Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38437 | |
Entity Registrant Name | OP BANCORP | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 81-3114676 | |
Entity Address, Address Line One | 1000 Wilshire Blvd | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Los Angeles | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90017 | |
City Area Code | 213 | |
Local Phone Number | 892-9999 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | OPBK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,956,399 | |
Entity Central Index Key | 0001722010 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 139,246 | $ 91,216 |
Available-for-sale debt securities, at fair value | 187,225 | 194,250 |
Other investments | 16,264 | 16,276 |
Loans held for sale | 16,075 | 1,795 |
Loans receivable, net of allowance for credit losses of $22,129 and $21,993 as of March 31, 2024 and December 31, 2023, respectively | 1,782,858 | 1,743,852 |
Premises and equipment, net | 4,971 | 5,248 |
Accrued interest receivable | 8,370 | 8,259 |
Servicing assets | 11,405 | 11,741 |
Company owned life insurance | 22,399 | 22,233 |
Deferred tax assets, net | 13,802 | 13,309 |
Other real estate owned | 1,237 | 0 |
Operating right-of-use assets | 8,864 | 8,497 |
Other assets | 21,804 | 31,054 |
Total assets | 2,234,520 | 2,147,730 |
Deposits: | ||
Noninterest-bearing | 539,396 | 522,751 |
Interest-bearing: | ||
Money market and others | 327,718 | 399,018 |
Time deposits greater than $250 | 451,497 | 433,892 |
Other time deposits | 576,800 | 451,897 |
Total deposits | 1,895,411 | 1,807,558 |
Federal Home Loan Bank advances | 105,000 | 105,000 |
Accrued interest payable | 12,270 | 12,628 |
Operating lease liabilities | 9,614 | 9,341 |
Other liabilities | 17,500 | 20,577 |
Total liabilities | 2,039,795 | 1,955,104 |
Shareholders’ equity | ||
Preferred stock no par value; 10,000,000 shares authorized; no shares issued or outstanding as of March 31, 2024 and December 31, 2023 | 0 | 0 |
Common stock – no par value; 50,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 14,982,555 and 15,000,436 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 75,957 | 76,280 |
Additional paid-in capital | 11,240 | 10,942 |
Retained earnings | 124,280 | 120,855 |
Accumulated other comprehensive loss | (16,752) | (15,451) |
Total shareholders’ equity | 194,725 | 192,626 |
Total liabilities and shareholders' equity | $ 2,234,520 | $ 2,147,730 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Loans receivable, net of allowance | $ 22,129 | $ 21,993 |
Preferred stock, par value (USD per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (USD per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares, issued (in shares) | 14,982,555 | 15,000,436 |
Common stock, shares, outstanding (in shares) | 14,982,555 | 15,000,436 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 30,142 | $ 26,011 |
Interest on available-for-sale debt securities | 1,460 | 1,566 |
Other interest income | 1,311 | 1,017 |
Total interest income | 32,913 | 28,594 |
Interest expense | ||
Interest on deposits | 15,675 | 10,382 |
Interest on borrowings | 1,259 | 320 |
Total interest expense | 16,934 | 10,702 |
Net interest income | 15,979 | 17,892 |
Provision for (reversal of) credit losses | 145 | (338) |
Net interest income after provision for credit losses | 15,834 | 18,230 |
NONINTEREST INCOME | ||
Service charges on deposits | 612 | 418 |
Loan servicing fees, net of amortization | 772 | 846 |
Gain on sale of loans | 1,703 | 2,570 |
Other income | 499 | 461 |
Total noninterest income | 3,586 | 4,295 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 7,841 | 7,252 |
Occupancy and equipment | 1,655 | 1,570 |
Data processing and communication | 487 | 550 |
Professional fees | 395 | 359 |
FDIC insurance and regulatory assessments | 374 | 467 |
Promotion and advertising | 149 | 162 |
Directors’ fees | 157 | 161 |
Foundation donation and other contributions | 540 | 753 |
Other expenses | 559 | 634 |
Total noninterest expense | 12,157 | 11,908 |
INCOME BEFORE INCOME TAX EXPENSE | 7,263 | 10,617 |
Income tax expense | 2,037 | 3,083 |
NET INCOME | $ 5,226 | $ 7,534 |
EARNINGS PER SHARE - BASIC (USD per share) | $ 0.34 | $ 0.48 |
EARNINGS PER SHARE - DILUTED (USD per share) | $ 0.34 | $ 0.48 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 5,226 | $ 7,534 |
Other comprehensive (loss) income | ||
Change in unrealized (loss) gain on available-for-sale debt securities | (1,848) | 3,104 |
Tax effect | 547 | (919) |
Total other comprehensive (loss) income | (1,301) | 2,185 |
Comprehensive income | $ 3,925 | $ 9,719 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Cumulative effect related to adoption of ASC 326, net of tax | Adjusted balance | Common Stock | Common Stock Adjusted balance | Additional Paid-in Capital | Additional Paid-in Capital Adjusted balance | Retained Earnings | Retained Earnings Cumulative effect related to adoption of ASC 326, net of tax | Retained Earnings Adjusted balance | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Adjusted balance |
Beginning balance (shares) at Dec. 31, 2022 | 15,270,344 | 15,270,344 | ||||||||||
Beginning balance at Dec. 31, 2022 | $ 176,916 | $ (1,484) | $ 175,432 | $ 79,326 | $ 79,326 | $ 9,743 | $ 9,743 | $ 105,690 | $ (1,484) | $ 104,206 | $ (17,843) | $ (17,843) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 7,534 | 7,534 | ||||||||||
Other comprehensive (loss) income | 2,185 | 2,185 | ||||||||||
Stock issued under stock-based compensation plans, net of forfeiture (in shares) | 93,204 | |||||||||||
Stock issued under stock-based compensation plans, net of forfeiture | 709 | $ 720 | (11) | |||||||||
Stock-based compensation, net | 324 | 324 | ||||||||||
Repurchase of common stock (shares) | (76,990) | |||||||||||
Repurchase of common stock | (571) | $ (571) | ||||||||||
Cash dividends declared ($0.12 per share) | (1,832) | (1,832) | ||||||||||
Ending balance (shares) at Mar. 31, 2023 | 15,286,558 | |||||||||||
Ending balance at Mar. 31, 2023 | 183,781 | $ 79,475 | 10,056 | 109,908 | (15,658) | |||||||
Beginning balance (shares) at Dec. 31, 2023 | 15,000,436 | |||||||||||
Beginning balance at Dec. 31, 2023 | 192,626 | $ 76,280 | 10,942 | 120,855 | (15,451) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 5,226 | 5,226 | ||||||||||
Other comprehensive (loss) income | (1,301) | (1,301) | ||||||||||
Stock issued under stock-based compensation plans, net of forfeiture (in shares) | 31,816 | |||||||||||
Stock issued under stock-based compensation plans, net of forfeiture | 139 | $ 160 | (21) | |||||||||
Stock-based compensation, net | 319 | 319 | ||||||||||
Repurchase of common stock (shares) | (49,697) | |||||||||||
Repurchase of common stock | (483) | $ (483) | ||||||||||
Cash dividends declared ($0.12 per share) | (1,801) | (1,801) | ||||||||||
Ending balance (shares) at Mar. 31, 2024 | 14,982,555 | |||||||||||
Ending balance at Mar. 31, 2024 | $ 194,725 | $ 75,957 | $ 11,240 | $ 124,280 | $ (16,752) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (USD per share) | $ 0.12 | $ 0.12 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net income | $ 5,226 | $ 7,534 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
Provision for (reversal of) credit losses | 145 | (338) |
Depreciation and amortization of premises and equipment | 367 | 334 |
Amortization of net premiums on securities | 35 | 72 |
Amortization of servicing assets | 888 | 961 |
Accretion of net discounts on loans | (641) | (984) |
Amortization of low income housing partnerships | 517 | 361 |
Stock-based compensation, net | 319 | 324 |
Deferred income taxes | 54 | 1,698 |
Gain on sale of loans | (1,703) | (2,570) |
Earnings on company owned life insurance | (166) | (149) |
Net change in fair value of equity investment with readily determinable fair value | 36 | (54) |
Origination of loans held for sale | (40,017) | (9,666) |
Proceeds from sales of loans held for sale | 26,888 | 47,937 |
Net change in: | ||
Accrued interest receivable | (111) | (122) |
Other assets | 8,000 | 443 |
Accrued interest payable | (358) | 2,980 |
Other liabilities | (2,633) | (3,715) |
Net cash from operating activities | (3,154) | 45,046 |
Cash flows from investing activities | ||
Net change in loans receivable | (38,510) | (1,080) |
Proceeds from matured, called, or paid-down securities available for sale | 5,142 | 5,721 |
Purchase of loans | 0 | (12,142) |
Purchase of available-for-sale debt securities | 0 | (5,647) |
Purchase of equity investments | (24) | (20) |
Purchase of premises and equipment, net | (90) | (581) |
Investments in low-income housing partnerships | (1,042) | (113) |
Net cash from investing activities | (34,524) | (13,862) |
Cash flows from financing activities | ||
Net change in deposits | 87,853 | 19,047 |
Cash received from stock option exercises | 160 | 720 |
Proceeds from Federal Home Loan Bank advances | 0 | 50,000 |
Repurchase of common stock | (483) | (571) |
Cash dividend paid on common stock | (1,801) | (1,832) |
Payments related to tax-withholding for vested restricted stock awards | (21) | (11) |
Net cash from financing activities | 85,708 | 67,353 |
Net change in cash and cash equivalents | 48,030 | 98,537 |
Cash and cash equivalents at beginning of period | 91,216 | 82,972 |
Cash and cash equivalents at end of period | 139,246 | 181,509 |
Cash paid during the period for: | ||
Interest | 17,292 | 7,722 |
Supplemental noncash disclosure: | ||
Initial recognition of right-of-use assets | 871 | 849 |
Transfer of loan to other real estate owned | $ 1,237 | $ 0 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation OP Bancorp ("Company") is a California corporation and bank holding company for Open Bank (“Bank”). The Company commenced operation as a bank holding company on June 1, 2016, and substantially all of its assets, operations and business are owned and conducted through the Bank. The Bank is a California state-chartered and FDIC-insured financial institution, which began its operations on June 10, 2005. Headquartered in downtown Los Angeles, California, OP Bancorp operates primarily in the traditional banking business arena that includes accepting deposits and making loans and investments. OP Bancorp’s primary deposit products are demand and time deposits, and the primary lending products are commercial business loans to small to medium sized businesses. OP Bancorp is operating with eleven full-service branches located in California, Washington, Nevada and Texas, and four loan production offices located in California, Georgia, Washington and Colorado. The accompanying unaudited consolidated financial statements and notes thereto of the Company have been prepared by management in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and conform to practices within the banking industry and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair presentation of the financial results for the interim periods presented, including eliminating intercompany transactions and balances. Certain items on the consolidated financial statements and notes for prior years have been reclassified to conform to the 2024 presentation. The results of operations for the interim periods are not necessarily indicative of the results for the full year. These interim unaudited financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report on Form 10-K”). Descriptions of our significant accounting policies are included in Note 1. Summary of Significant Accounting Policies in the Notes to consolidated financial statements in the 2023 Annual Report on Form 10-K. New Accounting Pronouncements Adopted FASB ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . This ASU permits reporting entities to elect to account for tax equity investments, regardless of the tax credit program for which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense. A reporting entity makes an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. The Company adopted ASU 2023-02 on January 1, 2024, and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Pronouncement under Evaluation In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following table summarizes the amortized cost, the corresponding amounts of gross unrealized gains and losses, and estimated fair value of available-for-sale ("AFS") debt securities as of March 31, 2024 and December 31, 2023: March 31, 2024 ($ in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value U.S. Government agencies or sponsored agency securities: Residential mortgage-backed securities $ 46,755 $ — $ (4,746) $ 42,009 Residential collateralized mortgage obligations 158,503 — (19,035) 139,468 Municipal securities - tax exempt 5,751 78 (81) 5,748 Total AFS debt securities $ 211,009 $ 78 $ (23,862) $ 187,225 December 31, 2023 ($ in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value U.S. Government agencies or sponsored agency securities: Residential mortgage-backed securities $ 48,318 $ — $ (4,441) $ 43,877 Residential collateralized mortgage obligations 162,142 67 (17,750) 144,459 Municipal securities - tax exempt 5,726 189 (1) 5,914 Total AFS debt securities $ 216,186 $ 256 $ (22,192) $ 194,250 There were no sales of AFS debt securities during the three months ended March 31, 2024 and 2023. The amortized cost and estimated fair value of AFS debt securities as of March 31, 2024, by contractual maturity, are shown below: ($ in thousands) Amortized Fair After one year through five years $ 1,172 $ 1,124 After five years through ten years 3,141 2,857 After ten years 206,696 183,244 Total AFS debt securities $ 211,009 $ 187,225 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. As of March 31, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. The following table presents the fair value and the associated gross unrealized losses on AFS debt securities by length of time those individual securities in each category have been in a continuous loss as of March 31, 2024 and December 31, 2023: March 31, 2024 Less Than 12 Months 12 Months or Longer Total ($ in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies or sponsored agency securities: Residential mortgage-backed securities $ — $ — $ 42,009 $ (4,746) $ 42,009 $ (4,746) Residential collateralized mortgage obligations 30,766 (483) 108,702 (18,552) 139,468 (19,035) Municipal securities - tax exempt 2,615 (81) — — 2,615 (81) Total AFS debt securities $ 33,381 $ (564) $ 150,711 $ (23,298) $ 184,092 $ (23,862) December 31, 2023 Less Than 12 Months 12 Months or Longer Total ($ in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies or sponsored agency securities: Residential mortgage-backed securities $ 6,488 $ (59) $ 37,389 $ (4,382) $ 43,877 $ (4,441) Residential collateralized mortgage obligations 25,439 (177) 105,963 (17,573) 131,402 (17,750) Municipal securities - tax exempt 1,842 (1) — — 1,842 (1) Total AFS debt securities $ 33,769 $ (237) $ 143,352 $ (21,955) $ 177,121 $ (22,192) Available-for-sale debt securities are measured at fair value and are subject to impairment testing. A security is impaired if the fair value of the security is less than its amortized cost basis. When an available-for-sale debt security is considered impaired, the Company must determine if the decline in fair value has resulted from a credit-related loss or other factors and then, (1) recognize an allowance for credit losses by a charge to earnings for the credit-related component of the decline in fair value, and (2) recognize in other comprehensive income (loss) any non-credit related components of the fair value decline. If the amount of the amortized cost basis expected to be recovered increases in a future period, the valuation reserve would be reduced, but not more than the amount of the current existing reserve for that security. As of March 31, 2024, the Company's AFS debt securities consisted of 86 securities, of which 85 were in an unrealized loss position. The unrealized losses from the decline in fair value is attributable to changes in interest rates, and not credit quality. The issuers of the AFS debt securities are of high credit quality. Approximately 97% of the AFS debt securities are residential mortgage-backed securities and residential collateralized mortgage obligations that were issued by U.S. government-sponsored agencies, such as Ginnie Mae, Fannie Mae and Freddie Mac. The remaining 3% of the AFS debt securities are tax-exempt municipal securities. We believe that the unrealized losses presented in the previous tables are temporary and no credit losses are expected. As a result, the Company expects full collection of the carrying amount of these securities, does not intend to sell the securities in an unrealized loss position, and it was more-likely-than-not the Company will not have to sell these securities prior to recovery of amortized cost. Accordingly, for available-for-sale debt securities, the Company did not have allowance for credit losses as of March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, there were no pledged securities to secure public deposits, borrowing and letters of credit from FHLB and the Board of Governors of the Federal Reserve System, and for other purposes required or permitted by law. The following table presents the other investment securities, which are included in Other investments on the Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 FHLB stock $ 12,528 $ 12,528 Pacific Coast Bankers Bank ("PCBB") stock 190 190 Mutual fund - Community Reinvestment Act ("CRA") qualified 3,451 3,463 Time deposits placed in other banks 95 95 Total other investments $ 16,264 $ 16,276 The Company has equity investment in a mutual fund with readily determinable fair value of $3.5 million and $3.5 million as of March 31, 2024 and December 31, 2023, respectively, which is measured at fair value with changes in fair value recorded in net income. The Company invested in the mutual fund for CRA purposes. For the mutual fund, the Company recorded a $36 thousand unrealized loss and a $54 thousand unrealized gain for the three months ended March 31, 2024 and 2023, respectively. The unrealized gains (losses) of the mutual fund are included in other income in the consolidated statements of income. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses on Loans | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses on Loans | 90 Days Past Due Total Past Due (1) Loans Not Past Due Total (2) As of March 31, 2024 Commercial real estate $ — $ — $ 319 $ 319 $ 905,215 $ 905,534 SBA—real estate 801 70 1,838 2,709 228,794 231,503 SBA—non-real estate — 175 — 175 15,872 16,047 C&I — — — — 147,508 147,508 Home mortgage 217 2,893 — 3,110 499,885 502,995 Consumer — — — — 1,400 1,400 Total $ 1,018 $ 3,138 $ 2,157 $ 6,313 $ 1,798,674 $ 1,804,987 As of December 31, 2023 Commercial real estate $ — $ — $ — $ — $ 885,585 $ 885,585 SBA—real estate 1,868 932 1,983 4,783 219,912 224,695 SBA—non-real estate 154 — — 154 14,843 14,997 C&I — — — — 120,970 120,970 Home mortgage 4,076 2,730 2,491 9,297 508,727 518,024 Consumer — — — — 1,574 1,574 Total $ 6,098 $ 3,662 $ 4,474 $ 14,234 $ 1,751,611 $ 1,765,845 (1) Excludes guaranteed portion of SBA loans of $2.6 million and $1.9 million as of March 31, 2024 and December 31, 2023, respectively. (2) Excludes accrued interest receivables of $7.4 million and $7.3 million as of March 31, 2024 and December 31, 2023, respectively. Loan Modifications to Borrowers Experiencing Financial Difficult: On January 1, 2023, the Company adopted ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” , which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This guidance was applied on a prospective basis. Upon adoption of this guidance, the Company no longer establishes a specific reserve for modifications to borrowers experiencing financial difficulty, unless those loans do not share the same risk characteristics with other loans in the portfolio. Provided that is not the case, these modifications are included in their respective cohort and the allowance for credit losses is estimated on a pooled basis consistent with the other loans with similar risk characteristics. Modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, other than insignificant payment deferrals, other than insignificant term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. No charge-offs of previously modified loans were recorded for the three months ended March 31, 2024 and 2023. No loan modifications were made to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and 2023. Credit Quality Indicators : The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. For consumer loans, a credit grade is established at inception, and generally only adjusted based on performance. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: Special Mention—Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. Substandard—Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful—Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. The following table presents the loan portfolio's amortized cost by loan type, risk rating and year of origination as of March 31, 2024 and December 31, 2023: March 31, 2024 Term Loans by Origination Year Revolving Loans Revolving Loans Converted to Term Loans Total (1) ($ in thousands) 2024 2023 2022 2021 2020 Prior Commercial real estate Pass $ 46,808 $ 110,748 $ 265,976 $ 191,019 $ 93,290 $ 171,390 $ 21,012 $ — $ 900,243 Special mention — — — — — — — — — Substandard — 4,667 — — — 624 — — 5,291 Doubtful — — — — — — — — — Subtotal $ 46,808 $ 115,415 $ 265,976 $ 191,019 $ 93,290 $ 172,014 $ 21,012 $ — $ 905,534 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — SBA— real estate Pass $ 10,510 $ 31,940 $ 45,135 $ 25,844 $ 20,777 $ 88,829 $ — $ — $ 223,035 Special mention — — — — — 1,415 — — 1,415 Substandard — — 1,791 2,893 1,139 1,230 — — 7,053 Doubtful — — — — — — — — — Subtotal $ 10,510 $ 31,940 $ 46,926 $ 28,737 $ 21,916 $ 91,474 $ — $ — $ 231,503 Current period charge-offs $ — $ — $ — $ 66 $ — $ — $ — $ — $ 66 SBA—non-real estate Pass $ 2,256 $ 5,161 $ 2,501 $ 187 $ 1,511 $ 3,753 $ — $ — $ 15,369 Special mention — — — — — — — — — Substandard — — 555 — — 123 — — 678 Doubtful — — — — — — — — — Subtotal $ 2,256 $ 5,161 $ 3,056 $ 187 $ 1,511 $ 3,876 $ — $ — $ 16,047 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — C&I Pass $ 1,667 $ 15,222 $ 17,719 $ 20,588 $ 4,204 $ 2,641 $ 82,992 $ 2,475 $ 147,508 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Subtotal $ 1,667 $ 15,222 $ 17,719 $ 20,588 $ 4,204 $ 2,641 $ 82,992 $ 2,475 $ 147,508 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Home mortgage Pass $ 2,532 $ 69,406 $ 297,571 $ 76,970 $ 18,245 $ 38,054 $ — $ — $ 502,778 Special mention — — — — — — — — — Substandard — — — — — 217 — — 217 Doubtful — — — — — — — — — Subtotal $ 2,532 $ 69,406 $ 297,571 $ 76,970 $ 18,245 $ 38,271 $ — $ — $ 502,995 Current period charge-offs $ — $ — $ — $ — $ — $ 2 $ — $ — $ 2 Consumer Pass $ 8 $ — $ — $ — $ — $ — $ 1,392 $ — $ 1,400 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Subtotal $ 8 $ — $ — $ — $ — $ — $ 1,392 $ — $ 1,400 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans Pass $ 63,781 $ 232,477 $ 628,902 $ 314,608 $ 138,027 $ 304,667 $ 105,396 $ 2,475 $ 1,790,333 Special mention — — — — — 1,415 — — 1,415 Substandard — 4,667 2,346 2,893 1,139 2,194 — — 13,239 Doubtful — — — — — — — — — Subtotal $ 63,781 $ 237,144 $ 631,248 $ 317,501 $ 139,166 $ 308,276 $ 105,396 $ 2,475 $ 1,804,987 Current period charge-offs $ — $ — $ — $ 66 $ — $ 2 $ — $ — $ 68 (1) Excludes accrued interest receivables December 31, 2023 Term Loans by Origination Year Revolving Loans Revolving Loans Converted to Term Loans Total (1) ($ in thousands) 2023 2022 2021 2020 2019 Prior Commercial real estate Pass $ 97,114 $ 207,860 $ 154,872 $ 97,137 $ 138,908 $ 163,320 $ 21,059 $ — $ 880,270 Special mention — — — — — — — — — Substandard — 319 — — — 4,996 — — 5,315 Doubtful — — — — — — — — — Subtotal $ 97,114 $ 208,179 $ 154,872 $ 97,137 $ 138,908 $ 168,316 $ 21,059 $ — $ 885,585 Current period charge-offs $ — $ 457 $ 121 $ — $ 91 $ 17 $ — $ — $ 686 SBA— real estate Pass $ 31,920 $ 44,504 $ 26,188 $ 22,732 $ 28,244 $ 64,442 $ — $ — $ 218,030 Special mention — — — — — 1,428 — — 1,428 Substandard — 1,787 1,079 1,136 — 1,235 — — 5,237 Doubtful — — — — — — — — — Subtotal $ 31,920 $ 46,291 $ 27,267 $ 23,868 $ 28,244 $ 67,105 $ — $ — $ 224,695 Current period charge-offs $ — $ — $ 46 $ — $ — $ — $ — $ — $ 46 SBA—non-real estate Pass $ 5,408 $ 2,584 $ 200 $ 1,556 $ 950 $ 3,423 $ — $ — $ 14,121 Special mention — — — — — — — — — Substandard — 591 — — — 187 — — 778 Doubtful — — — — — 98 — — 98 Subtotal $ 5,408 $ 3,175 $ 200 $ 1,556 $ 950 $ 3,708 $ — $ — $ 14,997 Current period charge-offs $ — $ — $ — $ — $ — $ 35 $ — $ — $ 35 C&I Pass $ 15,117 $ 17,939 $ 22,098 $ 4,695 $ 1,720 $ 1,734 $ 55,106 $ 2,561 $ 120,970 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Subtotal $ 15,117 $ 17,939 $ 22,098 $ 4,695 $ 1,720 $ 1,734 $ 55,106 $ 2,561 $ 120,970 Current period charge-offs $ 17 $ — $ 80 $ — $ — $ — $ — $ — $ 97 Home mortgage Pass $ 72,182 $ 304,346 $ 79,585 $ 18,634 $ 8,939 $ 31,848 $ — $ — $ 515,534 Special mention — — — — — — — — — Substandard — 2,241 249 — — — — — 2,490 Doubtful — — — — — — — — — Subtotal $ 72,182 $ 306,587 $ 79,834 $ 18,634 $ 8,939 $ 31,848 $ — $ — $ 518,024 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ 4 $ — $ — $ — $ 77 $ — $ 1,493 $ — $ 1,574 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Subtotal $ 4 $ — $ — $ — $ 77 $ — $ 1,493 $ — $ 1,574 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans Pass $ 221,745 $ 577,233 $ 282,943 $ 144,754 $ 178,838 $ 264,767 $ 77,658 $ 2,561 $ 1,750,499 Special mention — — — — — 1,428 — — 1,428 Substandard — 4,938 1,328 1,136 — 6,418 — — 13,820 Doubtful — — — — — 98 — — 98 Subtotal $ 221,745 $ 582,171 $ 284,271 $ 145,890 $ 178,838 $ 272,711 $ 77,658 $ 2,561 $ 1,765,845 Current period charge-offs $ 17 $ 457 $ 247 $ — $ 91 $ 52 $ — $ — $ 864 (1) Excludes accrued interest receivables" id="sjs-B4">Loans and Allowance for Credit Losses on Loans Loans The following table presents the composition of the loan portfolio as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Commercial real estate $ 905,534 $ 885,585 SBA—real estate 231,503 224,695 SBA—non-real estate 16,047 14,997 C&I 147,508 120,970 Home mortgage 502,995 518,024 Consumer 1,400 1,574 Gross loans receivable 1,804,987 1,765,845 Allowance for credit losses (22,129) (21,993) Loans receivable, net (1) $ 1,782,858 $ 1,743,852 (1) Includes net deferred loan costs and unamortized premiums of $108 thousand and $140 thousand as of March 31, 2024 and December 31, 2023, respectively. No loans were outstanding to related parties as of March 31, 2024 and December 31, 2023. Allowance for Credit Losses The Company employs a modeled approach that takes into account current and future economic conditions to estimate lifetime expected losses on a collective basis. With the adoption of Current Expected Credit Losses, the Company elected not to consider accrued interest receivable in its estimated credit losses because the Company writes off uncollectible accrued interest receivable in a timely manner. The Company considers writing off accrued interest amounts once the amounts become 90 days past due to be considered within a timely manner. The Company has elected to write off accrued interest receivable by reversing interest income. The Company uses transition matrices to develop the Probability of Default ("PD") and Loss Given Default ("LGD") approach, incorporating quantitative factors and qualitative considerations in the calculation of the allowance for credit losses for collectively assessed loans. The model provides forecasts of PD and LGD based on national unemployment rates using regression analysis. The Company incorporates future economic conditions using a weighted multiple scenario approach: baseline and adverse. The Company applies a reasonable and supportable period of one year for the baseline scenario and two years for the adverse scenario, after which loss assumptions revert to historical loss information through a one-year reversion period for the baseline scenario and a two-year reversion period for the adverse scenario. Additionally, the Company aggregated loan portfolio based on similar risk characteristics. The Company elected to use the Call Report codes and loan risk ratings for loan segmentation in allowance for credit losses. In order to quantify the credit risk impact of other trends and changes within the loan portfolio, the Company utilizes qualitative adjustments to the modeled estimated loss approaches. Included in the qualitative portion of our analysis of the allowance for credit losses are key inputs including GDP, unemployment rates, interest rates, asset quality ratios, loan portfolio concentration, California house price index and commercial real estate price index. The parameters for making adjustments are established under a Credit Risk Matrix that provides different possible scenarios for each of the factors listed below. The Credit Risk Matrix and the possible scenarios enable the Bank to qualitatively adjust the loss rates. This matrix considers the following nine factors, which are patterned after the guidelines provided under the Federal Financial Institutions Examination Council Interagency Policy Statement on the Allowance for Credit Losses, updated to reflect the adoption of Current Expected Credit Losses: • Changes in lending policies and procedures, including changes in underwriting standards and practices for collection, charge-offs, and recoveries; • Actual and expected changes in national and local economic and business conditions and developments in which the institution operates that affect the collectivity of loans; • Changes in the nature and volume of the loan portfolio; • Changes in the experience, ability, and depth of lending management and staff; • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified loans; • Changes in the quality of the credit review function; • Changes in the value of the underlying collateral for loans that are not collateral-dependent; • The existence, growth, and effect of any concentrations of credit, and • The effect of other external factors, such as the regulatory, legal and technological environments; competition; and events such as natural disasters. The Company segments loans primarily by Call Report codes (collateral type) and loan risk ratings, considering that the same type of loans share considerable similar risk characteristics. For loans that do not share similar risk characteristics such as nonaccrual loans above $500 thousand, the Company evaluates these loans on an individual basis in accordance with ASC 326. Such nonaccrual loans are considered to have different risk profiles than performing loans and are therefore evaluated individually. The Company elected to collectively assess nonaccrual loans with balances below $500 thousand along with the performing and accrual loans, in order to reduce the operational burden of individually assessing small nonaccrual loans with immaterial balances. For individually assessed loans, the allowance for credit losses is measured using either 1) the present value of future cash flows discounted at the loan’s effective interest rate; or 2) the fair value of the collateral, if the loan is collateral-dependent. For the collateral-dependent loans, the Company obtains a new appraisal to determine the fair value of collateral. The appraisals are based on an “as-is” valuation. To ensure that appraised values remain current, the Company obtains updated appraisals every twelve months from a qualified independent appraiser. If the fair value of the collateral is less than the amortized balance of the loan, the Company recognizes an allowance for credit losses with a corresponding charge to the provision for credit losses. The Company maintains a separate allowance for credit losses for its off-balance sheet commitments. The Company uses an estimated funding rate to allocate an allowance to undrawn exposures. This funding rate is used as a credit conversion factor to capture how much undrawn lines of credit can potentially become drawn at any point. The funding rate is determined based on a look-back period of 8 quarters. Credit loss is not estimated for off-balance sheet commitments that are unconditionally cancellable by the Company. The following table summarizes the activity in the allowance for credit losses on loans by portfolio segment for the three months ended March 31, 2024 and 2023: ($ in thousands) Commercial Real Estate SBA— Real Estate SBA —Non- Real Estate C&I Home Mortgage Consumer Total Three Months Ended March 31, 2024 Beginning balance $ 7,915 $ 1,657 $ 147 $ 1,215 $ 11,045 $ 14 $ 21,993 Provision for (reversal of) credit losses 129 1,202 71 448 (1,652) (5) 193 Charge-offs — (66) — — (2) — (68) Recoveries — — 11 — — — 11 Ending balance $ 8,044 $ 2,793 $ 229 $ 1,663 $ 9,391 $ 9 $ 22,129 Three Months Ended March 31, 2023 Beginning balance $ 6,951 $ 1,607 $ 207 $ 1,643 $ 8,826 $ 7 $ 19,241 Impact of CECL adoption 875 (238) (142) (320) 1,753 (4) 1,924 Provision for (reversal of) credit losses (951) (140) (7) (53) 893 — (258) Charge-offs (91) (11) (14) — — — (116) Recoveries — — 23 — — — 23 Ending balance $ 6,784 $ 1,218 $ 67 $ 1,270 $ 11,472 $ 3 $ 20,814 Collateral-dependent loans are loans where repayment is expected to be provided solely by the sale of the underlying collateral and there are no other available and reliable sources of repayment. The estimated credit losses for these loans are based on the collateral’s fair value less selling costs. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less selling costs at the time of foreclosure. As of March 31, 2024 and December 31, 2023, there were $2.9 million and $5.2 million, respectively, of collateral-dependent loans which are primarily secured by commercial real estate. The allowance for credit losses allocated to these loans as of March 31, 2024 and December 31, 2023 was $360 thousand and $355, respectively. The following table represents the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2024 and December 31, 2023, for which repayment is expected to be obtained through the sale of the underlying collateral. ($ in thousands) Hotel / Motel Single-Family Residential Total As of March 31, 2024 SBA—real estate $ 2,930 $ — $ 2,930 Total $ 2,930 $ — $ 2,930 As of December 31, 2023 SBA—real estate $ 2,923 $ — $ 2,923 Home mortgage — 2,241 2,241 Total $ 2,923 $ 2,241 $ 5,164 The following table presents the recorded investment in nonaccrual loans and loans past due 90 or more days and still accruing interest, by portfolio as of March 31, 2024 and December 31, 2023: ($ in thousands) Nonaccrual Loans with a Related Allowance for Credit Losses Nonaccrual Loans without a Related Allowance for Credit Losses Total Nonaccrual Loans 90 or More Days Past Due & Still Accruing Total (1) As of March 31, 2024 Commercial real estate $ 319 $ — $ 319 $ — $ 319 SBA—real estate 2,489 1,140 3,629 — 3,629 SBA—non-real estate 178 — 178 — 178 Home mortgage 217 — 217 — 217 Total $ 3,203 $ 1,140 $ 4,343 $ — $ 4,343 As of December 31, 2023 SBA—real estate $ 2,302 $ 1,136 $ 3,438 $ — $ 3,438 SBA—non-real estate 154 — 154 — 154 Home mortgage 249 2,241 2,490 — 2,490 Total $ 2,705 $ 3,377 $ 6,082 $ — $ 6,082 (1) Excludes guaranteed portion of SBA loans of $3.1 million and $2.0 million as of March 31, 2024 and December 31, 2023, respectively. Nonaccrual loans and loans past due 90 or more days and still accruing interest include both homogeneous loans that are collectively and individually evaluated for impairment and individually classified impaired loans. The following table represents the aging analysis of the recorded investment in past due loans as of March 31, 2024 and December 31, 2023: ($ in thousands) 30-59 Days Past Due 60-89 Days Past Due > 90 Days Past Due Total Past Due (1) Loans Not Past Due Total (2) As of March 31, 2024 Commercial real estate $ — $ — $ 319 $ 319 $ 905,215 $ 905,534 SBA—real estate 801 70 1,838 2,709 228,794 231,503 SBA—non-real estate — 175 — 175 15,872 16,047 C&I — — — — 147,508 147,508 Home mortgage 217 2,893 — 3,110 499,885 502,995 Consumer — — — — 1,400 1,400 Total $ 1,018 $ 3,138 $ 2,157 $ 6,313 $ 1,798,674 $ 1,804,987 As of December 31, 2023 Commercial real estate $ — $ — $ — $ — $ 885,585 $ 885,585 SBA—real estate 1,868 932 1,983 4,783 219,912 224,695 SBA—non-real estate 154 — — 154 14,843 14,997 C&I — — — — 120,970 120,970 Home mortgage 4,076 2,730 2,491 9,297 508,727 518,024 Consumer — — — — 1,574 1,574 Total $ 6,098 $ 3,662 $ 4,474 $ 14,234 $ 1,751,611 $ 1,765,845 (1) Excludes guaranteed portion of SBA loans of $2.6 million and $1.9 million as of March 31, 2024 and December 31, 2023, respectively. (2) Excludes accrued interest receivables of $7.4 million and $7.3 million as of March 31, 2024 and December 31, 2023, respectively. Loan Modifications to Borrowers Experiencing Financial Difficult: On January 1, 2023, the Company adopted ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” , which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This guidance was applied on a prospective basis. Upon adoption of this guidance, the Company no longer establishes a specific reserve for modifications to borrowers experiencing financial difficulty, unless those loans do not share the same risk characteristics with other loans in the portfolio. Provided that is not the case, these modifications are included in their respective cohort and the allowance for credit losses is estimated on a pooled basis consistent with the other loans with similar risk characteristics. Modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, other than insignificant payment deferrals, other than insignificant term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. No charge-offs of previously modified loans were recorded for the three months ended March 31, 2024 and 2023. No loan modifications were made to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and 2023. Credit Quality Indicators : The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. For consumer loans, a credit grade is established at inception, and generally only adjusted based on performance. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: Special Mention—Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. Substandard—Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful—Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. The following table presents the loan portfolio's amortized cost by loan type, risk rating and year of origination as of March 31, 2024 and December 31, 2023: March 31, 2024 Term Loans by Origination Year Revolving Loans Revolving Loans Converted to Term Loans Total (1) ($ in thousands) 2024 2023 2022 2021 2020 Prior Commercial real estate Pass $ 46,808 $ 110,748 $ 265,976 $ 191,019 $ 93,290 $ 171,390 $ 21,012 $ — $ 900,243 Special mention — — — — — — — — — Substandard — 4,667 — — — 624 — — 5,291 Doubtful — — — — — — — — — Subtotal $ 46,808 $ 115,415 $ 265,976 $ 191,019 $ 93,290 $ 172,014 $ 21,012 $ — $ 905,534 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — SBA— real estate Pass $ 10,510 $ 31,940 $ 45,135 $ 25,844 $ 20,777 $ 88,829 $ — $ — $ 223,035 Special mention — — — — — 1,415 — — 1,415 Substandard — — 1,791 2,893 1,139 1,230 — — 7,053 Doubtful — — — — — — — — — Subtotal $ 10,510 $ 31,940 $ 46,926 $ 28,737 $ 21,916 $ 91,474 $ — $ — $ 231,503 Current period charge-offs $ — $ — $ — $ 66 $ — $ — $ — $ — $ 66 SBA—non-real estate Pass $ 2,256 $ 5,161 $ 2,501 $ 187 $ 1,511 $ 3,753 $ — $ — $ 15,369 Special mention — — — — — — — — — Substandard — — 555 — — 123 — — 678 Doubtful — — — — — — — — — Subtotal $ 2,256 $ 5,161 $ 3,056 $ 187 $ 1,511 $ 3,876 $ — $ — $ 16,047 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — C&I Pass $ 1,667 $ 15,222 $ 17,719 $ 20,588 $ 4,204 $ 2,641 $ 82,992 $ 2,475 $ 147,508 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Subtotal $ 1,667 $ 15,222 $ 17,719 $ 20,588 $ 4,204 $ 2,641 $ 82,992 $ 2,475 $ 147,508 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Home mortgage Pass $ 2,532 $ 69,406 $ 297,571 $ 76,970 $ 18,245 $ 38,054 $ — $ — $ 502,778 Special mention — — — — — — — — — Substandard — — — — — 217 — — 217 Doubtful — — — — — — — — — Subtotal $ 2,532 $ 69,406 $ 297,571 $ 76,970 $ 18,245 $ 38,271 $ — $ — $ 502,995 Current period charge-offs $ — $ — $ — $ — $ — $ 2 $ — $ — $ 2 Consumer Pass $ 8 $ — $ — $ — $ — $ — $ 1,392 $ — $ 1,400 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Subtotal $ 8 $ — $ — $ — $ — $ — $ 1,392 $ — $ 1,400 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans Pass $ 63,781 $ 232,477 $ 628,902 $ 314,608 $ 138,027 $ 304,667 $ 105,396 $ 2,475 $ 1,790,333 Special mention — — — — — 1,415 — — 1,415 Substandard — 4,667 2,346 2,893 1,139 2,194 — — 13,239 Doubtful — — — — — — — — — Subtotal $ 63,781 $ 237,144 $ 631,248 $ 317,501 $ 139,166 $ 308,276 $ 105,396 $ 2,475 $ 1,804,987 Current period charge-offs $ — $ — $ — $ 66 $ — $ 2 $ — $ — $ 68 (1) Excludes accrued interest receivables December 31, 2023 Term Loans by Origination Year Revolving Loans Revolving Loans Converted to Term Loans Total (1) ($ in thousands) 2023 2022 2021 2020 2019 Prior Commercial real estate Pass $ 97,114 $ 207,860 $ 154,872 $ 97,137 $ 138,908 $ 163,320 $ 21,059 $ — $ 880,270 Special mention — — — — — — — — — Substandard — 319 — — — 4,996 — — 5,315 Doubtful — — — — — — — — — Subtotal $ 97,114 $ 208,179 $ 154,872 $ 97,137 $ 138,908 $ 168,316 $ 21,059 $ — $ 885,585 Current period charge-offs $ — $ 457 $ 121 $ — $ 91 $ 17 $ — $ — $ 686 SBA— real estate Pass $ 31,920 $ 44,504 $ 26,188 $ 22,732 $ 28,244 $ 64,442 $ — $ — $ 218,030 Special mention — — — — — 1,428 — — 1,428 Substandard — 1,787 1,079 1,136 — 1,235 — — 5,237 Doubtful — — — — — — — — — Subtotal $ 31,920 $ 46,291 $ 27,267 $ 23,868 $ 28,244 $ 67,105 $ — $ — $ 224,695 Current period charge-offs $ — $ — $ 46 $ — $ — $ — $ — $ — $ 46 SBA—non-real estate Pass $ 5,408 $ 2,584 $ 200 $ 1,556 $ 950 $ 3,423 $ — $ — $ 14,121 Special mention — — — — — — — — — Substandard — 591 — — — 187 — — 778 Doubtful — — — — — 98 — — 98 Subtotal $ 5,408 $ 3,175 $ 200 $ 1,556 $ 950 $ 3,708 $ — $ — $ 14,997 Current period charge-offs $ — $ — $ — $ — $ — $ 35 $ — $ — $ 35 C&I Pass $ 15,117 $ 17,939 $ 22,098 $ 4,695 $ 1,720 $ 1,734 $ 55,106 $ 2,561 $ 120,970 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Subtotal $ 15,117 $ 17,939 $ 22,098 $ 4,695 $ 1,720 $ 1,734 $ 55,106 $ 2,561 $ 120,970 Current period charge-offs $ 17 $ — $ 80 $ — $ — $ — $ — $ — $ 97 Home mortgage Pass $ 72,182 $ 304,346 $ 79,585 $ 18,634 $ 8,939 $ 31,848 $ — $ — $ 515,534 Special mention — — — — — — — — — Substandard — 2,241 249 — — — — — 2,490 Doubtful — — — — — — — — — Subtotal $ 72,182 $ 306,587 $ 79,834 $ 18,634 $ 8,939 $ 31,848 $ — $ — $ 518,024 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ 4 $ — $ — $ — $ 77 $ — $ 1,493 $ — $ 1,574 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Subtotal $ 4 $ — $ — $ — $ 77 $ — $ 1,493 $ — $ 1,574 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans Pass $ 221,745 $ 577,233 $ 282,943 $ 144,754 $ 178,838 $ 264,767 $ 77,658 $ 2,561 $ 1,750,499 Special mention — — — — — 1,428 — — 1,428 Substandard — 4,938 1,328 1,136 — 6,418 — — 13,820 Doubtful — — — — — 98 — — 98 Subtotal $ 221,745 $ 582,171 $ 284,271 $ 145,890 $ 178,838 $ 272,711 $ 77,658 $ 2,561 $ 1,765,845 Current period charge-offs $ 17 $ 457 $ 247 $ — $ 91 $ 52 $ — $ — $ 864 (1) Excludes accrued interest receivables |
Premises and Equipment
Premises and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment The following table presents information regarding the premises and equipment as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Leasehold improvements $ 9,202 $ 9,135 Furniture and fixtures 4,585 4,814 Equipment and others 3,509 3,504 Total premises and equipment 17,296 17,453 Accumulated depreciation (12,325) (12,205) Total premises and equipment, net $ 4,971 $ 5,248 |
Servicing Assets
Servicing Assets | 3 Months Ended |
Mar. 31, 2024 | |
Servicing Asset [Abstract] | |
Servicing Assets | Servicing Assets The Company recognizes the right to service SBA loans for others as servicing assets when the servicing income the Company receives is more than adequate compensation. Servicing assets are accounted for using the amortization method. Under this method, the Company amortizes the servicing assets over the period of the economic life of the assets arising from estimated net servicing revenue. The Company periodically stratifies its servicing assets into groupings based on risk characteristics and assesses each group for impairment based on fair value. Based on the results of the impairment test, there was no valuation allowance for impairment as of March 31, 2024 and December 31, 2023. The following table presents an analysis of the changes in activity for loan servicing assets during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Beginning balance $ 11,741 $ 12,759 Additions from loans sold with servicing retained 552 1,100 Amortized to expense (888) (961) Ending balance $ 11,405 $ 12,898 The fair value of the servicing assets was $17.4 million as of March 31, 2024, which was determined using discount rates ranging from 3.75% to 11.00% and prepayment speeds ranging from 12.70% to 12.90%, depending on the stratification of the specific assets. The fair value of the servicing assets was $18.0 million as of March 31, 2023, which was determined using discount rates ranging from 4.75% to 10.25% and prepayment speeds ranging from 13.10% to 13.20% depending on the stratification of the specific assets. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Deposits | Deposits Time deposits that exceed the FDIC insurance limit of $250 thousand as of March 31, 2024 and December 31, 2023 were $451.5 million and $433.9 million, respectively. The following table presents the scheduled contractual maturities of time deposits as of March 31, 2024: ($ in thousands) Remainder of 2024 $ 744,388 2025 265,103 2026 18,162 2027 345 2028 and thereafter 299 Total $ 1,028,297 Deposits from principal officers, directors, and their affiliates as of March 31, 2024 and December 31, 2023 were $2.1 million and $1.8 million, respectively. |
Borrowing Arrangements
Borrowing Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | Borrowing Arrangements As of March 31, 2024, the Company had $105.0 million advances from FHLB with a weighted average interest rate of 4.64% and a weighted average remaining term of 0.8 years, compared to $105 million advances with a weighted average interest rate of 4.65% and a weighted average remaining term of 0.9 years as of December 31, 2023. The Company has a letter of credit with the FHLB in the amount of $100.0 million and $67.0 million to secure a public deposit as of March 31, 2024 and December 31, 2023, respectively. The Company had available borrowing capacity from the following institutions as of March 31, 2024: ($ in thousands) FHLB $ 331,917 Federal Reserve Bank 185,913 Pacific Coast Bankers Bank 50,000 Zions Bank 25,000 First Horizon Bank 25,000 Total $ 617,830 The Company has pledged approximately $1.39 billion and $1.39 billion of loans as collateral for these lines of credit as of March 31, 2024 and December 31, 2023, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s income tax expense was $2.0 million and $3.1 million for the three months ended March 31, 2024 and 2023, respectively. The effective income tax rate was 28.0% and 29.0% for the three months ended March 31, 2024 and 2023, respectively. The Company is subject to U.S. Federal income tax as well as various state taxing jurisdictions. The Company is no longer subject to examination by Federal taxing authorities for tax years prior to 2020 and for state taxing authorities for tax years prior to 2019. There were no significant unrealized tax benefits recorded as of March 31, 2024 and December 31, 2023, and the Company does not expect any significant increase in unrealized tax benefits in the next twelve months. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance-Sheet Credit Risk : In the normal course of business, the Company enters into commitments to extend credit such as loan commitments and standby letters of credits (“SBLC”s). These commitments expose the Company to varying degrees of credit and market risk and are subject to the same credit and market risk limitation reviews as those instruments recorded on the Consolidated Balance Sheets. Loan commitments represent arrangements to lend funds or provide liquidity subject to specified contractual conditions. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These commitments generally have fixed expiration dates or contain termination clauses in the event the customer’s credit quality deteriorates. Since many of the commitments are expected to expire without being drawn upon, the commitment amounts do not necessarily represent future funding requirements. The Company applies the same credit underwriting criteria to extend loans and commitments to customers. Each customer’s credit worthiness is evaluated on a case-by-case basis. Collateral may be obtained based on management’s assessment of a customer’s credit. Collateral may include securities, accounts receivable, inventory, property, plant and equipment, and income producing commercial or other properties. The following table presents the distribution of undisbursed credit-related commitments as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Loan commitments $ 232,758 $ 257,626 Standby letter of credit 16,145 6,707 Commercial letter of credit 353 22 Total undisbursed credit related commitments $ 249,256 $ 264,355 The majority of these off-balance sheet commitments have a variable interest rate. Management does not anticipate any material losses as a result of these transactions. Investments in low-income housing partnership : The Company invests in qualified affordable housing partnerships. The following table shows the balance of the investments in low-income housing partnerships and the total unfunded commitments related to the investments in low-income housing partnerships as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Investments in low-income housing partnerships $ 16,370 $ 16,887 Unfunded commitments to fund investments for low-income housing partnerships 10,863 11,905 These balances are reflected in the other assets and other liabilities lines on the Consolidated Balance Sheets. The Company expects to finish fulfilling these commitments during the year ending 2040. Under the proportional amortization method, the Company amortizes the initial cost of the investment in proportion to the tax credit and other benefits received and recognizes the amortization in income tax expense on the Consolidated Statements of Income. The Company recognized amortization expense of $517 thousand and $361 thousand for the three months ended March 31, 2024 and 2023, respectively. Additionally, the Company recognized tax credits and other benefits from the investments in low-income housing partnerships of $655 thousand and $456 thousand and for the three months ended March 31, 2024 and 2023, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has two stock-based compensation plans currently in effect as of March 31, 2024, as described further below. Total compensation cost that has been charged against earnings for these plans for the three months ended March 31, 2024 and 2023 was $319 thousand and $324 thousand, respectively. 2010 Plan : In 2010, the Board of Directors of the Bank approved a new equity incentive plan for granting stock options and restricted stock awards to key employees, officers, and non-employee directors of the Bank (the “2010 Plan”). In 2013, the 2010 Plan was amended and approved by the shareholders to increase the number of shares authorized to be issued under from 1,350,000 shares to 2,500,000 shares of common stock. The 2010 Plan was assumed by the Company in 2016 at the time of the bank holding company reorganization. The exercise prices of stock options granted under the plan may not be less than 100% of the fair value of the Company’s stock at the date of grant. The options, when granted, vest ratably over five years from the date of the grant and expire after ten years if not exercised. The 2010 Plan expired in August 2020, and no further grants can be made under the 2010 Plan. Restricted stock awards issued under the 2010 Plan may or may not be subject to vesting provisions. Owners of the restricted stock awards shall have all of the rights of a shareholder including the right to vote the shares and to all dividends (cash or stock). Compensation expense related to restricted stock awards will be recognized over the vesting period of the awards based on the fair value of the Company’s common stock at the issue date. A summary of the stock options outstanding under the 2010 Plan for the three months ended March 31, 2024 is as follows: ($ in thousands, except share data) Number of Weighted Aggregate Outstanding, as of January 1, 2024 60,000 $ 8.00 $ 177 Options granted — — Options exercised (60,000) 8.00 Options forfeited — — Options expired — — Outstanding, as of March 31, 2024 — $ — $ — Fully vested and expected to vest — $ — $ — Vested — $ — $ — Information related to stock options exercised under the 2010 Plan for the periods indicated follows: Three Months Ended March 31, ($ in thousands) 2024 2023 Intrinsic value of options exercised $ 144 $ 186 Cash received from option exercises 160 720 Tax provision realized from option exercised 24 (3) A summary of the changes in the Company's non-vested restricted stock awards under the 2010 Plan for the three months ended March 31, 2024 is as follows: ($ in thousands, except share data) Shares Issued Weighted Average Grant Date Fair Value Aggregate Non-vested, as of January 1, 2024 10,000 $ 9.69 $ 110 Awards granted — — Awards vested — — Awards forfeited — — Non-vested, as of March 31, 2024 10,000 $ 9.69 $ 100 No tax benefits or expenses were realized from restricted stock awards under the 2020 Plan for the three months ended March 31, 2024 and 2023. As of March 31, 2024, the Company had approximately $13 thousand of unrecognized compensation cost related to unvested restricted stock awards under the 2010 Plan. The Company expects to recognize these costs over a weighted average period of 0.6 years. 2021 Plan : In 2021, the Board of Directors of the Company approved a new equity incentive plan for granting stock options and restricted stock awards to key employees, officers, and non-employee directors of the Company and the Bank (the “2021 Plan”). The 2021 Plan was approved by the Company’s shareholders at the 2021 Annual Meeting. The number of shares authorized to be issued under the 2021 Plan was 1,500,000 shares of the Company’s common stock. The exercise prices of stock options granted under the plan may not be less than 100.00% of the fair value of the Company’s stock at the date of grant. There are no stock options granted under the 2021 Plan as of March 31, 2024. Restricted stock awards issued under the 2021 Plan may or may not be subject to vesting provisions. Owners of the restricted stock awards shall have all rights of a shareholder including the right to vote the shares and to all dividends (cash or stock). Compensation expense related to restricted stock awards will be recognized over the vesting period of the awards based on the fair value of the Company’s common stock at the issue date. A summary of the changes in the Company’s non-vested restricted stock awards under the 2021 Plan for the three months ended March 31, 2024 is as follows: ($ in thousands, except share data) Shares Issued Weighted Aggregate Non-vested, as of January 1, 2024 278,851 $ 11.45 $ 3,053 Awards granted — — Awards vested (4,129) 12.90 Awards forfeited (3,000) 12.90 Non-vested, as of March 31, 2024 271,722 $ 11.41 $ 2,712 Information related to vested restricted stock awards under the 2021 Plan for the periods indicated follows: Three Months Ended March 31, ($ in thousands) 2024 2023 Tax provision realized from awards vested $ (3) $ (2) There were 1,116,001 shares available for future grants of either stock options or restricted stock awards under the 2021 Plan as of March 31, 2024. The Company had approximately $1.4 million of unrecognized compensation cost related to unvested restricted stock awards under the 2021 Plan as of March 31, 2024. The Company expects to recognize these costs over a weighted average period of 1.3 years. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability on the measurement date and is determined using an exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Assets and liabilities recorded at fair value on a recurring basis, such as AFS securities and equity investments. Additionally, from time to time, the Company records fair value adjustments on a nonrecurring basis. These nonrecurring adjustments typically involve application of lower of cost or fair value accounting and write-downs of individual assets. The Company classifies its assets and liabilities recorded at fair value as one of the following three categories and a financial instrument’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement: Level 1—Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2—Significant other observable inputs other than Level 1 prices such as 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. Level 3—Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy. Securities AFS : The fair values of investment securities are determined by matrix pricing, which is a mathematical technique used to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management obtains the fair values of investment securities on a monthly basis from a third-party pricing service. Other Investment: The Company has an equity investment with readily determinable fair value. The fair value for the equity investment with readily determinable fair value is obtained from unadjusted quoted prices in active markets on the date of measurement and classified as Level 1. Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are summarized below: Fair Value Measure on a Recurring Basis ($ in thousands) Total Quoted Significant Other Significant March 31, 2024 U.S. Government agencies or sponsored agency securities: Residential mortgage-backed securities $ 42,009 $ — $ 42,009 $ — Residential collateralized mortgage obligations 139,468 — 139,468 — Municipal securities - tax exempt 5,748 — 5,748 — Other investments: Mutual fund - CRA qualified 3,451 3,451 — — December 31, 2023 U.S. Government agencies or sponsored agency securities: Residential mortgage-backed securities $ 43,877 $ — $ 43,877 $ — Residential collateralized mortgage obligations 144,459 — 144,459 — Municipal securities - tax exempt 5,914 — 5,914 — Other investments: Mutual fund - CRA qualified 3,463 3,463 — — There were no transfers of assets or liabilities between the Level 1 and Level 2 classifications for the three months ended March 31, 2024 or 2023. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower of cost or fair value and write-downs of individual assets. Collateral-dependent loans : Collateral-dependent loans are loans where repayment is expected to be provided solely by the sale of the underlying collateral and there are no other available and reliable sources of repayment. Fair value for collateral-dependent loans are measured based on the value of the collateral securing these loans and are classified at a Level 3 in the fair value hierarchy. Collateral may include real estate, or business assets including equipment, inventory and accounts receivable. The value of real estate collateral is determined based on an appraisal by qualified licensed appraisers hired by the Company. The value of business equipment is based on an appraisal by qualified licensed appraisers hired by the Company if significant, or the equipment’s net book value on the business’ financial statements. Inventory and accounts receivable collateral are valued based on independent field examiner review or aging reports. Appraisals may utilize a single valuation approach or a combination or approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available for similar loans and collateral underlying such loans. Appraised values are reviewed by management using historical knowledge, market considerations, and knowledge of the client and client’s business. Other real estate owned : Fair value of other real estate owned ("OREO") is based primarily on third party appraisals, less costs to sell and result in a Level 3 classification of the inputs for determining fair value. Appraisals are required annually and may be updated more frequently as circumstances require and the fair value adjustments are made to OREO based on the updated appraised value of the property. The following table presents the fair value hierarchy and fair value of assets that were still held and had fair value adjustments measured on a nonrecurring basis as of March 31, 2024 and December 31, 2023: Fair Value Measure on a Nonrecurring Basis ($ in thousands) Total Quoted Significant Other Significant March 31, 2024 Collateral-dependent loans: SBA—real estate $ 1,432 $ — $ — $ 1,432 OREO 1,237 1,237 Total $ 2,669 $ — $ — $ 2,669 December 31, 2023 Collateral-dependent loans: SBA—real estate $ 1,432 $ — $ — $ 1,432 Total $ 1,432 $ — $ — $ 1,432 Total The following table presents the increase (decrease) in value of certain assets held at the end of the respective reporting periods presented for which a nonrecurring fair value adjustment was recognized during the period presented: Three Months Ended March 31, ($ in thousands) 2024 2023 Collateral-dependent loans: SBA—real estate $ — $ 2 C&I — 11 Total $ — $ 13 The following table presents information about significant unobservable inputs utilized in the Company’s nonrecurring Level 3 fair value measurements as of March 31, 2024 and December 31, 2023: ($ in thousands) Fair Value Valuation Unobservable Range of Weighted- Average of Inputs (1) March 31, 2024 Collateral-dependent loans: SBA—real estate $ 1,432 Income approach - income capitalization Capitalization rate 9.0% to 11.8% 10.4% December 31, 2023 Collateral-dependent loans: SBA—real estate $ 1,432 Income approach - income capitalization Capitalization rate 9.3% to 11.0% 9.9% (1) Weighted-average of inputs is based on the relative fair value of the respective assets as of March 31, 2024 and December 31, 2023 . Financial Instruments : The carrying amounts and estimated fair values of financial instruments that are not carried at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are as follows. These financial assets and liabilities are measured at amortized cost basis on the Company’s Consolidated Balance Sheets: March 31, 2024 ($ in thousands) Carrying Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 139,246 $ 139,246 $ — $ — $ 139,246 Loans held for sale 16,075 — 17,361 — 17,361 Loans receivable, net 1,782,858 — — 1,839,133 1,839,133 Accrued interest receivable, net 8,370 164 810 7,396 8,370 Other investments: FHLB and PCBB stock 12,718 N/A N/A N/A N/A Time deposits placed 95 — 95 — 95 Servicing assets 11,405 — — 17,396 17,396 Financial liabilities: Deposits 1,895,411 — 1,896,439 — 1,896,439 FHLB advances 105,000 — 104,455 — 104,455 Accrued interest payable 12,270 — 12,270 — 12,270 December 31, 2023 ($ in thousands) Carrying Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 91,216 $ 91,216 $ — $ — $ 91,216 Loans receivable, net 1,743,852 — — 1,793,258 1,793,258 Accrued interest receivable, net 8,259 69 859 7,331 8,259 Other investments: FHLB and PCBB stock 12,718 N/A N/A N/A N/A Time deposits placed 95 — 95 — 95 Servicing assets 11,741 — — 17,218 17,218 Financial liabilities: Deposits 1,807,558 — 1,808,444 — 1,808,444 FHLB advances 105,000 — 104,231 — 104,231 Accrued interest payable $ 12,628 $ — $ 12,628 $ — $ 12,628 |
Regulatory Capital Matters
Regulatory Capital Matters | 3 Months Ended |
Mar. 31, 2024 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Matters | Regulatory Capital Matters The Bank is subject to certain risk-based capital and leverage ratio requirements under the U.S. Basel III capital rules administered by the federal and state banking agencies. Failure to be well-capitalized or to meet minimum capital requirements could result in certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have an adverse material effect on the Company's operations or financial condition. The Basel III capital rules also require the Bank to maintain a capital conservation buffer of 2.50% above the minimum risk-based capital ratios in order to absorb losses during periods of economic stress, effective January 1, 2019. Banking institutions with a ratio of common equity tier 1 capital to risk-weighted assets above the minimum but below the capital conservation buffer will face constraints on dividends. equity repurchases and compensation based on the amount of the shortfall. Management believes that as of March 31, 2024 and December 31, 2023, the Bank met all capital adequacy requirements to which they are subject to. Based on recent changes to the Federal Reserve’s definition of a “Small Bank Holding Company” that increased the threshold to $3 billion in assets, the Company is not currently subject to separate minimum capital measurements. At such time as the Company reaches the $3 billion asset level, it will again be subject to capital measurements independent of the Bank. The following table presents the regulatory capital amounts and ratios for the Company and the Bank as of dates indicated: March 31, 2024 Actual (1) Required for Minimum ($ in thousands) Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) Consolidated $ 233,132 13.59 % N/A N/A N/A N/A Bank 231,995 13.53 $ 137,205 8.00 % $ 171,507 10.00 % Tier 1 capital (to risk-weighted assets) Consolidated 211,692 12.34 N/A N/A N/A N/A Bank 210,557 12.28 102,904 6.00 137,205 8.00 Common equity Tier 1 capital (to risk-weighted Consolidated 211,692 12.34 N/A N/A N/A N/A Bank 210,557 12.28 77,178 4.50 111,479 6.50 Tier 1 capital (to average assets) Consolidated 211,692 9.65 N/A N/A N/A N/A Bank 210,557 9.60 87,736 4.00 109,670 5.00 (1) The capital requirements are only applicable to the Bank, and the Company's ratios are included for comparison purpose. December 31, 2023 Actual (1) Required for Minimum ($ in thousands) Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) Consolidated $ 229,544 13.77 % N/A N/A N/A N/A Bank 227,773 13.66 $ 133,353 8.00 % $ 166,691 10.00 % Tier 1 capital (to risk-weighted assets) Consolidated 208,707 12.52 N/A N/A N/A N/A Bank 206,936 12.41 100,014 6.00 133,353 8.00 Common equity Tier 1 capital (to risk-weighted Consolidated 208,707 12.52 N/A N/A N/A N/A Bank 206,936 12.41 75,011 4.50 108,349 6.50 Tier 1 capital (to average assets) Consolidated 208,707 9.57 N/A N/A N/A N/A Bank 206,936 9.49 87,207 4.00 109,008 5.00 (1) The capital requirements are only applicable to the Bank, and the Company's ratios are included for comparison purpose. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic EPS is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. The Company grants restricted stock awards, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the Company's common stock. These restricted stock awards meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends, and they are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS. Diluted EPS incorporates the potential impact of contingently issuable shares. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. For each of the periods presented in the table below, diluted EPS calculated under two-class method was more dilutive. The following table presents the calculation of net income applicable to common stockholders and basic and diluted EPS for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands, except share and per share data) 2024 2023 Basic Net income $ 5,226 $ 7,534 Distributed and undistributed earnings allocated to participating securities (98) (159) Net income allocated to common shares $ 5,128 $ 7,375 Weighted average common shares outstanding 14,991,835 15,284,350 Basic earnings per common share $ 0.34 $ 0.48 Diluted Net income allocated to common shares $ 5,128 $ 7,375 Weighted average common shares outstanding for basic earnings per common share 14,991,835 15,284,350 Add: Dilutive effects of assumed exercises of stock options — 28,323 Average shares and dilutive potential common shares 14,991,835 15,312,673 Diluted earnings per common share $ 0.34 $ 0.48 No share of common stock was antidilutive for the three months ended March 31, 2024 and 2023. |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements Adopted and Recently Issued Accounting Pronouncements under Evaluation | New Accounting Pronouncements Adopted FASB ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . This ASU permits reporting entities to elect to account for tax equity investments, regardless of the tax credit program for which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense. A reporting entity makes an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. The Company adopted ASU 2023-02 on January 1, 2024, and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Pronouncement under Evaluation In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU amends the disclosure requirements for income taxes, including the requirement for further disaggregation of the income tax rate reconciliation and income taxes paid disclosures. The amendments in this guidance must be applied prospectively, with the option to apply retrospectively. This guidance is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and the adoption is not expected to have a significant impact on the consolidated financial statements. Loan Modifications to Borrowers Experiencing Financial Difficult: On January 1, 2023, the Company adopted ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” , which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This guidance was applied on a prospective basis. Upon adoption of this guidance, the Company no longer establishes a specific reserve for modifications to borrowers experiencing financial difficulty, unless those loans do not share the same risk characteristics with other loans in the portfolio. Provided that is not the case, these modifications are included in their respective cohort and the allowance for credit losses is estimated on a pooled basis consistent with the other loans with similar risk characteristics. |
Credit Loss, Financial Instrument | Allowance for Credit Losses The Company employs a modeled approach that takes into account current and future economic conditions to estimate lifetime expected losses on a collective basis. With the adoption of Current Expected Credit Losses, the Company elected not to consider accrued interest receivable in its estimated credit losses because the Company writes off uncollectible accrued interest receivable in a timely manner. The Company considers writing off accrued interest amounts once the amounts become 90 days past due to be considered within a timely manner. The Company has elected to write off accrued interest receivable by reversing interest income. The Company uses transition matrices to develop the Probability of Default ("PD") and Loss Given Default ("LGD") approach, incorporating quantitative factors and qualitative considerations in the calculation of the allowance for credit losses for collectively assessed loans. The model provides forecasts of PD and LGD based on national unemployment rates using regression analysis. The Company incorporates future economic conditions using a weighted multiple scenario approach: baseline and adverse. The Company applies a reasonable and supportable period of one year for the baseline scenario and two years for the adverse scenario, after which loss assumptions revert to historical loss information through a one-year reversion period for the baseline scenario and a two-year reversion period for the adverse scenario. Additionally, the Company aggregated loan portfolio based on similar risk characteristics. The Company elected to use the Call Report codes and loan risk ratings for loan segmentation in allowance for credit losses. In order to quantify the credit risk impact of other trends and changes within the loan portfolio, the Company utilizes qualitative adjustments to the modeled estimated loss approaches. Included in the qualitative portion of our analysis of the allowance for credit losses are key inputs including GDP, unemployment rates, interest rates, asset quality ratios, loan portfolio concentration, California house price index and commercial real estate price index. The parameters for making adjustments are established under a Credit Risk Matrix that provides different possible scenarios for each of the factors listed below. The Credit Risk Matrix and the possible scenarios enable the Bank to qualitatively adjust the loss rates. This matrix considers the following nine factors, which are patterned after the guidelines provided under the Federal Financial Institutions Examination Council Interagency Policy Statement on the Allowance for Credit Losses, updated to reflect the adoption of Current Expected Credit Losses: • Changes in lending policies and procedures, including changes in underwriting standards and practices for collection, charge-offs, and recoveries; • Actual and expected changes in national and local economic and business conditions and developments in which the institution operates that affect the collectivity of loans; • Changes in the nature and volume of the loan portfolio; • Changes in the experience, ability, and depth of lending management and staff; • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified loans; • Changes in the quality of the credit review function; • Changes in the value of the underlying collateral for loans that are not collateral-dependent; • The existence, growth, and effect of any concentrations of credit, and • The effect of other external factors, such as the regulatory, legal and technological environments; competition; and events such as natural disasters. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Fair Value, and Corresponding Amounts of Gross Unrealized Gains and Losses for Available for Sale Securities | The following table summarizes the amortized cost, the corresponding amounts of gross unrealized gains and losses, and estimated fair value of available-for-sale ("AFS") debt securities as of March 31, 2024 and December 31, 2023: March 31, 2024 ($ in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value U.S. Government agencies or sponsored agency securities: Residential mortgage-backed securities $ 46,755 $ — $ (4,746) $ 42,009 Residential collateralized mortgage obligations 158,503 — (19,035) 139,468 Municipal securities - tax exempt 5,751 78 (81) 5,748 Total AFS debt securities $ 211,009 $ 78 $ (23,862) $ 187,225 December 31, 2023 ($ in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value U.S. Government agencies or sponsored agency securities: Residential mortgage-backed securities $ 48,318 $ — $ (4,441) $ 43,877 Residential collateralized mortgage obligations 162,142 67 (17,750) 144,459 Municipal securities - tax exempt 5,726 189 (1) 5,914 Total AFS debt securities $ 216,186 $ 256 $ (22,192) $ 194,250 |
