Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 07, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38483 | |
Entity Registrant Name | BAYCOM CORP | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 37-1849111 | |
Entity Address, Address Line One | 500 Ygnacio Valley Road | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Walnut Creek | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94596 | |
City Area Code | 925 | |
Local Phone Number | 476-1800 | |
Title of 12(b) Security | Common Stock, no par value per share | |
Trading Symbol | BCML | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,156,267 | |
Entity Central Index Key | 0001730984 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash due from banks | $ 23,278 | $ 17,901 |
Federal funds sold and interest-bearing balances in banks | 367,930 | 289,638 |
Cash and cash equivalents | 391,208 | 307,539 |
Time deposits in banks | 747 | 1,245 |
Investment securities available-for-sale ("AFS"), at fair value, net of allowance for credit losses of $0 at both June 30, 2024 and December 31, 2023 | 183,633 | 163,152 |
Equity securities | 12,837 | 12,585 |
Federal Home Loan Bank ("FHLB") stock, at par | 11,313 | 11,313 |
Federal Reserve Bank ("FRB") stock, at par | 9,635 | 9,626 |
Loans, net of allowance for credit losses of $19,000 at June 30, 2024 and $22,000 at December 31, 2023 | 1,845,172 | 1,905,829 |
Premises and equipment, net | 14,052 | 13,734 |
Core deposit intangible, net | 3,304 | 3,915 |
Cash surrender value of bank owned life insurance ("BOLI") policies, net | 23,225 | 22,867 |
Right-of-use assets ("ROU"), net | 12,874 | 13,939 |
Goodwill | 38,838 | 38,838 |
Interest receivable and other assets | 47,095 | 47,378 |
Total assets | 2,593,933 | 2,551,960 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest and interest bearing deposits | 2,175,010 | 2,132,750 |
Junior subordinated deferrable interest debentures, net | 8,605 | 8,565 |
Subordinated debt, net | 63,651 | 63,881 |
Salary continuation plan | 4,733 | 4,552 |
Lease liabilities | 13,779 | 14,752 |
Interest payable and other liabilities | 12,890 | 14,591 |
Total liabilities | 2,278,668 | 2,239,091 |
Commitments and contingencies (Note 17) | ||
Shareholders' equity | ||
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding at both June 30, 2024 and December 31, 2023 | ||
Common stock, no par value; 100,000,000 shares authorized; 11,172,323 and 11,551,271 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 173,108 | 180,913 |
Additional paid in capital | 287 | 287 |
Accumulated other comprehensive loss, net of tax | (13,602) | (14,592) |
Retained earnings | 155,472 | 146,261 |
Total shareholders' equity | 315,265 | 312,869 |
Total liabilities and shareholders' equity | $ 2,593,933 | $ 2,551,960 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Allowance for loan losses | ||
Investment securities available-for-sale (AFS), at fair value, net of allowance for credit losses | $ 0 | $ 0 |
Allowance for credit losses | $ 19,000,000 | $ 22,000,000 |
Preferred Stock | ||
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock | ||
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares, issued | 11,172,323 | 11,551,271 |
Common stock, shares, outstanding | 11,172,323 | 11,551,271 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest income: | ||||
Loans, including fees | $ 25,014 | $ 26,667 | $ 50,271 | $ 52,922 |
Investment securities | 2,181 | 1,693 | 4,137 | 3,333 |
Fed funds sold and interest-bearing balances in banks | 4,819 | 2,560 | 8,934 | 4,389 |
FHLB dividends | 247 | 196 | 519 | 384 |
FRB dividends | 145 | 144 | 289 | 288 |
Total interest and dividend income | 32,406 | 31,260 | 64,150 | 61,316 |
Interest expense: | ||||
Deposits | 9,002 | 5,881 | 17,229 | 9,581 |
Subordinated debt | 891 | 895 | 1,784 | 1,791 |
Junior subordinated deferrable interest debentures | 218 | 203 | 435 | 406 |
Total interest expense | 10,111 | 6,979 | 19,448 | 11,778 |
Net interest income | 22,295 | 24,281 | 44,702 | 49,538 |
Provision for (reversal of) credit losses | 171 | (1,260) | 423 | (985) |
Net interest income after provision for (reversal of) credit losses | 22,124 | 25,541 | 44,279 | 50,523 |
Noninterest income: | ||||
Gain on sale of loans | 287 | 68 | 287 | 480 |
(Loss) gain on equity securities | (321) | (917) | 252 | (1,813) |
Loan servicing and other loan fees | 441 | 593 | 833 | 1,003 |
Income on investment in Small Business Investment Company ("SBIC") fund | 71 | 225 | 41 | 714 |
Other income and fees | 271 | 235 | 559 | 496 |
Total noninterest income | 1,483 | 1,086 | 3,545 | 2,647 |
Noninterest expense: | ||||
Salaries and employee benefits | 9,642 | 10,745 | 19,678 | 21,781 |
Occupancy and equipment | 2,133 | 1,974 | 4,287 | 4,001 |
Data processing | 1,650 | 1,616 | 3,403 | 3,081 |
Other expense | 2,587 | 2,222 | 4,715 | 4,223 |
Total noninterest expense | 16,012 | 16,557 | 32,083 | 33,086 |
Income before provision for income taxes | 7,595 | 10,070 | 15,741 | 20,084 |
Provision for income taxes | 1,995 | 2,864 | 4,264 | 5,687 |
Net income | $ 5,600 | $ 7,206 | $ 11,477 | $ 14,397 |
Earnings per common share: | ||||
Basic earnings per common share (in dollars per share) | $ 0.50 | $ 0.59 | $ 1.01 | $ 1.16 |
Weighted average common shares outstanding (in shares) | 11,254,233 | 12,228,206 | 11,389,992 | 12,462,539 |
Diluted earnings per common share (in dollars per share) | $ 0.50 | $ 0.59 | $ 1.01 | $ 1.16 |
Weighted average common shares outstanding (in shares) | 11,254,233 | 12,228,206 | 11,389,992 | 12,462,539 |
Service charges and other fees | ||||
Noninterest income: | ||||
Service charges and other fees | $ 734 | $ 882 | $ 1,573 | $ 1,767 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | ||||
Net income | $ 5,600 | $ 7,206 | $ 11,477 | $ 14,397 |
Other comprehensive income (loss): | ||||
Change in unrealized gain (loss) on AFS securities | 710 | (4,999) | 1,406 | (6,823) |
Deferred tax (expense) benefit | (204) | 1,437 | (416) | 1,964 |
Other comprehensive income (loss), net of tax | 506 | (3,562) | 990 | (4,859) |
Total comprehensive income | $ 6,106 | $ 3,644 | $ 12,467 | $ 9,538 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid in Capital | Accumulated Other Comprehensive Income/(Loss) | Retained Earnings Cumulative effect period of adoption adjustment | Retained Earnings | Cumulative effect period of adoption adjustment | Total |
Balance at Dec. 31, 2022 | $ 204,301 | $ 287 | $ (11,561) | $ 124,122 | $ 317,149 | ||
Balance (in shares) at Dec. 31, 2022 | 12,838,462 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 14,397 | 14,397 | |||||
Other comprehensive income, net | (4,859) | (4,859) | |||||
Restricted stock granted (in shares) | 28,392 | ||||||
Cash dividends per share | (2,460) | (2,460) | |||||
Stock based compensation | $ 432 | 432 | |||||
Repurchase of shares | $ (17,154) | (17,154) | |||||
Repurchase of shares (in shares) | (966,832) | ||||||
Balance at Jun. 30, 2023 | $ 187,579 | 287 | (16,420) | $ (491) | 135,568 | $ (491) | 307,014 |
Balance (in shares) at Jun. 30, 2023 | 11,900,022 | ||||||
Balance at Mar. 31, 2023 | $ 196,485 | 287 | (12,858) | 129,558 | 313,472 | ||
Balance (in shares) at Mar. 31, 2023 | 12,443,977 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 7,206 | 7,206 | |||||
Other comprehensive income, net | (3,562) | (3,562) | |||||
Cash dividends per share | (1,196) | (1,196) | |||||
Stock based compensation | $ 182 | 182 | |||||
Repurchase of shares | $ (9,088) | (9,088) | |||||
Repurchase of shares (in shares) | (543,955) | ||||||
Balance at Jun. 30, 2023 | $ 187,579 | 287 | (16,420) | $ (491) | 135,568 | $ (491) | 307,014 |
Balance (in shares) at Jun. 30, 2023 | 11,900,022 | ||||||
Balance at Dec. 31, 2023 | $ 180,913 | 287 | (14,592) | 146,261 | $ 312,869 | ||
Balance (in shares) at Dec. 31, 2023 | 11,551,271 | 11,551,271 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 11,477 | $ 11,477 | |||||
Other comprehensive income, net | 990 | 990 | |||||
Restricted stock granted (in shares) | 24,471 | ||||||
Restricted stock forfeited (in shares) | (505) | ||||||
Cash dividends per share | (2,266) | (2,266) | |||||
Stock based compensation | $ 324 | 324 | |||||
Repurchase of shares | $ (8,129) | (8,129) | |||||
Repurchase of shares (in shares) | (402,914) | ||||||
Balance at Jun. 30, 2024 | $ 173,108 | 287 | (13,602) | 155,472 | $ 315,265 | ||
Balance (in shares) at Jun. 30, 2024 | 11,172,323 | 11,172,323 | |||||
Balance at Mar. 31, 2024 | $ 177,075 | 287 | (14,108) | 150,981 | $ 314,235 | ||
Balance (in shares) at Mar. 31, 2024 | 11,377,117 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 5,600 | 5,600 | |||||
Other comprehensive income, net | 506 | 506 | |||||
Cash dividends per share | (1,109) | (1,109) | |||||
Stock based compensation | $ 164 | 164 | |||||
Repurchase of shares | $ (4,131) | (4,131) | |||||
Repurchase of shares (in shares) | (204,794) | ||||||
Balance at Jun. 30, 2024 | $ 173,108 | $ 287 | $ (13,602) | $ 155,472 | $ 315,265 | ||
Balance (in shares) at Jun. 30, 2024 | 11,172,323 | 11,172,323 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Stock Transactions, Parenthetical Disclosures | ||||
Cash dividends (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.20 | $ 0.20 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Cash flows from operating activities: | |||||
Net income | $ 11,477 | $ 14,397 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Provision for (reversal of) credit losses | $ 171 | $ (1,260) | 423 | (985) | |
Deferred tax expense (benefit) | 2,021 | (1,285) | |||
Accretion on acquired loans | (186) | (853) | |||
Gain on sale of loans | (287) | (68) | (287) | (480) | |
Proceeds from sale of loans | 4,749 | 9,176 | |||
Loans originated for sale | (3,562) | (6,882) | |||
Loss on sale of OREO | 21 | ||||
Accretion on junior subordinated debentures | 40 | 40 | |||
Gain on repayment of subordinated debt, net | (34) | ||||
Increase in cash surrender value of life insurance policies | (358) | (335) | |||
Amortization/accretion of premiums/discounts on investment securities, net | 64 | 227 | |||
(Gain) loss on equity securities | 321 | 917 | (252) | 1,813 | |
Depreciation and amortization | 1,009 | 883 | |||
Core deposit intangible amortization | 305 | 611 | 674 | ||
Stock based compensation expense | 324 | 432 | |||
Increase (decrease) in deferred loan origination fees, net | 66 | (92) | |||
Net change in interest receivable and other assets | (1,120) | 1,956 | |||
Increase in salary continuation plan, net | 181 | 115 | |||
Net change in interest payable and other liabilities | (2,415) | 967 | |||
Net cash provided by operating activities | 12,751 | 19,789 | |||
Cash flows from investing activities: | |||||
Proceeds from maturities of interest bearing deposits in banks | 498 | 249 | |||
Purchase of investment securities AFS | (26,570) | (2,460) | |||
Proceeds from maturities, repayments and calls of investment securities AFS | 7,430 | 2,943 | |||
Purchase of FHLB stock | (634) | ||||
Purchase of FRB stock | (9) | (14) | |||
Decrease in loans, net | 59,454 | 10,513 | |||
Purchase of equipment and leasehold improvements, net | (1,388) | (171) | |||
Net cash provided by investing activities | 39,415 | 10,426 | |||
Cash flows from financing activities: | |||||
Decrease in noninterest and interest bearing deposits in banks, net | (8,601) | (104,187) | |||
Increase in time deposits, net | 50,861 | 165,774 | |||
Repayment of subordinated debt, net | (315) | ||||
Repurchase of common stock | (8,129) | (17,154) | |||
Dividends paid on common stock | (2,313) | (1,264) | |||
Net cash provided by financing activities | 31,503 | 43,169 | |||
Increase in cash and cash equivalents | 83,669 | 73,384 | |||
Cash and cash equivalents at beginning of period | 307,539 | 176,815 | $ 176,815 | ||
Cash and cash equivalents at end of period | $ 391,208 | $ 250,199 | 391,208 | 250,199 | $ 307,539 |
Cash paid during the year for: | |||||
Interest expense | 18,920 | 10,576 | |||
Cash paid during the year for: | |||||
Income taxes paid, net | 3,893 | 7 | |||
Recognition of ROU assets | 575 | ||||
Recognition of lease liability | 570 | ||||
Non-cash investing and financing activities: | |||||
Change in unrealized gain (loss) on AFS securities, net of tax | 990 | (4,859) | |||
Transfer of loans to held-for-sale | 1,684 | ||||
Cash dividends declared on common stock not yet paid | $ (1,109) | $ (1,196) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 – BASIS OF PRESENTATION BayCom Corp (the “Company”) is a bank holding company headquartered in Walnut Creek, California. United Business Bank (the “Bank”), the Company’s wholly owned banking subsidiary, is a California state-chartered bank which provides a broad range of financial services primarily to local small and mid-sized businesses, service professionals and individuals. In its 20 years of operation, the Bank has grown to 35 full-service banking branches, with 16 locations in California, one in Nevada, two in Washington, five in New Mexico and 11 in Colorado. The condensed consolidated financial statements include the accounts of the Company and the Bank. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements include all adjustments of a normal and recurring nature, which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. Dollar amounts presented in the consolidated financial statements and footnote tables are rounded and presented to the nearest thousands of dollars except per share amounts. If the amounts are above $1.0 million, they are rounded one decimal point, and if they are above $1.0 billion, they are rounded two decimal points. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes normally included in annual financial statements prepared in conformity with accounting principles generally accepted in the United States of America. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Results of operations for interim periods are not necessarily indicative of results for the full year. Certain prior year information has been reclassified to conform to the current year presentation. None of the reclassifications impacted consolidated net income, earnings per share or shareholders’ equity. Restatement of Previously Issued Consolidated Financial Statements On July 18, 2023, the audit committee of the Company’s board of directors concluded that the Company’s previously issued unaudited interim consolidated financial statements for the period ended March 31, 2023 and the consolidated financial statements for the year ended December 31, 2022, as well as for the unaudited interim periods included in that fiscal year (collectively, “Restated Periods”), should no longer be relied upon because of errors related to the accounting for unrealized losses on preferred equity securities that resulted in material misstatements of noninterest income and accumulated other comprehensive income. At the time of its purchase of the preferred equity securities for investment purposes, the Company inappropriately accounted for them as AFS debt securities under Accounting Standards Codification (“ASC”) Topic 320 – Investments-Debt Securities Investments-Equity Securities On July 25, 2023, the Company filed amendments to its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2023, September 30, 2022, June 30, 2022, and March 31, 2022, and its Form 10-K for the year ended December 31, 2022, (the “Original Reports”) with the Securities and Exchange Commission (“SEC”), to reflect the restatement of the Company’s consolidated financial statements for the Restated Periods (the “Amended Form 10-Qs” and the “Amended Form 10-K,” collectively, the “Amended Reports”). As disclosed in the Original Reports, the Company recorded the change, net of taxes, in the fair value of preferred equity securities as part of other comprehensive loss, net of taxes, under ASC Topic 320 – Investments-Debt Securities Investments-Equity Securities For additional information on the effects of the restatement, see Note 2 Restatement of Consolidated Financial Statements in the Notes to Consolidated Financial Statements contained in the Amended Form 10-K and Note 3. Restatement of the Consolidated Financial Statements in the Notes to Condensed Consolidated Financial Statements contained in each of the Amended Form 10-Qs. |
ACCOUNTING GUIDANCE NOT YET EFF
ACCOUNTING GUIDANCE NOT YET EFFECTIVE AND ADOPTED ACCOUNTING GUIDANCE | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
ACCOUNTING GUIDANCE NOT YET EFFECTIVE AND ADOPTED ACCOUNTING GUIDANCE | NOTE 2 - ACCOUNTING GUIDANCE NOT YET EFFECTIVE AND ADOPTED ACCOUNTING GUIDANCE Accounting Guidance Adopted in 2024 On January 1, 2024, the Company adopted Accounting Standards Update (“ASU”) 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, a consensus of the Emerging Issues Task Force. ASU 2023-02 allows an entity the option to apply the proportional amortization method of accounting to other equity investments that are made for the primary purpose of receiving tax credits or other income tax benefits if certain conditions are met. Prior to this ASU, the application of the proportional amortization method of accounting was limited to investments in low-income housing tax credit structures. The proportional amortization method of accounting results in the amortization of applicable investments, as well as the related income tax credits or other income tax benefits received, being presented on a single line in the statements of income, income tax expense. Under this ASU, an entity has the option to apply the proportional amortization method of accounting to applicable investments on a tax-credit-program-by-tax-credit program basis. In addition, the amendments in this ASU require that all tax equity investments accounted for using the proportional amortization method use the delayed equity contribution guidance in paragraph 323-740-25-3, requiring a liability to be recognized for delayed equity contributions that are unconditional and legally binding or for equity contributions that are contingent upon a future event when that contingent event becomes probable. Under this ASU, low-income housing tax credit investments for which the proportional amortization method is not applied can no longer be accounted for using the delayed equity contribution guidance. Further, this ASU specifies that impairment of low-income housing tax credit investments not accounted for using the equity method must apply the impairment guidance in Subtopic 323-10: Investments - Equity Method and Joint Ventures - Overall. This ASU also clarifies that for low-income housing tax credit investments not accounted for under the proportional amortization method or the equity method, an entity shall account for them under Topic 321: Investments - Equity Securities . The amendments in the ASU also require additional disclosures in interim and annual periods concerning investments for which the proportional amortization method is applied, including (i) the nature of tax equity investments, and (ii) the effect of tax equity investments and related income tax credits and other income tax benefits on the financial position and results of operations. ASU 2023-02 is effective for the Company for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-02 did not have a material impact on the Company's consolidated financial statements and related disclosures. Fair Value Measurement (Topic 820) - In June 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The guidance in the ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account on the equity security and, therefore, is not considered in measuring fair value. The ASU also requires additional disclosures about the restriction. