Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Registrant Name | CALIFORNIA BANCORP | |
Entity Central Index Key | 0001752036 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 8,328,613 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CALB | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 82-1751097 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity File Number | 001-39242 | |
Entity Address, Address Line One | 1300 Clay Street | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Oakland | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | 94612 | |
City Area Code | 510 | |
Local Phone Number | 457-3737 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash and due from banks | $ 24,709 | $ 4,539 |
Federal funds sold | 216,345 | 465,917 |
Total cash and cash equivalents | 241,054 | 470,456 |
Available for sale, at fair value | 47,359 | 74,892 |
Held to maturity, at amortized cost | 110,172 | 28,386 |
Total investment securities | 157,531 | 103,278 |
Loans, net of allowance for losses of $16,555 and $14,081 at September 30, 2022 and December 31, 2021, respectively | 1,573,248 | 1,364,256 |
Premises and equipment, net | 3,382 | 4,405 |
Bank owned life insurance (BOLI) | 24,955 | 24,412 |
Goodwill and other intangible assets | 7,483 | 7,513 |
Accrued interest receivable and other assets | 40,848 | 40,676 |
Total assets | 2,048,501 | 2,014,996 |
Deposits | ||
Non-interest bearing | 758,716 | 771,205 |
Interest bearing | 950,362 | 908,933 |
Total deposits | 1,709,078 | 1,680,138 |
Other borrowings | 100,000 | 106,387 |
Junior subordinated debt securities | 54,117 | 54,028 |
Accrued interest payable and other liabilities | 21,248 | 23,689 |
Total liabilities | 1,884,443 | 1,864,242 |
Commitments and Contingencies (Note 5) | ||
Shareholders' equity | ||
Common stock, no par value; 40,000,000 shares authorized; 8,327,781 and 8,264,300 issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 110,786 | 109,473 |
Retained earnings | 54,628 | 41,189 |
Accumulated other comprehensive income, net of taxes | (1,356) | 92 |
Total shareholders' equity | 164,058 | 150,754 |
Total liabilities and shareholders' equity | $ 2,048,501 | $ 2,014,996 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for losses | $ 16,555 | $ 14,081 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 8,327,781 | 8,264,300 |
Common stock, shares outstanding | 8,327,781 | 8,264,300 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income | ||||
Loans | $ 19,084 | $ 14,870 | $ 50,268 | $ 44,157 |
Federal funds sold | 867 | 199 | 1,283 | 371 |
Investment securities | 1,217 | 470 | 3,247 | 1,222 |
Total interest income | 21,168 | 15,539 | 54,798 | 45,750 |
Interest expense | ||||
Deposits | 1,672 | 1,152 | 3,274 | 3,481 |
Borrowings and subordinated debt | 1,133 | 546 | 2,412 | 1,506 |
Total interest expense | 2,805 | 1,698 | 5,686 | 4,987 |
Net interest income | 18,363 | 13,841 | 49,112 | 40,763 |
Provision for credit losses | 800 | 300 | 2,675 | (500) |
Net interest income after provision for credit losses | 17,563 | 13,541 | 46,437 | 41,263 |
Non-interest income | ||||
Service charges and other fees | 1,237 | 905 | 3,260 | 2,184 |
Gain on the sale of loans | 0 | 0 | 1,393 | 0 |
Other | 247 | 397 | 759 | 995 |
Total non-interest income | 1,484 | 1,302 | 5,412 | 3,179 |
Non-interest expense | ||||
Salaries and benefits | 7,415 | 6,920 | 21,654 | 19,661 |
Premises and equipment | 1,275 | 1,372 | 3,844 | 3,778 |
Professional fees | 524 | 334 | 1,662 | 1,450 |
Data processing | 744 | 540 | 1,951 | 1,604 |
Other | 1,259 | 1,347 | 3,841 | 3,935 |
Total non-interest expense | 11,217 | 10,513 | 32,952 | 30,428 |
Income before provision for income taxes | 7,830 | 4,330 | 18,897 | 14,014 |
Provision for income taxes | 2,308 | 1,114 | 5,458 | 3,827 |
Net income | $ 5,522 | $ 3,216 | $ 13,439 | $ 10,187 |
Earnings per common share | ||||
Basic | $ 0.66 | $ 0.39 | $ 1.62 | $ 1.24 |
Diluted | $ 0.66 | $ 0.39 | $ 1.6 | $ 1.23 |
Average common shares outstanding | 8,322,529 | 8,244,154 | 8,298,269 | 8,211,907 |
Average common and equivalent shares outstanding | 8,405,669 | 8,310,799 | 8,394,439 | 8,283,683 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 5,522 | $ 3,216 | $ 13,439 | $ 10,187 |
