 4,348,000 |
Non interest-earning deposits with banks | 1,205,000 | 1,050,000 |
Interest-earning deposits with banks | 12,280,000 | 6,971,000 |
Federal funds sold | 3,335,000 | 3,911,000 |
Cash and cash equivalents | 21,187,000 | 16,280,000 |
Investment securities available-for-sale, at fair value | 55,357,000 | 55,664,000 |
Investment securities held-to-maturity, at amortized cost, net allowance for credit losses of $31 at March 31, 2023 | 29,580,000 | 29,771,000 |
Equity securities | 500,000 | 500,000 |
Loans held-for-sale, at fair value | 3,091,000 | 15,239,000 |
Loans receivable, net of allowance for credit losses of $3,330 at March 31, 2023 and $3,587 at December 31, 2022 | 487,002,000 | 468,955,000 |
Bank-owned life insurance | 10,329,000 | 10,263,000 |
Restricted investment in bank stock | 2,363,000 | 2,052,000 |
Premises and equipment, net | 2,472,000 | 2,602,000 |
Operating lease right-of-use assets | 7,632,000 | 7,841,000 |
Accrued interest receivable | 2,643,000 | 2,473,000 |
Mortgage banking derivatives | 451,000 | 612,000 |
Mortgage servicing rights | 208,000 | 202,000 |
Other real estate owned | 59,000 | 59,000 |
Other assets | 2,661,000 | 3,244,000 |
Total Assets | 625,535,000 | 615,757,000 |
Liabilities | ||
Deposits | 522,142,000 | 525,238,000 |
Advances from the Federal Home Loan Bank | 36,633,000 | 26,593,000 |
Subordinated debt | 9,997,000 | 9,997,000 |
Operating lease liabilities | 8,028,000 | 8,234,000 |
Advances from borrowers for taxes and insurance | 361,000 | 503,000 |
Other liabilities | 5,005,000 | 3,099,000 |
Total Liabilities | 582,166,000 | 573,664,000 |
Shareholders’ Equity | ||
Preferred Stock, $0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of March 31, 2023 and December 31, 2022 | ||
Common Stock, $0.01 par value, 20,000,000 shares authorized; 2,356,325 and 2,361,325 shares issued as of March 31, 2023 and December 31, 2022, respectively; 2,237,213 and 2,242,421 shares outstanding as of March 31, 2023 and December 31, 2022, respectively | 23,000 | 23,000 |
Treasury Stock, at cost (119,112 shares at March 31, 2023 and 118,904 December 31, 2022) | (1,861,000) | (1,855,000) |
Additional paid-in capital | 22,119,000 | 22,011,000 |
Retained earnings | 27,833,000 | 27,023,000 |
Accumulated other comprehensive loss | (2,902,000) | (3,266,000) |
Unearned Employee Stock Option Plan | (1,843,000) | (1,843,000) |
Total Shareholders' Equity | 43,369,000 | 42,093,000 |
Total Liabilities and Shareholders' Equity | $ 625,535,000 | $ 615,757,000 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity, allowance for credit losses | $ 31 | |
Loans receivable, allowance for loan losses | $ 3,330 | $ 3,587 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 2,356,325 | 2,361,325 |
Common stock, shares outstanding | 2,237,213 | 2,242,421 |
Treasury stock, shares | 119,112 | 118,904 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest Income | ||
Interest and fees on loans | $ 7,314,000 | $ 3,835,000 |
Interest and dividends on investments: | ||
Taxable | 456,000 | 199,000 |
Nontaxable | 29,000 | 26,000 |
Interest on mortgage-backed securities and collateralized mortgage obligations | 78,000 | 51,000 |
Interest on interest-earning deposits and federal funds sold | 194,000 | 58,000 |
Total Interest Income | 8,071,000 | 4,169,000 |
Interest Expense | ||
Interest on deposits | 2,444,000 | 323,000 |
Interest on advances from the Federal Home Loan Bank | 172,000 | 97,000 |
Interest on advances from the Federal Reserve’s Paycheck Protection Program liquidity facility ("PPPLF") | 1,000 | |
Interest on subordinated debt | 113,000 | 113,000 |
Total Interest Expense | 2,729,000 | 534,000 |
Net interest income | 5,342,000 | 3,635,000 |
Provision for credit losses | 25,000 | 113,000 |
Net interest income after provision for credit losses | 5,317,000 | 3,522,000 |
Non-Interest Income | ||
Fees for customer services | 207,000 | 202,000 |
Increase in cash surrender value of bank-owned life insurance | 66,000 | 36,000 |
Gain on sale of loans, net | 958,000 | 2,357,000 |
Gain on sale of mortgage servicing rights, net | 1,029,000 | |
Loss from derivative instruments, net | (169,000) | (52,000) |
Change in fair value of loans held-for-sale | (239,000) | (720,000) |
Other | 412,000 | 291,000 |
Total Non-Interest Income | 1,235,000 | 3,143,000 |
Non-Interest Expense | ||
Salaries and employee benefits | 3,662,000 | 3,741,000 |
Occupancy | 557,000 | 587,000 |
Federal deposit insurance premiums | 172,000 | 128,000 |
Data processing related operations | 296,000 | 349,000 |
Professional fees | 203,000 | 321,000 |
Merger expenses | 191,000 | |
Other expenses | 605,000 | 808,000 |
Total Non-Interest Expense | 5,686,000 | 5,934,000 |
Income before income taxes | 866,000 | 731,000 |
Income Tax Expense | 258,000 | 130,000 |
Net Income | $ 608,000 | $ 601,000 |
Net Income per share: | ||
Basic | $ 0.30 | $ 0.30 |
Diluted | $ 0.28 | $ 0.29 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Unrealized gain (loss) on available-for-sale securities, pre-tax | $ 517 | $ (2,545) |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income | $ 608,000 | $ 601,000 | |
Other comprehensive income (loss), net of tax: | |||
Unrealized gain (loss) on available-for-sale securities (pre-tax $517 and ($2,545), respectively) | 215,000 | [1] | (1,794,000) |
Accretion of discount on securities transferred to held-to-maturity | 149,000 | ||
Other comprehensive income (loss) | 364,000 | [1] | (1,794,000) |
Comprehensive Income (Loss) | $ 972,000 | $ (1,193,000) | |
[1] All amounts are net of tax. Related tax expense or benefit is calculated using an income tax rate of approximately 29.5% and 29.5% for the three months ended March 31, 2023 and 2022, respectively. |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Treasury Stock | Additional Paid in Capital | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Unearned ESOP Shares | ||
Beginning balance at Dec. 31, 2021 | $ 42,636,000 | $ 23,000 | $ (1,483,000) | $ 21,324,000 | $ 24,793,000 | $ (148,000) | $ (1,873,000) | ||||
Beginning balance, shares at Dec. 31, 2021 | 2,170,397 | ||||||||||
ESOP shares committed to be released | 46,000 | 16,000 | 30,000 | ||||||||
Treasury stock purchased | (147,000) | (147,000) | |||||||||
Treasury stock purchased, shares | (6,898) | ||||||||||
Stock option exercise | $ 21,000 | 21,000 | |||||||||
Stock option exercise (in shares) | 1,400 | 1,400 | |||||||||
Stock option expense | $ 14,000 | 14,000 | |||||||||
Restricted stock expense | 45,000 | 45,000 | |||||||||
Net Income | 601,000 | 601,000 | |||||||||
Other comprehensive income (loss) | (1,794,000) | (1,794,000) | |||||||||
Ending balance at Mar. 31, 2022 | 41,422,000 | $ 23,000 | (1,630,000) | 21,420,000 | 25,394,000 | (1,942,000) | (1,843,000) | ||||
Ending balance, shares at Mar. 31, 2022 | 2,164,899 | ||||||||||
Beginning balance at Dec. 31, 2022 | $ 42,093,000 | $ 202,000 | $ 23,000 | (1,855,000) | 22,011,000 | 27,023,000 | $ 202,000 | (3,266,000) | [1] | (1,843,000) | |
Beginning balance, shares at Dec. 31, 2022 | 2,242,421 | ||||||||||
Cumulative effect of adoption of ASU 2016-13 | ASU 2016-13 | ||||||||||
Treasury stock purchased | $ (6,000) | (6,000) | |||||||||
Treasury stock purchased, shares | (208) | ||||||||||
Stock option expense | 16,000 | 16,000 | |||||||||
Restricted stock expense | 92,000 | 92,000 | |||||||||
Net Income | 608,000 | 608,000 | |||||||||
Other comprehensive income (loss) | 364,000 | [1] | 364,000 | ||||||||
Restricted stock forfeited | (5,000) | ||||||||||
Ending balance at Mar. 31, 2023 | $ 43,369,000 | $ 23,000 | $ (1,861,000) | $ 22,119,000 | $ 27,833,000 | $ (2,902,000) | [1] | $ (1,843,000) | |||
Ending balance, shares at Mar. 31, 2023 | 2,237,213 | ||||||||||
[1] All amounts are net of tax. Related tax expense or benefit is calculated using an income tax rate of approximately 29.5% and 29.5% for the three months ended March 31, 2023 and 2022, respectively. |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities | ||
Net income | $ 608 | $ 601 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 144 | 187 |
Accretion of net deferred loan fees | (194) | (441) |
Amortization of net securities premiums | 64 | 53 |
Amortization of operating lease right-of-use assets | 209 | 205 |
Amortization of advances from Federal Home Loan Bank premium | 40 | 40 |
Loss from derivative instruments, net | 169 | 52 |
Provision for credit losses | 25 | 113 |
Deferred income taxes | (26) | (124) |
Earnings on bank-owned life insurance | (66) | (36) |
Gain on settlement of bank-owned life insurance | (209) | |
Gain on sale of mortgage servicing rights, net | 1,029 | |
Stock based compensation expense | 108 | 59 |
ESOP compensation expense | 46 | |
Loans held for sale: | ||
Originations, net of prepayments | (37,979) | (77,135) |
Proceeds from sales | 50,846 | 105,868 |
Gain on sales | (958) | (2,357) |
Change in fair value of loans held for sale | 239 | 720 |
Changes in assets which provided by (used in) cash: | ||
Accrued interest receivable | (170) | (120) |
Other assets | 439 | 1,371 |
Increase (decrease) in other liabilities | 1,905 | (1,155) |
Net cash provided by operating activities | 15,403 | 28,767 |
Cash Flows from Investing Activities | ||
Net (increase) decrease in loans receivable | (17,878) | 1,739 |
Activity in available-for-sale securities: | ||
Maturities and repayments | 760 | 1,206 |
Purchases | (30,860) | |
Activity in held-to-maturity securities: | ||
Maturities and repayments | 191 | |
Proceeds from settlement of bank-owned life insurance | 880 | |
Purchases of restricted investment in bank stock | (1,016) | (282) |
Redemption of restricted investment in bank stock | 705 | 222 |
Purchases of premises and equipment | (14) | (23) |
Net cash used in investing activities | (17,252) | (27,118) |
Cash Flows from Financing Activities | ||
Net (decrease) increase in deposits | (3,096) | 2,045 |
Net decrease in advances from borrowers for taxes and insurance | (142) | (393) |
Net increase in short-term borrowing from Federal Home Loan Bank | 10,000 | |
Repayment of borrowings from the Federal Reserve's PPPLF | (2,870) | |
Proceeds from stock option exercise | 21 | |
Purchase of treasury stock | (6) | (147) |
Net cash provided by (used in) financing activities | 6,756 | (1,344) |
Increase in Cash and Cash Equivalents | 4,907 | 305 |
Cash and Cash Equivalents, beginning of year | 16,280 | 120,788 |
Cash and Cash Equivalents, end of year | 21,187 | 121,093 |
Supplementary Disclosure of Cash Flow Information | ||
Cash paid during the year of interest | $ 2,753 | 440 |
Cash paid during the year for income taxes | $ 137 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation and Recent Accounting Pronouncements | 1. ORGANIZATION, BASIS OF PRESENTATION and RECENT ACCOUNTING PRONOUNCEMENTS Organization HV Bancorp, Inc., a Pennsylvania Corporation (the “Company”), is the holding company of Huntingdon Valley Bank (the “Bank”) and was formed in connection with the conversion of the Bank from the mutual to the stock form of organization. On January 11, 2017, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. Shares of the Company began trading on the Nasdaq Capital Market on January 12, 2017. The Company is subject to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Bank”). T he Bank is a stock savings bank organized under the laws of the Commonwealth of Pennsylvania and is subject to comprehensive regulation and examination by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking and Securities (“PADOBS”). The Bank was organized in 1871, and currently provides residential and commercial loans to its general service area (Montgomery, Bucks and Philadelphia Counties of Pennsylvania, Burlington County, New Jersey and New Castle County, Delaware) as well as offering a wide variety of savings, checking and certificate of deposit accounts to its retail and business customers. In November 2020, the Bank formed a wholly-owned subsidiary, HVB Investment Management Inc., under the laws of the state of Delaware, as an investment company subsidiary to hold and manage certain investments. HVB Investment Management Inc., became operational in January 2021. Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim information and with the instructions to the Quarterly Report on Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. The financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2022 have been derived from the audited consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto contained in the Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) on March 30, 2023 The Company has evaluated subsequent events through the date of issuance of the financial statements included herein. Principles of Consolidation The unaudited interim consolidated financial statements include accounts of the Company and its wholly-owned subsidiary, the Bank. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates in the Preparation of Financial Statements In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Statement of Financial Condition and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses (“ACL”), interest rate lock commitments (“IRLCs”), mandatory sales commitments, the valuation o f mortgage loans held-for-sale and the valuation of deferred tax assets. Recent Accounting Pronouncements I n January 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020 , to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls “reference rate reform” if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extends the sunset (or expiration) date of Accounting Standards Codification (ASC) Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. ASU 2022-06 is effective for all reporting entities immediately upon issuance and must be applied on a prospective basis . The Company anticipates that adoption of the ASU will not have a material impact on the Company’s consolidated financial statements Adoption of New Accounting Standards in 2023 In June 2016, the FASB issued ASU No. 2016-13, " Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" The Company adopted this guidance, and subsequent related updates, using the modified retrospective approach for all financial assets measured at amortized cost, including loans and held-to-maturity debt securities, available-for-sale debt securities and unfunded commitments. On January 1, 2023, the Company recorded a cumulative effect of a net increase to retained earnings of $202,000, net of tax, of which $301,000 related a decrease in loans, and $46,000 increase related to held-to-maturity debt securities. The Company adopted the provisions of ASC 326 related to presenting other-than-temporary impairment on available-for sale debt securities prior to January 1, 2023 using the prospective transition approach, though no such charges had been recorded on the securities held by the Company as of the date of adoption. The following table reflects the impact of the adoption of ASU 2016-13 as of January 1, 2023: ` January 1, 2023 (Dollars in thousands) Pre-adoption Adoption Impact As reported Assets: ACL on debt securities held-to-maturity: Corporate noted $ — $ 27 27 Municipal securities — 19 19 ACL on loans: One-to-four family 468 19 487 Home equity and HELOCs 6 (1 ) 5 Commercial: Commercial real estate 1,283 (251 ) 1,032 Commercial business 703 173 876 SBA PPP loans — — — Main Street Lending Program 27 (16 ) 11 Construction 754 (217 ) 537 Consumer: Medical education 325 4 329 Other 21 (12 ) 9 $ 3,587 $ (255 ) $ 3,332 Concurrently, on January 1, 2023, the Company the accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancing and restructuring activities by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying TDR recognition and measurement guidance, creditors will determine whether a modification results in a new loan or continuation of existing loan. ASU 2022-02 Investment Securities Management determines the appropriate classification of securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities that management has both the positive intent and ability to hold to maturity are classified as securities held-to-maturity and are carried at cost, adjusted for amortization of premium or accretion of discount using the interest method. Securities that may be sold prior to maturity for asset/liability management purposes, or that may be sold in response to changes in interest rates, to changes in prepayment risk, to increase regulatory capital or other similar factors, are classified as securities available-for-sale and carried at fair value with any adjustments to fair value, after tax, reported as a separate component of shareholders’ equity. Interest and dividends on securities, including the amortization of premiums and the accretion of discounts, are reported in interest and dividends on securities using the interest method. Gains and losses on the sale of available-for-sale securities are recorded on the trade date and are calculated using the specific-identification method. ACL – Held-to-Maturity Securities The Company measures expected credit losses on held-to-maturity debt securities, which are comprised of U.S. governmental securities, corporate notes, residential mortgage-backed securities, residential collateralized mortgage obligations and municipal securities. The Company's U.S. governmental securities, residential mortgage-backed securities and residential collateralized mortgage obligations securities are issued by U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Accrued interest receivable on held-to-maturity debt securities totaled $125,000 ACL – Available for Sale Securities The Company measures expected credit losses on available-for-sale debt securities when the Company does not intend to sell, or when it is not more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the securities are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Accrued interest receivable on available-for-sale debt securities totaled $276,000 The Company adopted ASU No. 2016-13 effective January 1, 2023. Financial statement amounts related to Investment Securities Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Accrued interest receivable totaled $2.2 million The loans receivable portfolio is segmented into Residential, Commercial, Construction and Consumer loans. Within Residential loans, the following classes exist: One-to-four family loans and home equity and home equity lines of credit (“HELOCs”). Within Commercial loans, the following classes exist: commercial real estate, commercial business, Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans and Main Street Lending Program. Within Consumer loans, the following classes exist: Medical education and other. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, generally six months, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. ACL - Loans The ACL is a valuation reserve established and maintained by charges against income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. When loans, or portions thereof, are deemed uncollectible, they are charged off against the ACL and any subsequent recoveries are credited against the ACL. The ACL is an estimate of expected credit losses, measured over the contractual life of a loan that considers our historical loss experience, current conditions and forecasts of future economic conditions. Management performs a quarterly evaluation of the adequacy of the ACL and makes adjustment when changes in the reserve are necessary. Historical credit loss experience is the basis for the estimation of expected credit losses. We apply historical loss rates to pools of loans which the grouped by loan types of residential, commercial and consumer. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast adjustment is based on economic forecasts and management judgments. The qualitative adjustments for current conditions are based upon changes in lending policies and practices, experience and ability of lending staff, quality of the Company’s loan review system, value of underlying collateral, the existence of and changes in concentrations and other external factors. These modified historical loss rates are multiplied by the outstanding principal balance of each loan to calculate a required reserve. The Company’s medical student loan portfolio uses the Probability of Default (“PD”) and Loss Given Default Rate (“PD/LGD”) methodology. The PD and LGD model components are determined based on loss estimates driven by historical experience at the input level. The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Prior to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the Company calculated our allowance for loan losses using an incurred loan loss methodology described in Note 1 in the Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 30, 2023. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company estimated expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted through the provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The allowance for credit losses for off-balance sheet exposures was deemed immaterial at adoption of ASC 326 and at March 31, 2023. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 2. INVESTMENT SECURITIES Post-adoption of ASC 326, investment securities available-for-sale were comprised of the following: March 31, 2023 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Allowance for Credit Losses Fair Value U.S. Governmental securities $ 3,010 $ — $ (102 ) $ — $ 2,908 U.S. Treasury securities 39,870 — (1,016 ) — 38,854 Corporate notes 12,006 — (781 ) — 11,225 Collateralized mortgage obligations - agency residential 1,678 — (43 ) — 1,635 Mortgage-backed securities - agency residential 520 — (34 ) — 486 Bank CDs 249 — — — 249 $ 57,333 $ — $ (1,976 ) $ — $ 55,357 Post adoption of ASC 326, investment securities held-to-maturity were comprised of the following: March 31, 2023 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Allowance for Credit Losses U.S. Governmental securities $ 2,193 $ — $ (103 ) $ 2,090 $ — Corporate notes 7,912 — (664 ) 7,248 (14 ) Collateralized mortgage obligations - agency residential 7,117 — (394 ) 6,723 — Mortgage-backed securities - agency residential 6,600 — (457 ) 6,143 — Municipal securities 5,789 16 (259 ) 5,546 (17 ) $ 29,611 $ 16 $ (1,877 ) $ 27,750 $ (31 ) In June 2022, the Company transferred approximately $30.2 million at amortized cost of available-for-sale securities to the held-to-maturity category. At March 31, 2023, there was $2.1 million in unrealized losses associated with those securities that were transferred from available-for-sale to held-to-maturity. Pre adoption of ASC 326, investment securities available-for-sale were comprised of the following: December 31, 2022 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 3,010 $ — $ (123 ) $ 2,887 U.S. Treasury securities 39,843 — (1,287 ) 38,556 Corporate notes 12,535 — (753 ) 11,782 Collateralized mortgage obligations - agency residential 1,754 — (73 ) 1,681 Mortgage-backed securities - agency residential 553 — (42 ) 511 Bank CDs 249 — (2 ) 247 $ 57,944 $ — $ (2,280 ) $ 55,664 Pre adoption of ASC 326, investment securities held-to-maturity were comprised of the following: ` December 31, 2022 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 2,218 $ — $ (124 ) $ 2,094 Corporate notes 7,857 — (641 ) 7,216 Collateralized mortgage obligations - agency residential 7,236 — (445 ) 6,791 Mortgage-backed securities - agency residential 6,708 — (484 ) 6,224 Municipal securities 5,752 2 (416 ) 5,338 $ 29,771 $ 2 $ (2,110 ) $ 27,663 The scheduled maturities of securities at March 31, 2023 March 31, 2023 Available-for-Sale Held-to-Maturity Amortized Amortized (Dollars in thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 7,727 $ 7,575 $ — $ — Due from one to five years 40,442 39,258 5,715 5,246 Due from after five to ten years 7,977 7,387 8,569 8,110 Due after ten years 1,187 1,137 15,327 14,394 $ 57,333 $ 55,357 $ 29,611 $ 27,750 Securities with a fair value of $43.2 million and $43.0 million at March 31, 2022, and December 31, 2022, respectively, were pledged to secure public deposits, increase our maximum borrowing capacity with the Federal Home Loan Bank (“FHLB”) and for other purposes as required by law. There were no sales of available-for-sale securities for the three months ended March 31, 2023, and 2022. The following tables summarize the unrealized loss positions of securities available-for-sale and held-to-maturity which an allowance for credit losses has not been recorded March 31, 2023 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale: U.S. Governmental securities $ 1,964 $ (46 ) $ 944 $ (56 ) $ 2,908 $ (102 ) U.S. Treasury securities 14,551 (391 ) 24,303 (625 ) 38,854 (1,016 ) Corporate notes 3,690 (142 ) 7,535 (639 ) 11,225 (781 ) Collateralized mortgage obligations 675 (3 ) 960 (40 ) 1,635 (43 ) Mortgage-backed securities — — 486 (34 ) 486 (34 ) $ 20,880 $ (582 ) $ 34,228 $ (1,394 ) $ 55,108 $ (1,976 ) Held-to-Maturity: U.S. Governmental securities $ — $ — $ 2,090 $ (103 ) $ 2,090 $ (103 ) Corporate notes — — 898 (60 ) 898 (60 ) Collateralized mortgage obligations 1,427 (43 ) 5,296 (351 ) 6,723 (394 ) Mortgage-backed securities — — 6,143 (457 ) 6,143 (457 ) Municipal securities 102 (1 ) — — 102 (1 ) $ 1,529 $ (44 ) $ 14,427 $ (971 ) $ 15,956 $ (1,015 ) December 31, 2022 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale: U.S. Governmental securities $ 1,953 $ (57 ) $ 934 $ (66 ) $ 2,887 $ (123 ) U.S. Treasury securities 38,556 (1,287 ) — — 38,556 (1,287 ) Corporate notes 7,989 (394 ) 3,793 (359 ) 11,782 (753 ) Collateralized mortgage obligations- agency residential 1,384 (63 ) 297 (10 ) 1,681 (73 ) Mortgage-backed securities - agency residential 511 (42 ) — — 511 (42 ) Bank CDs 247 (2 ) — — 247 (2 ) $ 50,640 $ (1,845 ) $ 5,024 $ (435 ) $ 55,664 $ (2,280 ) Held-to-Maturity: U.S. Governmental securities $ — $ — $ 2,094 $ (124 ) $ 2,094 $ (124 ) Corporate notes 2,075 (136 ) 5,141 (505 ) 7,216 (641 ) Collateralized mortgage obligations - agency residential 2,866 (134 ) 3,925 (311 ) 6,791 (445 ) Mortgage-backed securities- agency residential 787 (56 ) 5,437 (428 ) 6,224 (484 ) Municipal securities 1,795 (170 ) 3,022 (246 ) 4,817 (416 ) $ 7,523 $ (496 ) $ 19,619 $ (1,614 ) $ 27,142 $ (2,110 ) At March 31, 2023, the fair value of held-to-maturity securities in an unrealized loss position for which an allowance for credit losses has not been recorded was $16.0 million, including unrealized losses of $1.0 million. These holdings were comprised of three governmental agency securities, twelve federal agency mortgage-backed securities and fourteen federal agency collateralized mortgage obligations, which are U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses as well as one corporate note investment graded and one municipal security investment graded. The Company does not intend to sell the securities in an unrealized loss position and is unlikely to be required to sell these securities before a recovery of fair value, which may be maturity. The Company concluded that the decline in the value of these securities was not indicative of a credit loss and did no t any recognize any credit losses on these held-to-maturity debt securities for the three months ended March 31, 2023 or other-than-temporary impairment charges for the th ree months ended March 31, 2022 . At March 31, 2023, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded was $55.1 million, including unrealized losses of $2.0 million. These holdings were comprised of eight U.S Treasury securities, four U.S. governmental securities, two federal agency mortgage-backed securities and four federal agency collateralized mortgage obligations securities seventeen did not recognize any credit losses on these available-for-sale debt securities for the three months ended March 31, 2023 or other-than-temporary impairment charges for the three months ended March 31, 2022 . The table below presents a roll forward by security type for the three months ended March 31, 2023 of the allowance for credit losses on securities held-to-maturity: Three months ended March 31, 2023 Held-to-Maturity Securities Corporate notes Municipal Beginning balance $ — $ — Adjustment to initially apply ASU No. 2016-13 for CECL 27 19 Addition for securities for which no previous expected credit losses were recognized — — Change in securities for which a previous expected credit loss was recognized (13 ) (2 ) Ending Balance $ 14 $ 17 At March 31, 2023, the fair value of held-to-maturity securities in an unrealized loss position for which an allowance for credit losses has been recorded was $11.3 million, including unrealized losses of $862,000, and allowance for credit losses of $31,000. These holdings were comprised of ten investment grade municipal bonds and eleven corporate notes of which nine are investment graded which fluctuate in value based on changes in market conditions. For these securities, fluctuations were primarily due to changes in the interest rate environment. The Company does not have the intent to sell these securities and it is not likely that it will be required to sell the securities before their anticipated recovery. The underlying issuers continue to make timely principal and interest payments on the securities . The following table summarizes the amortized cost of debt securities held-to-maturity at March 31, 2023, aggregated by credit quality indicator: (Dollars in thousands) U.S. Governmental securities Corporate notes Collateralized mortgage obligations Mortgage-backed securities Municipal securities Held-to-Maturity: Credit Rating: AAA/AA/A $ 2,193 $ 4,785 $ 7,117 $ 6,600 $ 5,789 BBB/BB/B — 1,729 — — — Lower than B — — — — — Not rated — 1,398 — — — $ 2,193 $ 7,912 $ 7,117 $ 6,600 $ 5,789 There were no held-to-maturity securities on non-accrual status or past due over 90 days still accruing interest as of March 31, 2023. |
Equity Securities
Equity Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Equity Securities | 3. EQUITY SECURITIES The Company maintains an equity security portfolio that consists of $500,000 at March 31, 2023, and December 31, 2022. As of March 31, 2023 and December 31, 2022 the Company determined that the equity investment did not have a readily determinable fair value measure and is carrying the equity investment at cost, less impairment, adjusted for changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The following table presents the carrying amount of the Company’s equity investment at March 31, 2023, and December 31, 2022 March 31, 2023 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 December 31, 2022 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 At March 31, 2023 and December 31, 2022, the Company performed a qualitative assessment considering impairment indictors to evaluate whether the investment was impaired and determined the investment was not impaired. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loans Receivable | 4. LOANS RECEIVABLE Loans receivable were comprised of the following: March 31, December 31, (Dollars in thousands) 2023 2022 Residential: One-to-four family $ 155,144 $ 154,953 Home equity and HELOCs 2,206 2,293 Commercial: Commercial real estate 197,414 185,811 Commercial business 53,320 54,464 SBA PPP loans 298 472 Main Street Lending Program 1,564 1,564 Construction 76,528 69,195 Consumer: Medical education 3,675 3,695 Other 448 376 490,597 472,823 Unearned discounts, origination and commitment fees and costs (265 ) (281 ) Allowance for credit losses (3,330 ) (3,587 ) $ 487,002 $ 468,955 In November 2017, the Bank entered into a loan purchase agreement with a broker to purchase a portfolio of private education loans made to American citizens attending American Medical Association (“AMA”) approved medical schools in Caribbean Nations. The broker serves as a lender, holder, program designer and developer, administrator, and secondary market for the loan portfolios they generate. At March 31, 2023, the balance of the private education loans was $3.7 million. The private student loans were made following a proven credit criteria and were underwritten in accordance with the Bank’s policies. At March 31, 2023, there was one loan with a total balance of approximately $41,000 past due 90 days or more. Overdraft deposits are reclassified as other consumer and are included in the total loans on the statements of financial condition. Overdrafts were $24,000 and $67,000 at March 31, 2023, Allowance for Credit Losses for Loans The following tables summarize the activity in the allowance for credit losses for loans by loan class for the three months ended March 31, 2023 and 2022: Provision for Credit Losses For the three months ended March 31, 2023 (Dollars in thousands) Beginning Balance Impact of adopting ASU 326 Charge- offs Recoveries (Credit) Provisions Ending Balance Residential: One-to-four family $ 468 $ 19 $ — $ — $ (6 ) $ 481 Home equity and HELOCs 6 (1 ) — — — 5 Commercial: Commercial real estate 1,283 (251 ) — — 49 1,081 Commercial business 703 173 — (41 ) 835 SBA PPP loans — — — — — — Main Street Lending Program 27 (16 ) — — — 11 Construction 754 (217 ) — — 48 585 Consumer: Medical education 325 4 — 4 (12 ) 321 Other 21 (12 ) — — 2 11 $ 3,587 $ (301 ) $ — $ 4 $ 40 $ 3,330 Allowance for Loan Losses For the three months ended March 31, 2022 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential: One-to-four family $ 322 $ — $ — $ 23 $ 345 $ — $ 345 Home equity and HELOCs 8 — — (1 ) 7 — 7 Commercial: Commercial real estate 819 — — (46 ) 773 — 773 Commercial business 341 — — 96 437 — 437 SBA PPP loans — — — — — Main Street Lending Program 27 — — — 27 — 27 Construction 460 — — 35 495 — 495 Consumer: Medical education 391 (36 ) 1 6 362 — 362 Other — — — — — — — $ 2,368 $ (36 ) $ 1 $ 113 $ 2,446 $ — $ 2,446 The following presents, by loan class, the balance in the allowance for credit losses for loans on the basis of whether the loan was measured for credit loss as a pooled loan or if it was individually analyzed for a reserve at March 31, 2023 : March 31, 2023 Allowance for credit losses for loans Loans Receivable (Dollars in thousands) Ending Balance: Individually Analyzed Ending Balance: Pooled Total Ending Balance Ending Balance: Individually Analyzed Ending Balance: Pooled Total Ending Balance Residential One-to-four family $ — $ 481 $ 481 $ 1,762 $ 153,382 $ 155,144 Home equity and HELOCs — 5 5 95 2,111 2,206 Commercial Commercial real estate — 1,081 1,081 1,581 195,833 197,414 Commercial business — 835 835 2,026 51,294 53,320 SBA PPP loans — — — — 298 298 Main Street Lending Program — 11 11 — 1,564 1,564 Construction — 585 585 — 76,528 76,528 Consumer: Medical education 129 192 321 1,289 2,386 3,675 Other — 11 11 10 448 448 $ 129 $ 3,201 $ 3,330 $ 6,763 $ 483,844 $ 490,597 The following tables summarize information with respect to the recorded investment in loans receivable by loan class as of December 31, 2022: December 31, 2022 Loans Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential One-to-four family $ 154,953 $ 1,885 $ 153,068 Home equity and HELOCs 2,293 62 2,231 Commercial Commercial real estate 185,811 113 185,698 Commercial business 54,464 38 54,426 SBA PPP loans 472 — 472 Main Street Lending Program 1,564 — 1,564 Construction 69,195 — 69,195 Consumer: Medical education 3,695 — 3,695 Other 376 — 376 $ 472,823 $ 2,098 $ 470,725 Credit Quality Indicators Credit quality risk ratings include regulatory classifications of Special Mention, Substandard, Doubtful and Loss. Loans classified as Special Mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of prospects for repayment. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. Included in the non-performing medical education loans are non-accrual loans that have been brought current through a status change to deferred status. The deferred status generally means the student is in medical residency. Generally, the loan may be restored to accrual status when the obligation is in accordance with the contractual terms for a reasonable period of time, generally six months. The following table present by class, the recorded investment in loans receivable by loan class by credit quality indicator and current period gross charge-offs at March 31, 2023 under ASC 326 : March 31, 2023 Term Loans Amortized Costs Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential: One-to-four family Pass $ 1,814 $ 67,677 $ 16,453 $ 12,535 $ 8,023 $ 46,880 $ — $ 153,382 Special Mention — — — — — — — — Substandard — — 982 — — 780 — 1,762 Total One-to-four family $ 1,814 $ 67,677 $ 17,435 $ 12,535 $ 8,023 $ 47,660 $ — $ 155,144 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Home equity and HELOCS Pass $ — $ — $ — $ — $ — $ 38 $ 2,073 $ 2,111 Special Mention — — — — — — — — Substandard — — — — — 34 61 95 Total Home equity and HELOCS $ — $ — $ — $ — $ — $ 72 $ 2,134 $ 2,206 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial: Commercial Real Estate Pass $ 16,038 $ 88,169 $ 33,685 $ 22,502 $ 13,833 $ 4,889 $ 16,717 $ 195,833 Special Mention — — — 437 862 171 — 1,470 Substandard — — — — — 111 — 111 Total Commercial Real Estate $ 16,038 $ 88,169 $ 33,685 $ 22,939 $ 14,695 $ 5,171 $ 16,717 $ 197,414 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Business Pass $ — $ 10,832 $ 2,389 $ 632 $ 311 $ — $ 37,130 $ 51,294 Special Mention — — — — — — 2,000 2,000 Substandard — — — — — 26 — 26 Total Commercial Business $ — $ 10,832 $ 2,389 $ 632 $ 311 $ 26 $ 39,130 $ 53,320 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — SBA PPP loans Pass $ — $ — $ 298 $ — $ — $ — $ — $ 298 Special Mention — — — — — — — — Substandard — — — — — — — — Total SBA PPP loans $ — $ — $ 298 $ — $ — $ — $ — $ 298 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Main Street Lending Program Pass $ — $ — $ — $ 1,564 $ — $ — $ — $ 1,564 Special Mention — — — — — — — — Substandard — — — — — — — — Total Main Street Lending Program $ — $ — $ — $ 1,564 $ — $ — $ — $ 1,564 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Construction Pass $ 1,443 $ 34,377 $ 37,632 $ — $ — $ — $ 3,076 $ 76,528 Special Mention — — — — — — — — Substandard — — — — — — — — Total Construction $ 1,443 $ 34,377 $ 37,632 $ — $ — $ — $ 3,076 $ 76,528 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Medical Education Pass $ — $ — $ — $ — $ — $ 2,386 $ — $ 2,386 Special Mention — — — — — — — — Substandard — — — — 40 1,249 — 1,289 Total Medical Education $ — $ — $ — $ — $ 40 $ 3,635 $ — $ 3,675 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Other Pass $ 226 $ 212 $ — $ — $ — $ — $ — $ 438 Special Mention — — — — — — — — Substandard — 10 — — — — — 10 Total Other $ 226 $ 222 $ — $ — $ — $ — $ — $ 448 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Pass $ 19,521 $ 201,267 $ 90,457 $ 37,233 $ 22,167 $ 54,193 $ 58,996 $ 483,834 Special Mention — — — 437 862 171 2,000 3,470 Substandard — 10 982 — — 2,240 61 3,293 Total $ 19,521 $ 201,277 $ 91,439 $ 37,670 $ 23,029 $ 56,604 $ 61,057 $ 490,597 Total Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — The Company had no revolving loans which were converted to term loans included within recorded investment in loans receivable at March 31, 2023. The Company had no loans with a risk rating of Doubtful included within recorded investment in loans receivable at March 31, 2023. The following table present by class, the recorded investment in loans receivable by loan class by credit quality indicator and current period gross charge-offs at March 31, 2023 under ASC 326: March 31, 2023 Term Loans Amortized Costs Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential: One-to-four family Payment Performance Performing $ 1,814 $ 67,677 $ 16,453 $ 12,535 $ 8,023 $ 46,880 $ — $ 153,382 Non-performing — — 982 — — 780 — 1,762 Total One-to-four family $ 1,814 $ 67,677 $ 17,435 $ 12,535 $ 8,023 $ 47,660 $ — $ 155,144 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Home equity and HELOCS Payment Performance Performing $ — $ — $ — $ — $ — $ 38 $ 2,073 $ 2,111 Non-performing — — — — — 34 61 95 Total Home equity and HELOCS $ — $ — $ — $ — $ — $ 72 $ 2,134 $ 2,206 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial: Commercial Real Estate Payment Performance Performing $ 16,038 $ 88,169 $ 33,685 $ 22,939 $ 14,695 $ 5,171 $ 16,717 $ 197,414 Non-performing — — — — — — — — Total Commercial Real Estate $ 16,038 $ 88,169 $ 33,685 $ 22,939 $ 14,695 $ 5,171 $ 16,717 $ 197,414 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Business Payment Performance Performing $ — $ 10,832 $ 2,389 $ 632 $ 311 $ 26 $ 39,130 $ 53,320 Non-performing — — — — — — — — Total Commercial Business $ — $ 10,832 $ 2,389 $ 632 $ 311 $ 26 $ 39,130 $ 53,320 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — SBA PPP loans Payment Performance Performing $ — $ — $ 298 $ — $ — $ — $ — $ 298 Non-performing — — — — — — — — Total SBA PPP loans $ — $ — $ 298 $ — $ — $ — $ — $ 298 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Main Street Lending Program Payment Performance Performing $ — $ — $ — $ 1,564 $ — $ — $ — $ 1,564 Non-performing — — — — — — — — Total Main Street Lending Program $ — $ — $ — $ 1,564 $ — $ — $ — $ 1,564 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Construction Payment Performance Performing $ 1,443 $ 34,377 $ 37,632 $ — $ — $ — $ 3,076 $ 76,528 Non-performing — — — — — — — — Total Construction $ 1,443 $ 34,377 $ 37,632 $ — $ — $ — $ 3,076 $ 76,528 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Medical Education Payment Performance Performing $ — $ — $ — $ — $ — $ 2,386 $ — $ 2,386 Non-performing — — — — 40 1,249 — 1,289 Total Medical Education $ — $ — $ — $ — $ 40 $ 3,635 $ — $ 3,675 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Other Payment Performance Performing $ 226 $ 212 $ — $ — $ — $ — $ — $ 438 Non-performing — 10 — — — — — 10 Total Other $ 226 $ 222 $ — $ — $ — $ — $ — $ 448 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Payment Performance Performing $ 19,521 $ 201,267 $ 90,457 $ 37,670 $ 23,029 $ 54,501 $ 60,996 $ 487,441 Non-performing — 10 982 — — 2,103 61 3,156 Total $ 19,521 $ 201,277 $ 91,439 $ 37,670 $ 23,029 $ 56,604 $ 61,057 $ 490,597 Total Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — The Company had no revolving loans which were converted to term loans included within recorded investment in loans receivable at March 31, 2023. The following tables summarize the aggregate Pass and criticized categories of Special Mention, Substandard and Doubtful within the Company’s internal risk rating system as of December 31, 2022: December 31, 2022 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 153,068 $ — $ 1,885 $ — $ 154,953 Home equity and HELOCs 2,231 — 62 — 2,293 Commercial: Commercial real estate 184,214 1,484 113 — 185,811 Commercial business 54,426 — 38 — 54,464 SBA PPP Loans 472 — — — 472 Main Street Lending Program 1,564 — — — 1,564 Construction 69,195 — — — 69,195 Consumer: Medical education 2,616 — 1,079 — 3,695 Other 376 — — — 376 $ 468,162 $ 1,484 $ 3,177 $ — $ 472,823 The following table presents non-accrual loans by classes of the loan portfolio as of March 31, 2023 and December 31, 2022: (Dollars in thousands) March 31, 2023 December 31, 2022 Residential: One-to-four family $ 1,762 $ 1,885 Home equity and HELOCs 95 62 Commercial: Commercial real estate — — Commercial business — — SBA PPP loans — — Main Street Lending Program — — Construction — — Consumer: Medical education 1,289 1,079 Other 10 — 3,156 3,026 The following table presents the amortized cost basis of loans on non-accrual status as of March 31, 2023: March 31, 2023 Non-accrual Loans (Dollars in thousands) With a Related Allowance for Credit Losses Without Related Allowance for Credit Losses Total Residential: One-to-four family $ — $ 1,762 $ 1,762 Home equity and HELOCs — 95 95 Commercial: Commercial real estate — — — Commercial business — — — SBA PPP loans — — — Main Street Lending Program — — — Construction — — — Consumer: Medical education 1,289 — 1,289 Other — 10 10 $ 1,289 $ 1,867 $ 3,156 The following table presents, by the segments of the loan portfolio March 31, 2023 (Dollars in thousands) Real Estate Residential: One-to-four family $ 1,762 Home equity and HELOCs 95 Commercial: Commercial real estate — Commercial business — SBA PPP loans — Main Street Lending Program — Construction — Consumer: Medical education (1) — Other — $ 1,857 The following tables present the segments of the loan portfolio summarized by aging categories as of March 31, 2023, and December 31, 2022: March 31, 2023 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 971 $ 990 $ 1,251 $ 3,212 $ 151,932 $ 155,144 $ — Home equity and HELOCs — — — 34 2,172 2,206 — Commercial: Commercial real estate — — — — 197,414 197,414 — Commercial business — — — — 53,320 53,320 — SBA PPP loans — — — — 298 298 — Main Street Lending Program — — — — 1,564 1,564 — Construction — — — — 76,528 76,528 — Consumer: Medical education 332 — 41 373 3,302 3,675 — Other — — 10 10 438 448 — $ 1,303 $ 990 $ 1,302 $ 3,629 $ 486,968 $ 490,597 $ — December 31, 2022 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 760 $ 166 $ 1,262 $ 2,188 $ 152,765 $ 154,953 $ — Home equity and HELOCs 22 — — 22 2,271 2,293 — Commercial: Commercial real estate — — — — 185,811 185,811 — Commercial business — — — — 54,464 54,464 — SBA PPP loans 18 — — 18 454 472 — Main Street Lending Program — — — — 1,564 1,564 — Construction — — — — 69,195 69,195 — Consumer: Medical education 381 149 514 1,044 2,651 3,695 — Other — — — — 376 376 — $ 1,181 $ 315 $ 1,776 $ 3,272 $ 469,551 $ 472,823 $ — Troubled Debt Restructuring (“TDR”) Prior to the Company’s adoption of ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures , the Company may grant a concession or modification for economic or legal reasons related to a borrower's financial condition that it would not otherwise consider resulting in a modified loa n that is then identified as a TDR . The Company may modify loans through rate reductions, extensions of maturity, interest only payments, or payment modifications to better match the timing of cash flows due under the modified terms with the cash flows from the borrowers' operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. TDRs were considered impaired loans for purposes of calculating the Company's provision for credit losses for loan. TDRs are restored to accrual status when the obligation is brought current, has performed in accordance with the modified contractual terms for a reasonable period of time, generally six months , and the ultimate collectability of the total contractual principal and interest is no longer in doubt. As of December 31, 2022, the Company had two loans identified as TDRs totaling $151,000. At December 31, 2022, the two TDRs were performing in compliance with their restructured terms and on accrual status. There were no modifications to loans classified as TDRs during the three months ended March 31, 2022. No additional loan commitments were outstanding to these borrowers at December 31, 2022. The following table details the Company’s TDRs that are on accrual status and non-accrual status at December 31, 2022: As of December 31, 2022 Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 1 $ 113 $ — $ 113 Commercial business 1 38 — 38 Total 2 $ 151 $ — $ 151 Modified Loans to Troubled Borrower On January 1, 2023, adopted ASU 2022-02 which eliminated the accounting guidance for TDRs by creditors. Specifically, rather than applying TDR recognition and measurement guidance, creditors will determine whether a modification results in a new loan or continuation of existing loan. A loan is now considered restructured if the borrower is experiencing financial difficulties and the loan has been modified. The ASU defines types of modifications as principal forgiveness, interest rate reduction, other than insignificant payment delays, or a term extension. Pursuant to our adoption of ASU 2022-02, effective January 1, 2023, the Company prospectively discontinued the recognition and measurement guidance previously required on troubled debt restructures. As a result, “restructured” loans as of March 31, 2023 exclude any loan modifications that are performing but would have previously required disclosure as troubled debt restructures. At March 31, 2023, the Company did not have restructured loans to borrowers experiencing financial difficulty The carrying amount of a residential mortgage loan in the process of foreclosure was $72,000 and $76,000 at March 31, 2023 and December 31, 2022, respectively. The residential loan was collateralized by a one-to-four family property. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2023 | |
Transfers And Servicing [Abstract] | |
Mortgage Servicing Rights | 5. MORTGAGE SERVICING RIGHTS During 2020, the Company began selling residential mortgage loans to a third party, while retaining the rights to service the loans. As of March 31, 2023, the book value of the mortgage servicing rights (“MSRs”) associated with the loan sales totaled $208,000. These retained servicing rights were recorded as a servicing asset and were initially recorded at fair value and changes to the balance of mortgage servicing rights are recorded in non-interest income on loans in the Company’s consolidated statements of income. Servicing income, which includes late and ancillary fees, was $15,000 for the three months ended March 31, 2023 compared to $212,000 for the three months ended March 31, 2022. For the three ended March 31, 2023 and 2022, the change in the carrying value of the Company’s MSRs accounted for under the amortization method was as follows: Three Months Ended March 31, (dollars in thousands) 2023 2022 Balance at Beginning of Period $ 202 $ 3,382 Servicing Rights retained from loans sold 25 135 Amortization and other (19 ) (172 ) Mortgage servicing rights sold — (3,190 ) Valuation Allowance Provision — — Balance at End of Period $ 208 $ 155 Fair value, End of Period $ 248 $ 195 The key data and assumptions used in estimating the fair value of the Company’s MSRs as of March 31, 2023 and December 31, 2022 were as follows : March 31, 2023 December 31, 2022 Long run Constant Prepayment Rate 4.99 % 4.99 % Weighted-Average Life (in years) 28.1 28.1 Weighted-Average Note Rate 4.259 % 4.259 % Weighted-Average Discount Rate 9.50 % 9.50 % |
Derivatives and Risk Management