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The adoption of ASU 2022-03 did not have a material impact on the Company's consolidated financial statements and related disclosures. Recent Accounting Guidance Not Yet Effective Business Combinations (Topic 805) - In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture (JV) Formations: Recognition and Initial Measurement. The guidance requires newly-formed JVs to apply a new basis of accounting to all of its contributed net assets, which results in the JV initially measuring its contributed net assets under ASC 805-20, Business Combinations. The new guidance would be applied prospectively and is effective for all newly-formed joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. The Company is evaluating the accounting and disclosure requirements of this update and does not expect them to have a material effect on the Company’s consolidated financial statements. Segment Reporting – Improvements to Reportable Segment Disclosures (Topic 280) – In November 2023, the FASB issued ASU 2023-07 to enhance disclosures about significant segment expenses for public entities reporting segment information under Topic 280. It requires that a public entity disclose, on an annual and interim basis, significant expense categories for each reportable segment. Significant expense categories are derived from expenses that are 1) regularly reported to an entity’s chief operating decision-maker ("CODM"), and 2) included in a segment’s reported measure of profit or loss. The disclosures should include an amount for "other segment items," reflecting the difference between 1) segment revenue less significant segment expenses, and 2) the reportable segment’s profit or loss measures. It requires that a public entity disclose the title and position of the CODM and how the CODM uses the reported measure of profit or loss to assess segment performance and to allocate resources. Further it clarifies that entities with a single reportable segment must comply with both new and existing segment reporting requirements. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the guidance on a retrospective basis. The Company is evaluating the accounting and disclosure requirements of this update and does not expect them to have a material effect on the Company’s consolidated financial statements. Income Taxes – Improvements to Income Tax Disclosures (Topic 740) – In December 2023, the FASB issued ASU 2023-09 to provide additional transparency into an entity’s income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The standard requires that public business entities disclose, on an annual basis, specific categories in the rate reconciliation and additional information for reconciling items meeting a certain quantitative threshold. The amendments also require that entities disclose on an annual basis: 1) income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and 2) the income taxes paid (net of refunds received) disaggregated by individual jurisdictions exceeding 5% of total income taxes paid (net of refunds received). The amendments are effective for public business entities for annual periods beginning after December 15, 2024. The Company is evaluating the accounting and disclosure requirements of this update and does not expect them to have a material effect on the Company’s consolidated financial statements. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 3 – INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses, and estimated fair values of securities AFS at the dates indicated are summarized as follows: Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value June 30, 2024 Municipal securities $ 23,817 $ 77 $ (1,477) $ 22,417 Mortgage-backed securities 47,464 98 (3,779) 43,783 Collateralized mortgage obligations 45,536 131 (2,277) 43,390 SBA securities 4,674 43 (77) 4,640 Corporate bonds 81,224 — (11,821) 69,403 Total $ 202,715 $ 349 $ (19,431) $ 183,633 Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value December 31, 2023 Municipal securities $ 21,910 $ 75 $ (1,158) $ 20,827 Mortgage-backed securities 41,048 194 (3,641) 37,601 Collateralized mortgage obligations 35,019 256 (2,299) 32,976 SBA securities 5,280 49 (77) 5,252 Corporate bonds 80,383 7 (13,894) 66,496 Total $ 183,640 $ 581 $ (21,069) $ 163,152 Amortized cost and fair values exclude accrued interest receivable of $1.5 million and $1.2 million at June 30, 2024 and December 31, 2023, respectively, which is included in interest receivable and other assets in the condensed consolidated balance sheets. During both the three and six months ended June 30, 2024 and 2023, the Company sold no securities AFS. The amortized cost and estimated fair value of securities AFS at the dates indicated by contractual maturity are shown below. 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. June 30, 2024 December 31, 2023 Amortized Estimated Amortized Estimated cost fair value cost fair value Securities AFS Due in one year or less $ 34,697 $ 34,051 $ 6,397 $ 6,338 Due after one through five years 84,573 72,430 15,909 14,206 Due after five years through ten years 26,967 24,092 102,430 87,867 Due after ten years 56,478 53,060 58,904 54,741 Total $ 202,715 $ 183,633 $ 183,640 $ 163,152 At both June 30, 2024 and December 31, 2023, there were no securities pledged. The estimated fair value and gross unrealized losses for securities AFS aggregated by the length of time that individual securities have been in a continuous unrealized loss position at the dates indicated are as follows: Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized fair value loss fair value loss fair value loss June 30, 2024 Municipal securities $ 1,649 $ (12) $ 16,962 $ (1,465) $ 18,611 $ (1,477) Mortgage-backed securities 2,804 (33) 30,898 (3,746) 33,702 (3,779) Collateralized mortgage obligations 4 — 26,524 (2,277) 26,528 (2,277) SBA securities — — 1,403 (77) 1,403 (77) Corporate bonds — — 69,403 (11,821) 69,403 (11,821) Total $ 4,457 $ (45) $ 145,190 $ (19,386) $ 149,647 $ (19,431) Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized fair value loss fair value loss fair value loss December 31, 2023 Municipal securities $ 2,483 $ (28) $ 13,975 $ (1,130) $ 16,458 $ (1,158) Mortgage-backed securities 1,369 (30) 26,435 (3,611) 27,804 (3,641) Collateralized mortgage obligations 1,496 (8) 20,713 (2,291) 22,209 (2,299) SBA securities — — 1,610 (77) 1,610 (77) Corporate bonds — — 65,505 (13,894) 65,505 (13,894) Total $ 5,348 $ (66) $ 128,238 $ (21,003) $ 133,586 $ (21,069) At June 30, 2024, the Company held 338 securities AFS, of which 315 were in an unrealized loss position for more than twelve months and 18 were in an unrealized loss position for less than twelve months. At December 31, 2023, the Company held 334 investment securities, of which 297 were in an unrealized loss position for more than twelve months and 22 were in an unrealized loss position for less than twelve months. The Company anticipates full recovery of amortized cost with respect to these securities at maturity or sooner in the event of a more favorable market interest rate environment. Allowance for credit losses on investment debt securities available-for-sale Securities that were in an unrealized loss position as of June 30, 2024 were evaluated to determine whether the decline in fair value below the amortized cost basis resulted from a credit loss or changes in required yields by investors in these types of securities, among other factors. This assessment first includes a determination of whether the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis less any current-period credit losses. In making this assessment, management considers the nature of the security and any related government guarantees, any changes to the rating of the security by a rating agency, creditworthiness of the issuers/guarantors, the underlying collateral, the financial conditions and prospects of the issuer, and any adverse conditions specifically related to the security, among other factors. As of June 30, 2024, the Company expects to recover the amortized cost basis of its securities, has no present intent to sell any investment securities with unrealized losses and it is not more likely than not that we will not be required to sell securities with unrealized losses before recovery of their amortized cost and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The issuers of these securities continue to make timely principal and interest payments. No allowances for credit losses have been recognized on investment debt securities AFS in an unrealized loss position, as management does not believe any of the securities are impaired due to reasons of credit quality at June 30, 2024. Equity Securities The Company recognized a net loss on equity securities of $321,000 and a net gain on equity securities of $252,000 for the three and six months ended June 30, 2024, and recognized a net loss on equity securities of $917,000 and $1.8 million for the three and six months ended June 30, 2023, respectively. Equity securities were $12.8 million and $12.6 million as of June 30, 2024 and December 31, 2023, respectively. |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
LOANS | NOTE 4 – LOANS The Company’s loan portfolio at the dates indicated is summarized below: June 30, December 31, 2024 2023 Commercial and industrial (1) $ 155,146 $ 162,889 Construction and land 3,469 9,559 Commercial real estate 1,599,743 1,668,585 Residential 105,222 86,002 Consumer 602 738 Total loans 1,864,182 1,927,773 Net deferred loan (fees) costs (10) 56 Allowance for credit losses (19,000) (22,000) Net loans $ 1,845,172 $ 1,905,829 (1) Includ es $2.3 million and $3.8 million of U.S. Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans as of June 30, 2024 and December 31, 2023, respectively. Net loans exclude accrued interest receivable of $5.8 million and $6.7 million at June 30, 2024 and December 31, 2023, respectively, which is included in interest receivable and other assets in the condensed consolidated balance sheets. The Company’s total individually evaluated loans, including collateral dependent loans, nonaccrual loans, modified loans to borrowers experiencing financial difficulty, and accreting purchase credit deteriorated (“PCD”) loans that have experienced post-acquisition declines in cash flows expected to be collected are summarized as follows: Commercial Construction Commercial and industrial and land real estate Residential Consumer Total June 30, 2024 Recorded investment in loans individually evaluated: With no specific allowance recorded $ 95 $ 366 $ 12,715 $ 1,291 $ — $ 14,467 With a specific allowance recorded 1,341 — 6,067 — — 7,408 Total recorded investment in loans individually evaluated $ 1,436 $ 366 $ 18,782 $ 1,291 $ — $ 21,875 Specific allowance on loans individually evaluated $ 1,140 $ — $ 350 $ — $ — $ 1,490 December 31, 2023 Recorded investment in loans individually evaluated: With no specific allowance recorded $ 273 $ 366 $ 1,298 $ 1,349 $ — $ 3,286 With a specific allowance recorded 1,799 — 7,745 147 — 9,691 Total recorded investment in loans individually evaluated $ 2,072 $ 366 $ 9,043 $ 1,496 $ — $ 12,977 Specific allowance on loans individually evaluated $ 1,423 $ — $ 3,008 $ 2 $ — $ 4,433 From time to time, the Company may extend, restructure, or otherwise modify the terms of existing loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers who may be experiencing financial difficulties. At the time of restructuring, these loans are generally placed on nonaccrual. These loans may be returned to accrual status after the borrower demonstrates performance with the modified terms for a sustained period of time (generally six months The ACL on a is measured using the same method as individually evaluated loans. During the three and six months ended June 30, 2024 and 2023, there were no modifications of loans to borrowers experiencing financial difficulty. A summary of previously modified loans to borrowers experiencing financial difficulty by type of concession and type of loan, as of the dates indicated, is set forth below: Number of Rate Term Rate & term % of Total loans modification modification modification Total loans outstanding June 30, 2024 Commercial and industrial 2 $ — $ 110 $ — $ 110 0.07 % Construction and land — — — — — — % Commercial real estate 4 — 2,079 — 2,079 0.13 % Residential 1 — 747 — 747 0.71 % Consumer — — — — — — % Total 7 $ — $ 2,936 $ — $ 2,936 0.16 % Number of Rate Term Rate & term % of Total loans modification modification modification Total loans outstanding December 31, 2023 Commercial and industrial 2 $ — $ 125 $ — $ 125 0.08 % Construction and land — — — — — — % Commercial real estate 4 — 3,400 — 3,400 0.20 % Residential 1 — 778 — 778 0.90 % Consumer — — — — — — % Total 7 $ — $ 4,303 $ — $ 4,303 0.22 % For the three and six months ended June 30, 2024, the C ompany recorded no charge-offs and $1.3 million of charge-offs for modified loans to borrowers experiencing financial difficulty, respectively. During the three and six months ended June 30, 2023, the Company recorded no charge-offs for modified loans to borrowers experiencing financial difficulty. As of June 30, 2024 and December 31, 2023, individually evaluated modified loans to borrowers experiencing financial difficulty had a related allowance of $27,000 and $1.3 million , respectively. As of June 30, 2024 and December 31, 2023, none of the modified loans to borrowers experiencing financial difficulty were performing in accordance with their modified terms. Accruing modified loans to borrowers experiencing financial difficulty are included in the loans individually evaluated as part of the calculation of the allowance for credit losses for loans. Risk Rating System The Company evaluates and assigns a risk grade to each loan based on certain criteria to assess the credit quality of the loan. The assignment of a risk rating is done for each individual loan. Loans are graded from inception and on a continuing basis until the debt is repaid. Any adverse or beneficial trends will trigger a review of the loan risk rating. Each loan is assigned a risk grade based on its characteristics. Loans with low to average credit risk are assigned a lower risk grade than those with higher credit risk as determined by the individual loan characteristics. The Company’s Pass loans include loans with acceptable business or individual credit risk where the borrower’s operations, cash flow or financial condition provides evidence of low to average levels of risk. Loans that are assigned higher risk grades are loans that exhibit the following characteristics: Special Mention loans have potential weaknesses that deserve close attention. If left uncorrected, these potential weaknesses may result in a deterioration of the repayment prospects for the loan or in the Company’s credit position at some future date. Special Mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. A Special Mention rating is a temporary rating, pending the occurrence of an event that would cause the risk rating either to improve or to be downgraded. Loans in this category would be characterized by any of the following situations: ● Credit that is currently protected but is potentially a weak asset; ● Credit that is difficult to manage because of an inadequate loan agreement, the condition of and/or control over collateral, failure to obtain proper documentation, or any other deviation from product lending practices; and ● Adverse financial trends. Substandard loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged. Loans classified substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. The potential loss does not have to be recognizable in an individual credit for that credit to be risk rated Substandard. A loan can be fully and adequately secured and still be considered Substandard. Some characteristics of Substandard loans are: ● Inability to service debt from ordinary and recurring cash flow; ● Chronic delinquency; ● Reliance upon alternative sources of repayment; ● Term loans that are granted on liberal terms because the borrower cannot service normal payments for that type of debt; ● Repayment dependent upon the liquidation of collateral; ● Inability to perform as agreed, but adequately protected by collateral; ● Necessity to renegotiate payments to a non-standard level to ensure performance; and ● The borrower is bankrupt, or for any other reason, future repayment is dependent on court action. Doubtful loans have all the weaknesses inherent in loans classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and value, highly questionable and improbable. Doubtful loans have a high probability of loss, yet certain important and reasonably specific pending factors may work toward the strengthening of the credit. Losses are recognized as charges to the allowance when the loan or portion of the loan is considered uncollectible or at the time of foreclosure. Recoveries on loans previously charged off are credited to the allowance for credit losses. Revolving loans that are converted to term loans are treated as new originations in the tables below and are presented by year of initial origination. During the six months ended June 30, 2024, and the year ended December 31, 2023, $512,000 and $7.1 million of revolving loans were converted to term loans, respectively. The following tables present the internally assigned risk grade by class of loans at the dates indicated: Revolving Term loans - amortized cost by origination year loans 2024 2023 2022 2021 2020 Prior amortized cost Total June 30, 2024 Commercial and industrial: Pass $ 15,600 $ 22,939 $ 22,686 $ 15,047 $ 18,047 $ 37,339 $ 15,586 $ 147,244 Special mention — 555 — — 563 2,498 1,785 5,401 Substandard — — — — 854 626 1,021 2,501 Total commercial and industrial $ 15,600 $ 23,494 $ 22,686 $ 15,047 $ 19,464 $ 40,463 $ 18,392 $ 155,146 YTD gross charge-offs $ — $ — $ — $ — $ 45 $ 311 $ — $ 356 Construction and land: Pass $ — $ 1,370 $ — $ 134 $ 1,136 $ 463 $ — $ 3,103 Special mention — — — — — — — — Substandard — — — — 366 — — 366 Total construction and land $ — $ 1,370 $ — $ 134 $ 1,502 $ 463 $ — $ 3,469 YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate: Pass $ 24,908 $ 80,443 $ 372,000 $ 483,577 $ 102,200 $ 418,761 $ 8,454 $ 1,490,343 Special mention — 637 7,066 3,198 19,040 44,993 — 74,934 Substandard — — 2,288 16,588 — 15,590 — 34,466 Total commercial real estate $ 24,908 $ 81,080 $ 381,354 $ 503,363 $ 121,240 $ 479,344 $ 8,454 $ 1,599,743 YTD gross charge-offs $ — $ — $ — $ 1,934 $ — $ 1,272 $ — $ 3,206 Residential: Pass $ 23,135 $ — $ — $ 41,237 $ 1,589 $ 5,208 $ 32,185 $ 103,354 Special mention — — — — — 424 — 424 Substandard — — — 316 — 1,128 — 1,444 Total residential $ 23,135 $ — $ — $ 41,553 $ 1,589 $ 6,760 $ 32,185 $ 105,222 YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Pass $ 88 $ 39 $ 44 $ — $ — $ 39 $ 373 $ 583 Special mention — — — — — — — — Substandard — — — — — 19 — 19 Total consumer $ 88 $ 39 $ 44 $ — $ — $ 58 $ 373 $ 602 YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ 1 $ 1 Total loans outstanding Risk ratings Pass $ 63,731 $ 104,791 $ 394,730 $ 539,995 $ 122,972 $ 461,810 $ 56,598 $ 1,744,627 Special mention — 1,192 7,066 3,198 19,603 47,915 1,785 80,759 Substandard — — 2,288 16,904 1,220 17,363 1,021 38,796 Doubtful — — — — — — — — Total loans outstanding $ 63,731 $ 105,983 $ 404,084 $ 560,097 $ 143,795 $ 527,088 $ 59,404 $ 1,864,182 YTD gross charge-offs $ — $ — $ — $ 1,934 $ 45 $ 1,583 $ 1 $ 3,563 Revolving Term loans - amortized cost by origination year loans 2023 2022 2021 2020 2019 Prior amortized cost Total December 31, 2023 Commercial and industrial: Pass $ 26,055 $ 25,039 $ 19,294 $ 22,831 $ 26,008 $ 17,357 $ 17,754 $ 154,338 Special mention — — — 1,323 932 1,926 1,831 6,012 Substandard — — — 156 320 1,039 1,024 2,539 Total commercial and industrial $ 26,055 $ 25,039 $ 19,294 $ 24,310 $ 27,260 $ 20,322 $ 20,609 $ 162,889 YTD gross charge-offs $ — $ — $ — $ — $ 27 $ 436 $ — $ 463 Construction and land: Pass $ 1,217 $ 6,040 $ — $ 1,177 $ 109 $ 650 $ — $ 9,193 Special mention — — — — — — — — Substandard — — — 366 — — — 366 Total construction and land $ 1,217 $ 6,040 $ — $ 1,543 $ 109 $ 650 $ — $ 9,559 YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate: Pass $ 80,576 $ 397,319 $ 377,165 $ 140,265 $ 180,859 $ 370,887 $ 9,405 $ 1,556,476 Special mention — 10,348 1,894 17,001 15,101 41,482 — 85,826 Substandard — 158 946 — 11,579 13,600 — 26,283 Total commercial real estate $ 80,576 $ 407,825 $ 380,005 $ 157,266 $ 207,539 $ 425,969 $ 9,405 $ 1,668,585 YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential: Pass $ — $ — $ 2,432 $ 4,319 $ 7,986 $ 36,814 $ 32,420 $ 83,971 Special mention — — — — 437 — — 437 Substandard — — — — — 1,594 — 1,594 Total residential $ — $ — $ 2,432 $ 4,319 $ 8,423 $ 38,408 $ 32,420 $ 86,002 YTD gross charge-offs $ — $ — $ — $ — $ — $ 172 $ 3 $ 175 Consumer: Pass $ 65 $ 67 $ — $ 6 $ 18 $ 69 $ 494 $ 719 Special mention — — — — — — — — Substandard — — — — 19 — — 19 Total consumer $ 65 $ 67 $ — $ 6 $ 37 $ 69 $ 494 $ 738 YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ 5 $ 5 Total loans outstanding Risk ratings Pass $ 107,913 $ 428,465 $ 398,891 $ 168,598 $ 214,980 $ 425,777 $ 60,073 $ 1,804,697 Special mention — 10,348 1,894 18,324 16,470 43,408 1,831 92,275 Substandard — 158 946 522 11,918 16,233 1,024 30,801 Doubtful — — — — — — — — Total loans outstanding $ 107,913 $ 438,971 $ 401,731 $ 187,444 $ 243,368 $ 485,418 $ 62,928 $ 1,927,773 YTD gross charge-offs $ — $ — $ — $ — $ 27 $ 608 $ 8 $ 643 The following tables provide an aging of the Company’s loans receivable as of the dates indicated: Recorded 90 Days investment > 30–59 Days 60–89 Days or more Total Total loans 90 days and past due past due past due past due Current PCD loans receivable accruing June 30, 2024 Commercial and industrial $ 556 $ 218 $ 1,253 $ 2,027 $ 152,954 $ 165 $ 155,146 $ — Construction and land — — 366 366 3,087 16 3,469 — Commercial real estate 2,375 675 4,696 7,746 1,567,083 24,914 1,599,743 — Residential 69 747 283 1,099 103,773 350 105,222 — Consumer — — — — 602 — 602 — Total $ 3,000 $ 1,640 $ 6,598 $ 11,238 $ 1,827,499 $ 25,445 $ 1,864,182 $ — Recorded 90 Days investment > 30–59 Days 60–89 Days or more Total Total loans 90 days and past due past due past due past due Current PCD loans receivable accruing December 31, 2023 Commercial and industrial $ 803 $ 146 $ 1,782 $ 2,731 $ 159,960 $ 198 $ 162,889 $ — Construction and land 97 — 366 463 9,071 25 9,559 — Commercial real estate 2,908 1,702 7,793 12,403 1,631,129 25,053 1,668,585 — Residential 55 — — 55 85,500 447 86,002 — Consumer — — — — 738 — 738 — Total $ 3,863 $ 1,848 $ 9,941 $ 15,652 $ 1,886,398 $ 25,723 $ 1,927,773 $ — Nonaccrual loans totaled $16.1 million and $13.0 million at June 30, 2024 and December 31, 2023, respectively. Nonaccrual loans guaranteed by a government agency, which reduces the Company’s credit exposure, were $2.1 million at June 30, 2024 compared to $740,000 at December 31, 2023. At June 30, 2024, nonaccrual loans included $3.2 million of loans 30-89 days past due and $6.3 million of loans less than 30 days past due. At December 31, 2023, nonaccrual loans included $927,000 of loans 30-89 days past due and $2.1 million of loans less than 30 days past due. At June 30, 2024, the $3.2 million of nonaccrual loans 30-89 days past due was comprised of three loans and the $6.3 million of loans less than 30 days past due was comprised of 19 loans. All these loans were placed on nonaccrual due to concerns over the financial condition of the borrowers. There were no loans that were 90 days or more past due and still accruing at June 30, 2024 or December 31, 2023. Interest foregone on nonaccrual loans was approximately $226,000 and $709,000 for the three and six months ended June 30, 2024, compared to $185,000 and $420,000 for the three and six months ended June 30, 2023. Interest income recognized on nonaccrual loans was approximately $79,000 and $86,000 for the three and six months ended June 30, 2024, compared to $16,000 and $81,000 for the three and six months ended June 30, 2023, respectively. Pledged Loans Our FHLB line of credit is secured under terms of a blanket collateral agreement by a pledge of certain qualifying loans with unpaid principal balances of $977.9 million and $1.14 billion at June 30, 2024 and December 31, 2023, respectively. Our discount window advance line with the FRB of San Francisco is |