Schedule of Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity | The amortized cost and estimated fair value of AFS debt securities as of March 31, 2024, by contractual maturity, are shown below: ($ in thousands) Amortized Fair After one year through five years $ 1,172 $ 1,124 After five years through ten years 3,141 2,857 After ten years 206,696 183,244 Total AFS debt securities $ 211,009 $ 187,225 |
Schedule of Unrealized Losses on AFS Debt Securities | The following table presents the fair value and the associated gross unrealized losses on AFS debt securities by length of time those individual securities in each category have been in a continuous loss as of March 31, 2024 and December 31, 2023: March 31, 2024 Less Than 12 Months 12 Months or Longer Total ($ in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies or sponsored agency securities: Residential mortgage-backed securities $ — $ — $ 42,009 $ (4,746) $ 42,009 $ (4,746) Residential collateralized mortgage obligations 30,766 (483) 108,702 (18,552) 139,468 (19,035) Municipal securities - tax exempt 2,615 (81) — — 2,615 (81) Total AFS debt securities $ 33,381 $ (564) $ 150,711 $ (23,298) $ 184,092 $ (23,862) December 31, 2023 Less Than 12 Months 12 Months or Longer Total ($ in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies or sponsored agency securities: Residential mortgage-backed securities $ 6,488 $ (59) $ 37,389 $ (4,382) $ 43,877 $ (4,441) Residential collateralized mortgage obligations 25,439 (177) 105,963 (17,573) 131,402 (17,750) Municipal securities - tax exempt 1,842 (1) — — 1,842 (1) Total AFS debt securities $ 33,769 $ (237) $ 143,352 $ (21,955) $ 177,121 $ (22,192) |
Schedule of Other Investments | The following table presents the other investment securities, which are included in Other investments on the Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 FHLB stock $ 12,528 $ 12,528 Pacific Coast Bankers Bank ("PCBB") stock 190 190 Mutual fund - Community Reinvestment Act ("CRA") qualified 3,451 3,463 Time deposits placed in other banks 95 95 Total other investments $ 16,264 $ 16,276 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses on Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Composition of Loan Portfolio | The following table presents the composition of the loan portfolio as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Commercial real estate $ 905,534 $ 885,585 SBA—real estate 231,503 224,695 SBA—non-real estate 16,047 14,997 C&I 147,508 120,970 Home mortgage 502,995 518,024 Consumer 1,400 1,574 Gross loans receivable 1,804,987 1,765,845 Allowance for credit losses (22,129) (21,993) Loans receivable, net (1) $ 1,782,858 $ 1,743,852 (1) Includes net deferred loan costs and unamortized premiums of $108 thousand and $140 thousand as of March 31, 2024 and December 31, 2023, respectively. The following table represents the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2024 and December 31, 2023, for which repayment is expected to be obtained through the sale of the underlying collateral. ($ in thousands) Hotel / Motel Single-Family Residential Total As of March 31, 2024 SBA—real estate $ 2,930 $ — $ 2,930 Total $ 2,930 $ — $ 2,930 As of December 31, 2023 SBA—real estate $ 2,923 $ — $ 2,923 Home mortgage — 2,241 2,241 Total $ 2,923 $ 2,241 $ 5,164 |
Schedule of Activity in Allowance for Loan Losses by Portfolio Segment | The following table summarizes the activity in the allowance for credit losses on loans by portfolio segment for the three months ended March 31, 2024 and 2023: ($ in thousands) Commercial Real Estate SBA— Real Estate SBA —Non- Real Estate C&I Home Mortgage Consumer Total Three Months Ended March 31, 2024 Beginning balance $ 7,915 $ 1,657 $ 147 $ 1,215 $ 11,045 $ 14 $ 21,993 Provision for (reversal of) credit losses 129 1,202 71 448 (1,652) (5) 193 Charge-offs — (66) — — (2) — (68) Recoveries — — 11 — — — 11 Ending balance $ 8,044 $ 2,793 $ 229 $ 1,663 $ 9,391 $ 9 $ 22,129 Three Months Ended March 31, 2023 Beginning balance $ 6,951 $ 1,607 $ 207 $ 1,643 $ 8,826 $ 7 $ 19,241 Impact of CECL adoption 875 (238) (142) (320) 1,753 (4) 1,924 Provision for (reversal of) credit losses (951) (140) (7) (53) 893 — (258) Charge-offs (91) (11) (14) — — — (116) Recoveries — — 23 — — — 23 Ending balance $ 6,784 $ 1,218 $ 67 $ 1,270 $ 11,472 $ 3 $ 20,814 |
Schedule of Recorded Investment in Nonaccrual Loans and Loans Past Due 90 or More Days and Still Accruing Interest by Portfolio Segment | The following table presents the recorded investment in nonaccrual loans and loans past due 90 or more days and still accruing interest, by portfolio as of March 31, 2024 and December 31, 2023: ($ in thousands) Nonaccrual Loans with a Related Allowance for Credit Losses Nonaccrual Loans without a Related Allowance for Credit Losses Total Nonaccrual Loans 90 or More Days Past Due & Still Accruing Total (1) As of March 31, 2024 Commercial real estate $ 319 $ — $ 319 $ — $ 319 SBA—real estate 2,489 1,140 3,629 — 3,629 SBA—non-real estate 178 — 178 — 178 Home mortgage 217 — 217 — 217 Total $ 3,203 $ 1,140 $ 4,343 $ — $ 4,343 As of December 31, 2023 SBA—real estate $ 2,302 $ 1,136 $ 3,438 $ — $ 3,438 SBA—non-real estate 154 — 154 — 154 Home mortgage 249 2,241 2,490 — 2,490 Total $ 2,705 $ 3,377 $ 6,082 $ — $ 6,082 (1) Excludes guaranteed portion of SBA loans of $3.1 million and $2.0 million as of March 31, 2024 and December 31, 2023, respectively. |
Schedule of Aging Analysis of Recorded Investment in Past Due Loans | The following table represents the aging analysis of the recorded investment in past due loans as of March 31, 2024 and December 31, 2023: ($ in thousands) 30-59 Days Past Due 60-89 Days Past Due > 90 Days Past Due Total Past Due (1) Loans Not Past Due Total (2) As of March 31, 2024 Commercial real estate $ — $ — $ 319 $ 319 $ 905,215 $ 905,534 SBA—real estate 801 70 1,838 2,709 228,794 231,503 SBA—non-real estate — 175 — 175 15,872 16,047 C&I — — — — 147,508 147,508 Home mortgage 217 2,893 — 3,110 499,885 502,995 Consumer — — — — 1,400 1,400 Total $ 1,018 $ 3,138 $ 2,157 $ 6,313 $ 1,798,674 $ 1,804,987 As of December 31, 2023 Commercial real estate $ — $ — $ — $ — $ 885,585 $ 885,585 SBA—real estate 1,868 932 1,983 4,783 219,912 224,695 SBA—non-real estate 154 — — 154 14,843 14,997 C&I — — — — 120,970 120,970 Home mortgage 4,076 2,730 2,491 9,297 508,727 518,024 Consumer — — — — 1,574 1,574 Total $ 6,098 $ 3,662 $ 4,474 $ 14,234 $ 1,751,611 $ 1,765,845 (1) Excludes guaranteed portion of SBA loans of $2.6 million and $1.9 million as of March 31, 2024 and December 31, 2023, respectively. (2) Excludes accrued interest receivables of $7.4 million and $7.3 million as of March 31, 2024 and December 31, 2023, respectively. |
Schedule of Credit Risk Ratings by Portfolio Segment | The following table presents the loan portfolio's amortized cost by loan type, risk rating and year of origination as of March 31, 2024 and December 31, 2023: March 31, 2024 Term Loans by Origination Year Revolving Loans Revolving Loans Converted to Term Loans Total (1) ($ in thousands) 2024 2023 2022 2021 2020 Prior Commercial real estate Pass $ 46,808 $ 110,748 $ 265,976 $ 191,019 $ 93,290 $ 171,390 $ 21,012 $ — $ 900,243 Special mention — — — — — — — — — Substandard — 4,667 — — — 624 — — 5,291 Doubtful — — — — — — — — — Subtotal $ 46,808 $ 115,415 $ 265,976 $ 191,019 $ 93,290 $ 172,014 $ 21,012 $ — $ 905,534 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — SBA— real estate Pass $ 10,510 $ 31,940 $ 45,135 $ 25,844 $ 20,777 $ 88,829 $ — $ — $ 223,035 Special mention — — — — — 1,415 — — 1,415 Substandard — — 1,791 2,893 1,139 1,230 — — 7,053 Doubtful — — — — — — — — — Subtotal $ 10,510 $ 31,940 $ 46,926 $ 28,737 $ 21,916 $ 91,474 $ — $ — $ 231,503 Current period charge-offs $ — $ — $ — $ 66 $ — $ — $ — $ — $ 66 SBA—non-real estate Pass $ 2,256 $ 5,161 $ 2,501 $ 187 $ 1,511 $ 3,753 $ — $ — $ 15,369 Special mention — — — — — — — — — Substandard — — 555 — — 123 — — 678 Doubtful — — — — — — — — — Subtotal $ 2,256 $ 5,161 $ 3,056 $ 187 $ 1,511 $ 3,876 $ — $ — $ 16,047 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — C&I Pass $ 1,667 $ 15,222 $ 17,719 $ 20,588 $ 4,204 $ 2,641 $ 82,992 $ 2,475 $ 147,508 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Subtotal $ 1,667 $ 15,222 $ 17,719 $ 20,588 $ 4,204 $ 2,641 $ 82,992 $ 2,475 $ 147,508 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Home mortgage Pass $ 2,532 $ 69,406 $ 297,571 $ 76,970 $ 18,245 $ 38,054 $ — $ — $ 502,778 Special mention — — — — — — — — — Substandard — — — — — 217 — — 217 Doubtful — — — — — — — — — Subtotal $ 2,532 $ 69,406 $ 297,571 $ 76,970 $ 18,245 $ 38,271 $ — $ — $ 502,995 Current period charge-offs $ — $ — $ — $ — $ — $ 2 $ — $ — $ 2 Consumer Pass $ 8 $ — $ — $ — $ — $ — $ 1,392 $ — $ 1,400 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Subtotal $ 8 $ — $ — $ — $ — $ — $ 1,392 $ — $ 1,400 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans Pass $ 63,781 $ 232,477 $ 628,902 $ 314,608 $ 138,027 $ 304,667 $ 105,396 $ 2,475 $ 1,790,333 Special mention — — — — — 1,415 — — 1,415 Substandard — 4,667 2,346 2,893 1,139 2,194 — — 13,239 Doubtful — — — — — — — — — Subtotal $ 63,781 $ 237,144 $ 631,248 $ 317,501 $ 139,166 $ 308,276 $ 105,396 $ 2,475 $ 1,804,987 Current period charge-offs $ — $ — $ — $ 66 $ — $ 2 $ — $ — $ 68 (1) Excludes accrued interest receivables December 31, 2023 Term Loans by Origination Year Revolving Loans Revolving Loans Converted to Term Loans Total (1) ($ in thousands) 2023 2022 2021 2020 2019 Prior Commercial real estate Pass $ 97,114 $ 207,860 $ 154,872 $ 97,137 $ 138,908 $ 163,320 $ 21,059 $ — $ 880,270 Special mention — — — — — — — — — Substandard — 319 — — — 4,996 — — 5,315 Doubtful — — — — — — — — — Subtotal $ 97,114 $ 208,179 $ 154,872 $ 97,137 $ 138,908 $ 168,316 $ 21,059 $ — $ 885,585 Current period charge-offs $ — $ 457 $ 121 $ — $ 91 $ 17 $ — $ — $ 686 SBA— real estate Pass $ 31,920 $ 44,504 $ 26,188 $ 22,732 $ 28,244 $ 64,442 $ — $ — $ 218,030 Special mention — — — — — 1,428 — — 1,428 Substandard — 1,787 1,079 1,136 — 1,235 — — 5,237 Doubtful — — — — — — — — — Subtotal $ 31,920 $ 46,291 $ 27,267 $ 23,868 $ 28,244 $ 67,105 $ — $ — $ 224,695 Current period charge-offs $ — $ — $ 46 $ — $ — $ — $ — $ — $ 46 SBA—non-real estate Pass $ 5,408 $ 2,584 $ 200 $ 1,556 $ 950 $ 3,423 $ — $ — $ 14,121 Special mention — — — — — — — — — Substandard — 591 — — — 187 — — 778 Doubtful — — — — — 98 — — 98 Subtotal $ 5,408 $ 3,175 $ 200 $ 1,556 $ 950 $ 3,708 $ — $ — $ 14,997 Current period charge-offs $ — $ — $ — $ — $ — $ 35 $ — $ — $ 35 C&I Pass $ 15,117 $ 17,939 $ 22,098 $ 4,695 $ 1,720 $ 1,734 $ 55,106 $ 2,561 $ 120,970 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Subtotal $ 15,117 $ 17,939 $ 22,098 $ 4,695 $ 1,720 $ 1,734 $ 55,106 $ 2,561 $ 120,970 Current period charge-offs $ 17 $ — $ 80 $ — $ — $ — $ — $ — $ 97 Home mortgage Pass $ 72,182 $ 304,346 $ 79,585 $ 18,634 $ 8,939 $ 31,848 $ — $ — $ 515,534 Special mention — — — — — — — — — Substandard — 2,241 249 — — — — — 2,490 Doubtful — — — — — — — — — Subtotal $ 72,182 $ 306,587 $ 79,834 $ 18,634 $ 8,939 $ 31,848 $ — $ — $ 518,024 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ 4 $ — $ — $ — $ 77 $ — $ 1,493 $ — $ 1,574 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Subtotal $ 4 $ — $ — $ — $ 77 $ — $ 1,493 $ — $ 1,574 Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans Pass $ 221,745 $ 577,233 $ 282,943 $ 144,754 $ 178,838 $ 264,767 $ 77,658 $ 2,561 $ 1,750,499 Special mention — — — — — 1,428 — — 1,428 Substandard — 4,938 1,328 1,136 — 6,418 — — 13,820 Doubtful — — — — — 98 — — 98 Subtotal $ 221,745 $ 582,171 $ 284,271 $ 145,890 $ 178,838 $ 272,711 $ 77,658 $ 2,561 $ 1,765,845 Current period charge-offs $ 17 $ 457 $ 247 $ — $ 91 $ 52 $ — $ — $ 864 (1) Excludes accrued interest receivables |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | The following table presents information regarding the premises and equipment as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Leasehold improvements $ 9,202 $ 9,135 Furniture and fixtures 4,585 4,814 Equipment and others 3,509 3,504 Total premises and equipment 17,296 17,453 Accumulated depreciation (12,325) (12,205) Total premises and equipment, net $ 4,971 $ 5,248 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Servicing Asset [Abstract] | |
Schedule of Activity for Loan Servicing Assets | The following table presents an analysis of the changes in activity for loan servicing assets during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Beginning balance $ 11,741 $ 12,759 Additions from loans sold with servicing retained 552 1,100 Amortized to expense (888) (961) Ending balance $ 11,405 $ 12,898 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Schedule of Maturities of Time Deposits | The following table presents the scheduled contractual maturities of time deposits as of March 31, 2024: ($ in thousands) Remainder of 2024 $ 744,388 2025 265,103 2026 18,162 2027 345 2028 and thereafter 299 Total $ 1,028,297 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings Available to the Company from Institutions | The Company had available borrowing capacity from the following institutions as of March 31, 2024: ($ in thousands) FHLB $ 331,917 Federal Reserve Bank 185,913 Pacific Coast Bankers Bank 50,000 Zions Bank 25,000 First Horizon Bank 25,000 Total $ 617,830 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Distribution of Undisbursed Loan Commitments | The following table presents the distribution of undisbursed credit-related commitments as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Loan commitments $ 232,758 $ 257,626 Standby letter of credit 16,145 6,707 Commercial letter of credit 353 22 Total undisbursed credit related commitments $ 249,256 $ 264,355 |
Schedule of Balance and Total Unfunded Commitments Related to Investment in Low Income Housing Partnerships | The following table shows the balance of the investments in low-income housing partnerships and the total unfunded commitments related to the investments in low-income housing partnerships as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Investments in low-income housing partnerships $ 16,370 $ 16,887 Unfunded commitments to fund investments for low-income housing partnerships 10,863 11,905 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Stock Options Activity | A summary of the stock options outstanding under the 2010 Plan for the three months ended March 31, 2024 is as follows: ($ in thousands, except share data) Number of Weighted Aggregate Outstanding, as of January 1, 2024 60,000 $ 8.00 $ 177 Options granted — — Options exercised (60,000) 8.00 Options forfeited — — Options expired — — Outstanding, as of March 31, 2024 — $ — $ — Fully vested and expected to vest — $ — $ — Vested — $ — $ — |
Schedule of Information Related to Stock Option Plan | Information related to stock options exercised under the 2010 Plan for the periods indicated follows: Three Months Ended March 31, ($ in thousands) 2024 2023 Intrinsic value of options exercised $ 144 $ 186 Cash received from option exercises 160 720 Tax provision realized from option exercised 24 (3) |
Schedule of Changes in Non-vested Restricted Stock Awards | A summary of the changes in the Company's non-vested restricted stock awards under the 2010 Plan for the three months ended March 31, 2024 is as follows: ($ in thousands, except share data) Shares Issued Weighted Average Grant Date Fair Value Aggregate Non-vested, as of January 1, 2024 10,000 $ 9.69 $ 110 Awards granted — — Awards vested — — Awards forfeited — — Non-vested, as of March 31, 2024 10,000 $ 9.69 $ 100 A summary of the changes in the Company’s non-vested restricted stock awards under the 2021 Plan for the three months ended March 31, 2024 is as follows: ($ in thousands, except share data) Shares Issued Weighted Aggregate Non-vested, as of January 1, 2024 278,851 $ 11.45 $ 3,053 Awards granted — — Awards vested (4,129) 12.90 Awards forfeited (3,000) 12.90 Non-vested, as of March 31, 2024 271,722 $ 11.41 $ 2,712 |
Schedule of Share Based Compensation Arrangement Information Related to Plan | Information related to vested restricted stock awards under the 2021 Plan for the periods indicated follows: Three Months Ended March 31, ($ in thousands) 2024 2023 Tax provision realized from awards vested $ (3) $ (2) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are summarized below: Fair Value Measure on a Recurring Basis ($ in thousands) Total Quoted Significant Other Significant March 31, 2024 U.S. Government agencies or sponsored agency securities: Residential mortgage-backed securities $ 42,009 $ — $ 42,009 $ — Residential collateralized mortgage obligations 139,468 — 139,468 — Municipal securities - tax exempt 5,748 — 5,748 — Other investments: Mutual fund - CRA qualified 3,451 3,451 — — December 31, 2023 U.S. Government agencies or sponsored agency securities: Residential mortgage-backed securities $ 43,877 $ — $ 43,877 $ — Residential collateralized mortgage obligations 144,459 — 144,459 — Municipal securities - tax exempt 5,914 — 5,914 — Other investments: Mutual fund - CRA qualified 3,463 3,463 — — |
Schedule of Fair Value Hierarchy and Fair Value of Assets that Were Still Held and Had Fair Value Adjustments Measured On a Nonrecurring Basis | The following table presents the fair value hierarchy and fair value of assets that were still held and had fair value adjustments measured on a nonrecurring basis as of March 31, 2024 and December 31, 2023: Fair Value Measure on a Nonrecurring Basis ($ in thousands) Total Quoted Significant Other Significant March 31, 2024 Collateral-dependent loans: SBA—real estate $ 1,432 $ — $ — $ 1,432 OREO 1,237 1,237 Total $ 2,669 $ — $ — $ 2,669 December 31, 2023 Collateral-dependent loans: SBA—real estate $ 1,432 $ — $ — $ 1,432 Total $ 1,432 $ — $ — $ 1,432 Total |