Other comprehensive income | ||||
Unrealized losses on securities available for sale, net | (1,006) | (440) | (1,788) | (595) |
Unrealized losses on securities transferred from available for sale to held to maturity, net | 0 | 0 | (281) | 0 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity, net | 2 | 0 | 6 | 0 |
Tax effect | 299 | 130 | 615 | 176 |
Total other comprehensive loss | (705) | (310) | (1,448) | (419) |
Total comprehensive income | $ 4,817 | $ 2,906 | $ 11,991 | $ 9,768 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance (in shares) at Dec. 31, 2020 | 8,171,734 | |||
Balance at Dec. 31, 2020 | $ 136,410 | $ 107,948 | $ 27,821 | $ 641 |
Stock awards issued and related compensation expense, shares | 3,369 | |||
Stock awards issued and related compensation expense | 383 | $ 383 | ||
Stock options exercised, shares | 14,495 | |||
Stock options exercised | 99 | $ 99 | ||
Net income | 2,809 | 2,809 | ||
Other comprehensive loss | (523) | (523) | ||
Balance (in shares) at Mar. 31, 2021 | 8,189,598 | |||
Balance at Mar. 31, 2021 | 139,178 | $ 108,430 | 30,630 | 118 |
Balance (in shares) at Dec. 31, 2020 | 8,171,734 | |||
Balance at Dec. 31, 2020 | 136,410 | $ 107,948 | 27,821 | 641 |
Net income | 10,187 | |||
Other comprehensive loss | (419) | |||
Balance (in shares) at Sep. 30, 2021 | 8,250,109 | |||
Balance at Sep. 30, 2021 | 147,239 | $ 109,009 | 38,008 | 222 |
Balance (in shares) at Mar. 31, 2021 | 8,189,598 | |||
Balance at Mar. 31, 2021 | 139,178 | $ 108,430 | 30,630 | 118 |
Stock awards issued and related compensation expense, shares | 28,562 | |||
Stock awards issued and related compensation expense | 234 | $ 234 | ||
Shares withheld to pay taxes on stock based compensation, shares | (2,740) | |||
Shares withheld to pay taxes on stock based compensation | (150) | $ (150) | ||
Stock options exercised, shares | 21,770 | |||
Stock options exercised | 48 | $ 48 | ||
Shares withheld to pay exercise price on stock options, shares | (8,074) | |||
Shares withheld to pay exercise price on stock options | (145) | $ (145) | ||
Net income | 4,162 | 4,162 | ||
Other comprehensive loss | 414 | 414 | ||
Balance (in shares) at Jun. 30, 2021 | 8,229,116 | |||
Balance at Jun. 30, 2021 | 143,741 | $ 108,417 | 34,792 | 532 |
Stock awards issued and related compensation expense, shares | 30,053 | |||
Stock awards issued and related compensation expense | 723 | $ 723 | ||
Shares withheld to pay taxes on stock based compensation, shares | (10,056) | |||
Shares withheld to pay taxes on stock based compensation | (82) | $ (82) | ||
Stock options exercised, shares | 3,750 | |||
Shares withheld to pay exercise price on stock options, shares | (2,754) | |||
Shares withheld to pay exercise price on stock options | (49) | $ (49) | ||
Net income | 3,216 | 3,216 | ||
Other comprehensive loss | (310) | (310) | ||
Balance (in shares) at Sep. 30, 2021 | 8,250,109 | |||
Balance at Sep. 30, 2021 | 147,239 | $ 109,009 | 38,008 | 222 |
Balance (in shares) at Dec. 31, 2021 | 8,264,300 | |||
Balance at Dec. 31, 2021 | 150,754 | $ 109,473 | 41,189 | 92 |
Stock awards issued and related compensation expense, shares | 11,513 | |||
Stock awards issued and related compensation expense | 494 | $ 494 | ||
Shares withheld to pay taxes on stock based compensation, shares | (7,459) | |||
Shares withheld to pay taxes on stock based compensation | (173) | $ (173) | ||
Stock options exercised, shares | 4,200 | |||
Stock options exercised | 55 | $ 55 | ||
Shares withheld to pay exercise price on stock options, shares | (1,653) | |||
Shares withheld to pay exercise price on stock options | (34) | $ (34) | ||
Net income | 3,673 | 3,673 | ||
Other comprehensive loss | (198) | (198) | ||
Balance (in shares) at Mar. 31, 2022 | 8,270,901 | |||
Balance at Mar. 31, 2022 | 154,571 | $ 109,815 | 44,862 | (106) |
Balance (in shares) at Dec. 31, 2021 | 8,264,300 | |||
Balance at Dec. 31, 2021 | 150,754 | $ 109,473 | 41,189 | 92 |
Net income | 13,439 | |||
Other comprehensive loss | (1,448) | |||
Balance (in shares) at Sep. 30, 2022 | 8,327,781 | |||
Balance at Sep. 30, 2022 | 164,058 | $ 110,786 | 54,628 | (1,356) |