ALLOWANCE FOR CREDIT LOSSES FOR
ALLOWANCE FOR CREDIT LOSSES FOR LOANS | 6 Months Ended |
Jun. 30, 2024 | |
Allowance for Loan Losses [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES FOR LOANS | NOTE 5 – ALLOWANCE FOR CREDIT LOSSES FOR LOANS The following tables summarize the Company’s allowance for credit losses for loans, reserve for unfunded commitments, and loan balances individually and collectively evaluated by type of loan, as of the dates and for the periods indicated: Commercial Construction Commercial Reserve for and industrial and land real estate Residential Consumer Total unfunded commitments Three months ended June 30, 2024 Allowance for credit losses Beginning balance $ 4,191 $ 312 $ 13,432 $ 947 $ 8 $ 18,890 $ 215 Charge-offs (178) — — — — (178) — Recoveries 2 — — 99 1 102 — (Reversal of) provision for credit losses (28) (207) 263 159 (1) 186 (15) Ending balance $ 3,987 $ 105 $ 13,695 $ 1,205 $ 8 $ 19,000 $ 200 Six months ended June 30, 2024 Allowance for credit losses: Beginning balance $ 4,216 $ 298 $ 16,498 $ 979 $ 9 $ 22,000 $ 225 Charge-offs (356) — (3,206) — (1) (3,563) — Recoveries 15 — — 99 1 115 — Provision for (reversal of) credit losses 112 (193) 403 127 (1) 448 (25) Ending balance $ 3,987 $ 105 $ 13,695 $ 1,205 $ 8 $ 19,000 $ 200 June 30, 2024 Allowance for credit losses: Loans individually evaluated $ 1,140 $ — $ 350 $ — $ — $ 1,490 Loans collectively evaluated 2,847 105 12,935 1,200 8 17,095 PCD loans — — 410 5 — 415 Loans receivable: Individually evaluated $ 1,436 $ 366 $ 18,782 $ 1,291 $ — $ 21,875 Collectively evaluated 153,545 3,087 1,556,047 103,581 602 1,816,862 PCD loans 165 16 24,914 350 — 25,445 Total loans $ 155,146 $ 3,469 $ 1,599,743 $ 105,222 $ 602 $ 1,864,182 Commercial Construction Commercial Reserve for and industrial and land real estate Residential Consumer Total unfunded commitments Three months ended June 30, 2023 Allowance for credit losses Beginning balance $ 4,470 $ 314 $ 14,530 $ 1,066 $ 20 $ 20,400 $ 320 Charge-offs (125) — — — (2) (127) — Recoveries 64 — 2 — 1 67 — (Reversal of) provision for credit losses (762) 3 (365) (107) (9) (1,240) (20) Ending balance $ 3,647 $ 317 $ 14,167 $ 959 $ 10 $ 19,100 $ 300 Six months ended June 30, 2023 Allowance for loan losses Beginning balance $ 2,885 $ 68 $ 14,185 $ 1,742 $ 20 $ 18,900 $ 315 Impact of CECL adoption 1,366 402 2 (302) 32 1,500 45 Charge-offs (283) — — (175) (3) (461) — Recoveries 80 — 2 — 4 86 — Reversal of credit losses (401) (153) (22) (306) (43) (925) (60) Ending balance $ 3,647 $ 317 $ 14,167 $ 959 $ 10 $ 19,100 $ 300 June 30, 2023 Allowance for credit losses by methodology: Loans individually evaluated $ 433 $ — $ 259 $ 2 $ — $ 694 Loans collectively evaluated 3,212 317 13,293 948 10 17,780 PCD loans 2 — 615 9 — 626 Loans receivable by methodology: Individually evaluated $ 656 $ — $ 11,251 $ 1,698 $ — $ 13,605 Collectively evaluated 179,977 9,999 1,693,072 87,767 916 1,971,731 PCD loans 219 — 27,192 550 — 27,961 Total loans $ 180,852 $ 9,999 $ 1,731,515 $ 90,015 $ 916 $ 2,013,297 For the three months ended June 30, 2024, the provision for credit losses and related change in the allowance for credit losses on loans was mainly driven by a replenishment of the allowance, partially offset by decreases in outstanding loan balances, leading to lower quantitative reserves. Net charges-offs totaled $76,000 during the second quarter of 2024, which included a $160,000 charge-off for one loan, which was fully specifically reserved for at March 31, 2024. The quantitative reserve was also impacted by improvement in forecasted economic conditions for national gross domestic product, offset by increasing forecasted national unemployment, both of which are key indicators utilized to estimate credit losses. For the six months ended June 30, 2024, the provision for credit losses and related change in the allowance for credit losses on loans was mainly driven by decreased reserve for individually evaluated loans and a replenishment of the allowance during the period, partially offset by decreases in outstanding loan balances, leading to lower quantitative reserves. Net charges-offs totaled $3.5 million for the six months ended June 30, 2024, of which $3.2 million was specifically reserved for at December 31, 2023. No changes were made to the qualitative risk factor conclusions during the six months ended June 30, 2024. The quantitative reserve was impacted by improvement in forecasted economic conditions, specifically, national unemployment levels and national gross domestic product, both of which are key indicators utilized to estimate credit losses. The reserve for individually evaluated loans decreased during the six months ended June 30, 2024 primarily due to a charge-off of $3.2 million, The following table summarizes the amortized cost basis of individually evaluated collateral-dependent loans, including nonaccrual loans, modified loans to borrowers experiencing financial difficulty, and accreting purchase credit deteriorated (“PCD”) loans that have experienced post-acquisition declines in cash flows expected to be collected, by loan and collateral type as of the dates indicated. Retail and Convalescent A/R and Office Multifamily facility Hotel Other SFR 1-4 Equipment Total ACL June 30, 2024 Commercial and industrial $ — $ — $ — $ — $ 1,020 $ — $ 416 $ 1,436 $ 1,140 Construction and land — — — — — 366 — 366 — Commercial real estate 1,258 7,743 1,200 4,672 3,909 — — 18,782 350 Residential — — — — — 1,291 — 1,291 — Consumer — — — — — — — — — Total $ 1,258 $ 7,743 $ 1,200 $ 4,672 $ 4,929 $ 1,657 $ 416 $ 21,875 $ 1,490 December 31, 2023 Commercial and industrial $ — $ — $ — $ — $ 1,021 $ — $ 1,052 $ 2,073 $ 1,423 Construction and land — — — — — 366 — 366 — Commercial real estate 224 5,305 2,213 135 1,165 — — 9,042 3,008 Residential — — — — — 1,496 — 1,496 2 Consumer — — — — — — — — — Total $ 224 $ 5,305 $ 2,213 $ 135 $ 2,186 $ 1,862 $ 1,052 $ 12,977 $ 4,433 The following table shows the amortized cost and allowance for credit losses for loans on nonaccrual status as of the dates indicated: As of June 30, 2024 As of December 31, 2023 Nonaccrual Nonaccrual Nonaccrual Nonaccrual with no allowance with allowance Total with no allowance with allowance Total for credit losses for credit losses nonaccrual for loan losses for loan losses nonaccrual Commercial and industrial $ 95 $ 1,384 $ 1,479 $ 272 $ 1,800 $ 2,072 Construction and land 366 — 366 366 — 366 Commercial real estate 7,700 5,161 12,861 1,295 7,748 9,043 Residential 1,291 131 1,422 1,349 147 1,496 Consumer — — — — — — Total $ 9,452 $ 6,676 $ 16,128 $ 3,282 $ 9,695 $ 12,977 As part of its acquisition of Pacific Enterprise Bancorp (“PEB”) in 2022, the Company acquired certain small business loans to borrowers qualified under The California Capital Access Program for Small Business, a state guaranteed loan program sponsored by the California Pollution Control Financing Authority (“CalCAP”). PEB ceased originating loans under this loan program in 2017. Under this loan program, the borrower, CalCAP and the participating lender contributed funds to a loss reserve account that is held in a demand deposit account at the participating lender. The borrower’s contributions to the loss reserve account are attributed to the participating lender. Losses on qualified loans are charged to this account after approval by CalCAP. Under the program, if a loan defaults, the participating lender has immediate coverage of 100% of the loss. The participating lender must return recoveries from the borrower, less expenses, to the credit loss reserve account. The funds in the loss reserve account are the property of CalCAP; however, in the event that the participating lender leaves the program any excess funds, after all loans have been repaid or unenrolled from the program by the participating lender and provided there are no pending claims for reimbursement, the remaining excess funds are distributed to CalCAP and the participating lender based on their respective contributions to the loss reserve account. Funds contributed by the participating lender to the loss reserve account are treated as a receivable from CalCAP and evaluated for impairment quarterly. As of June 30, 2024 and December 31, 2023, the Company had $18.8 million and $19.4 million, respectively, of loans enrolled in this loan program. The Company had a loss reserve account of $13.6 million and $13.7 million as of June 30, 2024 and December 31, 2023, respectively. program of $1.1 million and $4.5 million during the three and six months ended June 30, 2024, and $461,000 and $2.5 million during the three and six months ended June 30, 2023, respectively. As of June 30, 2024, the Company had $16.2 million of loans enrolled in this program and a loss reserve account of $5.2 million. As of December 31, 2023, the Company had $17.7 million of loans enrolled in this program and a loss reserve account of $6.2 million. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | NOTE 6 – PREMISES AND EQUIPMENT Premises and equipment consisted of the following at the dates indicated: June 30, December 31, 2024 2023 Premises owned $ 11,345 $ 11,233 Leasehold improvements 3,082 3,082 Furniture, fixtures and equipment 9,097 7,948 Less accumulated depreciation and amortization (9,472) (8,529) Total premises and equipment, net $ 14,052 $ 13,734 Depreciation and amortization included in occupancy and equipment expense totaled $518,000 and $1.0 million for the three and six months ended June 30, 2024 and $430,000 and $883,000 for the three and six months ended June 30, 2023, respectively. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
LEASES | NOTE 7 – LEASES The Company leased 20 branches under noncancelable operating leases as of June 30, 2024. These leases expire on various dates through 2030. The Company’s leases often have an option to renew one or more times, at the Company’s discretion, following the expiration of the initial term. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. The Company uses the discount rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. The below maturity schedule represents the undiscounted lease payments for the five-year period and thereafter as of June 30, 2024: For remainder of 2024 $ 1,956 2025 3,503 2026 2,820 2027 2,393 2028 2,238 Thereafter 2,111 Total undiscounted cash flows 15,021 Less: interest (1,242) Present value of lease payments $ 13,779 The following table presents the weighted average lease term and discount rate at the dates indicated: June 30, 2024 December 31, 2023 Weighted-average remaining lease term 4.6 years 4.8 years Weighted-average discount rate 3.7 % 3.4 % The following table presents certain information related to the operating lease costs included in occupancy and equipment expense on the consolidated statements of income for the periods indicated: Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Operating lease cost $ 5,035 $ 4,997 $ 6,989 $ 6,948 Short-term lease cost — 21 15 64 Less: Sublease income (22) (19) (34) (41) Total operating lease cost, net $ 5,013 $ 4,999 $ 6,970 $ 6,971 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | NOTE 8 – GOODWILL AND INTANGIBLE ASSETS Goodwill is determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and the liabilities assumed as of the acquisition date. Goodwill and other intangible assets are assessed for impairment annually or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible represents the estimated future benefit of deposits related to an acquisition and is booked separately from the related deposits and amortized over an estimated useful life of seven Goodwill The Company’s policy is to assess goodwill for impairment at the reporting unit level on an annual basis or between annual assessments if a triggering event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Impairment exists when a reporting unit’s fair value is less than its carrying amount, including goodwill. Changes in the Company's goodwill during the periods indicated were as follows: Six months ended Year ended June 30, 2024 December 31, 2023 Balance at beginning of period $ 38,838 $ 38,838 Acquired goodwill — — Impairment — — Balance at end of period $ 38,838 $ 38,838 Core Deposit Intangible Changes in the Company’s core deposit intangible during the periods indicated were as follows: Six months ended Year ended June 30, 2024 December 31, 2023 Balance at beginning of period $ 3,915 $ 5,201 Additions — — Less amortization (611) (1,286) Balance at end of period $ 3,304 $ 3,915 Estimated annual amortization expense at June 30, 2024 was as follows: For remainder of 2024 $ 611 2025 948 2026 455 2027 455 2028 455 Thereafter 380 Total $ 3,304 |
INTEREST RECEIVABLE AND OTHER A
INTEREST RECEIVABLE AND OTHER ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
INTEREST RECEIVABLE AND OTHER ASSETS | NOTE 9 – INTEREST RECEIVABLE AND OTHER ASSETS The Company’s interest receivable and other assets at the dates indicated consisted of the following: June 30, December 31, 2024 2023 Tax assets, net $ 18,267 $ 19,480 Accrued interest receivable 7,794 8,423 Investment in SBIC fund 3,782 3,969 Investment in Community Reinvestment Act fund 2,000 2,000 Prepaid assets 1,958 2,023 Servicing assets 995 1,269 Investment in Low Income Housing Tax Credit ("LIHTC") partnerships, net 3,602 3,480 Investment in statutory trusts 522 511 CalCAP reserve receivable 4,023 4,023 Other assets 4,152 2,200 Total $ 47,095 $ 47,378 |
DEPOSITS
DEPOSITS | 6 Months Ended |
Jun. 30, 2024 | |
Deposits [Abstract] | |
DEPOSITS | NOTE 10 – DEPOSITS The Company’s deposits at the dates indicated consisted of the following: June 30, December 31, 2024 2023 Demand deposits $ 618,616 $ 646,278 NOW accounts 273,292 283,089 Savings 93,726 102,073 Money market 661,271 624,066 Time deposits 528,105 477,244 Total $ 2,175,010 $ 2,132,750 Included in time deposits above are brokered deposits of $35.5 million and $43.6 million as of June 30, 2024 and December 31, 2023, respectively. At June 30, 2024, uninsured deposits totaled $980.0 million, or 45.1% of total deposits, compared to $969.2 million, or 45.5% of total deposits at December 31, 2023. The uninsured amounts are estimates based on the methodologies and assumptions used for United Business Bank’s regulatory reporting requirements. |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 11 – BORROWINGS Other borrowings At June 30, 2024 and December 31, 2023, we had the ability to borrow up to $514.1 million and $576.9 million, respectively, from the FHLB of San Francisco. During the first quarter of 2024, the Bank was approved for discount window advances with the FRB of San Francisco secured by certain types of loans. At June 30, 2024, we had the ability to borrow up to $43.8 million from the FRB of San Francisco, with no FRB of San Francisco advances outstanding at that date. The Bank has Federal Funds lines with four corresponding banks. Cumulative available commitments totaled $65.0 million at both June 30, 2024 and December 31, 2023. There were no amounts outstanding under these facilities at both June 30, 2024 and December 31, 2023. Junior subordinated deferrable interest debentures – In connection with its previous acquisitions, the Company assumed junior subordinated deferrable interest debentures, totaling $8.6 net of fair value adjustments, with a weighted average interest rate of 8.18% at June 30, 2024, compared to $8.6 million, net of fair value adjustments, with a weighted average rate of 8.23% at December 31, 2023 . The junior subordinated deferrable interest debentures mature in 2034, subject to earlier redemption by the Company at its option. Subordinated debt At June 30, 2024 and December 31, 2023, the Company had outstanding Notes, net of cost to issue, totaling $63.7 million and $63.9 million, respectively. |
INTEREST PAYABLE AND OTHER LIAB
INTEREST PAYABLE AND OTHER LIABILITIES | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
INTEREST PAYABLE AND OTHER LIABILITIES | NOTE 12 – INTEREST PAYABLE AND OTHER LIABILITIES The Company’s interest payable and other liabilities at the dates indicated consisted of the following: June 30, December 31, 2024 2023 Accrued expenses $ 5,893 $ 7,419 Accounts payable 796 716 Reserve for unfunded commitments 200 225 Accrued interest payable 3,651 3,054 Other liabilities 2,350 3,177 Total $ 12,890 $ 14,591 |
OTHER EXPENSES
OTHER EXPENSES | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
OTHER EXPENSES | NOTE 13 – OTHER EXPENSES The Company’s other expenses for the periods indicated consisted of the following: Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Professional fees $ 673 $ 445 $ 1,260 $ 892 Core deposit premium amortization 305 305 611 674 Marketing and promotions 246 253 369 400 Stationery and supplies 82 85 158 172 Insurance (including FDIC premiums) 349 433 708 634 Communication and postage 255 221 515 450 Loan default related expense 148 86 158 152 Director fees and expenses 82 84 170 165 Bank service charges 16 16 31 32 Courier expense 186 189 379 371 Other 245 105 356 281 Total $ 2,587 $ 2,222 $ 4,715 $ 4,223 |
EQUITY INCENTIVE PLANS
EQUITY INCENTIVE PLANS | 6 Months Ended |
Jun. 30, 2024 | |
Share-based Payment Arrangement [Abstract] | |