Schedule of Increase (Decrease) In Value of Certain Assets Held at End of Respective Reporting Periods Presented for Which a Nonrecurring Fair Value Adjustment | The following table presents the increase (decrease) in value of certain assets held at the end of the respective reporting periods presented for which a nonrecurring fair value adjustment was recognized during the period presented: Three Months Ended March 31, ($ in thousands) 2024 2023 Collateral-dependent loans: SBA—real estate $ — $ 2 C&I — 11 Total $ — $ 13 |
Schedule of Information about Significant Unobservable Inputs Utilized in Company's Nonrecurring Level 3 Fair Value Measurements | The following table presents information about significant unobservable inputs utilized in the Company’s nonrecurring Level 3 fair value measurements as of March 31, 2024 and December 31, 2023: ($ in thousands) Fair Value Valuation Unobservable Range of Weighted- Average of Inputs (1) March 31, 2024 Collateral-dependent loans: SBA—real estate $ 1,432 Income approach - income capitalization Capitalization rate 9.0% to 11.8% 10.4% December 31, 2023 Collateral-dependent loans: SBA—real estate $ 1,432 Income approach - income capitalization Capitalization rate 9.3% to 11.0% 9.9% (1) Weighted-average of inputs is based on the relative fair value of the respective assets as of March 31, 2024 and December 31, 2023 . |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value | Financial Instruments : The carrying amounts and estimated fair values of financial instruments that are not carried at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are as follows. These financial assets and liabilities are measured at amortized cost basis on the Company’s Consolidated Balance Sheets: March 31, 2024 ($ in thousands) Carrying Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 139,246 $ 139,246 $ — $ — $ 139,246 Loans held for sale 16,075 — 17,361 — 17,361 Loans receivable, net 1,782,858 — — 1,839,133 1,839,133 Accrued interest receivable, net 8,370 164 810 7,396 8,370 Other investments: FHLB and PCBB stock 12,718 N/A N/A N/A N/A Time deposits placed 95 — 95 — 95 Servicing assets 11,405 — — 17,396 17,396 Financial liabilities: Deposits 1,895,411 — 1,896,439 — 1,896,439 FHLB advances 105,000 — 104,455 — 104,455 Accrued interest payable 12,270 — 12,270 — 12,270 December 31, 2023 ($ in thousands) Carrying Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 91,216 $ 91,216 $ — $ — $ 91,216 Loans receivable, net 1,743,852 — — 1,793,258 1,793,258 Accrued interest receivable, net 8,259 69 859 7,331 8,259 Other investments: FHLB and PCBB stock 12,718 N/A N/A N/A N/A Time deposits placed 95 — 95 — 95 Servicing assets 11,741 — — 17,218 17,218 Financial liabilities: Deposits 1,807,558 — 1,808,444 — 1,808,444 FHLB advances 105,000 — 104,231 — 104,231 Accrued interest payable $ 12,628 $ — $ 12,628 $ — $ 12,628 |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Actual and Required Capital Amounts and Ratios, Exclusive of Capital Conservation Buffer | The following table presents the regulatory capital amounts and ratios for the Company and the Bank as of dates indicated: March 31, 2024 Actual (1) Required for Minimum ($ in thousands) Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) Consolidated $ 233,132 13.59 % N/A N/A N/A N/A Bank 231,995 13.53 $ 137,205 8.00 % $ 171,507 10.00 % Tier 1 capital (to risk-weighted assets) Consolidated 211,692 12.34 N/A N/A N/A N/A Bank 210,557 12.28 102,904 6.00 137,205 8.00 Common equity Tier 1 capital (to risk-weighted Consolidated 211,692 12.34 N/A N/A N/A N/A Bank 210,557 12.28 77,178 4.50 111,479 6.50 Tier 1 capital (to average assets) Consolidated 211,692 9.65 N/A N/A N/A N/A Bank 210,557 9.60 87,736 4.00 109,670 5.00 (1) The capital requirements are only applicable to the Bank, and the Company's ratios are included for comparison purpose. December 31, 2023 Actual (1) Required for Minimum ($ in thousands) Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) Consolidated $ 229,544 13.77 % N/A N/A N/A N/A Bank 227,773 13.66 $ 133,353 8.00 % $ 166,691 10.00 % Tier 1 capital (to risk-weighted assets) Consolidated 208,707 12.52 N/A N/A N/A N/A Bank 206,936 12.41 100,014 6.00 133,353 8.00 Common equity Tier 1 capital (to risk-weighted Consolidated 208,707 12.52 N/A N/A N/A N/A Bank 206,936 12.41 75,011 4.50 108,349 6.50 Tier 1 capital (to average assets) Consolidated 208,707 9.57 N/A N/A N/A N/A Bank 206,936 9.49 87,207 4.00 109,008 5.00 (1) The capital requirements are only applicable to the Bank, and the Company's ratios are included for comparison purpose. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table presents the calculation of net income applicable to common stockholders and basic and diluted EPS for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands, except share and per share data) 2024 2023 Basic Net income $ 5,226 $ 7,534 Distributed and undistributed earnings allocated to participating securities (98) (159) Net income allocated to common shares $ 5,128 $ 7,375 Weighted average common shares outstanding 14,991,835 15,284,350 Basic earnings per common share $ 0.34 $ 0.48 Diluted Net income allocated to common shares $ 5,128 $ 7,375 Weighted average common shares outstanding for basic earnings per common share 14,991,835 15,284,350 Add: Dilutive effects of assumed exercises of stock options — 28,323 Average shares and dilutive potential common shares 14,991,835 15,312,673 Diluted earnings per common share $ 0.34 $ 0.48 |
Business and Basis of Present_3
Business and Basis of Presentation - Additional Information (Details) | Mar. 31, 2024 branch |
Accounting Policies [Abstract] | |
Number of full service branches | 11 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost, Fair Value, and Corresponding Amounts of Gross Unrealized Gains and Losses for Available for Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities [Line Items] | ||
Amortized Cost | $ 211,009 | $ 216,186 |
Gross Unrealized Gain | 78 | 256 |
Gross Unrealized Loss | (23,862) | (22,192) |
Fair Value | 187,225 | 194,250 |
Residential mortgage-backed securities | ||
Securities [Line Items] | ||
Amortized Cost | 46,755 | 48,318 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | (4,746) | (4,441) |
Fair Value | 42,009 | 43,877 |
Residential collateralized mortgage obligations | ||
Securities [Line Items] | ||
Amortized Cost | 158,503 | 162,142 |
Gross Unrealized Gain | 0 | 67 |
Gross Unrealized Loss | (19,035) | (17,750) |
Fair Value | 139,468 | 144,459 |
Municipal securities - tax exempt | ||
Securities [Line Items] | ||
Amortized Cost | 5,751 | 5,726 |
Gross Unrealized Gain | 78 | 189 |
Gross Unrealized Loss | (81) | (1) |
Fair Value | $ 5,748 | $ 5,914 |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) loan | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Securities [Line Items] | |||
Proceeds from sale of available-for-sale securities | $ 0 | $ 0 | |
Number of securities | loan | 86 | ||
Number of securities in unrealized loss position | loan | 85 | ||
Debt securities issued by US government sponsored agencies (percent) | 97% | ||
Debt securities that are tax exempt municipal securities (percent) | 3% | ||
Equity investment in mutual fund with readily determinable fair value | $ 3,500,000 | $ 3,500,000 | |
Unrealized holding gain (losses) of mutual fund | (36,000) | 54,000 | |
Collateral Pledged | |||
Securities [Line Items] | |||
Number of securities pledged as collateral | $ 0 | $ 0 |
Securities - Schedule of Amor_2
Securities - Schedule of Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
After one year through five years | $ 1,172 | |
After five years through ten years | 3,141 | |
After ten years | 206,696 | |
Amortized Cost | 211,009 | $ 216,186 |
Fair Value | ||
After one year through five years | 1,124 | |
After five years through ten years | 2,857 | |
After ten years | 183,244 | |
Fair Value | $ 187,225 | $ 194,250 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses on AFS Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities [Line Items] | ||
Fair value, less than 12 months | $ 33,381 | $ 33,769 |
Unrealized losses, less than 12 months | (564) | (237) |
Fair value, 12 months or longer | 150,711 | 143,352 |
Unrealized losses, 12 months or longer | (23,298) | (21,955) |
Total fair value | 184,092 | 177,121 |
Total unrealized losses | (23,862) | (22,192) |
Residential mortgage-backed securities | ||
Securities [Line Items] | ||
Fair value, less than 12 months | 0 | 6,488 |
Unrealized losses, less than 12 months | 0 | (59) |
Fair value, 12 months or longer | 42,009 | 37,389 |
Unrealized losses, 12 months or longer | (4,746) | (4,382) |
Total fair value | 42,009 | 43,877 |
Total unrealized losses | (4,746) | (4,441) |
Residential collateralized mortgage obligations | ||
Securities [Line Items] | ||
Fair value, less than 12 months | 30,766 | 25,439 |
Unrealized losses, less than 12 months | (483) | (177) |
Fair value, 12 months or longer | 108,702 | 105,963 |
Unrealized losses, 12 months or longer | (18,552) | (17,573) |
Total fair value | 139,468 | 131,402 |
Total unrealized losses | (19,035) | (17,750) |
Municipal securities - tax exempt | ||
Securities [Line Items] | ||
Fair value, less than 12 months | 2,615 | 1,842 |
Unrealized losses, less than 12 months | (81) | (1) |
Fair value, 12 months or longer | 0 | 0 |
Unrealized losses, 12 months or longer | 0 | 0 |
Total fair value | 2,615 | 1,842 |
Total unrealized losses | $ (81) | $ (1) |
Securities - Schedule of Other
Securities - Schedule of Other Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities [Line Items] | ||
Mutual fund - Community Reinvestment Act ("CRA") qualified | $ 3,500 | $ 3,500 |
Other Investments | ||
Securities [Line Items] | ||
FHLB stock | 12,528 | 12,528 |
Pacific Coast Bankers Bank ("PCBB") stock | 190 | 190 |
Mutual fund - Community Reinvestment Act ("CRA") qualified | 3,451 | 3,463 |
Time deposits placed in other banks | 95 | 95 |
Total other investments | $ 16,264 | $ 16,276 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses on Loans - Schedule of Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans And Leases Receivable Disclosure [Line Items] | ||||
Gross loans receivable | $ 1,804,987 | $ 1,765,845 | ||
Allowance for credit losses | (22,129) | (21,993) | $ (20,814) | $ (19,241) |
Loans receivable, net | 1,782,858 | 1,743,852 | ||
Deferred loan fees, unamortized premiums and unaccreted (discounts) | 108 | 140 | ||
Real Estate | Commercial real estate | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Gross loans receivable | 905,534 | 885,585 | ||
Real Estate | SBA—real estate | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Gross loans receivable | 231,503 | 224,695 | ||
SBA—non-real estate | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Gross loans receivable | 16,047 | 14,997 | ||
Allowance for credit losses | (229) | (147) | (67) | (207) |
C&I | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Gross loans receivable | 147,508 | 120,970 | ||
Allowance for credit losses | (1,663) | (1,215) | (1,270) | (1,643) |
Home mortgage | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Gross loans receivable | 502,995 | 518,024 | ||
Allowance for credit losses | (9,391) | (11,045) | (11,472) | (8,826) |
Consumer | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Gross loans receivable | 1,400 | 1,574 | ||
Allowance for credit losses | $ (9) | $ (14) | $ (3) | $ (7) |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses on Loans - Additional Information (Details) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) factor | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 1,782,858,000 | $ 1,743,852,000 | ||
Number of past due days | 90 days | |||
Historical loss of reversion period, baseline scenario | 1 year | |||
Historical loss of reversion period, adverse scenario | 2 years | |||
Number of matrix factors | factor | 9 | |||
Non accrual loan | $ 500,000 | |||
Assess nonaccrual loans | 500,000 | |||
Collateral dependent loans | 1,804,987,000 | 1,765,845,000 | ||
Allowance for credit losses on loans | 22,129,000 | 21,993,000 | $ 20,814,000 | $ 19,241,000 |
Loan Borrowing | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loans | 0 | $ 0 | ||
Collateralized Debt Obligations | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Collateral dependent loans | 2,900,000 | 5,200,000 | ||
Allowance for credit losses on loans | $ 360,000 | $ 355,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses on Loans - Schedule of Activity in Allowance for Credit Losses on Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Analysis of allowance for loan losses | |||
Beginning balance | $ 21,993 | $ 19,241 | $ 19,241 |
Impact of CECL adoption | 1,924 | ||
Provision for (reversal of) credit losses | 193 | (258) | |
Charge-offs | (68) | (116) | (864) |
Recoveries | 11 | 23 | |
Ending balance | 22,129 | 20,814 | 21,993 |
Commercial real estate | |||
Analysis of allowance for loan losses | |||
Beginning balance | 7,915 | 6,951 | 6,951 |
Impact of CECL adoption | 875 | ||
Provision for (reversal of) credit losses | 129 | (951) | |
Charge-offs | 0 | (91) | (686) |
Recoveries | 0 | 0 | |
Ending balance | 8,044 | 6,784 | 7,915 |
SBA—real estate | |||
Analysis of allowance for loan losses | |||
Beginning balance | 1,657 | 1,607 | 1,607 |
Impact of CECL adoption | (238) | ||
Provision for (reversal of) credit losses | 1,202 | (140) | |
Charge-offs | (66) | (11) | (46) |
Recoveries | 0 | 0 | |
Ending balance | 2,793 | 1,218 | 1,657 |
SBA—non-real estate | |||
Analysis of allowance for loan losses | |||
Beginning balance | 147 | 207 | 207 |
Impact of CECL adoption | (142) | ||
Provision for (reversal of) credit losses | 71 | (7) | |
Charge-offs | 0 | (14) | (35) |
Recoveries | 11 | 23 | |
Ending balance | 229 | 67 | 147 |
C&I | |||
Analysis of allowance for loan losses | |||
Beginning balance | 1,215 | 1,643 | 1,643 |
Impact of CECL adoption | (320) | ||
Provision for (reversal of) credit losses | 448 | (53) | |
Charge-offs | 0 | 0 | (97) |
Recoveries | 0 | 0 | |
Ending balance | 1,663 | 1,270 | 1,215 |
Home mortgage | |||
Analysis of allowance for loan losses | |||
Beginning balance | 11,045 | 8,826 | 8,826 |
Impact of CECL adoption | 1,753 | ||
Provision for (reversal of) credit losses | (1,652) | 893 | |
Charge-offs | (2) | 0 | 0 |
Recoveries | 0 | 0 | |
Ending balance | 9,391 | 11,472 | 11,045 |
Consumer | |||
Analysis of allowance for loan losses | |||
Beginning balance | 14 | 7 | 7 |
Impact of CECL adoption | (4) | ||
Provision for (reversal of) credit losses | (5) | 0 | |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Ending balance | $ 9 | $ 3 | $ 14 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses on Loans - Schedule of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Total | $ 1,804,987 | $ 1,765,845 | |
Collateralized Mortgage-Backed Securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Total | 2,930 | $ 5,164 | |
SBA—real estate | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Total | 231,503 | 224,695 | |
SBA—real estate | Collateralized Mortgage-Backed Securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Total | 2,930 | 2,923 | |
Home mortgage | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Total | 502,995 | $ 518,024 | |
Home mortgage | Collateralized Mortgage-Backed Securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Total | 2,241 | ||
Hotel / Motel | Collateralized Mortgage-Backed Securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Total | 2,930 | 2,923 | |
Hotel / Motel | SBA—real estate | Collateralized Mortgage-Backed Securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Total | 2,930 | 2,923 | |
Hotel / Motel | Home mortgage | Collateralized Mortgage-Backed Securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Total | 0 | ||
Single-Family Residential | Collateralized Mortgage-Backed Securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Total | 0 | 2,241 | |
Single-Family Residential | SBA—real estate | Collateralized Mortgage-Backed Securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Total | $ 0 | 0 | |
Single-Family Residential | Home mortgage | Collateralized Mortgage-Backed Securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Total | $ 2,241 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses on Loans - Schedule of Recorded Investment in Nonaccrual Loans and Loans Past Due 90 or More Days and Still Accruing Interest by Portfolio Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans with a Related Allowance for Credit Losses | $ 3,203 | $ 2,705 |
Nonaccrual Loans without a Related Allowance for Credit Losses | 1,140 | 3,377 |
Total Nonaccrual Loans | 4,343 | 6,082 |
90 or More Days Past Due & Still Accruing | 0 | 0 |
Total | 4,343 | 6,082 |
Loans Insured or Guaranteed by non-US Government Authorities | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 3,100 | 2,000 |
Commercial real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans with a Related Allowance for Credit Losses | 319 | |
Nonaccrual Loans without a Related Allowance for Credit Losses | 0 | |
Total Nonaccrual Loans | 319 | |
90 or More Days Past Due & Still Accruing | 0 | |
Total | 319 | |
SBA—real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans with a Related Allowance for Credit Losses | 2,489 | 2,302 |
Nonaccrual Loans without a Related Allowance for Credit Losses | 1,140 | 1,136 |
Total Nonaccrual Loans | 3,629 | 3,438 |
90 or More Days Past Due & Still Accruing | 0 | 0 |
Total | 3,629 | 3,438 |
SBA—non-real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans with a Related Allowance for Credit Losses | 178 | 154 |
Nonaccrual Loans without a Related Allowance for Credit Losses | 0 | 0 |
Total Nonaccrual Loans | 178 | 154 |
90 or More Days Past Due & Still Accruing | 0 | 0 |
Total | 178 | 154 |
Home mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans with a Related Allowance for Credit Losses | 217 | 249 |
Nonaccrual Loans without a Related Allowance for Credit Losses | 0 | 2,241 |
Total Nonaccrual Loans | 217 | 2,490 |
90 or More Days Past Due & Still Accruing | 0 | 0 |
Total | $ 217 | $ 2,490 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses on Loans - Schedule of Aging Analysis of Recorded Investment in Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | $ 1,804,987 | $ 1,765,845 |
Accrued interest receivable | 7,400 | 7,300 |
Commercial real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 905,534 | 885,585 |
SBA—real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 231,503 | 224,695 |
SBA—non-real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 16,047 | 14,997 |
C&I | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 147,508 | 120,970 |
Home mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 502,995 | 518,024 |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,400 | 1,574 |
Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 6,313 | 14,234 |
Total Past Due | Loans Insured or Guaranteed by non-US Government Authorities | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 2,600 | 1,900 |
Total Past Due | Commercial real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 319 | 0 |
Total Past Due | SBA—real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 2,709 | 4,783 |
Total Past Due | SBA—non-real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 175 | 154 |
Total Past Due | C&I | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
Total Past Due | Home mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 3,110 | 9,297 |
Total Past Due | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
30-59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,018 | 6,098 |
30-59 Days Past Due | Commercial real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
30-59 Days Past Due | SBA—real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 801 | 1,868 |
30-59 Days Past Due | SBA—non-real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 154 |
30-59 Days Past Due | C&I | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
30-59 Days Past Due | Home mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 217 | 4,076 |
30-59 Days Past Due | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
60-89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 3,138 | 3,662 |
60-89 Days Past Due | Commercial real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
60-89 Days Past Due | SBA—real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 70 | 932 |
60-89 Days Past Due | SBA—non-real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 175 | 0 |
60-89 Days Past Due | C&I | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
60-89 Days Past Due | Home mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 2,893 | 2,730 |
60-89 Days Past Due | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
> 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 2,157 | 4,474 |
> 90 Days Past Due | Commercial real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 319 | 0 |
> 90 Days Past Due | SBA—real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,838 | 1,983 |
> 90 Days Past Due | SBA—non-real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
> 90 Days Past Due | C&I | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
> 90 Days Past Due | Home mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 2,491 |
> 90 Days Past Due | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 0 | 0 |
Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 1,798,674 | 1,751,611 |
Loans Not Past Due | Commercial real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 905,215 | 885,585 |
Loans Not Past Due | SBA—real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 228,794 | 219,912 |
Loans Not Past Due | SBA—non-real estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 15,872 | 14,843 |
Loans Not Past Due | C&I | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 147,508 | 120,970 |
Loans Not Past Due | Home mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | 499,885 | 508,727 |
Loans Not Past Due | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Gross loans receivable | $ 1,400 | $ 1,574 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses on Loans - Schedule of Credit Risk Ratings by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable Recorded Investment [Line Items] | |||
2024 | $ 63,781 | $ 221,745 | |
2023 | 237,144 | 582,171 | |
2022 | 631,248 | 284,271 | |
2021 | 317,501 | 145,890 | |
2020 | 139,166 | 178,838 | |
Prior | 308,276 | 272,711 | |
Revolving Loans | 105,396 | 77,658 | |
Revolving Loans Converted to Term Loans | 2,475 | 2,561 | |
Total | 1,804,987 | 1,765,845 | |
Current period charge-offs | |||
2024 | 0 | 17 | |
2023 | 0 | 457 | |
2022 | 0 | 247 | |
2021 | 66 | 0 | |
2020 | 0 | 91 | |
Prior | 2 | 52 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | $ 68 | $ 116 | $ 864 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
Accrued interest receivable | $ 7,400 | $ 7,300 | |
Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 63,781 | 221,745 | |
2023 | 232,477 | 577,233 | |
2022 | 628,902 | 282,943 | |
2021 | 314,608 | 144,754 | |
2020 | 138,027 | 178,838 | |
Prior | 304,667 | 264,767 | |
Revolving Loans | 105,396 | 77,658 | |
Revolving Loans Converted to Term Loans | 2,475 | 2,561 | |
Total | 1,790,333 | 1,750,499 | |
Special mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 1,415 | 1,428 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 1,415 | 1,428 | |
Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 4,667 | 4,938 | |
2022 | 2,346 | 1,328 | |
2021 | 2,893 | 1,136 | |
2020 | 1,139 | 0 | |
Prior | 2,194 | 6,418 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 13,239 | 13,820 | |
Doubtful | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 98 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 98 | |
Commercial real estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 46,808 | 97,114 | |
2023 | 115,415 | 208,179 | |
2022 | 265,976 | 154,872 | |
2021 | 191,019 | 97,137 | |
2020 | 93,290 | 138,908 | |
Prior | 172,014 | 168,316 | |
Revolving Loans | 21,012 | 21,059 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 905,534 | 885,585 | |
Current period charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 457 | |
2022 | 0 | 121 | |
2021 | 0 | 0 | |
2020 | 0 | 91 | |
Prior | 0 | 17 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 91 | 686 |
Commercial real estate | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 46,808 | 97,114 | |
2023 | 110,748 | 207,860 | |
2022 | 265,976 | 154,872 | |
2021 | 191,019 | 97,137 | |
2020 | 93,290 | 138,908 | |
Prior | 171,390 | 163,320 | |
Revolving Loans | 21,012 | 21,059 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 900,243 | 880,270 | |
Commercial real estate | Special mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | |
Commercial real estate | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 4,667 | 319 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 624 | 4,996 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 5,291 | 5,315 | |
Commercial real estate | Doubtful | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | |
SBA—real estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 10,510 | 31,920 | |
2023 | 31,940 | 46,291 | |
2022 | 46,926 | 27,267 | |
2021 | 28,737 | 23,868 | |
2020 | 21,916 | 28,244 | |
Prior | 91,474 | 67,105 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 231,503 | 224,695 | |
Current period charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 46 | |
2021 | 66 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 66 | 11 | 46 |
SBA—real estate | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 10,510 | 31,920 | |
2023 | 31,940 | 44,504 | |
2022 | 45,135 | 26,188 | |
2021 | 25,844 | 22,732 | |
2020 | 20,777 | 28,244 | |
Prior | 88,829 | 64,442 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 223,035 | 218,030 | |
SBA—real estate | Special mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 1,415 | 1,428 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 1,415 | 1,428 | |
SBA—real estate | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 1,787 | |
2022 | 1,791 | 1,079 | |
2021 | 2,893 | 1,136 | |
2020 | 1,139 | 0 | |
Prior | 1,230 | 1,235 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 7,053 | 5,237 | |
SBA—real estate | Doubtful | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | |
SBA—non-real estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 2,256 | 5,408 | |
2023 | 5,161 | 3,175 | |
2022 | 3,056 | 200 | |
2021 | 187 | 1,556 | |
2020 | 1,511 | 950 | |
Prior | 3,876 | 3,708 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 16,047 | 14,997 | |
Current period charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 35 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 14 | 35 |
SBA—non-real estate | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 2,256 | 5,408 | |
2023 | 5,161 | 2,584 | |
2022 | 2,501 | 200 | |
2021 | 187 | 1,556 | |
2020 | 1,511 | 950 | |
Prior | 3,753 | 3,423 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 15,369 | 14,121 | |
SBA—non-real estate | Special mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | |
SBA—non-real estate | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 591 | |
2022 | 555 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 123 | 187 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 678 | 778 | |
SBA—non-real estate | Doubtful | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 98 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 98 | |
C&I | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 1,667 | 15,117 | |
2023 | 15,222 | 17,939 | |
2022 | 17,719 | 22,098 | |
2021 | 20,588 | 4,695 | |
2020 | 4,204 | 1,720 | |
Prior | 2,641 | 1,734 | |
Revolving Loans | 82,992 | 55,106 | |
Revolving Loans Converted to Term Loans | 2,475 | 2,561 | |
Total | 147,508 | 120,970 | |
Current period charge-offs | |||
2024 | 0 | 17 | |
2023 | 0 | 0 | |
2022 | 0 | 80 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | 97 |
C&I | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 1,667 | 15,117 | |
2023 | 15,222 | 17,939 | |
2022 | 17,719 | 22,098 | |
2021 | 20,588 | 4,695 | |
2020 | 4,204 | 1,720 | |
Prior | 2,641 | 1,734 | |
Revolving Loans | 82,992 | 55,106 | |
Revolving Loans Converted to Term Loans | 2,475 | 2,561 | |
Total | 147,508 | 120,970 | |
C&I | Special mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | |
C&I | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | |
C&I | Doubtful | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | |
Home mortgage | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 2,532 | 72,182 | |
2023 | 69,406 | 306,587 | |
2022 | 297,571 | 79,834 | |
2021 | 76,970 | 18,634 | |
2020 | 18,245 | 8,939 | |
Prior | 38,271 | 31,848 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 502,995 | 518,024 | |
Current period charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 2 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 2 | 0 | 0 |
Home mortgage | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 2,532 | 72,182 | |
2023 | 69,406 | 304,346 | |
2022 | 297,571 | 79,585 | |
2021 | 76,970 | 18,634 | |
2020 | 18,245 | 8,939 | |
Prior | 38,054 | 31,848 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 502,778 | 515,534 | |
Home mortgage | Special mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | |
Home mortgage | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 2,241 | |
2022 | 0 | 249 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 217 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 217 | 2,490 | |
Home mortgage | Doubtful | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | |
Consumer | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 8 | 4 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 77 | |
Prior | 0 | 0 | |
Revolving Loans | 1,392 | 1,493 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 1,400 | 1,574 | |
Current period charge-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | $ 0 | 0 |
Consumer | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 8 | 4 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 77 | |
Prior | 0 | 0 | |
Revolving Loans | 1,392 | 1,493 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 1,400 | 1,574 | |
Consumer | Special mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | |
Consumer | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | |
Consumer | Doubtful | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | $ 0 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses on Loans - Schedule of Amortized Cost by Loan Type (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | $ 1,804,987 | $ 1,765,845 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Accrued interest receivable | $ 7,400 | $ 7,300 |
Pass | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 1,790,333 | 1,750,499 |
Special mention | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 1,415 | 1,428 |
Substandard | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 13,239 | 13,820 |
Doubtful | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 98 |
Commercial real estate | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 905,534 | 885,585 |
Commercial real estate | Pass | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 900,243 | 880,270 |
Commercial real estate | Special mention | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 0 |
Commercial real estate | Substandard | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 5,291 | 5,315 |
Commercial real estate | Doubtful | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 0 |
SBA—real estate | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 231,503 | 224,695 |
SBA—real estate | Pass | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 223,035 | 218,030 |
SBA—real estate | Special mention | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 1,415 | 1,428 |
SBA—real estate | Substandard | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 7,053 | 5,237 |
SBA—real estate | Doubtful | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 0 |
SBA—non-real estate | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 16,047 | 14,997 |
SBA—non-real estate | Pass | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 15,369 | 14,121 |
SBA—non-real estate | Special mention | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 0 |
SBA—non-real estate | Substandard | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 678 | 778 |
SBA—non-real estate | Doubtful | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 98 |
C&I | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 147,508 | 120,970 |
C&I | Pass | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 147,508 | 120,970 |
C&I | Special mention | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 0 |
C&I | Substandard | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 0 |
C&I | Doubtful | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 0 |
Home mortgage | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 502,995 | 518,024 |
Home mortgage | Pass | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 502,778 | 515,534 |
Home mortgage | Special mention | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 0 |
Home mortgage | Substandard | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 217 | 2,490 |
Home mortgage | Doubtful | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 0 |
Consumer | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 1,400 | 1,574 |
Consumer | Pass | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 1,400 | 1,574 |
Consumer | Special mention | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 0 |
Consumer | Substandard | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | 0 | 0 |
Consumer | Doubtful | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total | $ 0 | $ 0 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Total premises and equipment | $ 17,296 | $ 17,453 |
Accumulated depreciation | (12,325) | (12,205) |
Total premises and equipment, net | 4,971 | 5,248 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Total premises and equipment | 9,202 | 9,135 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total premises and equipment | 4,585 | 4,814 |
Equipment and others | ||
Property Plant And Equipment [Line Items] | ||
Total premises and equipment | $ 3,509 | $ 3,504 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 367 | $ 334 |
Servicing Assets - Additional I
Servicing Assets - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Servicing Assets At Amortized Value [Line Items] | |||
Valuation allowance for impairment | $ 0 | $ 0 | |
Servicing assets | $ 17,396,000 | $ 18,000,000 | $ 17,218,000 |
Minimum | |||
Servicing Assets At Amortized Value [Line Items] | |||
Fair value of servicing assets, discount rates | 3.75% | 4.75% | |
Fair value of servicing assets, prepayment speed | 12.70% | 13.10% | |
Maximum | |||
Servicing Assets At Amortized Value [Line Items] | |||
Fair value of servicing assets, discount rates | 11% | 10.25% | |
Fair value of servicing assets, prepayment speed | 12.90% | 13.20% |
Servicing Assets - Schedule of
Servicing Assets - Schedule of Activity for Loan Servicing Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Analysis of Changes in Activity | ||
Beginning balance | $ 11,741 | $ 12,759 |
Amortized to expense | (888) | (961) |
Ending balance | 11,405 | 12,898 |
Loans Sold with Servicing Retained | ||
Analysis of Changes in Activity | ||
Additions from loans sold with servicing retained | $ 552 | $ 1,100 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Time Deposits [Line Items] | ||
Time deposits greater than $250 | $ 451,497 | $ 433,892 |
Principal Officers, Directors, and Affiliates | ||
Time Deposits [Line Items] | ||
Deposits from principal officers, directors, and their affiliates | $ 2,100 | $ 1,800 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Time Deposits (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Deposits [Abstract] | |
Remainder of 2024 | $ 744,388 |
2025 | 265,103 |
2026 | 18,162 |
2027 | 345 |
2028 and thereafter | 299 |
Total | $ 1,028,297 |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Federal Home Loan Bank borrowings | $ 105,000 | $ 105,000 |
FHLB interest rate | 4.64% | 4.65% |
Federal home loan bank, advances, remaining term | 9 months 18 days | 10 months 24 days |
Letter of credit | $ 100,000 | $ 67,000 |
Loans | 1,782,858 | 1,743,852 |
Asset Pledged as Collateral | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans | $ 1,390,000 | $ 1,390,000 |
Borrowing Arrangements - Schedu
Borrowing Arrangements - Schedule of Borrowings Available to the Company from Institutions (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Amount of borrowings | $ 617,830 |
Federal Reserve Bank | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Amount of borrowings | 185,913 |
Pacific Coast Bankers Bank | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Amount of borrowings | 50,000 |
Zions Bank | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Amount of borrowings | 25,000 |
First Horizon Bank | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Amount of borrowings | 25,000 |
FHLB | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Amount of borrowings | $ 331,917 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense | $ 2,037,000 | $ 3,083,000 | |
Effective income tax rate | 28% | 29% | |