Balance (in shares) at Mar. 31, 2022 | 8,270,901 | |||
Balance at Mar. 31, 2022 | 154,571 | $ 109,815 | 44,862 | (106) |
Stock awards issued and related compensation expense, shares | 43,855 | |||
Stock awards issued and related compensation expense | 539 | $ 539 | ||
Shares withheld to pay taxes on stock based compensation, shares | (3,153) | |||
Shares withheld to pay taxes on stock based compensation | (65) | $ (65) | ||
Stock options exercised, shares | 7,350 | |||
Stock options exercised | 42 | $ 42 | ||
Shares withheld to pay exercise price on stock options, shares | (1,792) | |||
Shares withheld to pay exercise price on stock options | (42) | $ (42) | ||
Net income | 4,244 | 4,244 | ||
Other comprehensive loss | (545) | (545) | ||
Balance (in shares) at Jun. 30, 2022 | 8,317,161 | |||
Balance at Jun. 30, 2022 | 158,744 | $ 110,289 | 49,106 | (651) |
Stock awards issued and related compensation expense, shares | 14,314 | |||
Stock awards issued and related compensation expense | 586 | $ 586 | ||
Shares withheld to pay taxes on stock based compensation, shares | (3,694) | |||
Shares withheld to pay taxes on stock based compensation | (89) | $ (89) | ||
Net income | 5,522 | 5,522 | ||
Other comprehensive loss | (705) | (705) | ||
Balance (in shares) at Sep. 30, 2022 | 8,327,781 | |||
Balance at Sep. 30, 2022 | $ 164,058 | $ 110,786 | $ 54,628 | $ (1,356) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 13,439 | $ 10,187 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 2,675 | (500) |
Provision for deferred taxes | (1,383) | (1,851) |
Depreciation | 1,168 | 1,166 |
Deferred loan costs, net | (182) | (152) |
Accretion on discount of purchased loans, net | (32) | (85) |
Stock based compensation, net | 1,292 | 1,108 |
Increase in cash surrender value of life insurance | (497) | (487) |
Discount on retained portion of sold loans, net | (27) | (26) |
Gain on sale of loans, net | (1,393) | 0 |
Increase in accrued interest receivable and other assets | 1,986 | 1,050 |
(Increase) decrease in accrued interest payable and other liabilities | (1,894) | 321 |
Net cash provided by operating activities | 15,152 | 10,731 |
Cash flows from investing activities: | ||
Purchase of investment securities | (78,780) | (36,548) |
Proceeds from principal payments on investment securities | 21,859 | 8,848 |
Proceeds from sale (purchase) of loans | 37,271 | (20,008) |
Net (increase) decrease in loans | (247,304) | 87,092 |
Capital calls on low income tax credit investments | (438) | (565) |
Redemption (purchase) of Federal Home Loan Bank stock | 455 | (1,344) |
Purchase of premises and equipment | (145) | (165) |
Purchase of bank-owned life insurance policies | (46) | (42) |
Net cash (used for) provided by investing activities | (267,128) | 37,268 |
Cash flows from financing activities: | ||
Net increase in customer deposits | 28,940 | 209,848 |
Paydown of long term borrowing, net | (56,387) | (109,507) |
Proceeds from short term and overnight borrowings | 50,000 | 0 |
Proceeds from issuance of subordinated debt, net | 0 | 34,240 |
Proceeds from exercised stock options, net | 21 | (47) |
Net cash provided by financing activities | 22,574 | 134,534 |
(Decrease) increase in cash and cash equivalents | (229,402) | 182,533 |
Cash and cash equivalents, beginning of period | 470,456 | 418,517 |
Cash and cash equivalents, end of period | 241,054 | 601,050 |
Supplemental disclosure of cash flow information: | ||
Securities transferred from available for sale to the held to maturity classification | 49,889 | 0 |
Cash paid during the year for: | ||
Interest | 6,089 | 5,490 |