EQUITY INCENTIVE PLANS | Equity Incentive Plans 2024 Omnibus Equity Incentive Plan The Company’s shareholders approved the Company’s 2024 Omnibus Equity Incentive Plan (“2024 Plan”) in June 2024. The 2024 Plan provides for the grant of equity incentive awards to employees and directors (including emeritus and advisory directors) of the Company and its subsidiaries. The 2024 Plan permits the granting of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance shares and performance units. Factors generally considered by the Board in awarding equity incentives to officers and employees include the performance of the Company, the employee’s or officer’s job performance, the importance of his or her position, and his or her contribution to the organization’s goals for the award period. Generally, awards under the 2024 Plan are subject to a minimum vesting period of one year (at least three years for full vesting for the chief executive officer), provided that awards for up to 5% of the maximum shares available under the 2024 Plan (for any participant other than the chief executive officer) may provide for a shorter vesting period. Subject to adjustment as provided in the 2024 Plan, the maximum number of shares of common stock available for issuance under the 2024 Plan is 500,000, and awards granted under the 2024 Plan to any one participant in any one calendar year are subject to the following limitations: (i) aggregate grants of stock options or stock appreciation rights to any one participant are subject to an annual limit of the lesser of 100,000 shares or $2.0 million in fair market value as of the date of grant; (ii) aggregate grants of restricted stock or restricted stock units to any one participant are subject to an annual limit of the lesser of 50,000 shares or $2.0 million in fair market value as of the date of grant; and (iii) aggregate grants of performance shares or performance units to any one participant are subject to an annual limit of the lesser of 50,000 shares or $2.0 million in fair market value as of the date of grant. In addition, subject to adjustment as provided in the 2024 Plan, the maximum aggregate number of shares that may be covered by awards granted under the 2024 Plan to any non-employee director in any one calendar year is 2017 Omnibus Equity Incentive Plan The Company’s shareholders approved the Company’s 2017 Omnibus Equity Incentive Plan (“2017 Plan”) in November 2017. The 2017 Plan provides for the awarding by the Company’s Board of Directors of equity incentive awards to employees and non-employee directors. An equity incentive award under the 2017 Plan may be an option, stock appreciation right, restricted stock units, stock award, other stock-based award or performance award. Factors considered by the Board in awarding equity incentives to officers and employees include the performance of the Company, the employee’s or officer’s job performance, the importance of his or her position, and his or her contribution to the organization’s goals for the award period. Generally, awards have a vesting period of no longer than ten years. Subject to adjustment as provided in the 2017 Plan, the maximum number of shares of common stock that may be delivered pursuant to awards granted under the 2017 Plan is 450,000 . The 2017 Plan provides for annual restricted stock grant limits to officers, employees and directors. The annual stock grant limit per person for officers and employees is the lesser of 50,000 shares or a value of $2.0 million, and per person for directors, the maximum is 25,000 shares. All unvested restricted shares outstanding vest in the event of a change in control of the Company. Awarded shares of restricted stock vest over (i) a one-year period following the date of grant, in the case of the non-employee directors, and (ii) a three-year or five-year period following the date of grant, with the initial vesting occurring on the one-year anniversary of the date of grant, in the case of the executive officers. As of June 30, 2024, no shares were available for future issuance under the 2017 Plan because the 2024 Plan provides that no further awards may be made under the 2017 Plan upon the approval by the Company’s shareholders of the 2024 Plan. The following table provides the restricted stock grant activity for the periods indicated: At and for the three and six months ended June 30, 2024 2023 Weighted-average Weighted-average grant date grant date Shares fair value Shares fair value Non-vested at January 1, 81,365 $ 18.27 97,877 $ 16.80 Granted 24,471 23.30 28,392 18.98 Vested (19,927) 18.99 (16,979) 19.06 Forfeited (505) 16.67 — — Non-vested, at March 31, 85,404 19.55 109,290 17.01 Granted — — — — Vested — — (30,764) 12.18 Forfeited — — — — Non-Vested, at June 30, 85,404 $ 19.55 78,526 $ 18.91 |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Measurement [Abstract] | |
FAIR VALUE MEASUREMENT | NOTE 15 – FAIR VALUE MEASUREMENT ASC Topic 820, “Fair Value Measurement,” defines fair value, establishes a framework for measuring fair value including a three-level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities, as follows: Level 1 Level 2 Level 3 We use fair value to measure certain assets and liabilities on a recurring basis, primarily securities AFS. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for individually evaluated loans and other real estate owned and to record impairment on certain assets, such as goodwill, core deposit intangible, and other long-lived assets. In certain cases, the inputs used to measure fair value may fall into different levels of the hierarchy. In such cases, the lowest level of inputs that is significant to the measurement is used to determine the hierarchy for the entire asset or liability. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with our quarterly valuation process. There were no transfers between levels during the three and six months ended June 30, 2024 and 2023. At both June 30, 2024 and December 31, 2024, there were no liabilities measured at fair value on a recurring or non-recurring basis. The following assets are measured at fair value on a recurring basis as of the dates indicated: Total Estimated Fair Value Measurements Fair Value Level 1 Level 2 Level 3 June 30, 2024 Municipal securities $ 22,417 $ — $ 22,417 $ — Mortgage-backed securities 43,783 — 43,783 — Collateralized mortgage obligations 43,390 — 43,390 — SBA securities 4,640 — 4,640 — Corporate bonds 69,403 — 69,403 — Equity securities 12,837 12,837 — — Total $ 196,470 $ 12,837 $ 183,633 $ — Total Estimated Fair Value Measurements Fair Value Level 1 Level 2 Level 3 December 31, 2023 Municipal securities $ 20,827 $ — $ 20,827 $ — Mortgage-backed securities 37,601 — 37,601 — Collateralized mortgage obligations 32,976 — 32,976 — SBA securities 5,252 — 5,252 — Corporate bonds 66,496 — 66,496 — Equity securities 12,585 12,585 — — Total $ 175,737 $ 12,585 $ 163,152 $ — The following assets are measured at fair value on a nonrecurring basis as of the dates indicated: Total Estimated Fair Value Measurements Fair Value Level 1 Level 2 Level 3 June 30, 2024 Individually evaluated loans $ 21,875 $ — $ — $ 21,875 Total $ 21,875 $ — $ — $ 21,875 Total Estimated Fair Value Measurements Fair Value Level 1 Level 2 Level 3 December 31, 2023 Individually evaluated loans (1) $ 12,977 $ — $ — $ 12,977 Total $ 12,977 $ — $ — $ 12,977 (1) For each quarter the loan was outstanding in 2023, with the adoption of CECL, one performing modified loan to a borrower experiencing financial difficulty was individually evaluated in determining the estimated allowance for credit losses. The Company does not record loans at fair value on a recurring basis. However, from time to time, certain loans have individual risk characteristics not consistent with a pool of loans and are individually evaluated for credit reserves. Loans for which it is probable that payment of interest and principal will not be made in accordance with the original contractual terms of the loan agreement are typically individually evaluated. The fair value of individually evaluated loans is estimated using one of several methods, including collateral value, market value of similar debt, enterprise and liquidation value and discounted cash flows. Those individually evaluated loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. When the fair value of the collateral is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the individually evaluated loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is less than the appraised value or the appraised The Company records foreclosed assets, or other real estate owned (“OREO”), at fair value on a nonrecurring basis based on the collateral value of the property. When the fair value of the collateral is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the OREO as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is less than the appraised value or the appraised value contains a significant assumption, and there is no observable market price, the Company records the OREO as nonrecurring Level 3. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Management also incorporates assumptions regarding market trends or other relevant factors and selling and commission costs ranging from 5% to 10%. Such adjustments and assumptions are typically significant and result in a Level 3 classification of the inputs for determining fair value. The Company had no OREO at both June 30, 2024 and December 31, 2023. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 16 – FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts and fair values of the Company’s financial instruments at the dates indicated are presented below: Carrying Fair Fair value measurements amount value Level 1 Level 2 Level 3 June 30, 2024 Financial assets: Cash and cash equivalents $ 391,208 $ 391,208 $ 391,208 $ — $ — Time deposits in banks 747 747 747 — — Investment securities AFS 183,633 183,633 — 183,633 — Equity securities 12,837 12,837 12,837 — — Investment in FHLB and FRB Stock 20,948 20,948 — 20,948 — Loans held for sale — — — — — Loans, net 1,845,172 1,759,753 — — 1,759,753 Accrued interest receivable 7,794 7,794 — 7,794 — Financial liabilities: Deposits 2,175,010 2,177,879 — 2,177,879 — Junior subordinated deferrable interest debentures, net 8,605 8,713 — — 8,713 Subordinated debt, net 63,651 63,651 — 63,651 — Accrued interest payable 3,651 3,651 — 3,651 — Off-balance sheet liabilities: Undisbursed loan commitments, lines of credit, standby letters of credit 68,506 68,306 — — 68,306 Carrying Fair Fair value measurements amount value Level 1 Level 2 Level 3 December 31, 2023 Financial assets: Cash and cash equivalents $ 307,539 $ 307,539 $ 307,539 $ — $ — Time deposits in banks 1,245 1,245 1,245 — — Investment securities AFS 163,152 163,152 — 163,152 — Equity securities 12,585 12,585 12,585 — — Investment in FHLB and FRB Stock 20,939 20,939 — 20,939 — Loans held for sale — — — — — Loans, net 1,905,829 1,810,426 — — 1,810,426 Accrued interest receivable 8,423 8,423 — 8,423 — Financial liabilities: Deposits 2,132,750 2,135,923 — 2,135,923 — Junior subordinated deferrable interest debentures, net 8,565 8,631 — — 8,631 Subordinated debt, net 63,881 63,881 — 63,881 — Accrued interest payable 3,054 3,054 — 3,054 — Off-balance sheet liabilities: Undisbursed loan commitments, lines of credit, standby letters of credit 77,377 77,152 — — 77,152 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 17 – COMMITMENTS AND CONTINGENCIES Lending and Letter of Credit Commitments We operate in a highly regulated environment. From time to time, we are a party to various claims and litigation matters incidental to the conduct of our business. We are not presently party to any legal proceedings where we believe the resolution would have a material adverse effect on our business, financial condition, or results of operations. Nevertheless, given the nature, scope and complexity of the extensive legal and regulatory landscape applicable to our business (including laws and regulations governing consumer protection, fair lending, fair labor, privacy, information security and anti-money laundering and anti-terrorism laws), we, like all banking organizations, are subject to heightened legal and regulatory compliance and litigation risk. In the normal course of business, the Company enters into various commitments to extend credit which are not reflected in the financial statements. These commitments consist of the undisbursed balance on home equity and unsecured personal lines of credit, commercial lines of credit, including commercial real estate secured lines of credit, and of undisbursed funds on construction and development loans. The Company also issues standby letter of credit commitments, primarily for the third-party performance obligations of clients. The following table presents a summary of commitments described above as of the dates indicated: June 30, December 31, 2024 2023 Commitments to extend credit $ 67,754 $ 76,531 Standby letters of credit 752 846 Total commitments $ 68,506 $ 77,377 Commitments generally have fixed expiration dates or other termination clauses. The actual liquidity needs or the credit risk that the Company will experience will likely be lower than the contractual amount of commitments to extend credit because a significant portion of these commitments are expected to expire without being drawn upon. The commitments are generally variable rate and include unfunded home equity lines of credit, commercial real estate construction loans where disbursement is made over the course of construction, commercial revolving lines of credit, and unsecured personal lines of credit. The Company’s outstanding loan commitments are made using the same underwriting standards as comparable outstanding loans. The reserve associated with these commitments included in interest payable and other liabilities on the consolidated balance sheets was Commercial Real Estate Concentrations At June 30, 2024 and December 31, 2023, in management’s judgment, a concentration of loans existed in commercial real estate related loans. The Company’s commercial real estate loans are secured by owner-occupied and non-owner occupied commercial real estate and multifamily properties. Although management believes that loans within these concentrations have no more than the normal risk of collectability, a decline in the performance of the economy in general, or a decline in real estate values in the Company’s primary market areas in particular, could have an adverse impact on collectability Other Assets The Company has commitments to fund investments in LIHTC partnerships and an SBIC fund. At June 30, 2024, the remaining commitments to the LIHTC partnerships and the SBIC fund were approximately $5.4 million and $122,000, respectively. At December 31, 2023, the remaining commitments to the LIHTC partnerships and the SBIC fund were approximately $5.7 million and $122,000, respectively. Deposits At June 30, 2024, approximately $245.5 million, or 11.3%, of the Company's deposits were derived from its top ten depositors. At December 31, 2023, approximately $246.0 million, or 11.5%, of the Company's deposits were derived from its top ten depositors. As of June 30, 2024 and December 31, 2023, approximately $980.0 million, or 45.1% and $969.2 million, or 45.4%, of our total deposits were uninsured, respectively. The uninsured amounts are estimates based on the methodologies and assumptions used for United Business Bank’s regulatory reporting requirements. Local Agency Deposits and Other Advances In the normal course of business, the Company accepts deposits from local agencies. The Company is required to provide collateral for certain local agency deposits in the states of California, Colorado, New Mexico and Washington. At both June 30, 2024 and December 31, 2023, the FHLB issued letters of credit on behalf of the Company totaling $40.6 million, as collateral for local agency deposits. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 18 – SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no events that have occurred that would require adjustments to our disclosures in the condensed consolidated financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 5,600 | $ 7,206 | $ 11,477 | $ 14,397 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and estimated fair values of securities available-for-sale | Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value June 30, 2024 Municipal securities $ 23,817 $ 77 $ (1,477) $ 22,417 Mortgage-backed securities 47,464 98 (3,779) 43,783 Collateralized mortgage obligations 45,536 131 (2,277) 43,390 SBA securities 4,674 43 (77) 4,640 Corporate bonds 81,224 — (11,821) 69,403 Total $ 202,715 $ 349 $ (19,431) $ 183,633 Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value December 31, 2023 Municipal securities $ 21,910 $ 75 $ (1,158) $ 20,827 Mortgage-backed securities 41,048 194 (3,641) 37,601 Collateralized mortgage obligations 35,019 256 (2,299) 32,976 SBA securities 5,280 49 (77) 5,252 Corporate bonds 80,383 7 (13,894) 66,496 Total $ 183,640 $ 581 $ (21,069) $ 163,152 |
Schedule of investments classified by contractual maturity date | June 30, 2024 December 31, 2023 Amortized Estimated Amortized Estimated cost fair value cost fair value Securities AFS Due in one year or less $ 34,697 $ 34,051 $ 6,397 $ 6,338 Due after one through five years 84,573 72,430 15,909 14,206 Due after five years through ten years 26,967 24,092 102,430 87,867 Due after ten years 56,478 53,060 58,904 54,741 Total $ 202,715 $ 183,633 $ 183,640 $ 163,152 |
Schedule of available-for-sale securities, continuous unrealized loss position, fair value | Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized fair value loss fair value loss fair value loss June 30, 2024 Municipal securities $ 1,649 $ (12) $ 16,962 $ (1,465) $ 18,611 $ (1,477) Mortgage-backed securities 2,804 (33) 30,898 (3,746) 33,702 (3,779) Collateralized mortgage obligations 4 — 26,524 (2,277) 26,528 (2,277) SBA securities — — 1,403 (77) 1,403 (77) Corporate bonds — — 69,403 (11,821) 69,403 (11,821) Total $ 4,457 $ (45) $ 145,190 $ (19,386) $ 149,647 $ (19,431) Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized fair value loss fair value loss fair value loss December 31, 2023 Municipal securities $ 2,483 $ (28) $ 13,975 $ (1,130) $ 16,458 $ (1,158) Mortgage-backed securities 1,369 (30) 26,435 (3,611) 27,804 (3,641) Collateralized mortgage obligations 1,496 (8) 20,713 (2,291) 22,209 (2,299) SBA securities — — 1,610 (77) 1,610 (77) Corporate bonds — — 65,505 (13,894) 65,505 (13,894) Total $ 5,348 $ (66) $ 128,238 $ (21,003) $ 133,586 $ (21,069) |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of accounts, notes, loans and financing receivable | June 30, December 31, 2024 2023 Commercial and industrial (1) $ 155,146 $ 162,889 Construction and land 3,469 9,559 Commercial real estate 1,599,743 1,668,585 Residential 105,222 86,002 Consumer 602 738 Total loans 1,864,182 1,927,773 Net deferred loan (fees) costs (10) 56 Allowance for credit losses (19,000) (22,000) Net loans $ 1,845,172 $ 1,905,829 (1) Includ es $2.3 million and $3.8 million of U.S. Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans as of June 30, 2024 and December 31, 2023, respectively. |
Schedule of impaired financing receivables | The Company’s total individually evaluated loans, including collateral dependent loans, nonaccrual loans, modified loans to borrowers experiencing financial difficulty, and accreting purchase credit deteriorated (“PCD”) loans that have experienced post-acquisition declines in cash flows expected to be collected are summarized as follows: Commercial Construction Commercial and industrial and land real estate Residential Consumer Total June 30, 2024 Recorded investment in loans individually evaluated: With no specific allowance recorded $ 95 $ 366 $ 12,715 $ 1,291 $ — $ 14,467 With a specific allowance recorded 1,341 — 6,067 — — 7,408 Total recorded investment in loans individually evaluated $ 1,436 $ 366 $ 18,782 $ 1,291 $ — $ 21,875 Specific allowance on loans individually evaluated $ 1,140 $ — $ 350 $ — $ — $ 1,490 December 31, 2023 Recorded investment in loans individually evaluated: With no specific allowance recorded $ 273 $ 366 $ 1,298 $ 1,349 $ — $ 3,286 With a specific allowance recorded 1,799 — 7,745 147 — 9,691 Total recorded investment in loans individually evaluated $ 2,072 $ 366 $ 9,043 $ 1,496 $ — $ 12,977 Specific allowance on loans individually evaluated $ 1,423 $ — $ 3,008 $ 2 $ — $ 4,433 |
Schedule of debtor troubled debt restructuring, current period | A summary of previously modified loans to borrowers experiencing financial difficulty by type of concession and type of loan, as of the dates indicated, is set forth below: Number of Rate Term Rate & term % of Total loans modification modification modification Total loans outstanding June 30, 2024 Commercial and industrial 2 $ — $ 110 $ — $ 110 0.07 % Construction and land — — — — — — % Commercial real estate 4 — 2,079 — 2,079 0.13 % Residential 1 — 747 — 747 0.71 % Consumer — — — — — — % Total 7 $ — $ 2,936 $ — $ 2,936 0.16 % Number of Rate Term Rate & term % of Total loans modification modification modification Total loans outstanding December 31, 2023 Commercial and industrial 2 $ — $ 125 $ — $ 125 0.08 % Construction and land — — — — — — % Commercial real estate 4 — 3,400 — 3,400 0.20 % Residential 1 — 778 — 778 0.90 % Consumer — — — — — — % Total 7 $ — $ 4,303 $ — $ 4,303 0.22 % |