Unrealized tax benefits | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Distribution of Undisbursed Credit-Related Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Other commitment | $ 249,256 | $ 264,355 |
Standby letter of credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Letters of credit outstanding | 16,145 | 6,707 |
Commercial letter of credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Letters of credit outstanding | 353 | 22 |
Loan commitments | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Other commitment | $ 232,758 | $ 257,626 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Balance and Total Unfunded Commitments Related to Investment in Low Income Housing Partnerships (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Investments in low-income housing partnerships | $ 16,370 | $ 16,887 |
Unfunded commitments to fund investments for low-income housing partnerships | $ 10,863 | $ 11,905 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Recognized amortization expense | $ 517 | $ 361 |
Recognized tax credits and other benefits | $ 655 | $ 456 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 USD ($) plan shares | Mar. 31, 2023 USD ($) | Dec. 31, 2021 shares | Dec. 31, 2013 shares | Dec. 31, 2010 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of stock-based compensation plans | plan | 2 | ||||
Share based compensation expense | $ | $ 319 | $ 324 | |||
2010 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation shares authorized under stock option plans (in shares) | 2,500,000 | 1,350,000 | |||
Percent of the fair value options granted | 100% | ||||
Number of options outstanding, granted (in shares) | 0 | ||||
2010 Plan | Employee Stock Option | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 5 years | ||||
Stock options, when granted, expiration period | 10 years | ||||
2010 Plan | Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized compensation costs related to unvested stock options | $ | $ 13 | ||||
Unrecognized compensation costs weighted average period | 7 months 6 days | ||||
2021 Plan | Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation shares authorized under stock option plans (in shares) | 1,500,000 | ||||
Percent of the fair value options granted | 100% | ||||
Unrecognized compensation costs weighted average period | 1 year 3 months 18 days | ||||
Number of options outstanding, granted (in shares) | 0 | ||||
Shares available for future grant (in shares) | 1,116,001 | ||||
Unrecognized compensation costs related to unvested restricted stock awards | $ | $ 1,400 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-based Compensation Stock Options Activity (Details) - 2010 Plan - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of options outstanding, beginning of period (in shares) | 60,000 | |
Number of options outstanding, granted (in shares) | 0 | |
Number of options outstanding, exercised (in shares) | (60,000) | |
Number of options outstanding, forfeited (in shares) | 0 | |
Number of options outstanding, expired (in shares) | 0 | |
Number of options outstanding, ending of period (in shares) | 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted average exercise price, outstanding beginning (USD per share) | $ 8 | |
Weighted average exercise price, granted (USD per share) | 0 | |
Weighted average exercise price, exercised (USD per share) | 8 | |
Weighted average exercise price, forfeited (USD per share) | 0 | |
Weighted average exercise price, expired (USD per share) | 0 | |
Weighted average exercise price, outstanding ending (USD per share) | $ 0 | |
Stock Option Additional Disclosures | ||
Number of options outstanding, full vested and expected to vest (in shares) | 0 | |
Number of options outstanding, vested (in shares) | 0 | |
Weighted average exercise price, full vested and expected to vest (USD per share) | $ 0 | |
Weighted average exercise price, vested (USD per share) | $ 0 | |
Aggregate intrinsic value, outstanding | $ 0 | $ 177 |
Aggregate intrinsic value, fully vested and expected to vest | 0 | |
Aggregate intrinsic value, vested | $ 0 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Information Related to Stock Option Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Cash received from option exercises | $ 160 | $ 720 |
2010 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Intrinsic value of options exercised | 144 | 186 |
Cash received from option exercises | 160 | 720 |
Tax provision realized from option exercised | 24 | (3) |
2021 Plan | Restricted Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Tax provision realized from awards vested | $ (3) | $ (2) |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Changes in Non-vested Restricted Stock Awards (Details) - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
2010 Plan | ||
Shares Issued | ||
Shares issued, non-vested beginning of period (in shares) | 10,000 | |
Shares issued, awards granted (in shares) | 0 | |
Shares issued, awards vested (in shares) | 0 | |
Shares issued, awards forfeited (in shares) | 0 | |
Shares issued, non-vested end of period (in shares) | 10,000 | |
Weighted Average Grant Date Fair Value | ||
Weighted average grant date fair value, non-vested beginning of period (USD per share) | $ 9.69 | |
Weighted average grant date fair value, awards granted (USD per share) | 0 | |
Weighted average grant date fair value, awards vested (USD per share) | 0 | |
Weighted average grant date fair value, awards forfeited (USD per share) | 0 | |
Weighted average grant date fair value, non-vested end of period (USD per share) | $ 9.69 | |
Aggregate intrinsic value, non-vested end of year | $ 100 | $ 110 |
2021 Plan | ||
Shares Issued | ||
Shares issued, non-vested beginning of period (in shares) | 278,851 | |
Shares issued, awards granted (in shares) | 0 | |
Shares issued, awards vested (in shares) | (4,129) | |
Shares issued, awards forfeited (in shares) | (3,000) | |
Shares issued, non-vested end of period (in shares) | 271,722 | |
Weighted Average Grant Date Fair Value | ||
Weighted average grant date fair value, non-vested beginning of period (USD per share) | $ 11.45 | |
Weighted average grant date fair value, awards granted (USD per share) | 0 | |
Weighted average grant date fair value, awards vested (USD per share) | 12.90 | |
Weighted average grant date fair value, awards forfeited (USD per share) | 12.90 | |
Weighted average grant date fair value, non-vested end of period (USD per share) | $ 11.41 | |
Aggregate intrinsic value, non-vested end of year | $ 2,712 | $ 3,053 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | $ 187,225 | $ 194,250 |
Other investments: | ||
Mutual fund - CRA qualified | 3,500 | 3,500 |
Residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 42,009 | 43,877 |
Residential collateralized mortgage obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 139,468 | 144,459 |
Municipal securities - tax exempt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 5,748 | 5,914 |
Recurring | ||
Other investments: | ||
Mutual fund - CRA qualified | 3,451 | 3,463 |
Recurring | Residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 42,009 | 43,877 |
Recurring | Residential collateralized mortgage obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 139,468 | 144,459 |
Recurring | Municipal securities - tax exempt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 5,748 | 5,914 |
Recurring | Quoted Prices in Active Markets (Level 1) | ||
Other investments: | ||
Mutual fund - CRA qualified | 3,451 | 3,463 |
Recurring | Quoted Prices in Active Markets (Level 1) | Residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets (Level 1) | Residential collateralized mortgage obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets (Level 1) | Municipal securities - tax exempt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Other investments: | ||
Mutual fund - CRA qualified | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 42,009 | 43,877 |
Recurring | Significant Other Observable Inputs (Level 2) | Residential collateralized mortgage obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 139,468 | 144,459 |
Recurring | Significant Other Observable Inputs (Level 2) | Municipal securities - tax exempt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 5,748 | 5,914 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Other investments: | ||
Mutual fund - CRA qualified | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Residential collateralized mortgage obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Municipal securities - tax exempt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities, at fair value | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy and Fair Value of Assets that Were Still Held and Had Fair Value Adjustments Measured On a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Impaired [Line Items] | ||
Impaired loans | $ 1,839,133 | $ 1,793,258 |
Quoted Prices in Active Markets (Level 1) | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | 1,839,133 | 1,793,258 |
Nonrecurring | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | 2,669 | 1,432 |
Nonrecurring | SBA—real estate | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | 1,432 | 1,432 |
Nonrecurring | OREO | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | 1,237 | |
Nonrecurring | Quoted Prices in Active Markets (Level 1) | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring | Quoted Prices in Active Markets (Level 1) | SBA—real estate | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring | Quoted Prices in Active Markets (Level 1) | OREO | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | ||
Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | SBA—real estate | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | OREO | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | ||
Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | 2,669 | 1,432 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | SBA—real estate | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | 1,432 | $ 1,432 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | OREO | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans | $ 1,237 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Increase (Decrease) in Value of Certain Assets Held at End of Respective Reporting Periods Presented for Which a Nonrecurring Fair Value Adjustment (Details) - Nonrecurring - Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable Impaired [Line Items] | ||
Collateral-dependent loans: | $ 0 | $ 13 |
SBA—real estate | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-dependent loans: | 0 | 2 |
C&I | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-dependent loans: | $ 0 | $ 11 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Information about Significant Unobservable Inputs Utilized in Company's Nonrecurring Level 3 Fair Value Measurements (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 1,839,133 | $ 1,793,258 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,839,133 | 1,793,258 |
Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,669 | 1,432 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,669 | 1,432 |
Nonrecurring | SBA—real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 1,432 | $ 1,432 |
Nonrecurring | SBA—real estate | Minimum | Income approach - income capitalization | Measurement Input, Cap Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Measurements Inputs | 0.090 | 0.093 |
Nonrecurring | SBA—real estate | Maximum | Income approach - income capitalization | Measurement Input, Cap Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Measurements Inputs | 0.118 | 0.110 |
Nonrecurring | SBA—real estate | Weighted Average | Income approach - income capitalization | Measurement Input, Cap Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Measurements Inputs | 0.104 | 0.099 |
Nonrecurring | SBA—real estate | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 1,432 | $ 1,432 |
Nonrecurring | SBA—real estate | Significant Unobservable Inputs (Level 3) | Income approach - income capitalization | Measurement Input, Cap Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 1,432 | $ 1,432 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Financial assets: | |||
Cash and cash equivalents | $ 139,246 | $ 91,216 | |
Loans held for sale | 17,361 | ||
Loans receivable, net | 1,839,133 | 1,793,258 | |
Accrued interest receivable, net | 8,370 | 8,259 | |
Other investments: | |||
Time deposits placed | 95 | 95 | |
Servicing assets | 17,396 | 17,218 | $ 18,000 |
Financial liabilities: | |||
Deposits | 1,896,439 | 1,808,444 | |
FHLB advances | 104,455 | 104,231 | |
Accrued interest payable | 12,270 | 12,628 | |
Carrying Amount | |||
Financial assets: | |||
Cash and cash equivalents | 139,246 | 91,216 | |
Loans held for sale | 16,075 | ||
Loans receivable, net | 1,782,858 | 1,743,852 | |
Accrued interest receivable, net | 8,370 | 8,259 | |
Other investments: | |||
FHLB and PCBB stock | 12,718 | 12,718 | |
Time deposits placed | 95 | 95 | |
Servicing assets | 11,405 | 11,741 | |
Financial liabilities: | |||
Deposits | 1,895,411 | 1,807,558 | |
FHLB advances | 105,000 | 105,000 | |
Accrued interest payable | 12,270 | 12,628 | |
Level 1 | |||
Financial assets: | |||
Cash and cash equivalents | 139,246 | 91,216 | |
Loans held for sale | 0 | ||
Loans receivable, net | 0 | 0 | |
Accrued interest receivable, net | 164 | 69 | |
Other investments: | |||
Time deposits placed | 0 | 0 | |
Servicing assets | 0 | 0 | |
Financial liabilities: | |||
Deposits | 0 | 0 | |
FHLB advances | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Level 2 | |||
Financial assets: | |||
Cash and cash equivalents | 0 | 0 | |
Loans held for sale | 17,361 | ||
Loans receivable, net | 0 | 0 | |
Accrued interest receivable, net | 810 | 859 | |
Other investments: | |||
Time deposits placed | 95 | 95 | |
Servicing assets | 0 | 0 | |
Financial liabilities: | |||
Deposits | 1,896,439 | 1,808,444 | |
FHLB advances | 104,455 | 104,231 | |
Accrued interest payable | 12,270 | 12,628 | |
Level 3 | |||
Financial assets: | |||
Cash and cash equivalents | 0 | 0 | |
Loans held for sale | 0 | ||
Loans receivable, net | 1,839,133 | 1,793,258 | |
Accrued interest receivable, net | 7,396 | 7,331 | |
Other investments: | |||
Time deposits placed | 0 | 0 | |
Servicing assets | 17,396 | 17,218 | |
Financial liabilities: | |||
Deposits | 0 | 0 | |
FHLB advances | 0 | 0 | |
Accrued interest payable | $ 0 | $ 0 |
Regulatory Capital Matters - Ad
Regulatory Capital Matters - Additional Information (Details) | Mar. 31, 2024 |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Capital conservation buffer | 2.50% |
Regulatory Capital Matters - Sc
Regulatory Capital Matters - Schedule of Actual and Required Capital Amounts and Ratios, Exclusive of Capital Conservation Buffer (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), actual amount | $ 233,132 | $ 229,544 |
Tier 1 capital (to risk-weighted assets), actual amount | 211,692 | 208,707 |
Common equity Tier 1 capital (to risk-weighted assets), actual amount | 211,692 | 208,707 |
Tier 1 capital (to average assets), actual amount | $ 211,692 | $ 208,707 |
Total capital (to risk-weighted assets), actual ratio | 0.1359 | 0.1377 |
Tier 1 capital (to risk-weighted assets), actual ratio | 0.1234 | 0.1252 |
Common equity Tier 1 capital (to risk-weighted assets), actual ratio | 0.1234 | 0.1252 |
Tier 1 capital (to average assets), actual ratio | 0.0965 | 0.0957 |
Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), actual amount | $ 231,995 | $ 227,773 |
Tier 1 capital (to risk-weighted assets), actual amount | 210,557 | 206,936 |
Common equity Tier 1 capital (to risk-weighted assets), actual amount | 210,557 | 206,936 |
Tier 1 capital (to average assets), actual amount | $ 210,557 | $ 206,936 |
Total capital (to risk-weighted assets), actual ratio | 0.1353 | 0.1366 |
Tier 1 capital (to risk-weighted assets), actual ratio | 0.1228 | 0.1241 |
Common equity Tier 1 capital (to risk-weighted assets), actual ratio | 0.1228 | 0.1241 |
Tier 1 capital (to average assets), actual ratio | 0.0960 | 0.0949 |
Total capital (to risk-weighted assets), amount, required for capital adequacy purposes | $ 137,205 | $ 133,353 |
Tier 1 capital (to risk-weighted assets), amount, required for capital adequacy purposes | 102,904 | 100,014 |
Common equity Tier 1 capital (to risk-weighted assets), amount, required for capital adequacy purposes | 77,178 | 75,011 |
Tier 1 capital (to average assets), amount, required for capital adequacy purposes | $ 87,736 | $ 87,207 |
Total capital (to risk-weighted assets), ratio, required for capital adequacy purposes | 0.0800 | 0.0800 |
Tier 1 capital (to risk-weighted assets), ratio, required for capital adequacy purposes | 0.0600 | 0.0600 |
Common equity Tier 1 capital (to risk-weighted assets), ratio, required for capital adequacy purposes | 0.0450 | 0.0450 |
Tier 1 capital (to average assets), ratio, required for capital adequacy purposes | 0.0400 | 0.0400 |
Total capital (to risk-weighted assets), amount, minimum to be considered "Well Capitalized" | $ 171,507 | $ 166,691 |
Tier 1 capital (to risk-weighted assets), amount, minimum to be considered "Well Capitalized" | 137,205 | 133,353 |
Common equity Tier 1 capital (to risk-weighted assets), amount, minimum to be considered "Well Capitalized" | 111,479 | 108,349 |
Tier 1 capital (to average assets), amount, minimum to be considered "Well Capitalized" | $ 109,670 | $ 109,008 |
Total capital (to risk-weighted assets), ratio, minimum to be considered "Well Capitalized" | 0.1000 | 0.1000 |
Tier 1 capital (to risk-weighted assets), ratio, minimum to be considered "Well Capitalized" | 0.0800 | 0.0800 |
Common equity Tier 1 capital (to risk-weighted assets), ratio, minimum to be considered "Well Capitalized" | 0.0650 | 0.0650 |
Tier 1 capital (to average assets), ratio, minimum to be considered "Well Capitalized" | 0.0500 | 0.0500 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic | ||
Net income | $ 5,226 | $ 7,534 |
Distributed and undistributed earnings allocated to participating securities | (98) | (159) |
Net income allocated to common shares | $ 5,128 | $ 7,375 |
Weighted average common shares outstanding (in shares) | 14,991,835 | 15,284,350 |
Basic earnings per common share (USD per share) | $ 0.34 | $ 0.48 |
Diluted | ||
Net income allocated to common shares | $ 5,128 | $ 7,375 |
Weighted average common shares outstanding for basic earnings per common share (in shares) | 14,991,835 | 15,284,350 |
Add: Dilutive effects of assumed exercises of stock options | 0 | 28,323 |
Average shares and dilutive potential common shares (in shares) | 14,991,835 | 15,312,673 |
Diluted earnings per common share (USD per share) | $ 0.34 | $ 0.48 |