Derivatives and Risk Management Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Risk Management Activities | 6. DERIVATIVES AND RISK MANAGEMENT ACTIVITIES The Company did not have any derivative instruments designated as hedging instruments or subject to master netting and collateral agreements as of March 31, 2023, and December 31, 2022. The following tables summarize the amounts recorded in the Company’s consolidated statements of financial condition for derivatives not designated as hedging instruments as of March 31, 2023, and December 31, 2022 (in thousands): March 31, 2023 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Mortgage banking derivatives $ 451 $ 28,197 Forward loan sales commitments Mortgage banking derivatives — — To Be Announced securities ("TBAs") Mortgage banking derivatives — — Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Other liabilities $ — $ — Forward loan sales commitments Other liabilities 10 750 TBA securities Other liabilities — — December 31, 2022 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Mortgage banking derivatives $ 612 $ 38,675 Forward loan sales commitments Mortgage banking derivatives — — TBA securities Mortgage banking derivatives — — Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Other liabilities $ — $ — Forward loan sales commitments Other liabilities 2 1,130 TBA securities Other liabilities — — The following table summarizes the amounts recorded in the Company’s consolidated statements of income for derivative instruments not designated as hedging instruments for the three months ended March 31, 2023 (in thousands): Gain/(Loss) Consolidated Statements of Income Three Months Ended Presentation March 31, 2023 March 31, 2022 Interest rate lock commitments Loss from derivative instruments $ (161 ) $ (385 ) Forward loan sales commitments Loss from derivative instruments (8 ) (27 ) TBA securities Gain from derivative instruments — 360 Total loss from derivative instruments $ (169 ) $ (52 ) |
Fair Value Presentation
Fair Value Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Presentation | 7. The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is determined at a reasonable point within the range that is most representative of fair value under current market conditions. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective period-ends, and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period -end. In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 – Valuation is based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. The following tables provide the fair value for assets required to be measured and reported at fair value on a recurring basis as of March 31, 2023, and December 31, 2022: March 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. Governmental securities $ — $ 2,908 $ — $ 2,908 U.S. Treasury securities 38,854 — — 38,854 Corporate notes — 11,225 — 11,225 Collateralized mortgage obligations - agency residential — 1,635 — 1,635 Mortgage-backed securities - agency residential — 486 — 486 Bank CDs — 249 — 249 Loans held for sale — 3,091 — 3,091 Interest rate lock commitments — — 451 451 Forward loan sales commitments — — — — TBA securities — — — — $ 38,854 $ 19,594 $ 451 $ 58,899 December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. Governmental securities $ — $ 2,887 $ — $ 2,887 U.S Treasury securities 38,556 — — 38,556 Corporate notes — 11,782 — 11,782 Collateralized mortgage obligations -agency residential — 1,681 — 1,681 Mortgage-backed securities - agency residential — 511 — 511 Bank CDs — 247 — 247 Loans held for sale — 15,239 — 15,239 Interest rate lock commitments — — 612 612 Forward loan sales commitments — — — — TBA securities — — — — $ 38,556 $ 32,347 $ 612 $ 71,515 The following tables provide the fair value for liabilities required to be measured and reported at fair value on a recurring basis as of March 31, 2023, and December 31, 2022: March 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Total Interest rate lock commitments $ — $ — $ — $ — Forward loan sales commitments — 10 — 10 TBA securities — — — — $ — $ 10 $ — $ 10 December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Total Interest rate lock commitments $ — $ — $ — $ — Forward loan sales commitments — 2 — 2 TBA securities — — — — $ — $ 2 $ — $ 2 The following tables represent the change in the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and 2022, respectively: (Dollars in thousands) Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: January 1, 2023 $ — $ 612 $ — Total unrealized losses: Included in other comprehensive loss — — — Total losses included in earnings and held at reporting date — (161 ) — Purchases, sales and settlements — — — Transfers in and/or out of Level 3 — — — Ending Balance: March 31, 2023 $ — $ 451 $ — Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held as of March 31, 2023 $ — $ — $ — Change in unrealized loss for the period included other comprehensive loss for assets held as of March 31, 2023 $ — $ (161 ) $ — (Dollars in thousands) Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: January 1, 2022 $ 3,042 $ 1,382 $ (36 ) Total unrealized losses: Included in other comprehensive loss (91 ) — — Total (losses) or gains included in earnings and held at reporting date — (412 ) 27 Purchases, sales and settlements — — — Transfers in and/or out of Level 3 — — — Ending Balance: March 31, 2022 $ 2,951 $ 970 $ (9 ) Change in unrealized (losses) gains for the period included in earnings (or changes in net assets) for assets held as of March 31, 2022 $ — $ (412 ) $ 27 Change in unrealized loss for the period included other comprehensive loss for assets held as of March 31, 2022 $ (91 ) $ — $ — At March 31, 2023, and December 31, 2022, the Company had classified $451,000 and $612,000 of net derivative assets and liabilities related to IRLC as Level 3. The fair value of IRLCs is based on prices obtained for loans with similar characteristics from third parties, adjusted by the pull-through rate, which represents the Company’s best estimate of the probability that a committed loan will fund. The weighted average pull-through rates applied ranged from 73.30% to 98.00% at March 31, 2023. Significant unobservable inputs for assets and liabilities measured at fair value on a recurring basis at March 31, 2023, and December 31, 2022 Quantitative Information about Level 3 Fair Value Measurements at March 31, 2023 (Dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at Fair Value on a Recurring Basis: Net derivative asset and liability: IRLC $ 451 Discounted cash flows Pull-through rates 73.30%-98.00% 85.80% Quantitative Information about Level 3 Fair Value Measurements at December 31, 2022 (Dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at Fair Value on a Recurring Basis: Net derivative asset and liability: IRLC $ 612 Discounted cash flows Pull-through rates 69.56%-99.29% 91.93% There were no assets measured at fair value on a nonrecurring basis at March 31, 2023 and December 31, 2022. The following tables provide the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Statements of Financial Condition as of March 31, 2023 and December 31, 2022: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, 2023 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 21,187 $ 21,187 $ 21,187 $ — $ — Investments securities, held-to-maturity 29,580 27,750 — 26,837 913 Equity securities 500 500 — — 500 Loans receivable, net 487,002 479,274 — — 479,274 Bank-owned life insurance 10,329 10,329 10,329 — — Restricted investment in bank stock 2,363 2,363 2,363 — — Accrued interest receivable 2,643 2,643 2,643 — — Mortgage servicing rights 208 248 — — 248 Liabilities: Deposits $ 522,142 $ 52,132 $ 445,122 $ 76,010 $ — Advances from the FHLB 36,633 34,315 — 34,315 — Subordinated debt 9,997 7,789 — — 7,789 Advances from borrowers for taxes and insurance 361 361 361 — — Accrued interest payable 420 420 420 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, 2022 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 16,280 $ 16,280 $ 16,280 $ — $ — Investment securities, held-to-maturity 29,771 27,663 26,761 902 Equity securities 500 500 — — 500 Loans receivable, net 468,955 458,166 — — 458,166 Bank-owned life insurance 10,263 10,263 10,263 — — Restricted investment in bank stock 2,052 2,052 2,052 — — Accrued interest receivable 2,473 2,473 2,473 — — Mortgage servicing rights 202 241 — — 241 Liabilities: Deposits $ 525,238 $ 523,920 $ 458,221 $ 65,699 $ — Advances from the FHLB 26,593 24,236 — 24,236 — Subordinated debt 9,997 8,594 — — 8,594 Advances from borrowers for taxes and insurance 503 503 503 — — Accrued interest payable 285 285 285 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — |
Changes in and Reclassification
Changes in and Reclassifications out of Accumulated Other Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Changes in and Reclassifications out of Accumulated Other Comprehensive (Loss) Income | 8. CHANGES IN AND RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following tables present the changes in the balances of each component of accumulated other comprehensive (loss) income (“AOCI”) for the three months ended March 31, 2023 and March 31, 2022 (1) Net unrealized holding gains on securities (1) For the three months ended March 31, 2023 (Dollars in thousands) Net Unrealized Gains and Losses on available-for-sales securities Net Unrealized Gains and Losses on held-to-maturity securities Total Net Unrealized Gains and Losses Balance at beginning period $ (3,781 ) $ 515 $ (3,266 ) Unrealized holding losses on available-for-sale securities before reclassification 215 — 215 Accretion of discount on securities transferred to held-to-maturity — 149 149 Amount reclassified for investment securities gains included in net income — — — Net current-period other comprehensive income 215 149 364 Balance at ending period $ (3,566 ) $ 664 $ (2,902 ) For the three months ended March 31, 2022 (Dollars in thousands) Balance at beginning period $ (148 ) Unrealized holding losses on available-for-sale securities before reclassification (1,794 ) Amount reclassified for investment securities gains included in net income — Net current-period other comprehensive loss (1,794 ) Balance at ending period $ (1,942 ) (1) All amounts are net of tax. Related tax expense or benefit is calculated using an income tax rate of approximately 29.5% and 29.5% for the three months ended March 31, 2023 and 2022, respectively. There were no amounts reclassified for investment securities gains included in net income out for the three months ended March 31, 2023, and March 31, 2022. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 9. EARNINGS PER SHARE Earnings per share ("EPS") consist of two separate components: basic EPS and diluted EPS. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for each period presented. The diluted EPS calculation reflects the EPS if all outstanding instruments convertible to common stock were exercised. The computation of diluted earnings per share does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect. At there were 227,300 stock options outstanding of which 114,240 of the stock options were vested and exercisable at 108,040 restricted stock shares outstanding of which 53,960 restricted stock shares were vested and exercisable at . Of the 227,300 stock options outstanding, 202,300 stock options outstanding were included in the computation of diluted net income per share for the three months ended as their effect was not anti-dilutive. The 108,040 restricted stock shares outstanding were included in the computation of diluted net income per share for the three months ended as their effect was not anti-dilutive At there were 209,600 stock options outstanding of which 87,520 of the stock options were vested and exercisable at 87,000 restricted stock shares outstanding of which 36,880 restricted stock shares were vested and exercisable at . The 209,600 stock options outstanding and 50,120 restricted stock shares outstanding were included in the computation of diluted net income per share for the three months ended as their effect was not anti-dilutive. The calculation of basic and diluted EPS for the three months For the Three Months Ended March 31, 2023 2022 Net income $ 608,000 $ 601,000 Weighted average number of shares issued 2,357,714 2,272,858 Less weighted average number of treasury shares (119,006 ) (105,365 ) Less weighted average number of unearned ESOP shares (128,751 ) (129,502 ) Less weighted average number of unvested restricted stock awards (110,820 ) (50,400 ) Basic weighted average shares outstanding 1,999,137 1,987,591 Add dilutive effect of stock options 97,778 52,158 Add dilutive effect of restricted stock awards 48,782 19,752 Diluted weighted average shares outstanding 2,145,697 2,059,501 Net income per share: Basic $ 0.30 $ 0.30 Diluted $ 0.28 $ 0.29 |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2023 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | 10. EMPLOYEE BENFITS Equity Incentive Plan The Company’s shareholders approved the HV Bancorp, Inc. 2018 Equity Incentive Plan (the “2018 Equity Incentive Plan”) of authorized but unissued common stock of the Company was reserved for future grants of incentive and non-qualified stock options, restricted stock awards and restricted stock units under the 2018 Equity Incentive Plan. Of the 305,497 authorized shares, the maximum number of shares of the Company’s common stock that may be issued under the 2018 Equity Incentive Plan pursuant to the exercise of stock options is 218,212 shares, and the maximum number of shares of the Company’s common stock that may be issued as restricted stock awards or restricted stock units is 87,285 shares. The product of the number of shares granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock under the Company’s 2018 Equity Incentive plan. Management recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award. As of March 31, 2023, there were 3,997 shares available for future awards under this plan, which includes 3,712 shares available for incentive and non-qualified stock options and 285 shares available for restricted stock awards. The restricted shares and stock options vest over a seven year period. The Company’s shareholders approved the HV Bancorp, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) The 2021 Equity Incentive Plan authorizes the issuance or delivery to participants of up to 175,000 shares of Company common stock pursuant to grants of incentive and non-qualified stock options, restricted stock awards and restricted stock units. As of March 31, 2023, there were 100,000 grants issued under the 2021 Equity Incentive Plan with 75,000 shares available for future awards under this plan. During June 2022, 80,000 shares of restricted stock awards were granted of which vest over a seven year period. Management recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award. In addition, during June 2022, 35,000 shares of stock options were granted which vest 20 % per year over a five year period. As of March 31, 2023, 5,000 employee restricted shares and 10,000 employee incentive stock options were forfeited. Stock option expense was $16,000 and $14,000 for the three months ended March 31, 2023 and 2022, respectively . t A summary of the Company’s stock option activity and related information for the three months ended March 31, 2023, and March 31, 2022 was as follows: March 31, 2023 March 31, 2022 Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Average Intrinsic Value Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Average Intrinsic Value Outstanding, Jan 1 237,300 $ 15.67 6.2 $ 3,030,321 211,000 $ 14.92 6.6 $ 1,451,680 Granted — — — — — — — — Exercised — — — — (1,400 ) 14.80 — — Forfeited (10,000 ) 20.11 — — — — — — Outstanding, March 31 227,300 $ 15.47 5.8 $ 3,301,216 209,600 $ 14.92 6.4 $ 1,473,488 Exercisable, March 31 114,240 $ 14.85 5.3 $ 1,730,736 87,520 $ 14.90 6.3 $ 617,016 Restricted stock expense was $92,000 and $45,000 for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, the expected future compensation expense relating to non-vested restricted stock outstanding was $1.7 million. A summary of the Company’s restricted stock activity and related information for the three months ended March 31, 2023, and March 31, 2022 was as follows: March 31, 2023 March 31, 2022 Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Non-vested, Jan 1 113,600 $ 18.58 50,680 $ 14.98 Vested (560 ) 15.21 (560 ) 15.21 Granted — — — — Forfeited (5,000 ) 20.11 — — Non-vested at March 31 108,040 $ 18.52 50,120 $ 14.98 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. RELATED PARTY TRANSACTIONS In November 2017, the Company engaged a third party to provide services for certain customers with large deposit balances, by offering both a competitive rate of return and FDIC insurance. Related party balances in this program totaled $13.0 million at March 31, 2023, for which the Company received $1,600 in fees for customer services for the three ended March 31, 2023 compared to no fees received for the three months ended March 31, 2022, respectively. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 12. REVENUE RECOGNITION The Company adopted ASU No. 2014-09 “Revenue from Contracts with Customers” (Topic 606) and all subsequent ASUs that modified Topic 606. The following is a discussion of key revenues of fees for customer services that are within the scope of the revenue guidance: • Fee income – Fee income primarily of revenue earned through cash management fees for Business Banking customers as well as fees received for placing customer deposits in a deposit placement network such that amounts are under the standard FDIC insurance maximum of $250,000 making the deposits eligible for FDIC insurance. The Company acts as an intermediary between the customer and the deposit placement network. The Company’s performance obligation is generally satisfied upon placement of the customer’s deposit in deposit placement network. • Insufficient fund fees and other service charges – Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services; as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts’ monthly cycle, or at a point in time for transactional related services and fees. These revenues are included in insufficient funds fees and other service charges in the table below. • ATM interchange and fee income – ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder used a Company’s ATM. The Company’s performance obligation for ATM fee income are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. The following table presents non-interest income for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Non-Interest Income In-scope of Topic 606: Fee income $ 106 $ 132 Insufficient fund fees 24 22 Other service charges 72 44 ATM interchange fee income 5 4 Other income 3 3 Total Non-Interest Income (in-scope of Topic 606) $ 210 $ 205 Out-of-scope of Topic 606: Increase in cash surrender value of bank-owned life insurance $ 66 $ 36 Gain on sale of loans, net 958 2,357 Loss from derivative instruments (169 ) (52 ) Gain on sale of mortgage servicing rights, net — 1,029 Change in fair value for loans held-for-sale (239 ) (720 ) Other 409 288 Total Non-Interest Income (out-scope of Topic 606) 1,025 2,938 Total Non-Interest Income (in-scope of Topic 606) 210 205 Total Noninterest Income $ 1,235 $ 3,143 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 13. Leases The majority of the Company’s leases are comprised of operating leases for real estate property for branches and office spaces with terms extending through 2039. The operating lease agreements are recognized on the consolidated statements of financial condition as a right-of-use (“ROU”) asset and a corresponding lease liability. The Company elected not to include short-term leases with initial terms of twelve months or less on the Consolidated Statements of Financial Condition. The following table represents the classification of the Company’s ROU assets and lease liabilities in the Consolidated Statements of Financial Condition: March 31, 2023 December 31, 2022 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Operating lease right-of-use assets $ 7,632 $ 7,841 Total Lease Right-of-Use Assets $ 7,632 $ 7,841 March 31, 2023 December 31, 2022 Lease Liabilities Classification Operating lease liabilities Operating lease liabilities $ 8,028 $ 8,234 Total Lease Liabilities $ 8,028 $ 8,234 The Company’s lease agreements frequently include one or more options to renew at the Company’s discretion. If at the beginning of the lease, the Company is reasonably certain that the renewal option will be exercised, the Company will include the extended term in the calculation of the ROU asset and lease liability. For the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. If the rate is not readily determinable in the lease, the Company used its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. March 31, 2023 December 31, 2022 Weighted-average remaining lease term Operating leases 9.9 years 10.1 years Weighted-average discount rate Operating leases 2.05 % 2.05 % The components of the lease expense are as follows: (dollars in thousands) For the three months ended March 31, 2023 For the three months ended March 31, 2022 Operating lease cost $ 209 $ 205 Short-term lease cost 17 5 Total $ 226 $ 210 Future minimum payments for operating leases as of March 31, 2023 were as follows: (dollars in thousands) March 31, 2023 Twelve Months Ended: Within one year $ 986 After one but within two years 974 After two but within three years 940 After three but within four years 953 After four but within five years 963 After five years 4,114 Total Future Minimum Lease Payments 8,930 Amounts Representing Interest (902 ) Present Value of Net Future Minimum Lease Payments $ 8,028 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | 14. Segment Reporting The Company has identified four reportable segments: retail banking; mortgage banking; business banking and the bank holding company. Revenue from the retail banking activities consists primarily of interest earned on investment securities and loans and service charges on deposit accounts. Revenue from the mortgage banking and business banking activities are comprised of interest earned on loans and fees received as a result of the mortgage loan origination process. The Mortgage Banking Segment originates residential mortgage loans which are sold into the secondary market along with the loans’ servicing rights The following tables presents summary financial information for the reportable segments (in thousands): For the three months ended March 31, 2023 Retail Banking Mortgage Banking Business Banking Holding Company Intercompany Eliminations Consolidated Total Interest Income $ 2,259 $ 187 $ 5,625 $ 5 $ (5 ) $ 8,071 Total Interest Expense 876 16 1,729 113 (5 ) 2,729 Net Interest Income 1,383 171 3,896 (108 ) — 5,342 Provision (credit) for Credit Losses (25 ) — 50 — — 25 Net interest income after provision (credit) for credit losses 1,408 171 3,846 (108 ) — 5,317 Total non-interest income 185 550 513 — (13 ) 1,235 Non-interest Expense: Salaries and employee benefits 1,263 909 1,490 — — 3,662 Other expenses 1,171 489 294 83 (13 ) 2,024 Total non-interest expenses 2,434 1,398 1,784 83 (13 ) 5,686 Income (loss) before income taxes (841 ) (677 ) 2,575 (191 ) — 866 Income tax expense (benefit) (237 ) (190 ) 725 (40 ) — 258 Net income (loss) $ (604 ) $ (487 ) $ 1,850 $ (151 ) $ — $ 608 Total assets as of March 31, 2023 $ 296,212 $ 3,750 $ 324,806 $ 53,529 $ (52,762 ) $ 625,535 For the three months ended March 31, 2022 Retail Banking Mortgage Banking Business Banking Holding Company Intercompany Eliminations Consolidated Total Interest Income $ 1,295 $ 178 $ 2,676 $ 40 $ (20 ) $ 4,169 Total Interest Expense 152 17 256 113 (4 ) 534 Net Interest Income 1,143 161 2,420 (73 ) (16 ) 3,635 Provision (credit) for Credit Losses 17 — 96 — — 113 Net interest income after provision (credit) for credit losses 1,126 161 2,324 (73 ) (16 ) 3,522 Total non-interest income 331 2,673 152 — (13 ) 3,143 Non-interest Expense: Salaries and employee benefits 1,367 1,276 1,114 — (16 ) 3,741 Other expenses 1,024 763 349 70 (13 ) 2,193 Total non-interest expenses 2,391 2,039 1,463 70 (29 ) 5,934 Income (loss) before income taxes (934 ) 795 1,013 (143 ) — 731 Income tax expense (benefit) (171 ) 146 185 (30 ) — 130 Net income (loss) $ (763 ) $ 649 $ 828 $ (113 ) $ — $ 601 Total assets as of March 31, 2022 $ 335,966 $ 14,889 $ 205,068 $ 51,498 $ (50,895 ) $ 556,526 |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim information and with the instructions to the Quarterly Report on Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. The financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2022 have been derived from the audited consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto contained in the Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) on March 30, 2023 The Company has evaluated subsequent events through the date of issuance of the financial statements included herein. |