Schedule of financing receivable credit quality indicators | The following tables present the internally assigned risk grade by class of loans at the dates indicated: Revolving Term loans - amortized cost by origination year loans 2024 2023 2022 2021 2020 Prior amortized cost Total June 30, 2024 Commercial and industrial: Pass $ 15,600 $ 22,939 $ 22,686 $ 15,047 $ 18,047 $ 37,339 $ 15,586 $ 147,244 Special mention — 555 — — 563 2,498 1,785 5,401 Substandard — — — — 854 626 1,021 2,501 Total commercial and industrial $ 15,600 $ 23,494 $ 22,686 $ 15,047 $ 19,464 $ 40,463 $ 18,392 $ 155,146 YTD gross charge-offs $ — $ — $ — $ — $ 45 $ 311 $ — $ 356 Construction and land: Pass $ — $ 1,370 $ — $ 134 $ 1,136 $ 463 $ — $ 3,103 Special mention — — — — — — — — Substandard — — — — 366 — — 366 Total construction and land $ — $ 1,370 $ — $ 134 $ 1,502 $ 463 $ — $ 3,469 YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate: Pass $ 24,908 $ 80,443 $ 372,000 $ 483,577 $ 102,200 $ 418,761 $ 8,454 $ 1,490,343 Special mention — 637 7,066 3,198 19,040 44,993 — 74,934 Substandard — — 2,288 16,588 — 15,590 — 34,466 Total commercial real estate $ 24,908 $ 81,080 $ 381,354 $ 503,363 $ 121,240 $ 479,344 $ 8,454 $ 1,599,743 YTD gross charge-offs $ — $ — $ — $ 1,934 $ — $ 1,272 $ — $ 3,206 Residential: Pass $ 23,135 $ — $ — $ 41,237 $ 1,589 $ 5,208 $ 32,185 $ 103,354 Special mention — — — — — 424 — 424 Substandard — — — 316 — 1,128 — 1,444 Total residential $ 23,135 $ — $ — $ 41,553 $ 1,589 $ 6,760 $ 32,185 $ 105,222 YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Pass $ 88 $ 39 $ 44 $ — $ — $ 39 $ 373 $ 583 Special mention — — — — — — — — Substandard — — — — — 19 — 19 Total consumer $ 88 $ 39 $ 44 $ — $ — $ 58 $ 373 $ 602 YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ 1 $ 1 Total loans outstanding Risk ratings Pass $ 63,731 $ 104,791 $ 394,730 $ 539,995 $ 122,972 $ 461,810 $ 56,598 $ 1,744,627 Special mention — 1,192 7,066 3,198 19,603 47,915 1,785 80,759 Substandard — — 2,288 16,904 1,220 17,363 1,021 38,796 Doubtful — — — — — — — — Total loans outstanding $ 63,731 $ 105,983 $ 404,084 $ 560,097 $ 143,795 $ 527,088 $ 59,404 $ 1,864,182 YTD gross charge-offs $ — $ — $ — $ 1,934 $ 45 $ 1,583 $ 1 $ 3,563 Revolving Term loans - amortized cost by origination year loans 2023 2022 2021 2020 2019 Prior amortized cost Total December 31, 2023 Commercial and industrial: Pass $ 26,055 $ 25,039 $ 19,294 $ 22,831 $ 26,008 $ 17,357 $ 17,754 $ 154,338 Special mention — — — 1,323 932 1,926 1,831 6,012 Substandard — — — 156 320 1,039 1,024 2,539 Total commercial and industrial $ 26,055 $ 25,039 $ 19,294 $ 24,310 $ 27,260 $ 20,322 $ 20,609 $ 162,889 YTD gross charge-offs $ — $ — $ — $ — $ 27 $ 436 $ — $ 463 Construction and land: Pass $ 1,217 $ 6,040 $ — $ 1,177 $ 109 $ 650 $ — $ 9,193 Special mention — — — — — — — — Substandard — — — 366 — — — 366 Total construction and land $ 1,217 $ 6,040 $ — $ 1,543 $ 109 $ 650 $ — $ 9,559 YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate: Pass $ 80,576 $ 397,319 $ 377,165 $ 140,265 $ 180,859 $ 370,887 $ 9,405 $ 1,556,476 Special mention — 10,348 1,894 17,001 15,101 41,482 — 85,826 Substandard — 158 946 — 11,579 13,600 — 26,283 Total commercial real estate $ 80,576 $ 407,825 $ 380,005 $ 157,266 $ 207,539 $ 425,969 $ 9,405 $ 1,668,585 YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential: Pass $ — $ — $ 2,432 $ 4,319 $ 7,986 $ 36,814 $ 32,420 $ 83,971 Special mention — — — — 437 — — 437 Substandard — — — — — 1,594 — 1,594 Total residential $ — $ — $ 2,432 $ 4,319 $ 8,423 $ 38,408 $ 32,420 $ 86,002 YTD gross charge-offs $ — $ — $ — $ — $ — $ 172 $ 3 $ 175 Consumer: Pass $ 65 $ 67 $ — $ 6 $ 18 $ 69 $ 494 $ 719 Special mention — — — — — — — — Substandard — — — — 19 — — 19 Total consumer $ 65 $ 67 $ — $ 6 $ 37 $ 69 $ 494 $ 738 YTD gross charge-offs $ — $ — $ — $ — $ — $ — $ 5 $ 5 Total loans outstanding Risk ratings Pass $ 107,913 $ 428,465 $ 398,891 $ 168,598 $ 214,980 $ 425,777 $ 60,073 $ 1,804,697 Special mention — 10,348 1,894 18,324 16,470 43,408 1,831 92,275 Substandard — 158 946 522 11,918 16,233 1,024 30,801 Doubtful — — — — — — — — Total loans outstanding $ 107,913 $ 438,971 $ 401,731 $ 187,444 $ 243,368 $ 485,418 $ 62,928 $ 1,927,773 YTD gross charge-offs $ — $ — $ — $ — $ 27 $ 608 $ 8 $ 643 |
Schedule of past due financing receivables | The following tables provide an aging of the Company’s loans receivable as of the dates indicated: Recorded 90 Days investment > 30–59 Days 60–89 Days or more Total Total loans 90 days and past due past due past due past due Current PCD loans receivable accruing June 30, 2024 Commercial and industrial $ 556 $ 218 $ 1,253 $ 2,027 $ 152,954 $ 165 $ 155,146 $ — Construction and land — — 366 366 3,087 16 3,469 — Commercial real estate 2,375 675 4,696 7,746 1,567,083 24,914 1,599,743 — Residential 69 747 283 1,099 103,773 350 105,222 — Consumer — — — — 602 — 602 — Total $ 3,000 $ 1,640 $ 6,598 $ 11,238 $ 1,827,499 $ 25,445 $ 1,864,182 $ — Recorded 90 Days investment > 30–59 Days 60–89 Days or more Total Total loans 90 days and past due past due past due past due Current PCD loans receivable accruing December 31, 2023 Commercial and industrial $ 803 $ 146 $ 1,782 $ 2,731 $ 159,960 $ 198 $ 162,889 $ — Construction and land 97 — 366 463 9,071 25 9,559 — Commercial real estate 2,908 1,702 7,793 12,403 1,631,129 25,053 1,668,585 — Residential 55 — — 55 85,500 447 86,002 — Consumer — — — — 738 — 738 — Total $ 3,863 $ 1,848 $ 9,941 $ 15,652 $ 1,886,398 $ 25,723 $ 1,927,773 $ — |
ALLOWANCE FOR CREDIT LOSSES F_2
ALLOWANCE FOR CREDIT LOSSES FOR LOANS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Allowance for Loan Losses [Abstract] | |
Schedule of Allowance for credit losses for loan losses | Commercial Construction Commercial Reserve for and industrial and land real estate Residential Consumer Total unfunded commitments Three months ended June 30, 2024 Allowance for credit losses Beginning balance $ 4,191 $ 312 $ 13,432 $ 947 $ 8 $ 18,890 $ 215 Charge-offs (178) — — — — (178) — Recoveries 2 — — 99 1 102 — (Reversal of) provision for credit losses (28) (207) 263 159 (1) 186 (15) Ending balance $ 3,987 $ 105 $ 13,695 $ 1,205 $ 8 $ 19,000 $ 200 Six months ended June 30, 2024 Allowance for credit losses: Beginning balance $ 4,216 $ 298 $ 16,498 $ 979 $ 9 $ 22,000 $ 225 Charge-offs (356) — (3,206) — (1) (3,563) — Recoveries 15 — — 99 1 115 — Provision for (reversal of) credit losses 112 (193) 403 127 (1) 448 (25) Ending balance $ 3,987 $ 105 $ 13,695 $ 1,205 $ 8 $ 19,000 $ 200 June 30, 2024 Allowance for credit losses: Loans individually evaluated $ 1,140 $ — $ 350 $ — $ — $ 1,490 Loans collectively evaluated 2,847 105 12,935 1,200 8 17,095 PCD loans — — 410 5 — 415 Loans receivable: Individually evaluated $ 1,436 $ 366 $ 18,782 $ 1,291 $ — $ 21,875 Collectively evaluated 153,545 3,087 1,556,047 103,581 602 1,816,862 PCD loans 165 16 24,914 350 — 25,445 Total loans $ 155,146 $ 3,469 $ 1,599,743 $ 105,222 $ 602 $ 1,864,182 Commercial Construction Commercial Reserve for and industrial and land real estate Residential Consumer Total unfunded commitments Three months ended June 30, 2023 Allowance for credit losses Beginning balance $ 4,470 $ 314 $ 14,530 $ 1,066 $ 20 $ 20,400 $ 320 Charge-offs (125) — — — (2) (127) — Recoveries 64 — 2 — 1 67 — (Reversal of) provision for credit losses (762) 3 (365) (107) (9) (1,240) (20) Ending balance $ 3,647 $ 317 $ 14,167 $ 959 $ 10 $ 19,100 $ 300 Six months ended June 30, 2023 Allowance for loan losses Beginning balance $ 2,885 $ 68 $ 14,185 $ 1,742 $ 20 $ 18,900 $ 315 Impact of CECL adoption 1,366 402 2 (302) 32 1,500 45 Charge-offs (283) — — (175) (3) (461) — Recoveries 80 — 2 — 4 86 — Reversal of credit losses (401) (153) (22) (306) (43) (925) (60) Ending balance $ 3,647 $ 317 $ 14,167 $ 959 $ 10 $ 19,100 $ 300 June 30, 2023 Allowance for credit losses by methodology: Loans individually evaluated $ 433 $ — $ 259 $ 2 $ — $ 694 Loans collectively evaluated 3,212 317 13,293 948 10 17,780 PCD loans 2 — 615 9 — 626 Loans receivable by methodology: Individually evaluated $ 656 $ — $ 11,251 $ 1,698 $ — $ 13,605 Collectively evaluated 179,977 9,999 1,693,072 87,767 916 1,971,731 PCD loans 219 — 27,192 550 — 27,961 Total loans $ 180,852 $ 9,999 $ 1,731,515 $ 90,015 $ 916 $ 2,013,297 |
Schedule of amortized cost basis of individually evaluated collateral-dependent non-accrual loans by loan and collateral type | Retail and Convalescent A/R and Office Multifamily facility Hotel Other SFR 1-4 Equipment Total ACL June 30, 2024 Commercial and industrial $ — $ — $ — $ — $ 1,020 $ — $ 416 $ 1,436 $ 1,140 Construction and land — — — — — 366 — 366 — Commercial real estate 1,258 7,743 1,200 4,672 3,909 — — 18,782 350 Residential — — — — — 1,291 — 1,291 — Consumer — — — — — — — — — Total $ 1,258 $ 7,743 $ 1,200 $ 4,672 $ 4,929 $ 1,657 $ 416 $ 21,875 $ 1,490 December 31, 2023 Commercial and industrial $ — $ — $ — $ — $ 1,021 $ — $ 1,052 $ 2,073 $ 1,423 Construction and land — — — — — 366 — 366 — Commercial real estate 224 5,305 2,213 135 1,165 — — 9,042 3,008 Residential — — — — — 1,496 — 1,496 2 Consumer — — — — — — — — — Total $ 224 $ 5,305 $ 2,213 $ 135 $ 2,186 $ 1,862 $ 1,052 $ 12,977 $ 4,433 |
Schedule of amortized cost and allowance for credit losses for loans on non-accrual status | As of June 30, 2024 As of December 31, 2023 Nonaccrual Nonaccrual Nonaccrual Nonaccrual with no allowance with allowance Total with no allowance with allowance Total for credit losses for credit losses nonaccrual for loan losses for loan losses nonaccrual Commercial and industrial $ 95 $ 1,384 $ 1,479 $ 272 $ 1,800 $ 2,072 Construction and land 366 — 366 366 — 366 Commercial real estate 7,700 5,161 12,861 1,295 7,748 9,043 Residential 1,291 131 1,422 1,349 147 1,496 Consumer — — — — — — Total $ 9,452 $ 6,676 $ 16,128 $ 3,282 $ 9,695 $ 12,977 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of premises and equipment | Premises and equipment consisted of the following at the dates indicated: June 30, December 31, 2024 2023 Premises owned $ 11,345 $ 11,233 Leasehold improvements 3,082 3,082 Furniture, fixtures and equipment 9,097 7,948 Less accumulated depreciation and amortization (9,472) (8,529) Total premises and equipment, net $ 14,052 $ 13,734 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of maturity of undiscounted lease payments | For remainder of 2024 $ 1,956 2025 3,503 2026 2,820 2027 2,393 2028 2,238 Thereafter 2,111 Total undiscounted cash flows 15,021 Less: interest (1,242) Present value of lease payments $ 13,779 |
Schedule of weighted average operating lease term and discount rate and lease cost | June 30, 2024 December 31, 2023 Weighted-average remaining lease term 4.6 years 4.8 years Weighted-average discount rate 3.7 % 3.4 % Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Operating lease cost $ 5,035 $ 4,997 $ 6,989 $ 6,948 Short-term lease cost — 21 15 64 Less: Sublease income (22) (19) (34) (41) Total operating lease cost, net $ 5,013 $ 4,999 $ 6,970 $ 6,971 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of company's goodwill | Six months ended Year ended June 30, 2024 December 31, 2023 Balance at beginning of period $ 38,838 $ 38,838 Acquired goodwill — — Impairment — — Balance at end of period $ 38,838 $ 38,838 |
Schedule of finite-lived intangible assets | Six months ended Year ended June 30, 2024 December 31, 2023 Balance at beginning of period $ 3,915 $ 5,201 Additions — — Less amortization (611) (1,286) Balance at end of period $ 3,304 $ 3,915 |
Schedule of estimated core deposit intangible amortization | For remainder of 2024 $ 611 2025 948 2026 455 2027 455 2028 455 Thereafter 380 Total $ 3,304 |
INTEREST RECEIVABLE AND OTHER_2
INTEREST RECEIVABLE AND OTHER ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Interest receivable and other assets | June 30, December 31, 2024 2023 Tax assets, net $ 18,267 $ 19,480 Accrued interest receivable 7,794 8,423 Investment in SBIC fund 3,782 3,969 Investment in Community Reinvestment Act fund 2,000 2,000 Prepaid assets 1,958 2,023 Servicing assets 995 1,269 Investment in Low Income Housing Tax Credit ("LIHTC") partnerships, net 3,602 3,480 Investment in statutory trusts 522 511 CalCAP reserve receivable 4,023 4,023 Other assets 4,152 2,200 Total $ 47,095 $ 47,378 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Deposits [Abstract] | |
Schedule of Deposits | June 30, December 31, 2024 2023 Demand deposits $ 618,616 $ 646,278 NOW accounts 273,292 283,089 Savings 93,726 102,073 Money market 661,271 624,066 Time deposits 528,105 477,244 Total $ 2,175,010 $ 2,132,750 |
INTEREST PAYABLE AND OTHER LI_2
INTEREST PAYABLE AND OTHER LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of interest payable and other liabilities | June 30, December 31, 2024 2023 Accrued expenses $ 5,893 $ 7,419 Accounts payable 796 716 Reserve for unfunded commitments 200 225 Accrued interest payable 3,651 3,054 Other liabilities 2,350 3,177 Total $ 12,890 $ 14,591 |
OTHER EXPENSES (Tables)
OTHER EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of other expenses | Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Professional fees $ 673 $ 445 $ 1,260 $ 892 Core deposit premium amortization 305 305 611 674 Marketing and promotions 246 253 369 400 Stationery and supplies 82 85 158 172 Insurance (including FDIC premiums) 349 433 708 634 Communication and postage 255 221 515 450 Loan default related expense 148 86 158 152 Director fees and expenses 82 84 170 165 Bank service charges 16 16 31 32 Courier expense 186 189 379 371 Other 245 105 356 281 Total $ 2,587 $ 2,222 $ 4,715 $ 4,223 |
EQUITY INCENTIVE PLANS (Tables)
EQUITY INCENTIVE PLANS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of nonvested restricted stock units activity | At and for the three and six months ended June 30, 2024 2023 Weighted-average Weighted-average grant date grant date Shares fair value Shares fair value Non-vested at January 1, 81,365 $ 18.27 97,877 $ 16.80 Granted 24,471 23.30 28,392 18.98 Vested (19,927) 18.99 (16,979) 19.06 Forfeited (505) 16.67 — — Non-vested, at March 31, 85,404 19.55 109,290 17.01 Granted — — — — Vested — — (30,764) 12.18 Forfeited — — — — Non-Vested, at June 30, 85,404 $ 19.55 78,526 $ 18.91 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Measurement [Abstract] | |
Schedule of fair value, assets measured on recurring basis | Total Estimated Fair Value Measurements Fair Value Level 1 Level 2 Level 3 June 30, 2024 Municipal securities $ 22,417 $ — $ 22,417 $ — Mortgage-backed securities 43,783 — 43,783 — Collateralized mortgage obligations 43,390 — 43,390 — SBA securities 4,640 — 4,640 — Corporate bonds 69,403 — 69,403 — Equity securities 12,837 12,837 — — Total $ 196,470 $ 12,837 $ 183,633 $ — Total Estimated Fair Value Measurements Fair Value Level 1 Level 2 Level 3 December 31, 2023 Municipal securities $ 20,827 $ — $ 20,827 $ — Mortgage-backed securities 37,601 — 37,601 — Collateralized mortgage obligations 32,976 — 32,976 — SBA securities 5,252 — 5,252 — Corporate bonds 66,496 — 66,496 — Equity securities 12,585 12,585 — — Total $ 175,737 $ 12,585 $ 163,152 $ — |
Schedule of fair value measurements, nonrecurring | Total Estimated Fair Value Measurements Fair Value Level 1 Level 2 Level 3 June 30, 2024 Individually evaluated loans $ 21,875 $ — $ — $ 21,875 Total $ 21,875 $ — $ — $ 21,875 Total Estimated Fair Value Measurements Fair Value Level 1 Level 2 Level 3 December 31, 2023 Individually evaluated loans (1) $ 12,977 $ — $ — $ 12,977 Total $ 12,977 $ — $ — $ 12,977 (1) For each quarter the loan was outstanding in 2023, with the adoption of CECL, one performing modified loan to a borrower experiencing financial difficulty was individually evaluated in determining the estimated allowance for credit losses. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of estimated fair value of financial instruments | Carrying Fair Fair value measurements amount value Level 1 Level 2 Level 3 June 30, 2024 Financial assets: Cash and cash equivalents $ 391,208 $ 391,208 $ 391,208 $ — $ — Time deposits in banks 747 747 747 — — Investment securities AFS 183,633 183,633 — 183,633 — Equity securities 12,837 12,837 12,837 — — Investment in FHLB and FRB Stock 20,948 20,948 — 20,948 — Loans held for sale — — — — — Loans, net 1,845,172 1,759,753 — — 1,759,753 Accrued interest receivable 7,794 7,794 — 7,794 — Financial liabilities: Deposits 2,175,010 2,177,879 — 2,177,879 — Junior subordinated deferrable interest debentures, net 8,605 8,713 — — 8,713 Subordinated debt, net 63,651 63,651 — 63,651 — Accrued interest payable 3,651 3,651 — 3,651 — Off-balance sheet liabilities: Undisbursed loan commitments, lines of credit, standby letters of credit 68,506 68,306 — — 68,306 Carrying Fair Fair value measurements amount value Level 1 Level 2 Level 3 December 31, 2023 Financial assets: Cash and cash equivalents $ 307,539 $ 307,539 $ 307,539 $ — $ — Time deposits in banks 1,245 1,245 1,245 — — Investment securities AFS 163,152 163,152 — 163,152 — Equity securities 12,585 12,585 12,585 — — Investment in FHLB and FRB Stock 20,939 20,939 — 20,939 — Loans held for sale — — — — — Loans, net 1,905,829 1,810,426 — — 1,810,426 Accrued interest receivable 8,423 8,423 — 8,423 — Financial liabilities: Deposits 2,132,750 2,135,923 — 2,135,923 — Junior subordinated deferrable interest debentures, net 8,565 8,631 — — 8,631 Subordinated debt, net 63,881 63,881 — 63,881 — Accrued interest payable 3,054 3,054 — 3,054 — Off-balance sheet liabilities: Undisbursed loan commitments, lines of credit, standby letters of credit 77,377 77,152 — — 77,152 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of lending and letter of credit commitments | June 30, December 31, 2024 2023 Commitments to extend credit $ 67,754 $ 76,531 Standby letters of credit 752 846 Total commitments $ 68,506 $ 77,377 |
BASIS OF PRESENTATION - General
BASIS OF PRESENTATION - General Information (Details) | 6 Months Ended |
Jun. 30, 2024 location | |
Years of operation | 20 years |
Number of offices and branches | 35 |
CALIFORNIA | |
Number of offices and branches | 16 |
NEVADA | |
Number of offices and branches | 1 |
WASHINGTON | |
Number of offices and branches | 2 |
NEW MEXICO | |
Number of offices and branches | 5 |
COLORADO | |
Number of offices and branches | 11 |
INVESTMENT SECURITIES - Amortiz
INVESTMENT SECURITIES - Amortized Cost (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | $ 202,715 | $ 183,640 |
Gross unrealized gains | 349 | 581 |
Gross unrealized losses | (19,431) | (21,069) |
Estimated fair value | 183,633 | 163,152 |
Accrued interest receivable | 1,500 | 1,200 |
Municipal securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 23,817 | 21,910 |
Gross unrealized gains | 77 | 75 |
Gross unrealized losses | (1,477) | (1,158) |
Estimated fair value | 22,417 | 20,827 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 47,464 | 41,048 |
Gross unrealized gains | 98 | 194 |
Gross unrealized losses | (3,779) | (3,641) |
Estimated fair value | 43,783 | 37,601 |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 45,536 | 35,019 |
Gross unrealized gains | 131 | 256 |
Gross unrealized losses | (2,277) | (2,299) |
Estimated fair value | 43,390 | 32,976 |
SBA securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 4,674 | 5,280 |
Gross unrealized gains | 43 | 49 |
Gross unrealized losses | (77) | (77) |
Estimated fair value | 4,640 | 5,252 |
Corporate Bonds | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 81,224 | 80,383 |
Gross unrealized gains | 0 | 7 |
Gross unrealized losses | (11,821) | (13,894) |
Estimated fair value | $ 69,403 | $ 66,496 |
INVESTMENT SECURITIES - Realize
INVESTMENT SECURITIES - Realized Gains (Details) - security | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Number of available for sale debt securities sold | 0 | 0 | 0 | 0 |
INVESTMENT SECURITIES - Amort_2
INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Available-for-sale: Amortized Cost | ||
Due in one year or less | $ 34,697 | $ 6,397 |
Due after one through five years | 84,573 | 15,909 |
Due after five years through ten years | 26,967 | 102,430 |
Due after ten years | 56,478 | 58,904 |
Total | 202,715 | 183,640 |
Available-for-sale: Fair Value | ||
Due in one year or less | 34,051 | 6,338 |
Due after one through five years | 72,430 | 14,206 |
Due after five years through ten years | 24,092 | 87,867 |