Income taxes | $ 5,303 | $ 4,684 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. NATURE OF OPERATIONS Organization California BanCorp (the “Company”), a California corporation headquartered in Oakland, California, is the bank holding company for its wholly-owned subsidiary California Bank of Commerce (the “Bank”), which offers a broad range of commercial banking services to closely held businesses and professionals located throughout Northern California. The Bank has a full service branch located in Contra Costa County and 4 loan production offices located in Alameda County, Contra Costa County, Sacramento County, and Santa Clara County. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q 10-K The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations that may be expected for any other interim period or for the year ending December 31, 2022. The Company’s accounting and reporting policies conform to GAAP and to general practices within the banking industry. Subsequent Events Management has reviewed all events through the date the unaudited consolidated financial statements were filed with the SEC and concluded that no event required any adjustment to the balances presented. Use of Estimates Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the unaudited consolidated financial statements and the disclosures provided, and actual results could differ. The estimates utilized to determine the appropriate allowance for loan losses at September 30, 2022 may be materially different from actual results due to the ongoing COVID-19 Reclassifications Certain prior balances in the unaudited consolidated financial statements may have been reclassified to conform to current year presentation. These reclassifications had no effect on prior year net income or shareholders’ equity. Business Impact of COVID-19 The COVID-19 COVID-19 Although the impact of COVID-19 Goodwill Goodwill impairment exists when a reporting unit’s carrying value exceeds its fair value, which is determined through a qualitative assessment whether it is more likely than not that the fair value of equity of the reporting unit exceeds the carrying value (“Step Zero”). The Company completed an impairment analysis of goodwill as of September 30, 2022 and determined there was no impairment. As part of the Company’s qualitative assessment of goodwill impairment, management considered COVID-19 Earnings Per Share (“EPS”) Basic earnings per common share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Basic EPS is computed based upon net income divided by the weighted average number of common shares outstanding during the period. In determining the weighted average number of shares outstanding, vested restricted stock units are included. Diluted EPS represents the amount of earnings for the period available to each share of common stock outstanding including common stock that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during each reporting period. Diluted EPS is computed based upon net income divided by the weighted average number of common shares outstanding during each period, adjusted for the effect of dilutive potential common shares, such as restricted stock awards and units, calculated using the treasury stock method. Three months ended Nine months ended September 30, September 30, (Dollars in thousands, except per share data) 2022 2021 2022 2021 Net income available to common shareholders $ 5,522 $ 3,216 $ 13,439 $ 10,187 Weighted average basic common shares outstanding 8,322,529 8,244,154 8,298,269 8,211,907 Add: dilutive potential common shares 83,140 66,645 96,170 71,776 Weighted average diluted common shares outstanding 8,405,669 8,310,799 8,394,439 8,283,683 Basic earnings per share $ 0.66 $ 0.39 $ 1.62 $ 1.24 Diluted earnings per share $ 0.66 $ 0.39 $ 1.60 $ 1.23 New Financial Accounting Standards In 2022-02, Financial 310-40, Receivables—Troubled 326-20, Financial In December 2019, the FASB issued “Simplifying the Accounting for Income Taxes (Topic 740)” (“ASU 2019-12”) 2019-12 In June 2016, the FASB issued ASU 2016-13, held-to off-balance |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 2. INVESTMENT SECURITIES The following table summarizes the amortized cost and estimated fair value of securities available for sale and held to maturity at September 30, 2022 and December 31, 2021. (Dollars in thousands) Amortized Gross Gross Estimated At September 30, 2022: Mortgage backed securities $ 19,080 $ 21 $ (933 ) $ 18,168 Government agencies 29,782 — (1,068 ) 28,714 Corporate bonds 429 48 — 477 Total available for sale securities $ 49,291 $ 69 $ (2,001 ) $ 47,359 Mortgage backed securities $ 62,525 $ — $ (8,245 ) $ 54,280 Government agencies 3,087 — (677 ) 2,410 Corporate