Principles of Consolidation | Principles of Consolidation The unaudited interim consolidated financial statements include accounts of the Company and its wholly-owned subsidiary, the Bank. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Statement of Financial Condition and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses (“ACL”), interest rate lock commitments (“IRLCs”), mandatory sales commitments, the valuation o f mortgage loans held-for-sale and the valuation of deferred tax assets. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements I n January 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020 , to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls “reference rate reform” if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extends the sunset (or expiration) date of Accounting Standards Codification (ASC) Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. ASU 2022-06 is effective for all reporting entities immediately upon issuance and must be applied on a prospective basis . The Company anticipates that adoption of the ASU will not have a material impact on the Company’s consolidated financial statements Adoption of New Accounting Standards in 2023 In June 2016, the FASB issued ASU No. 2016-13, " Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" The Company adopted this guidance, and subsequent related updates, using the modified retrospective approach for all financial assets measured at amortized cost, including loans and held-to-maturity debt securities, available-for-sale debt securities and unfunded commitments. On January 1, 2023, the Company recorded a cumulative effect of a net increase to retained earnings of $202,000, net of tax, of which $301,000 related a decrease in loans, and $46,000 increase related to held-to-maturity debt securities. The Company adopted the provisions of ASC 326 related to presenting other-than-temporary impairment on available-for sale debt securities prior to January 1, 2023 using the prospective transition approach, though no such charges had been recorded on the securities held by the Company as of the date of adoption. The following table reflects the impact of the adoption of ASU 2016-13 as of January 1, 2023: ` January 1, 2023 (Dollars in thousands) Pre-adoption Adoption Impact As reported Assets: ACL on debt securities held-to-maturity: Corporate noted $ — $ 27 27 Municipal securities — 19 19 ACL on loans: One-to-four family 468 19 487 Home equity and HELOCs 6 (1 ) 5 Commercial: Commercial real estate 1,283 (251 ) 1,032 Commercial business 703 173 876 SBA PPP loans — — — Main Street Lending Program 27 (16 ) 11 Construction 754 (217 ) 537 Consumer: Medical education 325 4 329 Other 21 (12 ) 9 $ 3,587 $ (255 ) $ 3,332 Concurrently, on January 1, 2023, the Company the accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancing and restructuring activities by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying TDR recognition and measurement guidance, creditors will determine whether a modification results in a new loan or continuation of existing loan. ASU 2022-02 Investment Securities Management determines the appropriate classification of securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities that management has both the positive intent and ability to hold to maturity are classified as securities held-to-maturity and are carried at cost, adjusted for amortization of premium or accretion of discount using the interest method. Securities that may be sold prior to maturity for asset/liability management purposes, or that may be sold in response to changes in interest rates, to changes in prepayment risk, to increase regulatory capital or other similar factors, are classified as securities available-for-sale and carried at fair value with any adjustments to fair value, after tax, reported as a separate component of shareholders’ equity. Interest and dividends on securities, including the amortization of premiums and the accretion of discounts, are reported in interest and dividends on securities using the interest method. Gains and losses on the sale of available-for-sale securities are recorded on the trade date and are calculated using the specific-identification method. ACL – Held-to-Maturity Securities The Company measures expected credit losses on held-to-maturity debt securities, which are comprised of U.S. governmental securities, corporate notes, residential mortgage-backed securities, residential collateralized mortgage obligations and municipal securities. The Company's U.S. governmental securities, residential mortgage-backed securities and residential collateralized mortgage obligations securities are issued by U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Accrued interest receivable on held-to-maturity debt securities totaled $125,000 ACL – Available for Sale Securities The Company measures expected credit losses on available-for-sale debt securities when the Company does not intend to sell, or when it is not more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the securities are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Accrued interest receivable on available-for-sale debt securities totaled $276,000 The Company adopted ASU No. 2016-13 effective January 1, 2023. Financial statement amounts related to Investment Securities Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Accrued interest receivable totaled $2.2 million The loans receivable portfolio is segmented into Residential, Commercial, Construction and Consumer loans. Within Residential loans, the following classes exist: One-to-four family loans and home equity and home equity lines of credit (“HELOCs”). Within Commercial loans, the following classes exist: commercial real estate, commercial business, Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans and Main Street Lending Program. Within Consumer loans, the following classes exist: Medical education and other. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, generally six months, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. ACL - Loans The ACL is a valuation reserve established and maintained by charges against income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. When loans, or portions thereof, are deemed uncollectible, they are charged off against the ACL and any subsequent recoveries are credited against the ACL. The ACL is an estimate of expected credit losses, measured over the contractual life of a loan that considers our historical loss experience, current conditions and forecasts of future economic conditions. Management performs a quarterly evaluation of the adequacy of the ACL and makes adjustment when changes in the reserve are necessary. Historical credit loss experience is the basis for the estimation of expected credit losses. We apply historical loss rates to pools of loans which the grouped by loan types of residential, commercial and consumer. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast adjustment is based on economic forecasts and management judgments. The qualitative adjustments for current conditions are based upon changes in lending policies and practices, experience and ability of lending staff, quality of the Company’s loan review system, value of underlying collateral, the existence of and changes in concentrations and other external factors. These modified historical loss rates are multiplied by the outstanding principal balance of each loan to calculate a required reserve. The Company’s medical student loan portfolio uses the Probability of Default (“PD”) and Loss Given Default Rate (“PD/LGD”) methodology. The PD and LGD model components are determined based on loss estimates driven by historical experience at the input level. The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Prior to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the Company calculated our allowance for loan losses using an incurred loan loss methodology described in Note 1 in the Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 30, 2023. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company estimated expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted through the provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The allowance for credit losses for off-balance sheet exposures was deemed immaterial at adoption of ASC 326 and at March 31, 2023. |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Impact of The Adoption ASU 2016-13 | The following table reflects the impact of the adoption of ASU 2016-13 as of January 1, 2023: ` January 1, 2023 (Dollars in thousands) Pre-adoption Adoption Impact As reported Assets: ACL on debt securities held-to-maturity: Corporate noted $ — $ 27 27 Municipal securities — 19 19 ACL on loans: One-to-four family 468 19 487 Home equity and HELOCs 6 (1 ) 5 Commercial: Commercial real estate 1,283 (251 ) 1,032 Commercial business 703 173 876 SBA PPP loans — — — Main Street Lending Program 27 (16 ) 11 Construction 754 (217 ) 537 Consumer: Medical education 325 4 329 Other 21 (12 ) 9 $ 3,587 $ (255 ) $ 3,332 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities Available-for-Sale and Held-to-Maturity | Post-adoption of ASC 326, investment securities available-for-sale were comprised of the following: March 31, 2023 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Allowance for Credit Losses Fair Value U.S. Governmental securities $ 3,010 $ — $ (102 ) $ — $ 2,908 U.S. Treasury securities 39,870 — (1,016 ) — 38,854 Corporate notes 12,006 — (781 ) — 11,225 Collateralized mortgage obligations - agency residential 1,678 — (43 ) — 1,635 Mortgage-backed securities - agency residential 520 — (34 ) — 486 Bank CDs 249 — — — 249 $ 57,333 $ — $ (1,976 ) $ — $ 55,357 Post adoption of ASC 326, investment securities held-to-maturity were comprised of the following: March 31, 2023 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Allowance for Credit Losses U.S. Governmental securities $ 2,193 $ — $ (103 ) $ 2,090 $ — Corporate notes 7,912 — (664 ) 7,248 (14 ) Collateralized mortgage obligations - agency residential 7,117 — (394 ) 6,723 — Mortgage-backed securities - agency residential 6,600 — (457 ) 6,143 — Municipal securities 5,789 16 (259 ) 5,546 (17 ) $ 29,611 $ 16 $ (1,877 ) $ 27,750 $ (31 ) Pre adoption of ASC 326, investment securities available-for-sale were comprised of the following: December 31, 2022 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 3,010 $ — $ (123 ) $ 2,887 U.S. Treasury securities 39,843 — (1,287 ) 38,556 Corporate notes 12,535 — (753 ) 11,782 Collateralized mortgage obligations - agency residential 1,754 — (73 ) 1,681 Mortgage-backed securities - agency residential 553 — (42 ) 511 Bank CDs 249 — (2 ) 247 $ 57,944 $ — $ (2,280 ) $ 55,664 Pre adoption of ASC 326, investment securities held-to-maturity were comprised of the following: ` December 31, 2022 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 2,218 $ — $ (124 ) $ 2,094 Corporate notes 7,857 — (641 ) 7,216 Collateralized mortgage obligations - agency residential 7,236 — (445 ) 6,791 Mortgage-backed securities - agency residential 6,708 — (484 ) 6,224 Municipal securities 5,752 2 (416 ) 5,338 $ 29,771 $ 2 $ (2,110 ) $ 27,663 |
Scheduled Maturities of Securities | The scheduled maturities of securities at March 31, 2023 March 31, 2023 Available-for-Sale Held-to-Maturity Amortized Amortized (Dollars in thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 7,727 $ 7,575 $ — $ — Due from one to five years 40,442 39,258 5,715 5,246 Due from after five to ten years 7,977 7,387 8,569 8,110 Due after ten years 1,187 1,137 15,327 14,394 $ 57,333 $ 55,357 $ 29,611 $ 27,750 |
Unrealized Loss Positions of Securities Available-for-Sale and Held-to-Maturity | The following tables summarize the unrealized loss positions of securities available-for-sale and held-to-maturity which an allowance for credit losses has not been recorded March 31, 2023 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale: U.S. Governmental securities $ 1,964 $ (46 ) $ 944 $ (56 ) $ 2,908 $ (102 ) U.S. Treasury securities 14,551 (391 ) 24,303 (625 ) 38,854 (1,016 ) Corporate notes 3,690 (142 ) 7,535 (639 ) 11,225 (781 ) Collateralized mortgage obligations 675 (3 ) 960 (40 ) 1,635 (43 ) Mortgage-backed securities — — 486 (34 ) 486 (34 ) $ 20,880 $ (582 ) $ 34,228 $ (1,394 ) $ 55,108 $ (1,976 ) Held-to-Maturity: U.S. Governmental securities $ — $ — $ 2,090 $ (103 ) $ 2,090 $ (103 ) Corporate notes — — 898 (60 ) 898 (60 ) Collateralized mortgage obligations 1,427 (43 ) 5,296 (351 ) 6,723 (394 ) Mortgage-backed securities — — 6,143 (457 ) 6,143 (457 ) Municipal securities 102 (1 ) — — 102 (1 ) $ 1,529 $ (44 ) $ 14,427 $ (971 ) $ 15,956 $ (1,015 ) December 31, 2022 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale: U.S. Governmental securities $ 1,953 $ (57 ) $ 934 $ (66 ) $ 2,887 $ (123 ) U.S. Treasury securities 38,556 (1,287 ) — — 38,556 (1,287 ) Corporate notes 7,989 (394 ) 3,793 (359 ) 11,782 (753 ) Collateralized mortgage obligations- agency residential 1,384 (63 ) 297 (10 ) 1,681 (73 ) Mortgage-backed securities - agency residential 511 (42 ) — — 511 (42 ) Bank CDs 247 (2 ) — — 247 (2 ) $ 50,640 $ (1,845 ) $ 5,024 $ (435 ) $ 55,664 $ (2,280 ) Held-to-Maturity: U.S. Governmental securities $ — $ — $ 2,094 $ (124 ) $ 2,094 $ (124 ) Corporate notes 2,075 (136 ) 5,141 (505 ) 7,216 (641 ) Collateralized mortgage obligations - agency residential 2,866 (134 ) 3,925 (311 ) 6,791 (445 ) Mortgage-backed securities- agency residential 787 (56 ) 5,437 (428 ) 6,224 (484 ) Municipal securities 1,795 (170 ) 3,022 (246 ) 4,817 (416 ) $ 7,523 $ (496 ) $ 19,619 $ (1,614 ) $ 27,142 $ (2,110 ) |
Allowance for Credit Losses on Securities Held-to-Maturity | The table below presents a roll forward by security type for the three months ended March 31, 2023 of the allowance for credit losses on securities held-to-maturity: Three months ended March 31, 2023 Held-to-Maturity Securities Corporate notes Municipal Beginning balance $ — $ — Adjustment to initially apply ASU No. 2016-13 for CECL 27 19 Addition for securities for which no previous expected credit losses were recognized — — Change in securities for which a previous expected credit loss was recognized (13 ) (2 ) Ending Balance $ 14 $ 17 |
Amortized Cost of Debt Securities Held-to-Maturity | The following table summarizes the amortized cost of debt securities held-to-maturity at March 31, 2023, aggregated by credit quality indicator: (Dollars in thousands) U.S. Governmental securities Corporate notes Collateralized mortgage obligations Mortgage-backed securities Municipal securities Held-to-Maturity: Credit Rating: AAA/AA/A $ 2,193 $ 4,785 $ 7,117 $ 6,600 $ 5,789 BBB/BB/B — 1,729 — — — Lower than B — — — — — Not rated — 1,398 — — — $ 2,193 $ 7,912 $ 7,117 $ 6,600 $ 5,789 |
Equity Securities (Tables)
Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Carrying Amount of Equity Investment | The following table presents the carrying amount of the Company’s equity investment at March 31, 2023, and December 31, 2022 March 31, 2023 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 December 31, 2022 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable were comprised of the following: March 31, December 31, (Dollars in thousands) 2023 2022 Residential: One-to-four family $ 155,144 $ 154,953 Home equity and HELOCs 2,206 2,293 Commercial: Commercial real estate 197,414 185,811 Commercial business 53,320 54,464 SBA PPP loans 298 472 Main Street Lending Program 1,564 1,564 Construction 76,528 69,195 Consumer: Medical education 3,675 3,695 Other 448 376 490,597 472,823 Unearned discounts, origination and commitment fees and costs (265 ) (281 ) Allowance for credit losses (3,330 ) (3,587 ) $ 487,002 $ 468,955 |
Summary of Allowance for Loan Losses | The following tables summarize the activity in the allowance for credit losses for loans by loan class for the three months ended March 31, 2023 and 2022: Provision for Credit Losses For the three months ended March 31, 2023 (Dollars in thousands) Beginning Balance Impact of adopting ASU 326 Charge- offs Recoveries (Credit) Provisions Ending Balance Residential: One-to-four family $ 468 $ 19 $ — $ — $ (6 ) $ 481 Home equity and HELOCs 6 (1 ) — — — 5 Commercial: Commercial real estate 1,283 (251 ) — — 49 1,081 Commercial business 703 173 — (41 ) 835 SBA PPP loans — — — — — — Main Street Lending Program 27 (16 ) — — — 11 Construction 754 (217 ) — — 48 585 Consumer: Medical education 325 4 — 4 (12 ) 321 Other 21 (12 ) — — 2 11 $ 3,587 $ (301 ) $ — $ 4 $ 40 $ 3,330 Allowance for Loan Losses For the three months ended March 31, 2022 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential: One-to-four family $ 322 $ — $ — $ 23 $ 345 $ — $ 345 Home equity and HELOCs 8 — — (1 ) 7 — 7 Commercial: Commercial real estate 819 — — (46 ) 773 — 773 Commercial business 341 — — 96 437 — 437 SBA PPP loans — — — — — Main Street Lending Program 27 — — — 27 — 27 Construction 460 — — 35 495 — 495 Consumer: Medical education 391 (36 ) 1 6 362 — 362 Other — — — — — — — $ 2,368 $ (36 ) $ 1 $ 113 $ 2,446 $ — $ 2,446 |
Summary of Allowances for Credit Losses Basis for Loan Measured for Credit Loss Pooled or Individually Analyzed | The following presents, by loan class, the balance in the allowance for credit losses for loans on the basis of whether the loan was measured for credit loss as a pooled loan or if it was individually analyzed for a reserve at March 31, 2023 : March 31, 2023 Allowance for credit losses for loans Loans Receivable (Dollars in thousands) Ending Balance: Individually Analyzed Ending Balance: Pooled Total Ending Balance Ending Balance: Individually Analyzed Ending Balance: Pooled Total Ending Balance Residential One-to-four family $ — $ 481 $ 481 $ 1,762 $ 153,382 $ 155,144 Home equity and HELOCs — 5 5 95 2,111 2,206 Commercial Commercial real estate — 1,081 1,081 1,581 195,833 197,414 Commercial business — 835 835 2,026 51,294 53,320 SBA PPP loans — — — — 298 298 Main Street Lending Program — 11 11 — 1,564 1,564 Construction — 585 585 — 76,528 76,528 Consumer: Medical education 129 192 321 1,289 2,386 3,675 Other — 11 11 10 448 448 $ 129 $ 3,201 $ 3,330 $ 6,763 $ 483,844 $ 490,597 |
Summary of Loans Receivable by Balances Individually Evaluated for Impairment | The following tables summarize information with respect to the recorded investment in loans receivable by loan class as of December 31, 2022: December 31, 2022 Loans Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential One-to-four family $ 154,953 $ 1,885 $ 153,068 Home equity and HELOCs 2,293 62 2,231 Commercial Commercial real estate 185,811 113 185,698 Commercial business 54,464 38 54,426 SBA PPP loans 472 — 472 Main Street Lending Program 1,564 — 1,564 Construction 69,195 — 69,195 Consumer: Medical education 3,695 — 3,695 Other 376 — 376 $ 472,823 $ 2,098 $ 470,725 |
Credit Quality Indicators by Class of Loan Portfolio | The following table present by class, the recorded investment in loans receivable by loan class by credit quality indicator and current period gross charge-offs at March 31, 2023 under ASC 326 : March 31, 2023 Term Loans Amortized Costs Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential: One-to-four family Pass $ 1,814 $ 67,677 $ 16,453 $ 12,535 $ 8,023 $ 46,880 $ — $ 153,382 Special Mention — — — — — — — — Substandard — — 982 — — 780 — 1,762 Total One-to-four family $ 1,814 $ 67,677 $ 17,435 $ 12,535 $ 8,023 $ 47,660 $ — $ 155,144 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Home equity and HELOCS Pass $ — $ — $ — $ — $ — $ 38 $ 2,073 $ 2,111 Special Mention — — — — — — — — Substandard — — — — — 34 61 95 Total Home equity and HELOCS $ — $ — $ — $ — $ — $ 72 $ 2,134 $ 2,206 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial: Commercial Real Estate Pass $ 16,038 $ 88,169 $ 33,685 $ 22,502 $ 13,833 $ 4,889 $ 16,717 $ 195,833 Special Mention — — — 437 862 171 — 1,470 Substandard — — — — — 111 — 111 Total Commercial Real Estate $ 16,038 $ 88,169 $ 33,685 $ 22,939 $ 14,695 $ 5,171 $ 16,717 $ 197,414 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Business Pass $ — $ 10,832 $ 2,389 $ 632 $ 311 $ — $ 37,130 $ 51,294 Special Mention — — — — — — 2,000 2,000 Substandard — — — — — 26 — 26 Total Commercial Business $ — $ 10,832 $ 2,389 $ 632 $ 311 $ 26 $ 39,130 $ 53,320 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — SBA PPP loans Pass $ — $ — $ 298 $ — $ — $ — $ — $ 298 Special Mention — — — — — — — — Substandard — — — — — — — — Total SBA PPP loans $ — $ — $ 298 $ — $ — $ — $ — $ 298 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Main Street Lending Program Pass $ — $ — $ — $ 1,564 $ — $ — $ — $ 1,564 Special Mention — — — — — — — — Substandard — — — — — — — — Total Main Street Lending Program $ — $ — $ — $ 1,564 $ — $ — $ — $ 1,564 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Construction Pass $ 1,443 $ 34,377 $ 37,632 $ — $ — $ — $ 3,076 $ 76,528 Special Mention — — — — — — — — Substandard — — — — — — — — Total Construction $ 1,443 $ 34,377 $ 37,632 $ — $ — $ — $ 3,076 $ 76,528 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Medical Education Pass $ — $ — $ — $ — $ — $ 2,386 $ — $ 2,386 Special Mention — — — — — — — — Substandard — — — — 40 1,249 — 1,289 Total Medical Education $ — $ — $ — $ — $ 40 $ 3,635 $ — $ 3,675 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Other Pass $ 226 $ 212 $ — $ — $ — $ — $ — $ 438 Special Mention — — — — — — — — Substandard — 10 — — — — — 10 Total Other $ 226 $ 222 $ — $ — $ — $ — $ — $ 448 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Pass $ 19,521 $ 201,267 $ 90,457 $ 37,233 $ 22,167 $ 54,193 $ 58,996 $ 483,834 Special Mention — — — 437 862 171 2,000 3,470 Substandard — 10 982 — — 2,240 61 3,293 Total $ 19,521 $ 201,277 $ 91,439 $ 37,670 $ 23,029 $ 56,604 $ 61,057 $ 490,597 Total Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — The following table present by class, the recorded investment in loans receivable by loan class by credit quality indicator and current period gross charge-offs at March 31, 2023 under ASC 326: March 31, 2023 Term Loans Amortized Costs Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential: One-to-four family Payment Performance Performing $ 1,814 $ 67,677 $ 16,453 $ 12,535 $ 8,023 $ 46,880 $ — $ 153,382 Non-performing — — 982 — — 780 — 1,762 Total One-to-four family $ 1,814 $ 67,677 $ 17,435 $ 12,535 $ 8,023 $ 47,660 $ — $ 155,144 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Home equity and HELOCS Payment Performance Performing $ — $ — $ — $ — $ — $ 38 $ 2,073 $ 2,111 Non-performing — — — — — 34 61 95 Total Home equity and HELOCS $ — $ — $ — $ — $ — $ 72 $ 2,134 $ 2,206 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial: Commercial Real Estate Payment Performance Performing $ 16,038 $ 88,169 $ 33,685 $ 22,939 $ 14,695 $ 5,171 $ 16,717 $ 197,414 Non-performing — — — — — — — — Total Commercial Real Estate $ 16,038 $ 88,169 $ 33,685 $ 22,939 $ 14,695 $ 5,171 $ 16,717 $ 197,414 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Business Payment Performance Performing $ — $ 10,832 $ 2,389 $ 632 $ 311 $ 26 $ 39,130 $ 53,320 Non-performing — — — — — — — — Total Commercial Business $ — $ 10,832 $ 2,389 $ 632 $ 311 $ 26 $ 39,130 $ 53,320 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — SBA PPP loans Payment Performance Performing $ — $ — $ 298 $ — $ — $ — $ — $ 298 Non-performing — — — — — — — — Total SBA PPP loans $ — $ — $ 298 $ — $ — $ — $ — $ 298 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Main Street Lending Program Payment Performance Performing $ — $ — $ — $ 1,564 $ — $ — $ — $ 1,564 Non-performing — — — — — — — — Total Main Street Lending Program $ — $ — $ — $ 1,564 $ — $ — $ — $ 1,564 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Construction Payment Performance Performing $ 1,443 $ 34,377 $ 37,632 $ — $ — $ — $ 3,076 $ 76,528 Non-performing — — — — — — — — Total Construction $ 1,443 $ 34,377 $ 37,632 $ — $ — $ — $ 3,076 $ 76,528 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Medical Education Payment Performance Performing $ — $ — $ — $ — $ — $ 2,386 $ — $ 2,386 Non-performing — — — — 40 1,249 — 1,289 Total Medical Education $ — $ — $ — $ — $ 40 $ 3,635 $ — $ 3,675 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Other Payment Performance Performing $ 226 $ 212 $ — $ — $ — $ — $ — $ 438 Non-performing — 10 — — — — — 10 Total Other $ 226 $ 222 $ — $ — $ — $ — $ — $ 448 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Payment Performance Performing $ 19,521 $ 201,267 $ 90,457 $ 37,670 $ 23,029 $ 54,501 $ 60,996 $ 487,441 Non-performing — 10 982 — — 2,103 61 3,156 Total $ 19,521 $ 201,277 $ 91,439 $ 37,670 $ 23,029 $ 56,604 $ 61,057 $ 490,597 Total Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — The following tables summarize the aggregate Pass and criticized categories of Special Mention, Substandard and Doubtful within the Company’s internal risk rating system as of December 31, 2022: December 31, 2022 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 153,068 $ — $ 1,885 $ — $ 154,953 Home equity and HELOCs 2,231 — 62 — 2,293 Commercial: Commercial real estate 184,214 1,484 113 — 185,811 Commercial business 54,426 — 38 — 54,464 SBA PPP Loans 472 — — — 472 Main Street Lending Program 1,564 — — — 1,564 Construction 69,195 — — — 69,195 Consumer: Medical education 2,616 — 1,079 — 3,695 Other 376 — — — 376 $ 468,162 $ 1,484 $ 3,177 $ — $ 472,823 |