Due after ten years | 53,060 | 54,741 |
Total | $ 183,633 | $ 163,152 |
INVESTMENT SECURITIES - Pledged
INVESTMENT SECURITIES - Pledged Securities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale, Restricted [Abstract] | ||
Debt Securities, Available-for-sale, Restricted | $ 0 | $ 0 |
INVESTMENT SECURITIES - Estimat
INVESTMENT SECURITIES - Estimated Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | $ 4,457 | $ 5,348 |
12 months or more, Estimated fair value | 145,190 | 128,238 |
Total, Estimated fair value | 149,647 | 133,586 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | (45) | (66) |
12 months or more, Unrealized loss | (19,386) | (21,003) |
Total, Unrealized loss | (19,431) | (21,069) |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | 1,649 | 2,483 |
12 months or more, Estimated fair value | 16,962 | 13,975 |
Total, Estimated fair value | 18,611 | 16,458 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | (12) | (28) |
12 months or more, Unrealized loss | (1,465) | (1,130) |
Total, Unrealized loss | (1,477) | (1,158) |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | 2,804 | 1,369 |
12 months or more, Estimated fair value | 30,898 | 26,435 |
Total, Estimated fair value | 33,702 | 27,804 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | (33) | (30) |
12 months or more, Unrealized loss | (3,746) | (3,611) |
Total, Unrealized loss | (3,779) | (3,641) |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | 4 | 1,496 |
12 months or more, Estimated fair value | 26,524 | 20,713 |
Total, Estimated fair value | 26,528 | 22,209 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | 0 | (8) |
12 months or more, Unrealized loss | (2,277) | (2,291) |
Total, Unrealized loss | (2,277) | (2,299) |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | 0 | 0 |
12 months or more, Estimated fair value | 1,403 | 1,610 |
Total, Estimated fair value | 1,403 | 1,610 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | 0 | 0 |
12 months or more, Unrealized loss | (77) | (77) |
Total, Unrealized loss | (77) | (77) |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | 0 | 0 |
12 months or more, Estimated fair value | 69,403 | 65,505 |
Total, Estimated fair value | 69,403 | 65,505 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | 0 | 0 |
12 months or more, Unrealized loss | (11,821) | (13,894) |
Total, Unrealized loss | $ (11,821) | $ (13,894) |
INVESTMENT SECURITIES - Unreali
INVESTMENT SECURITIES - Unrealized Loss Positions (Details) | Jun. 30, 2024 USD ($) security | Dec. 31, 2023 security |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, Available-for-sale, Number of Positions | 338 | 334 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 315 | 297 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 18 | 22 |
Additional allowances for credit losses | $ | $ 0 |
INVESTMENT SECURITIES - Equity
INVESTMENT SECURITIES - Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |||||
(Gain) loss on equity securities | $ 321 | $ 917 | $ (252) | $ 1,813 | |
Equity securities | $ 12,837 | $ 12,837 | $ 12,585 |
LOANS - Loan Portfolio (Details
LOANS - Loan Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | $ 1,864,182 | $ 1,927,773 | $ 2,013,297 | |||
Net deferred loan (fees) costs | (10) | 56 | ||||
Allowance for loan losses | (19,100) | $ (20,400) | $ (18,900) | |||
Allowance for loan losses | (19,000) | $ (18,890) | (22,000) | |||
Net Loans | 1,845,172 | 1,905,829 | ||||
Net loans exclude accrued interest receivable | 5,800 | 6,700 | ||||
Loans receivable | 1,864,182 | 1,927,773 | ||||
Commercial Portfolio Segment | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | 155,146 | 162,889 | 180,852 | |||
Allowance for loan losses | (3,647) | (4,470) | (2,885) | |||
Allowance for loan losses | (3,987) | (4,191) | (4,216) | |||
Loans receivable | 155,146 | 162,889 | ||||
Commercial Portfolio Segment | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | 2,300 | 3,800 | ||||
Construction and Land Portfolio Segment | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | 3,469 | 9,559 | 9,999 | |||
Allowance for loan losses | (317) | (314) | (68) | |||
Allowance for loan losses | (105) | (312) | (298) | |||
Loans receivable | 3,469 | 9,559 | ||||
Commercial Real Estate Portfolio Segment | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | 1,599,743 | 1,668,585 | 1,731,515 | |||
Allowance for loan losses | (14,167) | (14,530) | (14,185) | |||
Allowance for loan losses | (13,695) | (13,432) | (16,498) | |||
Loans receivable | 1,599,743 | 1,668,585 | ||||
Residential Portfolio Segment | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | 105,222 | 86,002 | 90,015 | |||
Allowance for loan losses | (959) | (1,066) | (1,742) | |||
Allowance for loan losses | (1,205) | (947) | (979) | |||
Loans receivable | 105,222 | 86,002 | ||||
Consumer Portfolio Segment | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | 602 | 738 | 916 | |||
Allowance for loan losses | $ (10) | $ (20) | $ (20) | |||
Allowance for loan losses | (8) | $ (8) | (9) | |||
Loans receivable | $ 602 | $ 738 |
LOANS - Impaired Loans (Details
LOANS - Impaired Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Financing Receivable, Impaired [Line Items] | ||
With no specific allowance recorded | $ 14,467 | $ 3,286 |
With a specific allowance recorded | 7,408 | 9,691 |
Total recorded investment in impaired loans | 21,875 | 12,977 |
Specific allowance on impaired loans | 1,490 | 4,433 |
Commercial Portfolio Segment | ||
Financing Receivable, Impaired [Line Items] | ||
With no specific allowance recorded | 95 | 273 |
With a specific allowance recorded | 1,341 | 1,799 |
Total recorded investment in impaired loans | 1,436 | 2,072 |
Specific allowance on impaired loans | 1,140 | 1,423 |
Construction and Land Portfolio Segment | ||
Financing Receivable, Impaired [Line Items] | ||
With no specific allowance recorded | 366 | 366 |
Total recorded investment in impaired loans | 366 | 366 |
Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Impaired [Line Items] | ||
With no specific allowance recorded | 12,715 | 1,298 |
With a specific allowance recorded | 6,067 | 7,745 |
Total recorded investment in impaired loans | 18,782 | 9,043 |
Specific allowance on impaired loans | 350 | 3,008 |
Residential Portfolio Segment | ||
Financing Receivable, Impaired [Line Items] | ||
With no specific allowance recorded | 1,291 | 1,349 |
With a specific allowance recorded | 147 | |
Total recorded investment in impaired loans | $ 1,291 | 1,496 |
Specific allowance on impaired loans | $ 2 |
LOANS - Troubled Debt Restructu
LOANS - Troubled Debt Restructurings - General Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Receivables [Abstract] | |||||
Accumulated amortized cost of financing receivable | $ 0 | $ 0 | $ 0 | ||
Amount of the write-down related to a troubled debt restructuring | 0 | $ 0 | 1,300 | $ 0 | |
Financing receivable, modified, excluding accrued interest, allowance for credit losses, individually evaluated for impairment | 27 | 27 | 1,300 | ||
Revolving loans converted to term loans | $ 512 | $ 512 | $ 7,100 |
LOANS - Troubled Debt Restruc_2
LOANS - Troubled Debt Restructurings - Modified as TDR Loans (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 loan contract | Jun. 30, 2023 contract | Jun. 30, 2024 USD ($) contract loan | Jun. 30, 2023 contract | Dec. 31, 2023 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Period of time to return to accrual status | 6 months | ||||
Financing Receivable, Troubled Debt Restructuring, Loans, Number | loan | 7 | 7 | 7 | ||
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 2,936 | $ 4,303 | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, to Total Financing Receivables, Percentage | 0.16% | 0.22% | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Number of Contracts | contract | 0 | 0 | 0 | 0 | |
Extended Maturity [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 2,936 | $ 4,303 | |||
Commercial Portfolio Segment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Loans, Number | loan | 2 | 2 | 2 | ||
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 110 | $ 125 | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, to Total Financing Receivables, Percentage | 0.07% | 0.08% | |||
Commercial Portfolio Segment | Extended Maturity [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 110 | $ 125 | |||
Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Loans, Number | loan | 4 | 4 | 4 | ||
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 2,079 | $ 3,400 | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, to Total Financing Receivables, Percentage | 0.13% | 0.20% | |||
Commercial Real Estate Portfolio Segment | Extended Maturity [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 2,079 | $ 3,400 | |||
Residential Portfolio Segment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Loans, Number | loan | 1 | 1 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 747 | $ 778 | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, to Total Financing Receivables, Percentage | 0.71% | 0.90% | |||
Residential Portfolio Segment | Extended Maturity [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 747 | $ 778 |
LOANS - Risk Grade (Details)
LOANS - Risk Grade (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
LOANS | |||
2024/2023 | $ 63,731 | $ 63,731 | $ 107,913 |
2023/2022 | 105,983 | 105,983 | 438,971 |
2022/2021 | 404,084 | 404,084 | 401,731 |
2021/2020 | 560,097 | 560,097 | 187,444 |
2020/2019 | 143,795 | 143,795 | 243,368 |
2019/Prior | 527,088 | 527,088 | 485,418 |
Revolving loans amortized cost | 59,404 | 59,404 | 62,928 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 1,864,182 | 1,864,182 | 1,927,773 |
Total | 3,563 | ||
Financial Asset, Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 11,238 | 11,238 | 15,652 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 3,000 | 3,000 | 3,863 |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 1,640 | 1,640 | 1,848 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 6,598 | 6,598 | 9,941 |
Financial Asset, Not Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 1,827,499 | 1,827,499 | 1,886,398 |
2021/2020 | 1,934 | ||
2020/2019 | 45 | 27 | |
2019/Prior | 1,583 | 608 | |
Revolving loans amortized cost | 1 | 8 | |
Total | 3,563 | 643 | |
Commercial Portfolio Segment | |||
LOANS | |||
2024/2023 | 15,600 | 15,600 | 26,055 |
2023/2022 | 23,494 | 23,494 | 25,039 |
2022/2021 | 22,686 | 22,686 | 19,294 |
2021/2020 | 15,047 | 15,047 | 24,310 |
2020/2019 | 19,464 | 19,464 | 27,260 |
2019/Prior | 40,463 | 40,463 | 20,322 |
Revolving loans amortized cost | 18,392 | 18,392 | 20,609 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 155,146 | 155,146 | 162,889 |
Total | 178 | 356 | |
Commercial Portfolio Segment | Financial Asset, Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 2,027 | 2,027 | 2,731 |
Commercial Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 556 | 556 | 803 |
Commercial Portfolio Segment | Financial Asset, 60 to 89 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 218 | 218 | 146 |
Commercial Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 1,253 | 1,253 | 1,782 |
Commercial Portfolio Segment | Financial Asset, Not Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 152,954 | 152,954 | 159,960 |
2020/2019 | 45 | 27 | |
2019/Prior | 311 | 436 | |
Total | 356 | 463 | |
Construction and Land Portfolio Segment | |||
LOANS | |||
2024/2023 | 1,217 | ||
2023/2022 | 1,370 | 1,370 | 6,040 |
2021/2020 | 134 | 134 | 1,543 |
2020/2019 | 1,502 | 1,502 | 109 |
2019/Prior | 463 | 463 | 650 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 3,469 | 3,469 | 9,559 |
Construction and Land Portfolio Segment | Financial Asset, Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 366 | 366 | 463 |
Construction and Land Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 97 | ||
Construction and Land Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 366 | 366 | 366 |
Construction and Land Portfolio Segment | Financial Asset, Not Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 3,087 | 3,087 | 9,071 |
Commercial Real Estate Portfolio Segment | |||
LOANS | |||
2024/2023 | 24,908 | 24,908 | 80,576 |
2023/2022 | 81,080 | 81,080 | 407,825 |
2022/2021 | 381,354 | 381,354 | 380,005 |
2021/2020 | 503,363 | 503,363 | 157,266 |
2020/2019 | 121,240 | 121,240 | 207,539 |
2019/Prior | 479,344 | 479,344 | 425,969 |
Revolving loans amortized cost | 8,454 | 8,454 | 9,405 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 1,599,743 | 1,599,743 | 1,668,585 |
Total | 3,206 | ||
Commercial Real Estate Portfolio Segment | Financial Asset, Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 7,746 | 7,746 | 12,403 |
Commercial Real Estate Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 2,375 | 2,375 | 2,908 |
Commercial Real Estate Portfolio Segment | Financial Asset, 60 to 89 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 675 | 675 | 1,702 |
Commercial Real Estate Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 4,696 | 4,696 | 7,793 |
Commercial Real Estate Portfolio Segment | Financial Asset, Not Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 1,567,083 | 1,567,083 | 1,631,129 |
2021/2020 | 1,934 | ||
2019/Prior | 1,272 | ||
Total | 3,206 | ||
Residential Portfolio Segment | |||
LOANS | |||
2024/2023 | 23,135 | 23,135 | |
2022/2021 | 2,432 | ||
2021/2020 | 41,553 | 41,553 | 4,319 |
2020/2019 | 1,589 | 1,589 | 8,423 |
2019/Prior | 6,760 | 6,760 | 38,408 |
Revolving loans amortized cost | 32,185 | 32,185 | 32,420 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 105,222 | 105,222 | 86,002 |
Residential Portfolio Segment | Financial Asset, Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 1,099 | 1,099 | 55 |
Residential Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 69 | 69 | 55 |
Residential Portfolio Segment | Financial Asset, 60 to 89 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 747 | 747 | |
Residential Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 283 | 283 | |
Residential Portfolio Segment | Financial Asset, Not Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 103,773 | 103,773 | 85,500 |
2019/Prior | 172 | ||
Revolving loans amortized cost | 3 | ||
Total | 175 | ||
Consumer Portfolio Segment | |||
LOANS | |||
2024/2023 | 88 | 88 | 65 |
2023/2022 | 39 | 39 | 67 |
2022/2021 | 44 | 44 | |
2021/2020 | 6 | ||
2020/2019 | 37 | ||
2019/Prior | 58 | 58 | 69 |
Revolving loans amortized cost | 373 | 373 | 494 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 602 | 602 | 738 |
Total | 1 | ||
Consumer Portfolio Segment | Financial Asset, Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 0 | 0 | |
Consumer Portfolio Segment | Financial Asset, Not Past Due [Member] | |||
LOANS | |||
Loans Receivable, Gross, Commercial, Real Estate, Total | 602 | 602 | 738 |
Revolving loans amortized cost | 1 | 5 | |
Total | 1 | 5 | |
Pass | |||
LOANS | |||
2024/2023 | 63,731 | 63,731 | 107,913 |
2023/2022 | 104,791 | 104,791 | 428,465 |
2022/2021 | 394,730 | 394,730 | 398,891 |
2021/2020 | 539,995 | 539,995 | 168,598 |
2020/2019 | 122,972 | 122,972 | 214,980 |
2019/Prior | 461,810 | 461,810 | 425,777 |
Revolving loans amortized cost | 56,598 | 56,598 | 60,073 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 1,744,627 | 1,744,627 | 1,804,697 |
Pass | Commercial Portfolio Segment | |||
LOANS | |||
2024/2023 | 15,600 | 15,600 | 26,055 |
2023/2022 | 22,939 | 22,939 | 25,039 |
2022/2021 | 22,686 | 22,686 | 19,294 |
2021/2020 | 15,047 | 15,047 | 22,831 |
2020/2019 | 18,047 | 18,047 | 26,008 |
2019/Prior | 37,339 | 37,339 | 17,357 |
Revolving loans amortized cost | 15,586 | 15,586 | 17,754 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 147,244 | 147,244 | 154,338 |
Pass | Construction and Land Portfolio Segment | |||
LOANS | |||
2024/2023 | 1,217 | ||
2023/2022 | 1,370 | 1,370 | 6,040 |
2021/2020 | 134 | 134 | 1,177 |
2020/2019 | 1,136 | 1,136 | 109 |
2019/Prior | 463 | 463 | 650 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 3,103 | 3,103 | 9,193 |
Pass | Commercial Real Estate Portfolio Segment | |||
LOANS | |||
2024/2023 | 24,908 | 24,908 | 80,576 |
2023/2022 | 80,443 | 80,443 | 397,319 |
2022/2021 | 372,000 | 372,000 | 377,165 |
2021/2020 | 483,577 | 483,577 | 140,265 |
2020/2019 | 102,200 | 102,200 | 180,859 |
2019/Prior | 418,761 | 418,761 | 370,887 |
Revolving loans amortized cost | 8,454 | 8,454 | 9,405 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 1,490,343 | 1,490,343 | 1,556,476 |
Pass | Residential Portfolio Segment | |||
LOANS | |||
2024/2023 | 23,135 | 23,135 | |
2022/2021 | 2,432 | ||
2021/2020 | 41,237 | 41,237 | 4,319 |
2020/2019 | 1,589 | 1,589 | 7,986 |
2019/Prior | 5,208 | 5,208 | 36,814 |
Revolving loans amortized cost | 32,185 | 32,185 | 32,420 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 103,354 | 103,354 | 83,971 |
Pass | Consumer Portfolio Segment | |||
LOANS | |||
2024/2023 | 88 | 88 | 65 |
2023/2022 | 39 | 39 | 67 |
2022/2021 | 44 | 44 | |
2021/2020 | 6 | ||
2020/2019 | 18 | ||
2019/Prior | 39 | 39 | 69 |
Revolving loans amortized cost | 373 | 373 | 494 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 583 | 583 | 719 |
Special Mention | |||
LOANS | |||
2023/2022 | 1,192 | 1,192 | 10,348 |
2022/2021 | 7,066 | 7,066 | 1,894 |
2021/2020 | 3,198 | 3,198 | 18,324 |
2020/2019 | 19,603 | 19,603 | 16,470 |
2019/Prior | 47,915 | 47,915 | 43,408 |
Revolving loans amortized cost | 1,785 | 1,785 | 1,831 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 80,759 | 80,759 | 92,275 |
Special Mention | Commercial Portfolio Segment | |||
LOANS | |||
2023/2022 | 555 | 555 | |
2021/2020 | 1,323 | ||
2020/2019 | 563 | 563 | 932 |
2019/Prior | 2,498 | 2,498 | 1,926 |
Revolving loans amortized cost | 1,785 | 1,785 | 1,831 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 5,401 | 5,401 | 6,012 |
Special Mention | Commercial Real Estate Portfolio Segment | |||
LOANS | |||
2023/2022 | 637 | 637 | 10,348 |
2022/2021 | 7,066 | 7,066 | 1,894 |
2021/2020 | 3,198 | 3,198 | 17,001 |
2020/2019 | 19,040 | 19,040 | 15,101 |
2019/Prior | 44,993 | 44,993 | 41,482 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 74,934 | 74,934 | 85,826 |
Special Mention | Residential Portfolio Segment | |||
LOANS | |||
2020/2019 | 437 | ||
2019/Prior | 424 | 424 | |
Loans Receivable, Gross, Commercial, Real Estate, Total | 424 | 424 | 437 |
Substandard | |||
LOANS | |||
2023/2022 | 158 | ||
2022/2021 | 2,288 | 2,288 | 946 |
2021/2020 | 16,904 | 16,904 | 522 |
2020/2019 | 1,220 | 1,220 | 11,918 |
2019/Prior | 17,363 | 17,363 | 16,233 |
Revolving loans amortized cost | 1,021 | 1,021 | 1,024 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 38,796 | 38,796 | 30,801 |
Substandard | Commercial Portfolio Segment | |||
LOANS | |||
2021/2020 | 156 | ||
2020/2019 | 854 | 854 | 320 |
2019/Prior | 626 | 626 | 1,039 |
Revolving loans amortized cost | 1,021 | 1,021 | 1,024 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 2,501 | 2,501 | 2,539 |
Substandard | Construction and Land Portfolio Segment | |||
LOANS | |||
2021/2020 | 366 | ||
2020/2019 | 366 | 366 | |
Loans Receivable, Gross, Commercial, Real Estate, Total | 366 | 366 | 366 |
Substandard | Commercial Real Estate Portfolio Segment | |||
LOANS | |||
2023/2022 | 158 | ||
2022/2021 | 2,288 | 2,288 | 946 |
2021/2020 | 16,588 | 16,588 | |
2020/2019 | 11,579 | ||
2019/Prior | 15,590 | 15,590 | 13,600 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 34,466 | 34,466 | 26,283 |
Substandard | Residential Portfolio Segment | |||
LOANS | |||
2021/2020 | 316 | 316 | |
2019/Prior | 1,128 | 1,128 | 1,594 |
Loans Receivable, Gross, Commercial, Real Estate, Total | 1,444 | 1,444 | 1,594 |
Substandard | Consumer Portfolio Segment | |||
LOANS | |||
2020/2019 | 19 | ||
2019/Prior | 19 | 19 | |
Loans Receivable, Gross, Commercial, Real Estate, Total | $ 19 | $ 19 | $ 19 |
LOANS - Aging (Details)
LOANS - Aging (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | $ 1,864,182 | $ 1,927,773 | |
Loans impaired and placed on nonaccrual | 16,128 | 12,977 | |
PCI Loans | 25,445 | 25,723 | |
Total loans | 1,864,182 | 1,927,773 | $ 2,013,297 |
Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 11,238 | 15,652 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 3,000 | 3,863 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 1,640 | 1,848 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 6,598 | 9,941 | |
Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 1,827,499 | 1,886,398 | |
Commercial Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 155,146 | 162,889 | |
Loans impaired and placed on nonaccrual | 1,479 | 2,072 | |