Schedule of Financing Receivables Non-Accrual Status | The following table presents non-accrual loans by classes of the loan portfolio as of March 31, 2023 and December 31, 2022: (Dollars in thousands) March 31, 2023 December 31, 2022 Residential: One-to-four family $ 1,762 $ 1,885 Home equity and HELOCs 95 62 Commercial: Commercial real estate — — Commercial business — — SBA PPP loans — — Main Street Lending Program — — Construction — — Consumer: Medical education 1,289 1,079 Other 10 — 3,156 3,026 The following table presents the amortized cost basis of loans on non-accrual status as of March 31, 2023: March 31, 2023 Non-accrual Loans (Dollars in thousands) With a Related Allowance for Credit Losses Without Related Allowance for Credit Losses Total Residential: One-to-four family $ — $ 1,762 $ 1,762 Home equity and HELOCs — 95 95 Commercial: Commercial real estate — — — Commercial business — — — SBA PPP loans — — — Main Street Lending Program — — — Construction — — — Consumer: Medical education 1,289 — 1,289 Other — 10 10 $ 1,289 $ 1,867 $ 3,156 The following table presents, by the segments of the loan portfolio March 31, 2023 (Dollars in thousands) Real Estate Residential: One-to-four family $ 1,762 Home equity and HELOCs 95 Commercial: Commercial real estate — Commercial business — SBA PPP loans — Main Street Lending Program — Construction — Consumer: Medical education (1) — Other — $ 1,857 |
Summary of Segments of Loan Portfolio by Aging Categories | The following tables present the segments of the loan portfolio summarized by aging categories as of March 31, 2023, and December 31, 2022: March 31, 2023 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 971 $ 990 $ 1,251 $ 3,212 $ 151,932 $ 155,144 $ — Home equity and HELOCs — — — 34 2,172 2,206 — Commercial: Commercial real estate — — — — 197,414 197,414 — Commercial business — — — — 53,320 53,320 — SBA PPP loans — — — — 298 298 — Main Street Lending Program — — — — 1,564 1,564 — Construction — — — — 76,528 76,528 — Consumer: Medical education 332 — 41 373 3,302 3,675 — Other — — 10 10 438 448 — $ 1,303 $ 990 $ 1,302 $ 3,629 $ 486,968 $ 490,597 $ — December 31, 2022 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 760 $ 166 $ 1,262 $ 2,188 $ 152,765 $ 154,953 $ — Home equity and HELOCs 22 — — 22 2,271 2,293 — Commercial: Commercial real estate — — — — 185,811 185,811 — Commercial business — — — — 54,464 54,464 — SBA PPP loans 18 — — 18 454 472 — Main Street Lending Program — — — — 1,564 1,564 — Construction — — — — 69,195 69,195 — Consumer: Medical education 381 149 514 1,044 2,651 3,695 — Other — — — — 376 376 — $ 1,181 $ 315 $ 1,776 $ 3,272 $ 469,551 $ 472,823 $ — |
Summary of Troubled Debt Restructurings on Accrual Status and Non-Accrual Status | The following table details the Company’s TDRs that are on accrual status and non-accrual status at December 31, 2022: As of December 31, 2022 Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 1 $ 113 $ — $ 113 Commercial business 1 38 — 38 Total 2 $ 151 $ — $ 151 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Transfers And Servicing [Abstract] | |
Summary of Change in Carrying Value of MSRs Accounted Amortization Method | For the three ended March 31, 2023 and 2022, the change in the carrying value of the Company’s MSRs accounted for under the amortization method was as follows: Three Months Ended March 31, (dollars in thousands) 2023 2022 Balance at Beginning of Period $ 202 $ 3,382 Servicing Rights retained from loans sold 25 135 Amortization and other (19 ) (172 ) Mortgage servicing rights sold — (3,190 ) Valuation Allowance Provision — — Balance at End of Period $ 208 $ 155 Fair value, End of Period $ 248 $ 195 |
Schedule of Key Data and Assumptions Used in Estimating Fair Value of MSRs | The key data and assumptions used in estimating the fair value of the Company’s MSRs as of March 31, 2023 and December 31, 2022 were as follows : March 31, 2023 December 31, 2022 Long run Constant Prepayment Rate 4.99 % 4.99 % Weighted-Average Life (in years) 28.1 28.1 Weighted-Average Note Rate 4.259 % 4.259 % Weighted-Average Discount Rate 9.50 % 9.50 % |
Derivatives and Risk Manageme_2
Derivatives and Risk Management Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives Not Designated as Hedging Instruments Recorded in Consolidated Statement of Financial Condition | The following tables summarize the amounts recorded in the Company’s consolidated statements of financial condition for derivatives not designated as hedging instruments as of March 31, 2023, and December 31, 2022 (in thousands): March 31, 2023 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Mortgage banking derivatives $ 451 $ 28,197 Forward loan sales commitments Mortgage banking derivatives — — To Be Announced securities ("TBAs") Mortgage banking derivatives — — Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Other liabilities $ — $ — Forward loan sales commitments Other liabilities 10 750 TBA securities Other liabilities — — December 31, 2022 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Mortgage banking derivatives $ 612 $ 38,675 Forward loan sales commitments Mortgage banking derivatives — — TBA securities Mortgage banking derivatives — — Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Other liabilities $ — $ — Forward loan sales commitments Other liabilities 2 1,130 TBA securities Other liabilities — — |
Summary of Amounts Recorded in Consolidated Statements of Income for Derivative Instruments Not Designated as Hedging Instruments | The following table summarizes the amounts recorded in the Company’s consolidated statements of income for derivative instruments not designated as hedging instruments for the three months ended March 31, 2023 (in thousands): Gain/(Loss) Consolidated Statements of Income Three Months Ended Presentation March 31, 2023 March 31, 2022 Interest rate lock commitments Loss from derivative instruments $ (161 ) $ (385 ) Forward loan sales commitments Loss from derivative instruments (8 ) (27 ) TBA securities Gain from derivative instruments — 360 Total loss from derivative instruments $ (169 ) $ (52 ) |
Fair Value Presentation (Tables
Fair Value Presentation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value for Assets Required to be Measured and Reported at Fair Value on a Recurring Basis | The following tables provide the fair value for assets required to be measured and reported at fair value on a recurring basis as of March 31, 2023, and December 31, 2022: March 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. Governmental securities $ — $ 2,908 $ — $ 2,908 U.S. Treasury securities 38,854 — — 38,854 Corporate notes — 11,225 — 11,225 Collateralized mortgage obligations - agency residential — 1,635 — 1,635 Mortgage-backed securities - agency residential — 486 — 486 Bank CDs — 249 — 249 Loans held for sale — 3,091 — 3,091 Interest rate lock commitments — — 451 451 Forward loan sales commitments — — — — TBA securities — — — — $ 38,854 $ 19,594 $ 451 $ 58,899 December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. Governmental securities $ — $ 2,887 $ — $ 2,887 U.S Treasury securities 38,556 — — 38,556 Corporate notes — 11,782 — 11,782 Collateralized mortgage obligations -agency residential — 1,681 — 1,681 Mortgage-backed securities - agency residential — 511 — 511 Bank CDs — 247 — 247 Loans held for sale — 15,239 — 15,239 Interest rate lock commitments — — 612 612 Forward loan sales commitments — — — — TBA securities — — — — $ 38,556 $ 32,347 $ 612 $ 71,515 |
Fair Value for Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis | The following tables provide the fair value for liabilities required to be measured and reported at fair value on a recurring basis as of March 31, 2023, and December 31, 2022: March 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Total Interest rate lock commitments $ — $ — $ — $ — Forward loan sales commitments — 10 — 10 TBA securities — — — — $ — $ 10 $ — $ 10 December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Total Interest rate lock commitments $ — $ — $ — $ — Forward loan sales commitments — 2 — 2 TBA securities — — — — $ — $ 2 $ — $ 2 |
Change in Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following tables represent the change in the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and 2022, respectively: (Dollars in thousands) Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: January 1, 2023 $ — $ 612 $ — Total unrealized losses: Included in other comprehensive loss — — — Total losses included in earnings and held at reporting date — (161 ) — Purchases, sales and settlements — — — Transfers in and/or out of Level 3 — — — Ending Balance: March 31, 2023 $ — $ 451 $ — Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held as of March 31, 2023 $ — $ — $ — Change in unrealized loss for the period included other comprehensive loss for assets held as of March 31, 2023 $ — $ (161 ) $ — (Dollars in thousands) Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: January 1, 2022 $ 3,042 $ 1,382 $ (36 ) Total unrealized losses: Included in other comprehensive loss (91 ) — — Total (losses) or gains included in earnings and held at reporting date — (412 ) 27 Purchases, sales and settlements — — — Transfers in and/or out of Level 3 — — — Ending Balance: March 31, 2022 $ 2,951 $ 970 $ (9 ) Change in unrealized (losses) gains for the period included in earnings (or changes in net assets) for assets held as of March 31, 2022 $ — $ (412 ) $ 27 Change in unrealized loss for the period included other comprehensive loss for assets held as of March 31, 2022 $ (91 ) $ — $ — |
Significant Unobservable Inputs for Assets and Liabilities Measured at Fair Value on a Recurring Basis | Significant unobservable inputs for assets and liabilities measured at fair value on a recurring basis at March 31, 2023, and December 31, 2022 Quantitative Information about Level 3 Fair Value Measurements at March 31, 2023 (Dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at Fair Value on a Recurring Basis: Net derivative asset and liability: IRLC $ 451 Discounted cash flows Pull-through rates 73.30%-98.00% 85.80% Quantitative Information about Level 3 Fair Value Measurements at December 31, 2022 (Dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at Fair Value on a Recurring Basis: Net derivative asset and liability: IRLC $ 612 Discounted cash flows Pull-through rates 69.56%-99.29% 91.93% |
Carrying Amount for Class of Assets and Liabilities and Fair Value for Certain Financial Instruments Not Required to be Measured or Reported at Fair Value | The following tables provide the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Statements of Financial Condition as of March 31, 2023 and December 31, 2022: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, 2023 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 21,187 $ 21,187 $ 21,187 $ — $ — Investments securities, held-to-maturity 29,580 27,750 — 26,837 913 Equity securities 500 500 — — 500 Loans receivable, net 487,002 479,274 — — 479,274 Bank-owned life insurance 10,329 10,329 10,329 — — Restricted investment in bank stock 2,363 2,363 2,363 — — Accrued interest receivable 2,643 2,643 2,643 — — Mortgage servicing rights 208 248 — — 248 Liabilities: Deposits $ 522,142 $ 52,132 $ 445,122 $ 76,010 $ — Advances from the FHLB 36,633 34,315 — 34,315 — Subordinated debt 9,997 7,789 — — 7,789 Advances from borrowers for taxes and insurance 361 361 361 — — Accrued interest payable 420 420 420 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, 2022 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 16,280 $ 16,280 $ 16,280 $ — $ — Investment securities, held-to-maturity 29,771 27,663 26,761 902 Equity securities 500 500 — — 500 Loans receivable, net 468,955 458,166 — — 458,166 Bank-owned life insurance 10,263 10,263 10,263 — — Restricted investment in bank stock 2,052 2,052 2,052 — — Accrued interest receivable 2,473 2,473 2,473 — — Mortgage servicing rights 202 241 — — 241 Liabilities: Deposits $ 525,238 $ 523,920 $ 458,221 $ 65,699 $ — Advances from the FHLB 26,593 24,236 — 24,236 — Subordinated debt 9,997 8,594 — — 8,594 Advances from borrowers for taxes and insurance 503 503 503 — — Accrued interest payable 285 285 285 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — |
Changes in and Reclassificati_2
Changes in and Reclassifications out of Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Changes in Component of Accumulated Other Comprehensive (Loss) Income, Net of Tax | The following tables present the changes in the balances of each component of accumulated other comprehensive (loss) income (“AOCI”) for the three months ended March 31, 2023 and March 31, 2022 (1) Net unrealized holding gains on securities (1) For the three months ended March 31, 2023 (Dollars in thousands) Net Unrealized Gains and Losses on available-for-sales securities Net Unrealized Gains and Losses on held-to-maturity securities Total Net Unrealized Gains and Losses Balance at beginning period $ (3,781 ) $ 515 $ (3,266 ) Unrealized holding losses on available-for-sale securities before reclassification 215 — 215 Accretion of discount on securities transferred to held-to-maturity — 149 149 Amount reclassified for investment securities gains included in net income — — — Net current-period other comprehensive income 215 149 364 Balance at ending period $ (3,566 ) $ 664 $ (2,902 ) For the three months ended March 31, 2022 (Dollars in thousands) Balance at beginning period $ (148 ) Unrealized holding losses on available-for-sale securities before reclassification (1,794 ) Amount reclassified for investment securities gains included in net income — Net current-period other comprehensive loss (1,794 ) Balance at ending period $ (1,942 ) (1) All amounts are net of tax. Related tax expense or benefit is calculated using an income tax rate of approximately 29.5% and 29.5% for the three months ended March 31, 2023 and 2022, respectively. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The calculation of basic and diluted EPS for the three months For the Three Months Ended March 31, 2023 2022 Net income $ 608,000 $ 601,000 Weighted average number of shares issued 2,357,714 2,272,858 Less weighted average number of treasury shares (119,006 ) (105,365 ) Less weighted average number of unearned ESOP shares (128,751 ) (129,502 ) Less weighted average number of unvested restricted stock awards (110,820 ) (50,400 ) Basic weighted average shares outstanding 1,999,137 1,987,591 Add dilutive effect of stock options 97,778 52,158 Add dilutive effect of restricted stock awards 48,782 19,752 Diluted weighted average shares outstanding 2,145,697 2,059,501 Net income per share: Basic $ 0.30 $ 0.30 Diluted $ 0.28 $ 0.29 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Stock Option Activity | A summary of the Company’s stock option activity and related information for the three months ended March 31, 2023, and March 31, 2022 was as follows: March 31, 2023 March 31, 2022 Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Average Intrinsic Value Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Average Intrinsic Value Outstanding, Jan 1 237,300 $ 15.67 6.2 $ 3,030,321 211,000 $ 14.92 6.6 $ 1,451,680 Granted — — — — — — — — Exercised — — — — (1,400 ) 14.80 — — Forfeited (10,000 ) 20.11 — — — — — — Outstanding, March 31 227,300 $ 15.47 5.8 $ 3,301,216 209,600 $ 14.92 6.4 $ 1,473,488 Exercisable, March 31 114,240 $ 14.85 5.3 $ 1,730,736 87,520 $ 14.90 6.3 $ 617,016 |
Summary of Restricted Stock Activity | A summary of the Company’s restricted stock activity and related information for the three months ended March 31, 2023, and March 31, 2022 was as follows: March 31, 2023 March 31, 2022 Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Non-vested, Jan 1 113,600 $ 18.58 50,680 $ 14.98 Vested (560 ) 15.21 (560 ) 15.21 Granted — — — — Forfeited (5,000 ) 20.11 — — Non-vested at March 31 108,040 $ 18.52 50,120 $ 14.98 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Non-interest Income | The following table presents non-interest income for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Non-Interest Income In-scope of Topic 606: Fee income $ 106 $ 132 Insufficient fund fees 24 22 Other service charges 72 44 ATM interchange fee income 5 4 Other income 3 3 Total Non-Interest Income (in-scope of Topic 606) $ 210 $ 205 Out-of-scope of Topic 606: Increase in cash surrender value of bank-owned life insurance $ 66 $ 36 Gain on sale of loans, net 958 2,357 Loss from derivative instruments (169 ) (52 ) Gain on sale of mortgage servicing rights, net — 1,029 Change in fair value for loans held-for-sale (239 ) (720 ) Other 409 288 Total Non-Interest Income (out-scope of Topic 606) 1,025 2,938 Total Non-Interest Income (in-scope of Topic 606) 210 205 Total Noninterest Income $ 1,235 $ 3,143 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Consolidated Statement of Financial Condition Classification of ROU Assets and Lease Liabilities | The following table represents the classification of the Company’s ROU assets and lease liabilities in the Consolidated Statements of Financial Condition: March 31, 2023 December 31, 2022 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Operating lease right-of-use assets $ 7,632 $ 7,841 Total Lease Right-of-Use Assets $ 7,632 $ 7,841 March 31, 2023 December 31, 2022 Lease Liabilities Classification Operating lease liabilities Operating lease liabilities $ 8,028 $ 8,234 Total Lease Liabilities $ 8,028 $ 8,234 |
Summary of Weighted Average Lease Term and Discount Rate | March 31, 2023 December 31, 2022 Weighted-average remaining lease term Operating leases 9.9 years 10.1 years Weighted-average discount rate Operating leases 2.05 % 2.05 % |
Components of Lease Expense | The components of the lease expense are as follows: (dollars in thousands) For the three months ended March 31, 2023 For the three months ended March 31, 2022 Operating lease cost $ 209 $ 205 Short-term lease cost 17 5 Total $ 226 $ 210 |
Schedule of Future Payments for Operating Lease | Future minimum payments for operating leases as of March 31, 2023 were as follows: (dollars in thousands) March 31, 2023 Twelve Months Ended: Within one year $ 986 After one but within two years 974 After two but within three years 940 After three but within four years 953 After four but within five years 963 After five years 4,114 Total Future Minimum Lease Payments 8,930 Amounts Representing Interest (902 ) Present Value of Net Future Minimum Lease Payments $ 8,028 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Financial Information for Reportable Segments | The following tables presents summary financial information for the reportable segments (in thousands): For the three months ended March 31, 2023 Retail Banking Mortgage Banking Business Banking Holding Company Intercompany Eliminations Consolidated Total Interest Income $ 2,259 $ 187 $ 5,625 $ 5 $ (5 ) $ 8,071 Total Interest Expense 876 16 1,729 113 (5 ) 2,729 Net Interest Income 1,383 171 3,896 (108 ) — 5,342 Provision (credit) for Credit Losses (25 ) — 50 — — 25 Net interest income after provision (credit) for credit losses 1,408 171 3,846 (108 ) — 5,317 Total non-interest income 185 550 513 — (13 ) 1,235 Non-interest Expense: Salaries and employee benefits 1,263 909 1,490 — — 3,662 Other expenses 1,171 489 294 83 (13 ) 2,024 Total non-interest expenses 2,434 1,398 1,784 83 (13 ) 5,686 Income (loss) before income taxes (841 ) (677 ) 2,575 (191 ) — 866 Income tax expense (benefit) (237 ) (190 ) 725 (40 ) — 258 Net income (loss) $ (604 ) $ (487 ) $ 1,850 $ (151 ) $ — $ 608 Total assets as of March 31, 2023 $ 296,212 $ 3,750 $ 324,806 $ 53,529 $ (52,762 ) $ 625,535 For the three months ended March 31, 2022 Retail Banking Mortgage Banking Business Banking Holding Company Intercompany Eliminations Consolidated Total Interest Income $ 1,295 $ 178 $ 2,676 $ 40 $ (20 ) $ 4,169 Total Interest Expense 152 17 256 113 (4 ) 534 Net Interest Income 1,143 161 2,420 (73 ) (16 ) 3,635 Provision (credit) for Credit Losses 17 — 96 — — 113 Net interest income after provision (credit) for credit losses 1,126 161 2,324 (73 ) (16 ) 3,522 Total non-interest income 331 2,673 152 — (13 ) 3,143 Non-interest Expense: Salaries and employee benefits 1,367 1,276 1,114 — (16 ) 3,741 Other expenses 1,024 763 349 70 (13 ) 2,193 Total non-interest expenses 2,391 2,039 1,463 70 (29 ) 5,934 Income (loss) before income taxes (934 ) 795 1,013 (143 ) — 731 Income tax expense (benefit) (171 ) 146 185 (30 ) — 130 Net income (loss) $ (763 ) $ 649 $ 828 $ (113 ) $ — $ 601 Total assets as of March 31, 2022 $ 335,966 $ 14,889 $ 205,068 $ 51,498 $ (50,895 ) $ 556,526 |
Organization, Basis of Presen_4
Organization, Basis of Presentation and Recent Accounting Pronouncements - Additional Information (Details) - USD ($) | Jan. 01, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment [Line Items] | |||
Retained earnings | $ 27,833,000 | $ 27,023,000 | |
Accrued interest receivable on held-to maturity | 125,000 | ||
Debt securities, Available for sale, accrued interest, after allowance for credit loss | 276,000 | ||
Accrued interest receivable | $ 2,200,000 | ||
ASU 2016-13 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Change in accounting principle, accounting standards update, adopted | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2023 | ||
Allowance decreased | $ 301,000 | ||
Debt securities, Held-to-Maturity | 46,000 | ||
Retained earnings | 202,000 | ||
Debt securities, Available-for-Sale | $ 0 | ||
ASU 2022-02 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Change in accounting principle, accounting standards update, adopted | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2023 | ||
Change in accounting principle, accounting standards update, immaterial effect | true |
Organization, Basis of Presen_5
Organization, Basis of Presentation and Recent Accounting Pronouncements - Schedule of Impact of The Adoption ASU 2016-13 (Details) - ASU 2016-13 $ in Thousands | Jan. 01, 2023 USD ($) |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | $ 3,332 |
Corporate noted | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on debt securities held-to-maturity | 27 |
Municipal securities | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on debt securities held-to-maturity | 19 |
Home equity and HELOCs | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 5 |
Pre-adoption | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 3,587 |
Pre-adoption | Home equity and HELOCs | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 6 |
Adoption Impact | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | (255) |
Adoption Impact | Corporate noted | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on debt securities held-to-maturity | 27 |
Adoption Impact | Municipal securities | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on debt securities held-to-maturity | 19 |
Adoption Impact | Home equity and HELOCs | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | (1) |
Residential | 1-4 family | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 487 |
Residential | Pre-adoption | 1-4 family | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 468 |
Residential | Adoption Impact | 1-4 family | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 19 |
Commercial | Commercial Real Estate | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 1,032 |
Commercial | Commercial Business | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 876 |
Commercial | Main Street Lending Program | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 11 |
Commercial | Pre-adoption | Commercial Real Estate | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 1,283 |
Commercial | Pre-adoption | Commercial Business | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 703 |
Commercial | Pre-adoption | Main Street Lending Program | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 27 |
Commercial | Adoption Impact | Commercial Real Estate | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | (251) |
Commercial | Adoption Impact | Commercial Business | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 173 |
Commercial | Adoption Impact | Main Street Lending Program | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | (16) |
Construction | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 537 |
Construction | Pre-adoption | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 754 |
Construction | Adoption Impact | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | (217) |
Consumer | Medical Education | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 329 |
Consumer | Other | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 9 |
Consumer | Pre-adoption | Medical Education | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 325 |
Consumer | Pre-adoption | Other | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 21 |
Consumer | Adoption Impact | Medical Education | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | 4 |
Consumer | Adoption Impact | Other | |
Financing Receivable, Recorded Investment [Line Items] | |
ACL on loans | $ (12) |
Investment Securities - Investm
Investment Securities - Investment Securities Available-for-sale and Held-to-maturity (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 57,333,000 | $ 57,944,000 |
Available-for-sale, Gross Unrealized Losses | (1,976,000) | (2,280,000) |
Available-for-sale, Allowance for Credit Losses | 0 | |
Available-for-sale, Fair Value | 55,357,000 | 55,664,000 |
Held-to-maturity, Amortized Cost | 29,611,000 | 29,771,000 |
Held-to-maturity, Gross Unrealized Gains | 16,000 | 2,000 |
Held-to-maturity, Gross Unrealized Losses | (1,877,000) | (2,110,000) |
Held-to-maturity, Fair Value | 27,750,000 | 27,663,000 |
Held-to-maturity, Allowance for Credit Losses | (31,000) | |
U.S. Governmental securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 3,010,000 | 3,010,000 |
Available-for-sale, Gross Unrealized Losses | (102,000) | (123,000) |
Available-for-sale, Fair Value | 2,908,000 | 2,887,000 |
Held-to-maturity, Amortized Cost | 2,193,000 | 2,218,000 |
Held-to-maturity, Gross Unrealized Losses | (103,000) | (124,000) |
Held-to-maturity, Fair Value | 2,090,000 | 2,094,000 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 39,870,000 | 39,843,000 |
Available-for-sale, Gross Unrealized Losses | (1,016,000) | (1,287,000) |
Available-for-sale, Fair Value | 38,854,000 | 38,556,000 |
Corporate notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 12,006,000 | 12,535,000 |
Available-for-sale, Gross Unrealized Losses | (781,000) | (753,000) |
Available-for-sale, Fair Value | 11,225,000 | 11,782,000 |
Held-to-maturity, Amortized Cost | 7,912,000 | 7,857,000 |
Held-to-maturity, Gross Unrealized Losses | (664,000) | (641,000) |
Held-to-maturity, Fair Value | 7,248,000 | 7,216,000 |
Held-to-maturity, Allowance for Credit Losses | (14,000) | |
Collateralized mortgage obligations - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 1,678,000 | 1,754,000 |
Available-for-sale, Gross Unrealized Losses | (43,000) | (73,000) |
Available-for-sale, Fair Value | 1,635,000 | 1,681,000 |
Held-to-maturity, Amortized Cost | 7,117,000 | 7,236,000 |
Held-to-maturity, Gross Unrealized Losses | (394,000) | (445,000) |
Held-to-maturity, Fair Value | 6,723,000 | 6,791,000 |
Mortgage-backed securities - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 520,000 | 553,000 |
Available-for-sale, Gross Unrealized Losses | (34,000) | (42,000) |
Available-for-sale, Fair Value | 486,000 | 511,000 |
Held-to-maturity, Amortized Cost | 6,600,000 | 6,708,000 |
Held-to-maturity, Gross Unrealized Losses | (457,000) | (484,000) |
Held-to-maturity, Fair Value | 6,143,000 | 6,224,000 |
Bank CDs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 249,000 | 249,000 |
Available-for-sale, Gross Unrealized Losses | (2,000) | |
Available-for-sale, Fair Value | 249,000 | 247,000 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 5,789,000 | 5,752,000 |
Held-to-maturity, Gross Unrealized Gains | 16,000 | 2,000 |
Held-to-maturity, Gross Unrealized Losses | (259,000) | (416,000) |
Held-to-maturity, Fair Value | 5,546,000 | $ 5,338,000 |
Held-to-maturity, Allowance for Credit Losses | $ (17,000) |
Investment Securities - Additio
Investment Securities - Additional information (Detail) | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2023 USD ($) Security | Jun. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) Security | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Investment Holdings [Line Items] | |||||
Held-to-maturity, amortized cost transfer amount | $ 30,200,000 | ||||
Held-to-maturity, unrealized losses transfer amount | $ 2,100,000 | ||||
Proceeds from the sale of available-for-sale securities | $ 0 | $ 0 | |||
Held-to-maturity, unrealized loss position, fair value | 16,000,000 | 16,000,000 | |||
Held-to-maturity securities unrealized losses | 1,000,000 | 1,000,000 | |||
Held-to-maturity, allowance for credit losses | 31,000 | 31,000 | |||
Allowance for credit loss, fair value | 55,108,000 | 55,108,000 | $ 55,664,000 | ||
Allowance for credit loss, unrealized losses | 1,976,000 | $ 1,976,000 | 2,280,000 | ||
Number of investment graded | Security | 15 | ||||
Number of investment graded | Security | 17 | ||||
Debt credit losses on these available for sale securities | 0 | $ 0 | |||
Other than temporary impairment loss debt securities available for sale | 0 | ||||
Held-to-maturity, unrealized loss position, recorded investment | 11,300,000 | 11,300,000 | |||
Held-to-maturity unrealized losses, recorded investment | 862,000 | 862,000 | |||
Held-to-maturity, Allowance for credit loss, recorded investment | 31,000 | $ 31,000 | |||
Number of corporate notes held to maturity | Security | 11 | ||||
Held-to-maturity securities , on non accrual 90 Days or more past due, still accruing | 0 | $ 0 | |||
Corporate noted | |||||
Investment Holdings [Line Items] | |||||
Number Of Investment Graded | Security | 1 | ||||
Held-to-maturity, allowance for credit losses | 14 | $ 14 | |||
Municipal securities | |||||
Investment Holdings [Line Items] | |||||
Number Of Investment Graded | Security | 1 | ||||
Held-to-maturity, allowance for credit losses | $ 17 | $ 17 | |||
U.S. Governmental securities | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | Security | 3 | 3 | |||
Allowance for credit loss, fair value | $ 2,908,000 | $ 2,908,000 | 2,887,000 | ||
Allowance for credit loss, unrealized losses | $ 102,000 | $ 102,000 | 123,000 | ||
Number of investment holding available for sale | Security | 4 | ||||
Federal agency mortgage backed securities | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | Security | 12 | 12 | |||
Number of investment holding available for sale | Security | 2 | ||||
Federal agency collateralized mortgage obligations | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | Security | 14 | 14 | |||
Number of investment holding available for sale | Security | 4 | ||||
U.S. Governmental Securities, Collateralized Mortgage Obligations and Mortgage-Backed Securities | |||||
Investment Holdings [Line Items] | |||||
Held-to-maturity, allowance for credit losses | $ 0 | $ 0 | |||
Other than temporary impairment loss debt securities held for sale | 0 | ||||
U.S. Treasury securities | |||||
Investment Holdings [Line Items] | |||||
Allowance for credit loss, fair value | 38,854,000 | 38,854,000 | 38,556,000 | ||
Allowance for credit loss, unrealized losses | 1,016,000 | $ 1,016,000 | 1,287,000 | ||
Number of investment holding available for sale | Security | 8 | ||||
Municipal securities | |||||
Investment Holdings [Line Items] | |||||
Held-to-maturity, allowance for credit losses | 17,000 | $ 17,000 | |||
Number of held to maturity securities investment graded | Security | 10 | ||||
Corporate notes | |||||
Investment Holdings [Line Items] | |||||
Held-to-maturity, allowance for credit losses | 14,000 | $ 14,000 | |||
Allowance for credit loss, fair value | 11,225,000 | 11,225,000 | 11,782,000 | ||
Allowance for credit loss, unrealized losses | $ 781,000 | $ 781,000 | 753,000 | ||
Number of held to maturity securities investment graded | Security | 9 | ||||
Asset Pledged As Collateral | |||||
Investment Holdings [Line Items] | |||||
Securities with a fair value pledge to secure public deposits and for other purposes as required by law | $ 43,200,000 | $ 43,000,000 |
Investment Securities - Schedul
Investment Securities - Scheduled of Maturities of Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments Debt And Equity Securities [Abstract] | ||
Available-for-Sale, Due in one year or less, Amortized Cost | $ 7,727 | |
Available-for-Sale, Due from one to five years, Amortized Cost | 40,442 | |
Available-for-Sale, Due from after five to ten years, Amortized Cost | 7,977 | |
Available-for-Sale, Due after ten years, Amortized Cost | 1,187 | |
Available-for-Sale, Amortized Cost | 57,333 | |
Available-for-Sale, Due in one year or less, Fair Value | 7,575 | |
Available-for-Sale, Due from one to five years, Fair Value | 39,258 | |
Available-for-Sale, Due from after five to ten years, Fair Value | 7,387 | |
Available-for-Sale, Due after ten years, Fair Value | 1,137 | |
Available-for-Sale, Fair Value | 55,357 | |
Held-to-maturity, Due from one to five years, Amortized Cost | 5,715 | |
Held-to-maturity, Due from after five to ten years, Amortized Cost | 8,569 | |
Held-to-maturity, Due after ten years, Amortized Cost | 15,327 | |
Held-to-maturity, Amortized Cost | 29,611 | $ 29,771 |
Held-to-Maturity, Due from one to five years, Fair Value | 5,246 | |
Held-to-maturity, Due from after five to ten years, Fair Value | 8,110 | |
Held-to-maturity, Due after ten years, Fair Value | 14,394 | |
Held-to-maturity, Fair Value | $ 27,750 | $ 27,663 |
Investment Securities - Unreali
Investment Securities - Unrealized Loss Positions of Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | $ 20,880 | $ 50,640 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (582) | (1,845) |
Available-for-sale, 12 Months or Longer, Fair Value | 34,228 | 5,024 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (1,394) | (435) |
Available-for-sale, Total, Fair Value | 55,108 | 55,664 |
Available-for-sale, Total, Unrealized Loss | (1,976) | (2,280) |
Held-to-maturity, Less than 12 Months, Fair Value | 1,529 | 7,523 |
Held-to-maturity, Less than 12 Months, Unrealized Loss | (44) | (496) |
Held-to-maturity, 12 Months or Longer, Fair Value | 14,427 | 19,619 |
Held-to-maturity, 12 Months or Longer, Unrealized Loss | (971) | (1,614) |
Held-to-maturity, Total, Fair Value | 15,956 | 27,142 |
Held-to-maturity, Total, Unrealized Loss | (1,015) | (2,110) |
U.S. Governmental securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 1,964 | 1,953 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (46) | (57) |
Available-for-sale, 12 Months or Longer, Fair Value | 944 | 934 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (56) | (66) |
Available-for-sale, Total, Fair Value | 2,908 | 2,887 |
Available-for-sale, Total, Unrealized Loss | (102) | (123) |
Held-to-maturity, 12 Months or Longer, Fair Value | 2,090 | 2,094 |
Held-to-maturity, 12 Months or Longer, Unrealized Loss | (103) | (124) |
Held-to-maturity, Total, Fair Value | 2,090 | 2,094 |
Held-to-maturity, Total, Unrealized Loss | (103) | (124) |
U.S. Treasury securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 14,551 | 38,556 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (391) | (1,287) |
Available-for-sale, 12 Months or Longer, Fair Value | 24,303 | |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (625) | |
Available-for-sale, Total, Fair Value | 38,854 | 38,556 |
Available-for-sale, Total, Unrealized Loss | (1,016) | (1,287) |
Corporate notes | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 3,690 | 7,989 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (142) | (394) |
Available-for-sale, 12 Months or Longer, Fair Value | 7,535 | 3,793 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (639) | (359) |
Available-for-sale, Total, Fair Value | 11,225 | 11,782 |
Available-for-sale, Total, Unrealized Loss | (781) | (753) |
Held-to-maturity, Less than 12 Months, Fair Value | 2,075 | |
Held-to-maturity, Less than 12 Months, Unrealized Loss | (136) | |
Held-to-maturity, 12 Months or Longer, Fair Value | 898 | 5,141 |
Held-to-maturity, 12 Months or Longer, Unrealized Loss | (60) | (505) |
Held-to-maturity, Total, Fair Value | 898 | 7,216 |
Held-to-maturity, Total, Unrealized Loss | (60) | (641) |
Collateralized mortgage obligations - agency residential | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 675 | 1,384 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (3) | (63) |
Available-for-sale, 12 Months or Longer, Fair Value | 960 | 297 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (40) | (10) |
Available-for-sale, Total, Fair Value | 1,635 | 1,681 |
Available-for-sale, Total, Unrealized Loss | (43) | (73) |
Held-to-maturity, Less than 12 Months, Fair Value | 1,427 | 2,866 |
Held-to-maturity, Less than 12 Months, Unrealized Loss | (43) | (134) |
Held-to-maturity, 12 Months or Longer, Fair Value | 5,296 | 3,925 |
Held-to-maturity, 12 Months or Longer, Unrealized Loss | (351) | (311) |
Held-to-maturity, Total, Fair Value | 6,723 | 6,791 |
Held-to-maturity, Total, Unrealized Loss | (394) | (445) |
Mortgage-backed securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 511 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (42) | |
Available-for-sale, 12 Months or Longer, Fair Value | 486 | |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (34) | |
Available-for-sale, Total, Fair Value | 486 | 511 |
Available-for-sale, Total, Unrealized Loss | (34) | (42) |
Held-to-maturity, Less than 12 Months, Fair Value | 787 | |
Held-to-maturity, Less than 12 Months, Unrealized Loss | (56) | |
Held-to-maturity, 12 Months or Longer, Fair Value | 6,143 | 5,437 |
Held-to-maturity, 12 Months or Longer, Unrealized Loss | (457) | (428) |
Held-to-maturity, Total, Fair Value | 6,143 | 6,224 |
Held-to-maturity, Total, Unrealized Loss | (457) | (484) |
Municipal securities | ||
Investment Holdings [Line Items] | ||
Held-to-maturity, Less than 12 Months, Fair Value | 102 | 1,795 |
Held-to-maturity, Less than 12 Months, Unrealized Loss | (1) | (170) |
Held-to-maturity, 12 Months or Longer, Fair Value | 3,022 | |
Held-to-maturity, 12 Months or Longer, Unrealized Loss | (246) | |
Held-to-maturity, Total, Fair Value | 102 | 4,817 |
Held-to-maturity, Total, Unrealized Loss | $ (1) | (416) |
Bank CDs | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 247 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (2) | |
Available-for-sale, Total, Fair Value | 247 | |
Available-for-sale, Total, Unrealized Loss | $ (2) |
Investment Securities - Allowan
Investment Securities - Allowance for Credit Losses on Securities Held-to-Maturity (Detail) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Investment Holdings [Line Items] | |
Ending Balance | $ 31,000 |
Corporate noted | |
Investment Holdings [Line Items] | |
Adjustment to initially apply ASU No. 2016-13 for CECL | 27 |
Change in securities for which a previous expected credit loss was recognized | (13) |
Ending Balance | 14 |
Municipal securities | |
Investment Holdings [Line Items] | |
Adjustment to initially apply ASU No. 2016-13 for CECL | 19 |
Change in securities for which a previous expected credit loss was recognized | (2) |
Ending Balance | $ 17 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost of Debt Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investment Holdings [Line Items] | ||
Held-to-maturity securities | $ 29,611 | $ 29,771 |
U.S. Governmental securities | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities | 2,193 | 2,218 |
Corporate notes | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities | 7,912 | 7,857 |
Collateralized mortgage obligations - agency residential | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities | 7,117 | 7,236 |
Mortgage-backed securities | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities | 6,600 | $ 6,708 |
Municipal securities | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities | 5,789 | |
AAA/AA/A | U.S. Governmental securities | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities | 2,193 | |
AAA/AA/A | Corporate notes | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities | 4,785 | |
AAA/AA/A | Collateralized mortgage obligations - agency residential | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities | 7,117 | |
AAA/AA/A | Mortgage-backed securities | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities | 6,600 | |
AAA/AA/A | Municipal securities | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities | 5,789 | |
BBB/BB/B | Corporate notes | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities | 1,729 | |
Not Rated | Corporate notes | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities | $ 1,398 |
Equity Securities - Additional
Equity Securities - Additional information (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Investments Debt And Equity Securities [Abstract] | ||
Purchase of equity securities | $ 500,000 | $ 500,000 |
Equity Securities - Schedule of
Equity Securities - Schedule of Carrying Amount of Equity Investment (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Equity Securities Without Readily Determinable Fair Value [Line Items] | ||
Carrying value | $ 500,000 | $ 500,000 |
Year-to-date | ||
Equity Securities Without Readily Determinable Fair Value [Line Items] | ||
Amortized cost | 500,000 | 500,000 |
Carrying value | 500,000 | 500,000 |
Life-to-date | ||
Equity Securities Without Readily Determinable Fair Value [Line Items] | ||
Amortized cost | 500,000 | 500,000 |
Carrying value | $ 500,000 | $ 500,000 |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | $ 490,597,000 | $ 472,823,000 |
Unearned discounts, origination and commitment fees and costs | (265,000) | (281,000) |
Allowance for credit losses | (3,330,000) | (3,587,000) |
Loans and leases receivable, net amount | 487,002,000 | 468,955,000 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 424,000 | 309,000 |
Residential | 1-4 family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 155,144,000 | 154,953,000 |
Residential | Home equity and HELOCs | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 2,206,000 | 2,293,000 |
Commercial | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 197,414,000 | 185,811,000 |
Commercial | Commercial Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 53,320,000 | 54,464,000 |
Commercial | Main Street Lending Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 1,564,000 | 1,564,000 |
Commercial | SBA PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 298,000 | 472,000 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 76,528,000 | 69,195,000 |
Consumer | Medical Education | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 3,675,000 | 3,695,000 |
Consumer | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | $ 448,000 | $ 376,000 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) Loan | Mar. 31, 2023 USD ($) Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, balance | $ 472,823,000 | $ 490,597,000 | ||
Overdrafts | 67,000 | 24,000 | ||
Revolving loans converted to term loans | 0 | |||
Loans and leases receivable, gross | $ 472,823,000 | 490,597,000 | ||
Number of loans identified as TDRs | Loan | 2 | |||
Loans identified as TDRs | $ 151,000 | |||
Modifications to loans classified as TDRs | $ 0 | $ 0 | ||
Additional loan commitments outstanding | 0 | 0 | ||
Residential Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans in process of foreclosure | 76,000 | 72,000 | ||
Doubtful | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, balance | 0 | |||
Loans and leases receivable, gross | 0 | |||
Financing Receivables, Equal to Greater than 90 Days Past Due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance of loans past due 90 days or more | 1,776,000 | 1,302,000 | ||
Medical Education | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, balance | 3,695,000 | 3,675,000 | ||
Loans and leases receivable, gross | 3,695,000 | $ 3,675,000 | ||
Medical Education | Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans | Loan | 1 | |||
Balance of loans past due 90 days or more | 514,000 | $ 41,000 | ||
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, balance | 309,000 | 424,000 | ||
Loans and leases receivable, gross | 309,000 | 424,000 | ||
Other | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, balance | 376,000 | 448,000 | ||
Loans and leases receivable, gross | $ 376,000 | 448,000 | ||
Other | Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance of loans past due 90 days or more | $ 10,000 |
Loans Receivable - Summary of A
Loans Receivable - Summary of Activity in Allowance for Loan Losses By Loan Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | $ 3,587 | $ 2,368 |
Charge-offs | (36) | |
Recoveries | 4 | 1 |
(Credit) Provisions | 40 | 113 |
Ending Balance | 3,330 | 2,446 |
Ending Balance: Collectively Evaluated for Impairment | 2,446 | |
Impact of adopting ASU 326 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | (301) | |
Residential | 1-4 family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 468 | 322 |
(Credit) Provisions | (6) | 23 |
Ending Balance | 481 | 345 |
Ending Balance: Collectively Evaluated for Impairment | 345 | |
Residential | 1-4 family | Impact of adopting ASU 326 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 19 | |
Residential | Home equity and HELOCs | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 6 | 8 |
(Credit) Provisions | (1) | |
Ending Balance | 5 | 7 |
Ending Balance: Collectively Evaluated for Impairment | 7 | |
Residential | Home equity and HELOCs | Impact of adopting ASU 326 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | (1) | |
Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 1,283 | 819 |
(Credit) Provisions | 49 | (46) |
Ending Balance | 1,081 | 773 |
Ending Balance: Collectively Evaluated for Impairment | 773 | |
Commercial | Commercial Real Estate | Impact of adopting ASU 326 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | (251) | |
Commercial | Main Street Lending Program | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 27 | 27 |
Ending Balance | 11 | 27 |
Ending Balance: Collectively Evaluated for Impairment | 27 | |
Commercial | Main Street Lending Program | Impact of adopting ASU 326 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | (16) | |
Commercial | Commercial Business | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 703 | 341 |
(Credit) Provisions | (41) | 96 |
Ending Balance | 835 | 437 |
Ending Balance: Collectively Evaluated for Impairment | 437 | |
Commercial | Commercial Business | Impact of adopting ASU 326 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 173 | |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 754 | 460 |
(Credit) Provisions | 48 | 35 |
Ending Balance | 585 | 495 |
Ending Balance: Collectively Evaluated for Impairment | 495 | |
Construction | Impact of adopting ASU 326 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | (217) | |
Consumer | Medical Education | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 325 | 391 |
Charge-offs | (36) | |
Recoveries | 4 | 1 |
(Credit) Provisions | (12) | 6 |
Ending Balance | 321 | 362 |
Ending Balance: Collectively Evaluated for Impairment | $ 362 | |
Consumer | Medical Education | Impact of adopting ASU 326 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 4 | |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 21 | |
(Credit) Provisions | 2 | |
Ending Balance | 11 | |
Consumer | Other | Impact of adopting ASU 326 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | $ (12) |
Loans Receivable - Summary of_2
Loans Receivable - Summary of Allowances for Credit Losses Basis for Loan Measured for Credit Loss Pooled or Individually Analyzed (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | $ 3,330,000 | $ 3,587,000 | $ 2,446,000 | $ 2,368,000 |
Loans and leases receivable, gross | 490,597,000 | 472,823,000 | ||
Other | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, gross | 424,000 | 309,000 | ||
Individually Analyzed | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 129,000 | |||
Loans and leases receivable, gross | 6,763,000 | |||
Pooled | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 3,201,000 | |||
Loans and leases receivable, gross | 483,844,000 | |||
Residential | 1-4 family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 481,000 | 468,000 | 345,000 | 322,000 |
Loans and leases receivable, gross | 155,144,000 | 154,953,000 | ||
Residential | Home equity and HELOCs | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 5,000 | 6,000 | 7,000 | 8,000 |
Loans and leases receivable, gross | 2,206,000 | 2,293,000 | ||
Residential | Individually Analyzed | 1-4 family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, gross | 1,762,000 | |||
Residential | Individually Analyzed | Home equity and HELOCs | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, gross | 95,000 | |||
Residential | Pooled | 1-4 family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 481,000 | |||
Loans and leases receivable, gross | 153,382,000 | |||
Residential | Pooled | Home equity and HELOCs | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 5,000 | |||
Loans and leases receivable, gross | 2,111,000 | |||
Commercial | Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 1,081,000 | 1,283,000 | 773,000 | 819,000 |
Loans and leases receivable, gross | 197,414,000 | 185,811,000 | ||
Commercial | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 835,000 | 703,000 | 437,000 | 341,000 |
Loans and leases receivable, gross | 53,320,000 | 54,464,000 | ||
Commercial | Main Street Lending Program | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 11,000 | 27,000 | 27,000 | 27,000 |
Loans and leases receivable, gross | 1,564,000 | 1,564,000 | ||
Commercial | SBA PPP Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, gross | 298,000 | 472,000 | ||
Commercial | Individually Analyzed | Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, gross | 1,581,000 | |||
Commercial | Individually Analyzed | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, gross | 2,026,000 | |||
Commercial | Pooled | Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 1,081,000 | |||
Loans and leases receivable, gross | 195,833,000 | |||
Commercial | Pooled | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 835,000 | |||
Loans and leases receivable, gross | 51,294,000 | |||
Commercial | Pooled | Main Street Lending Program | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 11,000 | |||
Loans and leases receivable, gross | 1,564,000 | |||
Commercial | Pooled | SBA PPP Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, gross | 298,000 | |||
Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 585,000 | 754,000 | 495,000 | 460,000 |
Loans and leases receivable, gross | 76,528,000 | 69,195,000 | ||
Construction | Pooled | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 585,000 | |||
Loans and leases receivable, gross | 76,528,000 | |||
Consumer | Medical Education | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 321,000 | 325,000 | $ 362,000 | $ 391,000 |
Loans and leases receivable, gross | 3,675,000 | 3,695,000 | ||