PCI Loans | 165 | 198 | |
Total loans | 155,146 | 162,889 | 180,852 |
Commercial Portfolio Segment | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 2,027 | 2,731 | |
Commercial Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 556 | 803 | |
Commercial Portfolio Segment | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 218 | 146 | |
Commercial Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 1,253 | 1,782 | |
Commercial Portfolio Segment | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 152,954 | 159,960 | |
Construction and Land Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 3,469 | 9,559 | |
Loans impaired and placed on nonaccrual | 366 | 366 | |
PCI Loans | 16 | 25 | |
Total loans | 3,469 | 9,559 | 9,999 |
Construction and Land Portfolio Segment | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 366 | 463 | |
Construction and Land Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 97 | ||
Construction and Land Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 366 | 366 | |
Construction and Land Portfolio Segment | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 3,087 | 9,071 | |
Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 1,599,743 | 1,668,585 | |
Loans impaired and placed on nonaccrual | 12,861 | 9,043 | |
PCI Loans | 24,914 | 25,053 | |
Total loans | 1,599,743 | 1,668,585 | 1,731,515 |
Commercial Real Estate Portfolio Segment | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 7,746 | 12,403 | |
Commercial Real Estate Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 2,375 | 2,908 | |
Commercial Real Estate Portfolio Segment | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 675 | 1,702 | |
Commercial Real Estate Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 4,696 | 7,793 | |
Commercial Real Estate Portfolio Segment | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 1,567,083 | 1,631,129 | |
Residential Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 105,222 | 86,002 | |
Loans impaired and placed on nonaccrual | 1,422 | 1,496 | |
PCI Loans | 350 | 447 | |
Total loans | 105,222 | 86,002 | 90,015 |
Residential Portfolio Segment | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 1,099 | 55 | |
Residential Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 69 | 55 | |
Residential Portfolio Segment | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 747 | ||
Residential Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 283 | ||
Residential Portfolio Segment | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 103,773 | 85,500 | |
Consumer Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 602 | 738 | |
Total loans | 602 | 738 | $ 916 |
Consumer Portfolio Segment | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | 0 | ||
Consumer Portfolio Segment | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable | $ 602 | $ 738 |
LOANS - Nonaccrual Loans - Agin
LOANS - Nonaccrual Loans - Aging (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 USD ($) loan | Jun. 30, 2024 USD ($) loan | Dec. 31, 2023 USD ($) loan | |
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | $ 25,445,000 | $ 25,445,000 | $ 25,723,000 |
Amount of interest foregone | 226,000 | 709,000 | |
Commercial Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 165,000 | 165,000 | 198,000 |
Construction and Land Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 16,000 | 16,000 | 25,000 |
Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 24,914,000 | 24,914,000 | 25,053,000 |
Residential Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 350,000 | 350,000 | 447,000 |
Financial Asset, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | $ 3,200,000 | $ 3,200,000 | 927,000 |
Financing Receivable, Nonaccrual, Loans, Number | loan | 3 | 3 | |
Financial Asset, 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | $ 6,300,000 | $ 6,300,000 | $ 2,100,000 |
Financing Receivable, Nonaccrual, Loans, Number | loan | 19 | 19 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual, Loans, Number | loan | 0 | 0 | 0 |
LOANS - Nonaccrual Loans - Gene
LOANS - Nonaccrual Loans - General Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Loans and Leases Receivable, Other Information [Abstract] | |||||
Loans and leases receivable, impaired, interest lost on nonaccrual loans | $ 185,000 | $ 420,000 | |||
Interest income recognized on non-accrual loans | 79,000 | $ 16,000 | 86,000 | $ 81,000 | |
Financing Receivable, Nonaccrual | $ 25,445,000 | $ 25,445,000 | $ 25,723,000 |
LOANS - Nonaccrual Loans - Guar
LOANS - Nonaccrual Loans - Guaranteed (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | $ 25,445 | $ 25,723 |
Non-accrual with no allowance for credit losses | 9,452 | 3,282 |
Loans Insured or Guaranteed by US Government Authorities [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual with no allowance for credit losses | 16,100 | 13,000 |
US Government Agency Insured Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | $ 2,100 | $ 740 |
LOANS - Pledged Loans (Details)
LOANS - Pledged Loans (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Unpaid principal balances | $ 977,900,000,000 | $ 1,140,000,000 |
Asset Pledged as Collateral | Federal Reserve Bank Advances | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Financing Receivable, Unpaid Principal Balance | $ 84,200,000 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES F_3
ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | $ 20,400 | $ 18,900 | $ 18,900 | ||
Charge-offs | (127) | (461) | |||
Recoveries | 67 | 86 | |||
Provision for (reversal of) loan losses | (1,240) | (925) | |||
Ending balance | 19,100 | 19,100 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | $ 18,890 | $ 22,000 | |||
Charge-offs | (3,563) | ||||
Recoveries | 102 | 115 | |||
Provision for (reversal of) credit losses | 186 | 448 | |||
Ending balance | 19,000 | 19,000 | 22,000 | ||
Reserve for unfunded commitments | |||||
Beginning balance | 215 | 320 | 225 | 315 | 315 |
Provision for (reversal of) credit losses | (15) | (20) | (25) | (60) | |
Ending balance | 200 | 300 | 200 | 300 | 225 |
Rounding | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Charge-offs | (178) | ||||
Cumulative Effect Period of Adoption Adjustment | Accounting Standards Update 2016-13 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Ending balance | 1,500 | 1,500 | |||
Reserve for unfunded commitments | |||||
Ending balance | 45 | 45 | |||
Commercial Portfolio Segment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 4,470 | 2,885 | 2,885 | ||
Charge-offs | (125) | (283) | |||
Recoveries | 64 | 80 | |||
Provision for (reversal of) loan losses | (762) | (401) | |||
Ending balance | 3,647 | 3,647 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 4,191 | 4,216 | |||
Charge-offs | (178) | (356) | |||
Recoveries | 2 | 15 | |||
Provision for (reversal of) credit losses | (28) | 112 | |||
Ending balance | 3,987 | 3,987 | 4,216 | ||
Commercial Portfolio Segment | Cumulative Effect Period of Adoption Adjustment | Accounting Standards Update 2016-13 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Ending balance | 1,366 | 1,366 | |||
Construction and Land Portfolio Segment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 314 | 68 | 68 | ||
Provision for (reversal of) loan losses | 3 | (153) | |||
Ending balance | 317 | 317 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 312 | 298 | |||
Provision for (reversal of) credit losses | (207) | (193) | |||
Ending balance | 105 | 105 | 298 | ||
Construction and Land Portfolio Segment | Cumulative Effect Period of Adoption Adjustment | Accounting Standards Update 2016-13 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Ending balance | 402 | 402 | |||
Commercial Real Estate Portfolio Segment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 14,530 | 14,185 | 14,185 | ||
Recoveries | 2 | 2 | |||
Provision for (reversal of) loan losses | (365) | (22) | |||
Ending balance | 14,167 | 14,167 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 13,432 | 16,498 | |||
Charge-offs | (3,206) | ||||
Provision for (reversal of) credit losses | 263 | 403 | |||
Ending balance | 13,695 | 13,695 | 16,498 | ||
Commercial Real Estate Portfolio Segment | Cumulative Effect Period of Adoption Adjustment | Accounting Standards Update 2016-13 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Ending balance | 2 | 2 | |||
Residential Portfolio Segment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 1,066 | 1,742 | 1,742 | ||
Charge-offs | (175) | ||||
Provision for (reversal of) loan losses | (107) | (306) | |||
Ending balance | 959 | 959 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 947 | 979 | |||
Recoveries | 99 | 99 | |||
Provision for (reversal of) credit losses | 159 | 127 | |||
Ending balance | 1,205 | 1,205 | 979 | ||
Residential Portfolio Segment | Cumulative Effect Period of Adoption Adjustment | Accounting Standards Update 2016-13 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Ending balance | (302) | (302) | |||
Consumer Portfolio Segment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 20 | 20 | 20 | ||
Charge-offs | (2) | (3) | |||
Recoveries | 1 | 4 | |||
Provision for (reversal of) loan losses | (9) | (43) | |||
Ending balance | 10 | 10 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 8 | 9 | |||
Charge-offs | (1) | ||||
Recoveries | 1 | 1 | |||
Provision for (reversal of) credit losses | (1) | (1) | |||
Ending balance | $ 8 | $ 8 | $ 9 | ||
Consumer Portfolio Segment | Cumulative Effect Period of Adoption Adjustment | Accounting Standards Update 2016-13 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Ending balance | $ 32 | $ 32 |
ALLOWANCE FOR CREDIT LOSSES F_4
ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Loans individually evaluated for impairment | $ 1,490,000 | $ 694,000 | $ 1,490,000 | $ 694,000 | ||||
Loans collectively evaluated for impairment | 17,780,000 | 17,780,000 | ||||||
Loans collectively evaluated for impairment | 17,095,000 | 1,971,731,000 | 17,095,000 | 1,971,731,000 | ||||
Allowance for credit losses | 19,100,000 | 19,100,000 | $ 20,400,000 | $ 18,900,000 | ||||
Allowance for credit losses | 19,000,000 | 19,000,000 | $ 22,000,000 | $ 18,890,000 | ||||
Individually evaluated | 21,875,000 | 13,605,000 | 21,875,000 | 13,605,000 | ||||
Collectively evaluated | 1,816,862,000 | 1,816,862,000 | ||||||
Total loans | 1,864,182,000 | 2,013,297,000 | 1,864,182,000 | 2,013,297,000 | 1,927,773,000 | |||
Provision for (reversal of) credit losses | 171,000 | (1,260,000) | 423,000 | (985,000) | ||||
Net charge-offs | 76,000 | 3,500,000 | 3,200,000 | |||||
Amount, after recovery, of writeoff of financing receivables that were individually evaluated for impairment, Charged against allowance for credit loss | 160,000 | |||||||
Loans impaired and placed on nonaccrual | 16,128,000 | 16,128,000 | 12,977,000 | |||||
Loans, net of allowance for credit losses of $19,000 at June 30, 2024 and $22,000 at December 31, 2023 | 1,845,172,000 | 1,845,172,000 | 1,905,829,000 | |||||
Certificate of deposit-secured line of credit loan | ||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Amount, after recovery, of writeoff of financing receivables that were individually evaluated for impairment, Charged against allowance for credit loss | 3,200,000 | |||||||
Nonperforming Financial Instruments [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance for credit losses | 626,000 | 626,000 | ||||||
Allowance for credit losses | 415,000 | 415,000 | ||||||
Total loans | 25,445,000 | 27,961,000 | 25,445,000 | 27,961,000 | ||||
Commercial Portfolio Segment | ||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Loans individually evaluated for impairment | 1,140,000 | 433,000 | 1,140,000 | 433,000 | ||||
Loans collectively evaluated for impairment | 3,212,000 | 3,212,000 | ||||||
Loans collectively evaluated for impairment | 2,847,000 | 179,977,000 | 2,847,000 | 179,977,000 | ||||
Allowance for credit losses | 3,647,000 | 3,647,000 | 4,470,000 | 2,885,000 | ||||
Allowance for credit losses | 3,987,000 | 3,987,000 | 4,216,000 | 4,191,000 | ||||
Individually evaluated | 1,436,000 | 656,000 | 1,436,000 | 656,000 | ||||
Collectively evaluated | 153,545,000 | 153,545,000 | ||||||
Total loans | 155,146,000 | 180,852,000 | 155,146,000 | 180,852,000 | 162,889,000 | |||
Loans impaired and placed on nonaccrual | 1,479,000 | 1,479,000 | 2,072,000 | |||||
Commercial Portfolio Segment | Nonperforming Financial Instruments [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance for credit losses | 2,000 | 2,000 | ||||||
Total loans | 165,000 | 219,000 | 165,000 | 219,000 | ||||
Construction and Land Portfolio Segment | ||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Loans collectively evaluated for impairment | 317,000 | 317,000 | ||||||
Loans collectively evaluated for impairment | 105,000 | 9,999,000 | 105,000 | 9,999,000 | ||||
Allowance for credit losses | 317,000 | 317,000 | 314,000 | 68,000 | ||||
Allowance for credit losses | 105,000 | 105,000 | 298,000 | 312,000 | ||||
Individually evaluated | 366,000 | 366,000 | ||||||
Collectively evaluated | 3,087,000 | 3,087,000 | ||||||
Total loans | 3,469,000 | 9,999,000 | 3,469,000 | 9,999,000 | 9,559,000 | |||
Loans impaired and placed on nonaccrual | 366,000 | 366,000 | 366,000 | |||||
Construction and Land Portfolio Segment | Nonperforming Financial Instruments [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Total loans | 16,000 | 16,000 | ||||||
Commercial Real Estate Portfolio Segment | ||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Loans individually evaluated for impairment | 350,000 | 259,000 | 350,000 | 259,000 | ||||
Loans collectively evaluated for impairment | 13,293,000 | 13,293,000 | ||||||
Loans collectively evaluated for impairment | 12,935,000 | 1,693,072,000 | 12,935,000 | 1,693,072,000 | ||||
Allowance for credit losses | 14,167,000 | 14,167,000 | 14,530,000 | 14,185,000 | ||||
Allowance for credit losses | 13,695,000 | 13,695,000 | 16,498,000 | 13,432,000 | ||||
Individually evaluated | 18,782,000 | 11,251,000 | 18,782,000 | 11,251,000 | ||||
Collectively evaluated | 1,556,047,000 | 1,556,047,000 | ||||||
Total loans | 1,599,743,000 | 1,731,515,000 | 1,599,743,000 | 1,731,515,000 | 1,668,585,000 | |||
Loans impaired and placed on nonaccrual | 12,861,000 | 12,861,000 | 9,043,000 | |||||
Commercial Real Estate Portfolio Segment | Nonperforming Financial Instruments [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance for credit losses | 615,000 | 615,000 | ||||||
Allowance for credit losses | 410,000 | 410,000 | ||||||
Total loans | 24,914,000 | 27,192,000 | 24,914,000 | 27,192,000 | ||||
Residential Portfolio Segment | ||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Loans individually evaluated for impairment | 2,000 | 2,000 | ||||||
Loans collectively evaluated for impairment | 948,000 | 948,000 | ||||||
Loans collectively evaluated for impairment | 1,200,000 | 87,767,000 | 1,200,000 | 87,767,000 | ||||
Allowance for credit losses | 959,000 | 959,000 | 1,066,000 | 1,742,000 | ||||
Allowance for credit losses | 1,205,000 | 1,205,000 | 979,000 | 947,000 | ||||
Individually evaluated | 1,291,000 | 1,698,000 | 1,291,000 | 1,698,000 | ||||
Collectively evaluated | 103,581,000 | 103,581,000 | ||||||
Total loans | 105,222,000 | 90,015,000 | 105,222,000 | 90,015,000 | 86,002,000 | |||
Loans impaired and placed on nonaccrual | 1,422,000 | 1,422,000 | 1,496,000 | |||||
Residential Portfolio Segment | Nonperforming Financial Instruments [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Allowance for credit losses | 9,000 | 9,000 | ||||||
Allowance for credit losses | 5,000 | 5,000 | ||||||
Total loans | 350,000 | 550,000 | 350,000 | 550,000 | ||||
Consumer Portfolio Segment | ||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Loans collectively evaluated for impairment | 10,000 | 10,000 | ||||||
Loans collectively evaluated for impairment | 8,000 | 916,000 | 8,000 | 916,000 | ||||
Allowance for credit losses | 10,000 | 10,000 | $ 20,000 | $ 20,000 | ||||
Allowance for credit losses | 8,000 | 8,000 | 9,000 | $ 8,000 | ||||
Collectively evaluated | 602,000 | 602,000 | ||||||
Total loans | $ 602,000 | $ 916,000 | $ 602,000 | $ 916,000 | $ 738,000 |
ALLOWANCE FOR CREDIT LOSSES F_5
ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Amortized Cost Basis of Individually Evaluated Collateral-dependent Non-accrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | $ 21,875 | $ 12,977 |
Allowance for Credit/loan losses | 1,490 | 4,433 |
Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 1,436 | 2,073 |
Allowance for Credit/loan losses | 1,140 | 1,423 |
Construction and Land Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 366 | 366 |
Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 18,782 | 9,042 |
Allowance for Credit/loan losses | 350 | 3,008 |
Residential Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 1,291 | 1,496 |
Allowance for Credit/loan losses | 2 | |
Office | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 1,258 | 224 |
Office | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 1,258 | 224 |
Multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 7,743 | 5,305 |
Multifamily | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 7,743 | 5,305 |
Convalescent facility | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 1,200 | 2,213 |
Convalescent facility | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 1,200 | 2,213 |
Hotel | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 4,672 | 135 |
Hotel | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 4,672 | 135 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 4,929 | 2,186 |
Other | Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 1,020 | 1,021 |
Other | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 3,909 | 1,165 |
SFR 1-4 | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 1,657 | 1,862 |
SFR 1-4 | Construction and Land Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 366 | 366 |
SFR 1-4 | Residential Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 1,291 | 1,496 |
A/R and Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | 416 | 1,052 |
A/R and Equipment | Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment of collateral-dependent | $ 416 | $ 1,052 |
ALLOWANCE FOR CREDIT LOSSES F_6
ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Amortized Cost And Allowance For Credit Losses For Loans On Non-accrual Status (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non-accrual with no allowance for credit losses | $ 9,452,000 | $ 9,452,000 | $ 3,282,000 | ||
Non-accrual with allowance for credit losses | 6,676,000 | 6,676,000 | 9,695,000 | ||
Loans impaired and placed on nonaccrual | 16,128,000 | 16,128,000 | 12,977,000 | ||
Interest income recognized on non-accrual loans | 79,000 | $ 16,000 | 86,000 | $ 81,000 | |
Commercial Portfolio Segment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non-accrual with no allowance for credit losses | 95,000 | 95,000 | 272,000 | ||
Non-accrual with allowance for credit losses | 1,384,000 | 1,384,000 | 1,800,000 | ||
Loans impaired and placed on nonaccrual | 1,479,000 | 1,479,000 | 2,072,000 | ||
Construction and Land Portfolio Segment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non-accrual with no allowance for credit losses | 366,000 | 366,000 | 366,000 | ||
Loans impaired and placed on nonaccrual | 366,000 | 366,000 | 366,000 | ||
Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non-accrual with no allowance for credit losses | 7,700,000 | 7,700,000 | 1,295,000 | ||
Non-accrual with allowance for credit losses | 5,161,000 | 5,161,000 | 7,748,000 | ||
Loans impaired and placed on nonaccrual | 12,861,000 | 12,861,000 | 9,043,000 | ||
Residential Portfolio Segment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non-accrual with no allowance for credit losses | 1,291,000 | 1,291,000 | 1,349,000 | ||
Non-accrual with allowance for credit losses | 131,000 | 131,000 | 147,000 | ||
Loans impaired and placed on nonaccrual | $ 1,422,000 | $ 1,422,000 | $ 1,496,000 |
ALLOWANCE FOR CREDIT LOSSES F_7
ALLOWANCE FOR CREDIT LOSSES FOR LOANS - PEB Acquisition CalCAP loan program (Details) - CalCAP Loan program - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Immediate loss coverage percentage (%) | 100% | 100% | |||
Pacific Enterprise Bancorp [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total loan enrolled under the program | $ 16,200,000 | $ 16,200,000 | $ 17,700,000 | ||
Amount of loss reserve account | 5,200,000 | 5,200,000 | 6,200,000 | ||
Amount of loan originated under the program | 1,100,000 | $ 461,000 | 4,500,000 | $ 2,500,000 | |