Consumer | Other | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 11,000 | 21,000 | ||
Loans and leases receivable, gross | 448,000 | $ 376,000 | ||
Consumer | Individually Analyzed | Medical Education | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 129,000 | |||
Loans and leases receivable, gross | 1,289,000 | |||
Consumer | Individually Analyzed | Other | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, gross | 10,000 | |||
Consumer | Pooled | Medical Education | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 192,000 | |||
Loans and leases receivable, gross | 2,386,000 | |||
Consumer | Pooled | Other | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses for loans | 11,000 | |||
Loans and leases receivable, gross | $ 448,000 |
Loans Receivable - Individually
Loans Receivable - Individually and Collectively Evaluated for Impairment By Loan Class (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | $ 490,597,000 | $ 472,823,000 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 2,098,000 | |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 470,725,000 | |
Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 424,000 | 309,000 |
Residential | 1-4 family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 155,144,000 | 154,953,000 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 1,885,000 | |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 153,068,000 | |
Residential | Home equity and HELOCs | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 2,206,000 | 2,293,000 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 62,000 | |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 2,231,000 | |
Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 197,414,000 | 185,811,000 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 113,000 | |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 185,698,000 | |
Commercial | Commercial Business | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 53,320,000 | 54,464,000 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 38,000 | |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 54,426,000 | |
Commercial | Main Street Lending Program | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 1,564,000 | 1,564,000 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 1,564,000 | |
Commercial | SBA PPP Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 298,000 | 472,000 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 472,000 | |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 76,528,000 | 69,195,000 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 69,195,000 | |
Consumer | Medical Education | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 3,675,000 | 3,695,000 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 3,695,000 | |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | $ 448,000 | 376,000 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | $ 376,000 |
Loans Receivable - Summary of I
Loans Receivable - Summary of Investment in Loans Receivable by Loan Class by Credit Quality Indicator and Current Period Gross Charge-offs (Detail) - Impact of adopting ASU 326 $ in Thousands | Mar. 31, 2023 USD ($) |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | $ 19,521 |
Term loans amortized costs basis by origination year, 2022 | 201,277 |
Term loans amortized costs basis by origination year, 2021 | 91,439 |
Term loans amortized costs basis by origination year, 2020 | 37,670 |
Term loans amortized costs basis by origination year, 2019 | 23,029 |
Term loans amortized costs basis by origination year, prior | 56,604 |
Revolving loans amortized cost basis | 61,057 |
Total | 490,597 |
Pass | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 19,521 |
Term loans amortized costs basis by origination year, 2022 | 201,267 |
Term loans amortized costs basis by origination year, 2021 | 90,457 |
Term loans amortized costs basis by origination year, 2020 | 37,233 |
Term loans amortized costs basis by origination year, 2019 | 22,167 |
Term loans amortized costs basis by origination year, prior | 54,193 |
Revolving loans amortized cost basis | 58,996 |
Total | 483,834 |
Special Mention | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2020 | 437 |
Term loans amortized costs basis by origination year, 2019 | 862 |
Term loans amortized costs basis by origination year, prior | 171 |
Revolving loans amortized cost basis | 2,000 |
Total | 3,470 |
Substandard | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2022 | 10 |
Term loans amortized costs basis by origination year, 2021 | 982 |
Term loans amortized costs basis by origination year, prior | 2,240 |
Revolving loans amortized cost basis | 61 |
Total | 3,293 |
Performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 19,521 |
Term loans amortized costs basis by origination year, 2022 | 201,267 |
Term loans amortized costs basis by origination year, 2021 | 90,457 |
Term loans amortized costs basis by origination year, 2020 | 37,670 |
Term loans amortized costs basis by origination year, 2019 | 23,029 |
Term loans amortized costs basis by origination year, prior | 54,501 |
Revolving loans amortized cost basis | 60,996 |
Total | 487,441 |
Non-performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2022 | 10 |
Term loans amortized costs basis by origination year, 2021 | 982 |
Term loans amortized costs basis by origination year, prior | 2,103 |
Revolving loans amortized cost basis | 61 |
Total | 3,156 |
Residential | 1-4 family | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 1,814 |
Term loans amortized costs basis by origination year, 2022 | 67,677 |
Term loans amortized costs basis by origination year, 2021 | 17,435 |
Term loans amortized costs basis by origination year, 2020 | 12,535 |
Term loans amortized costs basis by origination year, 2019 | 8,023 |
Term loans amortized costs basis by origination year, prior | 47,660 |
Total | 155,144 |
Residential | 1-4 family | Pass | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 1,814 |
Term loans amortized costs basis by origination year, 2022 | 67,677 |
Term loans amortized costs basis by origination year, 2021 | 16,453 |
Term loans amortized costs basis by origination year, 2020 | 12,535 |
Term loans amortized costs basis by origination year, 2019 | 8,023 |
Term loans amortized costs basis by origination year, prior | 46,880 |
Total | 153,382 |
Residential | 1-4 family | Substandard | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2021 | 982 |
Term loans amortized costs basis by origination year, prior | 780 |
Total | 1,762 |
Residential | 1-4 family | Performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 1,814 |
Term loans amortized costs basis by origination year, 2022 | 67,677 |
Term loans amortized costs basis by origination year, 2021 | 16,453 |
Term loans amortized costs basis by origination year, 2020 | 12,535 |
Term loans amortized costs basis by origination year, 2019 | 8,023 |
Term loans amortized costs basis by origination year, prior | 46,880 |
Total | 153,382 |
Residential | 1-4 family | Non-performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2021 | 982 |
Term loans amortized costs basis by origination year, prior | 780 |
Total | 1,762 |
Residential | Home equity and HELOCs | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, prior | 72 |
Revolving loans amortized cost basis | 2,134 |
Total | 2,206 |
Residential | Home equity and HELOCs | Pass | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, prior | 38 |
Revolving loans amortized cost basis | 2,073 |
Total | 2,111 |
Residential | Home equity and HELOCs | Substandard | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, prior | 34 |
Revolving loans amortized cost basis | 61 |
Total | 95 |
Residential | Home equity and HELOCs | Performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, prior | 38 |
Revolving loans amortized cost basis | 2,073 |
Total | 2,111 |
Residential | Home equity and HELOCs | Non-performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, prior | 34 |
Revolving loans amortized cost basis | 61 |
Total | 95 |
Commercial | Commercial Real Estate | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 16,038 |
Term loans amortized costs basis by origination year, 2022 | 88,169 |
Term loans amortized costs basis by origination year, 2021 | 33,685 |
Term loans amortized costs basis by origination year, 2020 | 22,939 |
Term loans amortized costs basis by origination year, 2019 | 14,695 |
Term loans amortized costs basis by origination year, prior | 5,171 |
Revolving loans amortized cost basis | 16,717 |
Total | 197,414 |
Commercial | Commercial Real Estate | Pass | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 16,038 |
Term loans amortized costs basis by origination year, 2022 | 88,169 |
Term loans amortized costs basis by origination year, 2021 | 33,685 |
Term loans amortized costs basis by origination year, 2020 | 22,502 |
Term loans amortized costs basis by origination year, 2019 | 13,833 |
Term loans amortized costs basis by origination year, prior | 4,889 |
Revolving loans amortized cost basis | 16,717 |
Total | 195,833 |
Commercial | Commercial Real Estate | Special Mention | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2020 | 437 |
Term loans amortized costs basis by origination year, 2019 | 862 |
Term loans amortized costs basis by origination year, prior | 171 |
Total | 1,470 |
Commercial | Commercial Real Estate | Substandard | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, prior | 111 |
Total | 111 |
Commercial | Commercial Real Estate | Performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 16,038 |
Term loans amortized costs basis by origination year, 2022 | 88,169 |
Term loans amortized costs basis by origination year, 2021 | 33,685 |
Term loans amortized costs basis by origination year, 2020 | 22,939 |
Term loans amortized costs basis by origination year, 2019 | 14,695 |
Term loans amortized costs basis by origination year, prior | 5,171 |
Revolving loans amortized cost basis | 16,717 |
Total | 197,414 |
Commercial | Commercial Business | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2022 | 10,832 |
Term loans amortized costs basis by origination year, 2021 | 2,389 |
Term loans amortized costs basis by origination year, 2020 | 632 |
Term loans amortized costs basis by origination year, 2019 | 311 |
Term loans amortized costs basis by origination year, prior | 26 |
Revolving loans amortized cost basis | 39,130 |
Total | 53,320 |
Commercial | Commercial Business | Pass | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2022 | 10,832 |
Term loans amortized costs basis by origination year, 2021 | 2,389 |
Term loans amortized costs basis by origination year, 2020 | 632 |
Term loans amortized costs basis by origination year, 2019 | 311 |
Revolving loans amortized cost basis | 37,130 |
Total | 51,294 |
Commercial | Commercial Business | Special Mention | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Revolving loans amortized cost basis | 2,000 |
Total | 2,000 |
Commercial | Commercial Business | Substandard | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, prior | 26 |
Total | 26 |
Commercial | Commercial Business | Performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2022 | 10,832 |
Term loans amortized costs basis by origination year, 2021 | 2,389 |
Term loans amortized costs basis by origination year, 2020 | 632 |
Term loans amortized costs basis by origination year, 2019 | 311 |
Term loans amortized costs basis by origination year, prior | 26 |
Revolving loans amortized cost basis | 39,130 |
Total | 53,320 |
Commercial | Main Street Lending Program | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2020 | 1,564 |
Total | 1,564 |
Commercial | Main Street Lending Program | Pass | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2020 | 1,564 |
Total | 1,564 |
Commercial | Main Street Lending Program | Performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2020 | 1,564 |
Total | 1,564 |
Commercial | SBA PPP Loans | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2021 | 298 |
Total | 298 |
Commercial | SBA PPP Loans | Pass | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2021 | 298 |
Total | 298 |
Commercial | SBA PPP Loans | Performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2021 | 298 |
Total | 298 |
Construction | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 1,443 |
Term loans amortized costs basis by origination year, 2022 | 34,377 |
Term loans amortized costs basis by origination year, 2021 | 37,632 |
Revolving loans amortized cost basis | 3,076 |
Total | 76,528 |
Construction | Pass | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 1,443 |
Term loans amortized costs basis by origination year, 2022 | 34,377 |
Term loans amortized costs basis by origination year, 2021 | 37,632 |
Revolving loans amortized cost basis | 3,076 |
Total | 76,528 |
Construction | Performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 1,443 |
Term loans amortized costs basis by origination year, 2022 | 34,377 |
Term loans amortized costs basis by origination year, 2021 | 37,632 |
Revolving loans amortized cost basis | 3,076 |
Total | 76,528 |
Consumer | Medical Education | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2019 | 40 |
Term loans amortized costs basis by origination year, prior | 3,635 |
Total | 3,675 |
Consumer | Medical Education | Pass | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, prior | 2,386 |
Total | 2,386 |
Consumer | Medical Education | Substandard | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2019 | 40 |
Term loans amortized costs basis by origination year, prior | 1,249 |
Total | 1,289 |
Consumer | Medical Education | Performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, prior | 2,386 |
Total | 2,386 |
Consumer | Medical Education | Non-performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2019 | 40 |
Term loans amortized costs basis by origination year, prior | 1,249 |
Total | 1,289 |
Consumer | Other | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 226 |
Term loans amortized costs basis by origination year, 2022 | 222 |
Total | 448 |
Consumer | Other | Pass | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 226 |
Term loans amortized costs basis by origination year, 2022 | 212 |
Total | 438 |
Consumer | Other | Substandard | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2022 | 10 |
Total | 10 |
Consumer | Other | Performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2023 | 226 |
Term loans amortized costs basis by origination year, 2022 | 212 |
Total | 438 |
Consumer | Other | Non-performing | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Term loans amortized costs basis by origination year, 2022 | 10 |
Total | $ 10 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators by Class of Loan Portfolio (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 490,597,000 | $ 472,823,000 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 424,000 | 309,000 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 468,162,000 | |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,484,000 | |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,177,000 | |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 0 | |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 155,144,000 | 154,953,000 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,206,000 | 2,293,000 |
Residential | Pass | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 153,068,000 | |
Residential | Pass | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,231,000 | |
Residential | Substandard | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,885,000 | |
Residential | Substandard | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 62,000 | |
Commercial | SBA PPP Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 298,000 | 472,000 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 197,414,000 | 185,811,000 |
Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 53,320,000 | 54,464,000 |
Commercial | Main Street Lending Program | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,564,000 | 1,564,000 |
Commercial | Pass | SBA PPP Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 472,000 | |
Commercial | Pass | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 184,214,000 | |
Commercial | Pass | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 54,426,000 | |
Commercial | Pass | Main Street Lending Program | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,564,000 | |
Commercial | Special Mention | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,484,000 | |
Commercial | Substandard | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 113,000 | |
Commercial | Substandard | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 38,000 | |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 76,528,000 | 69,195,000 |
Construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 69,195,000 | |
Consumer | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,675,000 | 3,695,000 |
Consumer | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 448,000 | 376,000 |
Consumer | Pass | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,616,000 | |
Consumer | Pass | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 376,000 | |
Consumer | Substandard | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 1,079,000 |
Loans Receivable - Summary of N
Loans Receivable - Summary of Non-accrual Loans by Classes of Loan Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 3,156 | $ 3,026 |
Residential | 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 1,762 | 1,885 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 95 | 62 |
Consumer | Medical Education | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 1,289 | $ 1,079 |
Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 10 |
Loans Receivable - Summary of_3
Loans Receivable - Summary of Amortized Cost Basis Of Loans On Non-accrual Status (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Modifications [Line Items] | ||
Financing receivable nonaccrual with allowance | $ 1,289 | |
Financing receivable nonaccrual without allowance | 1,867 | |
Loans receivable, nonaccrual status | 3,156 | $ 3,026 |
Residential | 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Financing receivable nonaccrual without allowance | 1,762 | |
Loans receivable, nonaccrual status | 1,762 | 1,885 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Modifications [Line Items] | ||
Financing receivable nonaccrual without allowance | 95 | |
Loans receivable, nonaccrual status | 95 | 62 |
Consumer | Medical Education | ||
Financing Receivable, Modifications [Line Items] | ||
Financing receivable nonaccrual with allowance | 1,289 | |
Loans receivable, nonaccrual status | 1,289 | $ 1,079 |
Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing receivable nonaccrual without allowance | 10 | |
Loans receivable, nonaccrual status | $ 10 |
Loans Receivable - Summary of_4
Loans Receivable - Summary of Amortized Cost Basis of Collateral-dependent Non-accrual Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 3,156 | $ 3,026 |
Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 1,857 | |
Residential | 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 1,762 | 1,885 |
Residential | 1-4 family | Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 1,762 | |
Residential | Home equity and HELOCs | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 95 | 62 |
Residential | Home equity and HELOCs | Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 95 | |
Consumer | Medical Education | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 1,289 | $ 1,079 |
Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 10 |
Loans Receivable - Summary of S
Loans Receivable - Summary of Segments of Loan Portfolio by Aging Categories (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | $ 490,597,000 | $ 472,823,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,303,000 | 1,181,000 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 990,000 | 315,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,302,000 | 1,776,000 |
Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 3,629,000 | 3,272,000 |
Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 486,968,000 | 469,551,000 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 424,000 | 309,000 |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 155,144,000 | 154,953,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Residential | 1-4 family | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 971,000 | 760,000 |
Residential | 1-4 family | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 990,000 | 166,000 |
Residential | 1-4 family | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,251,000 | 1,262,000 |
Residential | 1-4 family | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 3,212,000 | 2,188,000 |
Residential | 1-4 family | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 151,932,000 | 152,765,000 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 2,206,000 | 2,293,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Residential | Home equity and HELOCs | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 22,000 | |
Residential | Home equity and HELOCs | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 34,000 | 22,000 |
Residential | Home equity and HELOCs | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 2,172,000 | 2,271,000 |
Commercial | SBA PPP Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 298,000 | 472,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Commercial | SBA PPP Loans | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 18,000 | |
Commercial | SBA PPP Loans | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 18,000 | |
Commercial | SBA PPP Loans | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 298,000 | 454,000 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 197,414,000 | 185,811,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Commercial | Commercial Real Estate | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 197,414,000 | 185,811,000 |
Commercial | Main Street Lending Program | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 1,564,000 | 1,564,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Commercial | Main Street Lending Program | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,564,000 | 1,564,000 |
Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 53,320,000 | 54,464,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Commercial | Commercial Business | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 53,320,000 | 54,464,000 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 76,528,000 | 69,195,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Construction | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 76,528,000 | 69,195,000 |
Consumer | Medical Education | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 3,675,000 | 3,695,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Consumer | Medical Education | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 332,000 | 381,000 |
Consumer | Medical Education | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 149,000 | |
Consumer | Medical Education | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 41,000 | 514,000 |
Consumer | Medical Education | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 373,000 | 1,044,000 |
Consumer | Medical Education | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 3,302,000 | 2,651,000 |
Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 448,000 | 376,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Consumer | Other | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 10,000 | |
Consumer | Other | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 10,000 | |
Consumer | Other | Financial Asset, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 438,000 | $ 376,000 |
Loans Receivable - Summary of T
Loans Receivable - Summary of Troubled Debt Restructurings on Accrual Status and Non-Accrual Status (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) Loan | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | Loan | 2 |
Loans identified as TDRs | $ 151 |
Accrual Status | |
Financing Receivable, Modifications [Line Items] | |
Loans identified as TDRs | $ 151 |
Commercial Real Estate | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | Loan | 1 |
Loans identified as TDRs | $ 113 |
Commercial Real Estate | Accrual Status | |
Financing Receivable, Modifications [Line Items] | |
Loans identified as TDRs | $ 113 |
Commercial Business | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | Loan | 1 |
Loans identified as TDRs | $ 38 |
Commercial Business | Accrual Status | |
Financing Receivable, Modifications [Line Items] | |
Loans identified as TDRs | $ 38 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Transfers And Servicing Of Financial Assets [Abstract] | |||
Mortgage servicing rights associated with loan sales | $ 208,000 | $ 202,000 | |
Servicing income, includes late and ancillary fees | $ 15,000 | $ 212,000 |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Change in Carrying Value of MSRs Accounted Amortization Method (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Transfers And Servicing [Abstract] | ||
Balance at Beginning of Period | $ 202 | $ 3,382 |
Servicing Rights retained from loans sold | 25 | 135 |
Amortization and other | (19) | (172) |
Mortgage servicing rights sold | (3,190) | |
Balance at End of Period | 208 | 155 |
Fair value, End of Period | $ 248 | $ 195 |
Mortgage Servicing Rights - Sch
Mortgage Servicing Rights - Schedule of Key Data and Assumptions Used in Estimating Fair Value of MSRs (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2021 | |
Transfers And Servicing [Abstract] | ||
Long run Constant Prepayment Rate | 4.99% | 4.99% |
Weighted-Average Life (in years) | 28 years 1 month 6 days | 28 years 1 month 6 days |
Weighted-Average Note Rate | 4.259% | 4.259% |
Weighted-Average Discount Rate | 9.50% | 9.50% |
Derivatives and Risk Manageme_3
Derivatives and Risk Management Activities - Summary of Derivatives not Designated as Hedging Instruments Recorded in Consolidated Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 451 | $ 612 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 451 | $ 612 |
Asset Derivatives, Notional Amount | 28,197 | 38,675 |
Not Designated as Hedging Instrument | Forward Loan Sales Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 10 | 2 |
Liability Derivatives, Notional Amount | $ 750 | $ 1,130 |
Derivatives and Risk Manageme_4
Derivatives and Risk Management Activities - Summary of Amounts Recorded in Consolidated Statements of Income for Derivative Instruments not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(Loss) from derivative instruments | $ (169) | $ (52) |
Interest Rate Lock Commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(Loss) from derivative instruments | (161) | (385) |
Forward Loan Sales Commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(Loss) from derivative instruments | $ (8) | (27) |
TBA Securities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(Loss) from derivative instruments | $ 360 |
Fair Value Presentation - Fair
Fair Value Presentation - Fair Value for Assets Required to be Measured and Reported at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 55,357 | $ 55,664 |
Loans held for sale, at fair value | 3,091 | 15,239 |
Asset Derivatives | 451 | 612 |
U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 2,908 | 2,887 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 38,854 | 38,556 |
Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 11,225 | 11,782 |
Collateralized mortgage obligations - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,635 | 1,681 |
Mortgage-backed securities - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 486 | 511 |
Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 249 | 247 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | 3,091 | 15,239 |
Assets measured at fair value | 58,899 | 71,515 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 38,854 | 38,556 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | 3,091 | 15,239 |
Assets measured at fair value | 19,594 | 32,347 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 451 | 612 |
Fair Value, Measurements, Recurring | U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 2,908 | 2,887 |
Fair Value, Measurements, Recurring | U.S. Governmental securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 2,908 | 2,887 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 38,854 | 38,556 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 38,854 | 38,556 |
Fair Value, Measurements, Recurring | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 11,225 | 11,782 |
Fair Value, Measurements, Recurring | Corporate notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 11,225 | 11,782 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,635 | 1,681 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations - agency residential | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,635 | 1,681 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 486 | 511 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - agency residential | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 486 | 511 |
Fair Value, Measurements, Recurring | Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 249 | 247 |
Fair Value, Measurements, Recurring | Bank CDs | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 249 | 247 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 451 | 612 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | $ 451 | $ 612 |
Fair Value Presentation - Fai_2
Fair Value Presentation - Fair Value for Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 10 | $ 2 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 10 | 2 |
Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 10 | 2 |
Forward Loan Sales Commitments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 10 | $ 2 |
Fair Value Presentation - Chang
Fair Value Presentation - Change in Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Corporate notes | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 3,042 | |
Total unrealized losses: Included in other comprehensive income (loss) | (91) | |
Ending Balance | 2,951 | |
Change in unrealized gain (loss) for the period included other comprehensive income (loss) for assets held | (91) | |
IRLC - Asset | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 612 | 1,382 |
Total (losses) or gains included in earnings and held at reporting date | (161) | (412) |
Ending Balance | 451 | 970 |
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held | (412) | |
Change in unrealized gain (loss) for the period included other comprehensive income (loss) for assets held | $ (161) | |
IRLC - Liability | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | (36) | |
Total (losses) or gains included in earnings and held at reporting date | 27 | |
Ending Balance | (9) | |
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held | $ 27 |
Fair Value Presentation - Addit
Fair Value Presentation - Additional Information (Detail) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 0 | $ 0 |
Interest Rate Lock Commitments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative assets and liabilities | $ 451,000 | $ 612,000 |
Interest Rate Lock Commitments | Level 3 | Pull-through Rates | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.7330 | |
Interest Rate Lock Commitments | Level 3 | Pull-through Rates | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.9800 |
Fair Value Presentation - Signi
Fair Value Presentation - Significant Unobservable Inputs for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Interest Rate Lock Commitments - Level 3 | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 451,000 | $ 612,000 |
Minimum | Pull-through Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.7330 | |
Maximum | Pull-through Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.9800 | |
Fair Value, Measurements, Recurring | Discounted Cash Flows | Pull-through Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 451,000 | $ 612,000 |
Weighted average rate | 0.8580 | 0.9193 |
Fair Value, Measurements, Recurring | Discounted Cash Flows | Minimum | Pull-through Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.7330 | 0.6956 |
Fair Value, Measurements, Recurring | Discounted Cash Flows | Maximum | Pull-through Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.98 | 0.9929 |
Fair Value Presentation - Carry
Fair Value Presentation - Carrying Amount for Class of Assets and Liabilities and Fair Value for Certain Financial Instruments Not Required to be Measured or Reported at Fair Value (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Held-to-maturity, Fair Value | $ 27,750,000 | $ 27,663,000 |
Equity securities | 500,000 | 500,000 |
Mortgage servicing rights | 208,000 | 202,000 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 21,187,000 | 16,280,000 |
Bank-owned life insurance | 10,329,000 | 10,263,000 |
Restricted investment in bank stock | 2,363,000 | 2,052,000 |
Accrued interest receivable | 2,643,000 | 2,473,000 |
Liabilities: | ||
Deposits | 445,122,000 | 458,221,000 |
Advances from borrowers for taxes and insurance | 361,000 | 503,000 |
Accrued interest payable | 420,000 | 285,000 |
Level 2 | ||
Assets: | ||
Held-to-maturity, Fair Value | 26,837,000 | 26,761,000 |
Liabilities: | ||
Deposits | 76,010,000 | 65,699,000 |
Advances from the FHLB | 34,315,000 | 24,236,000 |
Level 3 | ||
Assets: | ||
Held-to-maturity, Fair Value | 913,000 | 902,000 |
Equity securities | 500,000 | 500,000 |
Loans receivable, net | 479,274,000 | 458,166,000 |
Mortgage servicing rights | 248,000 | 241,000 |
Liabilities: | ||
Subordinated debt | 7,789,000 | 8,594,000 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | 21,187,000 | 16,280,000 |
Held-to-maturity, Fair Value | 29,580,000 | 29,771,000 |
Equity securities | 500,000 | 500,000 |
Loans receivable, net | 487,002,000 | 468,955,000 |
Bank-owned life insurance | 10,329,000 | 10,263,000 |
Restricted investment in bank stock | 2,363,000 | 2,052,000 |
Accrued interest receivable | 2,643,000 | 2,473,000 |
Mortgage servicing rights | 208,000 | 202,000 |
Liabilities: | ||
Deposits | 522,142,000 | 525,238,000 |
Advances from the FHLB | 36,633,000 | 26,593,000 |
Subordinated debt | 9,997,000 | 9,997,000 |
Advances from borrowers for taxes and insurance | 361,000 | 503,000 |
Accrued interest payable | 420,000 | 285,000 |
Estimated Fair Value | ||
Assets: | ||
Cash and cash equivalents | 21,187,000 | 16,280,000 |
Held-to-maturity, Fair Value | 27,750,000 | 27,663,000 |
Equity securities | 500,000 | 500,000 |
Loans receivable, net | 479,274,000 | 458,166,000 |
Bank-owned life insurance | 10,329,000 | 10,263,000 |
Restricted investment in bank stock | 2,363,000 | 2,052,000 |
Accrued interest receivable | 2,643,000 | 2,473,000 |
Mortgage servicing rights | 248,000 | 241,000 |
Liabilities: | ||
Deposits | 52,132,000 | 523,920,000 |
Advances from the FHLB | 34,315,000 | 24,236,000 |
Subordinated debt | 7,789,000 | 8,594,000 |
Advances from borrowers for taxes and insurance | 361,000 | 503,000 |
Accrued interest payable | $ 420,000 | $ 285,000 |
Changes in and Reclassificati_3
Changes in and Reclassifications out of Accumulated Other Comprehensive (Loss) Income - Schedule of Changes in Component of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | $ 42,093,000 | $ 42,636,000 | ||
Unrealized holding losses on available-for-sale securities before reclassification | 215,000 | [1] | (1,794,000) | |
Accretion of discount on securities transferred to held-to-maturity | [1] | 149,000 | ||
Amount reclassified for investment securities gains included in net income | 0 | 0 | ||
Other comprehensive income (loss) | 364,000 | [1] | (1,794,000) | |
Ending balance | 43,369,000 | 41,422,000 | ||
Net Unrealized Gains and Losses on Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | [1] | (3,781,000) | (148,000) | |
Unrealized holding losses on available-for-sale securities before reclassification | [1] | 215,000 | (1,794,000) | |
Other comprehensive income (loss) | [1] | 215,000 | (1,794,000) | |
Ending balance | [1] | (3,566,000) | (1,942,000) | |
Net Unrealized Gains and Losses on Held-to-Maturity Securities | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | [1] | 515,000 | ||
Accretion of discount on securities transferred to held-to-maturity | [1] | 149,000 | ||
Other comprehensive income (loss) | [1] | 149,000 | ||
Ending balance | [1] | 664,000 | ||
Total Net Unrealized Gains and Losses | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (3,266,000) | [1] | (148,000) | |
Other comprehensive income (loss) | 364,000 | (1,794,000) | ||
Ending balance | $ (2,902,000) | [1] | $ (1,942,000) | |
[1] All amounts are net of tax. Related tax expense or benefit is calculated using an income tax rate of approximately 29.5% and 29.5% for the three months ended March 31, 2023 and 2022, respectively. |
Changes in and Reclassificati_4
Changes in and Reclassifications out of Accumulated Other Comprehensive (Loss) Income - Schedule of Changes in Component of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stockholders Equity Note [Abstract] | ||
Income tax rate | 29.50% | 29.50% |
Changes in and Reclassificati_5
Changes in and Reclassifications out of Accumulated Other Comprehensive (Loss) Income - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stockholders Equity Note [Abstract] | ||
Amount reclassified for investment securities gains included in net income | $ 0 | $ 0 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share Basic [Line Items] | ||||
Stock options outstanding | 227,300 | 209,600 | 237,300 | 211,000 |
Share vested and exercisable | 114,240 | 87,520 | ||
Restricted Stock | ||||
Earnings Per Share Basic [Line Items] | ||||
Restricted stock shares outstanding | 108,040 | 87,000 | ||
Share vested and exercisable other than option | 53,960 | 36,880 | ||
Stock outstanding not included in computation of diluted net income per share | 108,040 | 50,120 | ||
Stock Options | ||||
Earnings Per Share Basic [Line Items] | ||||
Stock outstanding not included in computation of diluted net income per share | 202,300 | 209,600 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Net Income | $ 608,000 | $ 601,000 |
Weighted average number of shares issued | 2,357,714 | 2,272,858 |
Less weighted average number of treasury shares | (119,006) | (105,365) |
Less weighted average number of unearned ESOP shares | (128,751) | (129,502) |
Less weighted average number of unvested restricted stock awards | (110,820) | (50,400) |
Basic weighted average shares outstanding | 1,999,137 | 1,987,591 |
Diluted weighted average shares outstanding | 2,145,697 | 2,059,501 |
Net income per share: | ||
Basic | $ 0.30 | $ 0.30 |
Net income per share: | ||
Diluted | $ 0.28 | $ 0.29 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Add dilutive effect of stock | 97,778 | 52,158 |
Restricted stock awards | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Add dilutive effect of stock | 48,782 | 19,752 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | May 19, 2021 | Jun. 13, 2018 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Share based compensation, number of shares available for grant | 35,000 | |||
Share based compensation, vesting period | 5 years | |||
Share based compensation, vested percentage | 20% | |||
Share based compensation arrangement by share based payment award options forfeitures in period | 10,000 | |||
Stock Options | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Share based compensation arrangement by share based payment award options forfeitures in period | 10,000 | |||
Restricted Stock Awards | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Share based compensation, number of shares available for grant | 80,000 | |||
Restricted Shares and Stock Options | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Share based compensation, vesting period | 7 years | |||
Restricted Stock | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Share based compensation arrangement by share based payment award equity instruments other than options forfeited in period | 5,000 | |||
2018 Equity Incentive Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Maximum number of shares authorized | 305,497 | |||
Share based compensation, number of shares available for grant | 3,997 | |||
Stock option expense | $ 16,000 | $ 14,000 | ||
Restricted stock expense | 92,000 | $ 45,000 | ||
2018 Equity Incentive Plan | Stock Options | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Maximum number of shares authorized | 218,212 | |||
Total unrecognized compensation cost | $ 359,000 | |||
2018 Equity Incentive Plan | Restricted Stock Awards or Restricted Stock Units | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Maximum number of shares authorized | 87,285 | |||
2018 Equity Incentive Plan | Incentive and Non-Qualified Stock Options | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Share based compensation, number of shares available for grant | 3,712 | |||
2018 Equity Incentive Plan | Restricted Stock Awards | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Share based compensation, number of shares available for grant | 285 | |||
2018 Equity Incentive Plan | Restricted Shares and Stock Options | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Share based compensation, vesting period | 7 years | |||
2018 Equity Incentive Plan | Non Vested Restricted Stock Outstanding | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Expected future compensation expense | $ 1,700,000 | |||
2021 Equity Incentive Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Maximum number of shares authorized | 175,000 | |||
Share based compensation, number of shares available for grant | 75,000 | |||
Share based compensation, number of shares for granted | 100,000 |
Employee Benefits - Summary of
Employee Benefits - Summary of Stock Option Activity (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Options | ||||
Outstanding, balance | 237,300 | 211,000 | 211,000 | |
Exercised | (1,400) | |||
Forfeited | (10,000) | |||
Outstanding, balance | 227,300 | 209,600 | 237,300 | 211,000 |
Exercisable | 114,240 | 87,520 | ||
Weighted-Average Exercise Price | ||||
Outstanding, balance | $ 15.67 | $ 14.92 | $ 14.92 | |
Exercised | 14.80 | |||
Forfeited | 20.11 | |||
Outstanding, balance | 15.47 | 14.92 | $ 15.67 | $ 14.92 |
Exercisable | $ 14.85 | $ 14.90 | ||
Weighted-Average Remaining Contractual Life (in years) | ||||
Outstanding, balance | 5 years 9 months 18 days | 6 years 4 months 24 days | 6 years 2 months 12 days | 6 years 7 months 6 days |
Exercised | 5 years 3 months 18 days | 6 years 3 months 18 days | ||
Average Intrinsic Value | ||||
Outstanding, balance | $ 3,030,321 | $ 1,451,680 | $ 1,451,680 | |
Outstanding, balance | 3,301,216 | 1,473,488 | $ 3,030,321 | $ 1,451,680 |
Exercisable | $ 1,730,736 | $ 617,016 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Restricted Stock Activity (Detail) - Restricted stock awards - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Number of Shares | ||
Non-vested, Balance | 113,600 | 50,680 |
Vested | (560) | (560) |
Forfeited | (5,000) | |
Non-vested, Balance | 108,040 | 50,120 |
Weighted-Average Grant Date Fair Value | ||
Non-vested, Balance | $ 18.58 | $ 14.98 |
Vested | 15.21 | 15.21 |
Forfeited | 20.11 | |
Non-vested, Balance | $ 18.52 | $ 14.98 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Fees for customer services | $ 207,000 | $ 202,000 |
Competitive Rate of Return and FDIC Insurance | ||
Related Party Transaction [Line Items] | ||
Company held deposits for related parties | 13,000,000 | |
Fees for customer services | $ 1,600 | $ 0 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) | Mar. 31, 2023 USD ($) |
Maximum | |
Disaggregation of Revenue [Line Items] | |
FDIC insurance amount | $ 250,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Non-interest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Non-Interest Income | ||
Total Non-Interest Income (in-scope of Topic 606) | $ 210 | $ 205 |
Total Non-Interest Income (out-scope of Topic 606) | 1,025 | 2,938 |
Total Non-Interest Income | 1,235 | 3,143 |
Increase in cash surrender value of bank-owned life insurance | 66 | 36 |
Gain on sale of loans, net | 958 | 2,357 |
Loss from derivative instruments, net | (169) | (52) |
Gain on sale of mortgage servicing rights, net | 1,029 | |
Change in fair value of loans held-for-sale | (239) | (720) |
Other | 409 | 288 |
Fee income | ||
Non-Interest Income | ||
Total Non-Interest Income (in-scope of Topic 606) | 106 | 132 |
Insufficient fund fees | ||
Non-Interest Income | ||
Total Non-Interest Income (in-scope of Topic 606) | 24 | 22 |
Other service charges | ||
Non-Interest Income | ||
Total Non-Interest Income (in-scope of Topic 606) | 72 | 44 |
ATM interchange fee income | ||
Non-Interest Income | ||
Total Non-Interest Income (in-scope of Topic 606) | 5 | 4 |
Other income | ||
Non-Interest Income | ||
Total Non-Interest Income (in-scope of Topic 606) | $ 3 | $ 3 |
Leases - Consolidated Statement
Leases - Consolidated Statement of Financial Condition Classification of ROU Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 7,632 | $ 7,841 |
Operating lease liabilities | $ 8,028 | $ 8,234 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Lease Term and Discount Rate (Detail) | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating Lease,Weighted-average remaining lease term | 9 years 10 months 24 days | 10 years 1 month 6 days |
Operating Lease,Weighted-average discount rate | 2.05% | 2.05% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 209 | $ 205 |
Short-term lease cost | 17 | 5 |
Total | $ 226 | $ 210 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Within one year | $ 986 | |
After one but within two years | 974 | |
After two but within three years | 940 | |
After three but within four years | 953 | |
After four but within five years | 963 | |
After five years | 4,114 | |
Total Future Minimum Lease Payments | 8,930 | |
Amounts Representing Interest | (902) | |
Present Value of Net Future Minimum Lease Payments | $ 8,028 | $ 8,234 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Reporting - Summary of
Segment Reporting - Summary of Financial Information for Reportable Segments (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Total Interest Income | $ 8,071,000 | $ 4,169,000 | |
Total Interest Expense | 2,729,000 | 534,000 | |
Net interest income | 5,342,000 | 3,635,000 | |
Provision (credit) for Credit Losses | 25,000 | 113,000 | |
Net interest income after provision for credit losses | 5,317,000 | 3,522,000 | |
Total non-interest income | 1,235,000 | 3,143,000 | |
Non-Interest Expense | |||
Salaries and employee benefits | 3,662,000 | 3,741,000 | |
Other expenses | 2,024,000 | 2,193,000 | |
Total Non-Interest Expense | 5,686,000 | 5,934,000 | |
Income before income taxes | 866,000 | 731,000 | |
Income tax expense (benefit) | 258,000 | 130,000 | |
Net Income | 608,000 | 601,000 | |
Total Assets | 625,535,000 | 556,526,000 | $ 615,757,000 |
Operating Segments | Retail Banking | |||
Segment Reporting Information [Line Items] | |||
Total Interest Income | 2,259,000 | 1,295,000 | |
Total Interest Expense | 876,000 | 152,000 | |
Net interest income | 1,383,000 | 1,143,000 | |
Provision (credit) for Credit Losses | (25,000) | 17,000 | |
Net interest income after provision for credit losses | 1,408,000 | 1,126,000 | |
Total non-interest income | 185,000 | 331,000 | |
Non-Interest Expense | |||
Salaries and employee benefits | 1,263,000 | 1,367,000 | |
Other expenses | 1,171,000 | 1,024,000 | |
Total Non-Interest Expense | 2,434,000 | 2,391,000 | |
Income before income taxes | (841,000) | (934,000) | |
Income tax expense (benefit) | (237,000) | (171,000) | |
Net Income | (604,000) | (763,000) | |
Total Assets | 296,212,000 | 335,966,000 | |
Operating Segments | Mortgage Banking | |||
Segment Reporting Information [Line Items] | |||
Total Interest Income | 187,000 | 178,000 | |
Total Interest Expense | 16,000 | 17,000 | |
Net interest income | 171,000 | 161,000 | |
Net interest income after provision for credit losses | 171,000 | 161,000 | |
Total non-interest income | 550,000 | 2,673,000 | |
Non-Interest Expense | |||
Salaries and employee benefits | 909,000 | 1,276,000 | |
Other expenses | 489,000 | 763,000 | |
Total Non-Interest Expense | 1,398,000 | 2,039,000 | |
Income before income taxes | (677,000) | 795,000 | |
Income tax expense (benefit) | (190,000) | 146,000 | |
Net Income | (487,000) | 649,000 | |
Total Assets | 3,750,000 | 14,889,000 | |
Operating Segments | Business Banking | |||
Segment Reporting Information [Line Items] | |||
Total Interest Income | 5,625,000 | 2,676,000 | |
Total Interest Expense | 1,729,000 | 256,000 | |
Net interest income | 3,896,000 | 2,420,000 | |
Provision (credit) for Credit Losses | 50,000 | 96,000 | |
Net interest income after provision for credit losses | 3,846,000 | 2,324,000 | |
Total non-interest income | 513,000 | 152,000 | |
Non-Interest Expense | |||
Salaries and employee benefits | 1,490,000 | 1,114,000 | |
Other expenses | 294,000 | 349,000 | |
Total Non-Interest Expense | 1,784,000 | 1,463,000 | |
Income before income taxes | 2,575,000 | 1,013,000 | |
Income tax expense (benefit) | 725,000 | 185,000 | |
Net Income | 1,850,000 | 828,000 | |
Total Assets | 324,806,000 | 205,068,000 | |
Operating Segments | Holding Company | |||
Segment Reporting Information [Line Items] | |||
Total Interest Income | 5,000 | 40,000 | |
Total Interest Expense | 113,000 | 113,000 | |
Net interest income | (108,000) | (73,000) | |
Net interest income after provision for credit losses | (108,000) | (73,000) | |
Non-Interest Expense | |||
Other expenses | 83,000 | 70,000 | |
Total Non-Interest Expense | 83,000 | 70,000 | |
Income before income taxes | (191,000) | (143,000) | |
Income tax expense (benefit) | (40,000) | (30,000) | |
Net Income | (151,000) | (113,000) | |
Total Assets | 53,529,000 | 51,498,000 | |
Intercompany Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total Interest Income | (5,000) | (20,000) | |
Total Interest Expense | (5,000) | (4,000) | |
Net interest income | (16,000) | ||
Net interest income after provision for credit losses | (16,000) | ||
Total non-interest income | (13,000) | (13,000) | |
Non-Interest Expense | |||
Salaries and employee benefits | (16,000) | ||
Other expenses | (13,000) | (13,000) | |
Total Non-Interest Expense | (13,000) | (29,000) | |
Total Assets | $ (52,762,000) | $ (50,895,000) |