Pacific Enterprise Bancorp [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total loan enrolled under the program | 18,800,000 | 18,800,000 | 19,400,000 | ||
Amount of loss reserve account | $ 13,600,000 | $ 13,600,000 | $ 13,700,000 |
PREMISES AND EQUIPMENT - Tabula
PREMISES AND EQUIPMENT - Tabular Disclosure (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation and amortization | $ (9,472) | $ (8,529) |
Total premises and equipment, net | 14,052 | 13,734 |
Premises owned | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 11,345 | 11,233 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,082 | 3,082 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 9,097 | $ 7,948 |
PREMISES AND EQUIPMENT - Deprec
PREMISES AND EQUIPMENT - Depreciation and Amortization (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Depreciation, Depletion and Amortization [Abstract] | ||||
Depreciation and amortization included in occupancy and equipment expense | $ 518,000 | $ 430,000 | $ 1,000,000 | $ 883,000 |
LEASES - General Information (D
LEASES - General Information (Details) | Jun. 30, 2024 location |
Lessee, Lease, Description [Line Items] | |
Number of offices and branches | 35 |
Noncancelable Operating Leases [Member] | |
Lessee, Lease, Description [Line Items] | |
Number of offices and branches | 20 |
LEASES - Maturity (Details)
LEASES - Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
For the remainder of 2024 | $ 1,956 | |
2025 | 3,503 | |
2026 | 2,820 | |
2027 | 2,393 | |
2028 | 2,238 | |
Thereafter | 2,111 | |
Total undiscounted cash flows | 15,021 | |
Less: interest | (1,242) | |
Present value of lease payments | $ 13,779 | $ 14,752 |
LEASES - Weighted Average Opera
LEASES - Weighted Average Operating Lease Term and Discount Rate (Details) | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Weighted-average remaining lease term | 4 years 7 months 6 days | 4 years 9 months 18 days |
Weighted-average discount rate | 3.70% | 3.40% |
LEASES - Rental Expense (Detail
LEASES - Rental Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income and Expenses, Lessee [Abstract] | ||||
Operating lease expense | $ 1 | $ 2 | $ 1 | $ 2 |
LEASES - Cost (Details)
LEASES - Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease cost | $ 5,035 | $ 4,997 | $ 6,989 | $ 6,948 |
Short-term lease cost | 21 | 15 | 64 | |
Less: Sublease income | (22) | (19) | (34) | (41) |
Total operating lease cost, net | $ 5,013 | $ 4,999 | $ 6,970 | $ 6,971 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Core Deposit Intangible (Details) - Core Deposits [Member] | Jun. 30, 2024 |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 7 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 38,838 | $ 38,838 |
Acquired goodwill | 0 | 0 |
Impairment | 0 | 0 |
Balance at end of period | $ 38,838 | $ 38,838 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Changes in Core Deposits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2034 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Finite-lived Intangible Assets [Roll Forward] | |||||
Balance at beginning of period | $ 3,915 | ||||
Less amortization | $ (305) | $ (305) | (611) | $ (674) | |
Balance at end of period | 3,304 | $ 3,915 | |||
Core Deposits [Member] | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Balance at beginning of period | 3,915 | $ 5,201 | 5,201 | ||
Less amortization | (611) | (1,286) | |||
Balance at end of period | $ 3,304 | $ 3,915 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Estimated Annual Amortization (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
For the remainder of 2024 | $ 611 | |
2025 | 948 | |
2026 | 455 | |
2027 | 455 | |
2028 | 455 | |
Thereafter | 380 | |
Total | $ 3,304 | $ 3,915 |
INTEREST RECEIVABLE AND OTHER_3
INTEREST RECEIVABLE AND OTHER ASSETS (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Tax assets, net | $ 18,267 | $ 19,480 |
Accrued interest receivable | 7,794 | 8,423 |
Investment in SBIC fund | 3,782 | 3,969 |
Investment in Community Reinvestment Act fund | 2,000 | 2,000 |
Prepaid assets | 1,958 | 2,023 |
Servicing assets | 995 | 1,269 |
Investment in Low Income Housing Tax Credit ("LIHTC") partnerships, net | 3,602 | 3,480 |
Investment in statutory trusts | 522 | 511 |
CalCAP reserve receivable | 4,023 | 4,023 |
Other assets | 4,152 | 2,200 |
Total | $ 47,095 | $ 47,378 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Deposits, by Type [Abstract] | ||
Demand deposits | $ 618,616 | $ 646,278 |
NOW accounts | 273,292 | 283,089 |
Savings | 93,726 | 102,073 |
Money market | 661,271 | 624,066 |
Time deposits | 528,105 | 477,244 |
Total deposits | $ 2,175,010 | $ 2,132,750 |
DEPOSITS - Narrative (Details)
DEPOSITS - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Deposits [Abstract] | ||
Brokered deposits | $ 35.5 | $ 43.6 |
Uninsured deposits | $ 980 | $ 969.2 |
Percentage of uninsured insured deposit liability | 45.10% | 45.50% |
BORROWINGS (Details)
BORROWINGS (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Sep. 15, 2025 | Jun. 30, 2024 | Dec. 31, 2023 | Aug. 10, 2020 | |
Federal Funds Line, Cumulative Available Commitments [Member] | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank | ||||
Other Commitment | $ 65,000 | $ 65,000 | ||
Federal Funds Purchased [Member] | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank | ||||
Short-term Debt | 0 | 0 | ||
Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] | Junior Subordinated Debt [Member] | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank | ||||
Long-term Debt | $ 8,600 | $ 8,600 | ||
Debt, Weighted Average Interest Rate | 8.18% | 8.23% | ||
Fixed-to-Floating Rate Subordinated Notes, 5.25 Percent, Due 2030 [Member] | Subordinated Debt [Member] | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank | ||||
Long-term Debt | $ 63,700 | $ 63,900 | ||
Debt Instrument, Face Amount | $ 65,000 | |||
Debt Instrument, Face Amount, Debt Issued, Percentage of Par | 100% | |||
Interest rate | 5.25% | |||
Fixed-to-Floating Rate Subordinated Notes, 5.25 Percent, Due 2030 [Member] | Subordinated Debt [Member] | SOFR | Forecast [Member] | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank | ||||
Debt Instrument, Basis Spread on Variable Rate | 5.21% | |||
Federal Home Loan Bank of San Francisco [Member] | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | 0 | ||
Federal Home Loan Bank of San Francisco [Member] | Federal Reserve Bank Advances [Member] | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank | ||||
The ability to borrow | 43,800 | |||
Short-term Debt | $ 0 | |||
Federal Home Loan Bank of San Francisco [Member] | Federal Home Loan Bank of San Francisco, Secured Borrowing Facility [Member] | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, General Description of Terms | Bank has an approved secured borrowing facility with the Federal Home Loan Bank of San Francisco (the “FHLB”) for up to 25% of total assets for a term not to exceed five years under a blanket lien of certain types of loans. | |||
The ability to borrow | $ 514,100 | $ 576,900 | ||
Debt Instrument, Term | 5 years | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Percentage of Total Assets | 25% |
INTEREST PAYABLE AND OTHER LI_3
INTEREST PAYABLE AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Accrued expenses | $ 5,893 | $ 7,419 |
Accounts payable | 796 | 716 |
Reserve for unfunded commitments | 200 | 225 |
Accrued interest payable | 3,651 | 3,054 |
Other liabilities | 2,350 | 3,177 |
Total | $ 12,890 | $ 14,591 |
OTHER EXPENSES - Tabular Disclo
OTHER EXPENSES - Tabular Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2034 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |||||
Professional fees | $ 673 | $ 445 | $ 1,260 | $ 892 | |
Core deposit premium amortization | 305 | 305 | 611 | 674 | |
Marketing and promotions | 246 | 253 | 369 | 400 | |
Stationery and supplies | 82 | 85 | 158 | 172 | |
Insurance (including FDIC premiums) | 349 | 433 | 708 | 634 | |
Communication and postage | 255 | 221 | 515 | 450 | |
Loan default related expense | 148 | 86 | 158 | 152 | |
Director fees and expenses | 82 | 84 | 170 | 165 | |
Bank service charges | 16 | 16 | 31 | 32 | |
Courier expense | 186 | 189 | 379 | 371 | |
Other | 245 | 105 | 356 | 281 | |
Total | $ 2,587 | $ 2,587 | $ 2,222 | $ 4,715 | $ 4,223 |
OTHER EXPENSES - Additional Inf
OTHER EXPENSES - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | ||||
Advertising Expense | $ 17 | $ 15 | $ 28 | $ 21 |
EQUITY INCENTIVE PLANS - Genera
EQUITY INCENTIVE PLANS - General Information (Details) - USD ($) $ in Millions | 1 Months Ended | |
Jun. 30, 2024 | Nov. 30, 2017 | |
2017 Omnibus Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 450,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Annual Stock Grant Limit Per Person, Officers and Employees | 50,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Amount Authorized, Annual Stock Grant Limit Per Person, Officers and Employees | $ 2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Annual Stock Grant Limit Per Person, Directors | 25,000 | |
Common Stock, Capital Shares Reserved for Future Issuance | 0 | |
2017 Omnibus Equity Incentive Plan [Member] | Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
2017 Omnibus Equity Incentive Plan [Member] | Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | |
2017 Omnibus Equity Incentive Plan [Member] | Minimum | Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
2017 Omnibus Equity Incentive Plan [Member] | Maximum | Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Omnibus Equity Incentive Plan 2024 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |
Common Stock, Capital Shares Reserved for Future Issuance | 500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Annual Stock Grant Limit Per Non Employee Director | 25,000 | |
Omnibus Equity Incentive Plan 2024 [Member] | Other Than Chief Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Available For Short Vesting Period, Percentage | 5% | |
Omnibus Equity Incentive Plan 2024 [Member] | Minimum | Other Than Chief Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Omnibus Equity Incentive Plan 2024 [Member] | Maximum | Chief Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Omnibus Equity Incentive Plan 2024 [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Number of Shares Per Employee | 50,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Amount Authorized, Annual Stock Grant Limit Per Participant | $ 2 | |
Omnibus Equity Incentive Plan 2024 [Member] | Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Number of Shares Per Employee | 100,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Amount Authorized, Annual Stock Grant Limit Per Participant | $ 2 | |
Omnibus Equity Incentive Plan 2024 [Member] | Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Number of Shares Per Employee | 50,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Amount Authorized, Annual Stock Grant Limit Per Participant | $ 2 |
EQUITY INCENTIVE PLANS - Restri
EQUITY INCENTIVE PLANS - Restricted Stock Grant Activity (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Non-vested at beginning balance (in shares) | 85,404 | 81,365 | 109,290 | 97,877 |
Granted (in shares) | 0 | 24,471 | 0 | 28,392 |
Vested (in shares) | 0 | (19,927) | (30,764) | (16,979) |
Forfeited (in shares) | 0 | (505) | 0 | 0 |
Non-vested, at ending balance (in shares) | 85,404 | 85,404 | 78,526 | 109,290 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Non-vested at beginning balance (in dollars per share) | $ 19.55 | $ 18.27 | $ 17.01 | $ 16.80 |
Granted (in dollars per share) | 0 | 23.30 | 0 | 18.98 |
Vested (in dollars per share) | 0 | 18.99 | 12.18 | 19.06 |
Forfeited (in dollars per share) | 0 | 16.67 | 0 | 0 |
Non-vested, at ending balance (in dollars per share) | $ 19.55 | $ 19.55 | $ 18.91 | $ 17.01 |
FAIR VALUE MEASUREMENT - Recurr
FAIR VALUE MEASUREMENT - Recurring (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | $ 183,633 | $ 163,152 |
Municipal securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 22,417 | 20,827 |
Mortgage-backed securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 43,783 | 37,601 |
Collateralized mortgage obligations | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 43,390 | 32,976 |
SBA securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 4,640 | 5,252 |
Corporate Bonds | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 69,403 | 66,496 |
Fair Value, Inputs, Level 2 [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 183,633 | 163,152 |
Fair Value, Measurements, Recurring [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 196,470 | 175,737 |
Fair Value, Measurements, Recurring [Member] | Municipal securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 22,417 | 20,827 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 43,783 | 37,601 |
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 43,390 | 32,976 |
Fair Value, Measurements, Recurring [Member] | SBA securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 4,640 | 5,252 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 69,403 | 66,496 |
Fair Value, Measurements, Recurring [Member] | Equity Securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 12,837 | 12,585 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 12,837 | 12,585 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized mortgage obligations | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | SBA securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Bonds | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 12,837 | 12,585 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 183,633 | 163,152 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 22,417 | 20,827 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 43,783 | 37,601 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized mortgage obligations | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 43,390 | 32,976 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 4,640 | 5,252 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Bonds | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 69,403 | 66,496 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized mortgage obligations | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | SBA securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Bonds | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | $ 0 | $ 0 |
FAIR VALUE MEASUREMENT - Nonrec
FAIR VALUE MEASUREMENT - Nonrecurring (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Assets, Fair Value Disclosure [Abstract] | |||||
Impaired Financing Receivable, Recorded Investment | $ 21,875 | $ 21,875 | $ 12,977 | ||
Other real estate owned ("OREO") | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | $ 0 | 0 | $ 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers Level 1 To Level 2 | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers Level 2 To Level 1 | 0 | $ 0 | 0 | $ 0 | |
Liabilities measured at fair value on a recurring or non-recurring basis | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Assets, Fair Value Disclosure [Abstract] | |||||
Individually evaluated loans | 21,875 | 21,875 | 12,977 | ||
Total | 21,875 | 21,875 | 12,977 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Assets, Fair Value Disclosure [Abstract] | |||||
Individually evaluated loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Assets, Fair Value Disclosure [Abstract] | |||||
Individually evaluated loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Assets, Fair Value Disclosure [Abstract] | |||||
Individually evaluated loans | 21,875 | 21,875 | 12,977 | ||
Total | $ 21,875 | $ 21,875 | $ 12,977 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum | |||||
Assets, Fair Value Disclosure [Abstract] | |||||
Selling and commission costs (%) | 5% | ||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum | |||||
Assets, Fair Value Disclosure [Abstract] | |||||
Selling and commission costs (%) | 10% |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Time deposits in banks | $ 747 | $ 1,245 |
Investment securities available-for-sale | 183,633 | 163,152 |
Equity securities | 12,837 | 12,585 |
Accrued interest receivable | 7,794 | 8,423 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 391,208 | 307,539 |
Time deposits in banks | 747 | 1,245 |
Equity securities | 12,837 | 12,585 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Investment securities available-for-sale | 183,633 | 163,152 |
Investment in FHLB and FRB Stock | 20,948 | 20,939 |
Accrued interest receivable | 7,794 | 8,423 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Deposits | 2,177,879 | 2,135,923 |
Accrued interest payable | 3,651 | 3,054 |
Fair Value, Inputs, Level 2 [Member] | Fixed-to-Floating Rate Subordinated Notes, 5.25 Percent, Due 2030 [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 63,651 | 63,881 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Loans, net | 1,759,753 | 1,810,426 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Undisbursed loan commitments, lines of credit, standby letters of credit | 68,306 | 77,152 |
Fair Value, Inputs, Level 3 [Member] | Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 8,713 | 8,631 |
Reported Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 391,208 | 307,539 |
Time deposits in banks | 747 | 1,245 |
Investment securities available-for-sale | 183,633 | 163,152 |
Equity securities | 12,837 | 12,585 |
Investment in FHLB and FRB Stock | 20,948 | 20,939 |
Loans, net | 1,845,172 | 1,905,829 |
Accrued interest receivable | 7,794 | 8,423 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Deposits | 2,175,010 | 2,132,750 |
Accrued interest payable | 3,651 | 3,054 |
Undisbursed loan commitments, lines of credit, standby letters of credit | 68,506 | 77,377 |
Reported Value Measurement [Member] | Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 8,605 | 8,565 |
Reported Value Measurement [Member] | Fixed-to-Floating Rate Subordinated Notes, 5.25 Percent, Due 2030 [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 63,651 | 63,881 |
Estimate of Fair Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 391,208 | 307,539 |
Time deposits in banks | 747 | 1,245 |
Investment securities available-for-sale | 183,633 | 163,152 |
Equity securities | 12,837 | 12,585 |
Investment in FHLB and FRB Stock | 20,948 | 20,939 |
Loans, net | 1,759,753 | 1,810,426 |
Accrued interest receivable | 7,794 | 8,423 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Deposits | 2,177,879 | 2,135,923 |
Accrued interest payable | 3,651 | 3,054 |
Undisbursed loan commitments, lines of credit, standby letters of credit | 68,306 | 77,152 |
Estimate of Fair Value Measurement [Member] | Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 8,713 | 8,631 |
Estimate of Fair Value Measurement [Member] | Fixed-to-Floating Rate Subordinated Notes, 5.25 Percent, Due 2030 [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | $ 63,651 | $ 63,881 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Off-balance Sheet Liabilities - Tabular Disclosure (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 68,506 | $ 77,377 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 67,754 | 76,531 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 752 | $ 846 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Off-balance Sheet Liabilities - Reserve (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 200 | $ 225 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Low Income Housing Tax Credit Partnerships [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment | $ 5,400 | $ 5,700 |
Small Business Investment Company [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment | $ 122 | $ 122 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Deposits (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Concentration Risk [Line Items] | ||
Deposits | $ 2,175,010 | $ 2,132,750 |
Product Concentration Risk [Member] | Deposit Account [Member] | ||
Concentration Risk [Line Items] | ||
Deposits | 980,000 | 969,200 |
Deposits [Member] | Top Ten Depositors [Member] | ||
Concentration Risk [Line Items] | ||
Deposits | $ 245,500 | $ 246,000 |
Deposits [Member] | Deposits [Member] | Top Ten Depositors [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 11.30% | 11.50% |
Deposits [Member] | Product Concentration Risk [Member] | Deposit Account [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 45.10% | 45.40% |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - Local Agency Deposits (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Federal Home Loan Bank, Letters of Credit | $ 40.6 | $ 40.6 |