bonds 44,560 31 (3,577 ) 41,014 Total held to maturity securities $ 110,172 $ 31 $ (12,499 ) $ 97,704 At December 31, 2021: Mortgage backed securities $ 29,943 $ 325 $ (320 ) $ 29,948 Government agencies 3,093 — (100 ) 2,993 Corporate bonds 41,725 694 (468 ) 41,951 Total available for sale securities $ 74,761 $ 1,019 $ (888 ) $ 74,892 Mortgage backed securities $ 22,772 $ — $ (140 ) $ 22,632 Government agencies — — — — Corporate bonds 5,614 — (30 ) 5,584 Total held to maturity securities $ 28,386 $ — $ (170 ) $ 28,216 The Company purchased 8 available for sale securities for $36.0 million and 11 held to maturity securities for $42.8 million during the nine months ended September 30, 2022. The Company purchased 9 available for sale securities for $36.5 million and no held to maturity securities during the nine months ended September 30, 2021. The Company did not sell any securities during the nine months ended September 30, 2022 and September 30, 2021. Net unrealized losses on available for sale investment securities totaling $1.9 million were recorded, net of deferred tax assets, as accumulated other comprehensive income within shareholders’ equity at September 30, 2022. Net unrealized gains on available for sale investment securities totaling $131,000 were recorded, net of deferred tax liabilities, as accumulated other comprehensive income within shareholders’ equity at December 31, 2021. During the first quarter of 2022, the Company re-designated re-designated The following table summarizes securities with unrealized losses at September 30, 2022 and December 31, 2021 aggregated by major security type and length of time in a continuous unrealized loss position. Less Than 12 Months More Than 12 Months Total (Dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized At September 30, 2022: Mortgage backed securities $ 11,221 $ (541 ) $ — $ — $ 11,221 $ (541 ) Government agencies 28,714 (1,068 ) 4,434 (392 ) 33,148 (1,460 ) Corporate bonds — — — — — — Total available for sale securities $ 39,935 $ (1,609) $ 4,434 $ (392) $ 44,369 $ (2,001) Mortgage backed securities $ 51,717 $ (7,767) $ 2,563 $ (478) $ 54,280 $ (8,245) Government agencies — — 2,410 (677) 2,410 (677) Corporate bonds 20,046 (1,258) 17,748 (2,319) 37,794 (3,577) Total held to maturity securities $ 71,763 $ (9,025) $ 22,721 $ (3,474) $ 94,484 $ (12,499) At December 31, 2021: Mortgage backed securities $ 14,302 $ (320) $ — $ — $ 14,302 $ (320) Government agencies 2,993 (100) — — 2,993 (100) Corporate bonds 15,233 (200) 4,732 (268) 19,965 (468) Total available for sale securities $ 32,528 $ (620) $ 4,732 $ (268) $ 37,260 $ (888) Mortgage backed securities $ 22,632 $ (140) $ — $ — $ 22,632 $ (140) Government agencies 5,584 (30) — — 5,584 (30) Corporate bonds — — — — — — Total held to maturity securities $ 28,216 $ (170) $ — $ — $ 28,216 $ (170) At September 30, 2022 the Company’s investment security portfolio consisted of 60 securities, 55 of which were in an unrealized loss position at quarter end. At December 31, 2021 the Company’s investment security portfolio consisted of 44 securities, 16 of which were in an unrealized loss position at year end. Management believes that changes in the market value since purchase are primarily attributable to changes in interest rates and relative illiquidity. Because the Company does not intend to sell and is unlikely to be required to sell until a recovery of fair value, which may be at maturity, the Company did not consider those investments to be other-than-temporarily impaired at September 30, 2022 and December 31, 2021, respectively. The following table summarizes the scheduled maturities of the Company’s investment securities as of September 30, 2022. Available for Sale Held to Maturity (Dollars in thousands) Amortized Fair Value Amortized Fair Value Less that one year $ — $ — $ 2,521 $ 2,478 One to five years 34,810 33,645 21,080 20,377 Five to ten years 2,141 2,100 32,139 30,049 Beyond ten years 2,512 2,477 21,606 16,811 Securities not due at a single maturity date 9,828 9,137 32,826 27,989 Total investment securities $ 49,291 $ 47,359 $ 110,172 $ 97,704 |
Loans and Allowance For Credit
Loans and Allowance For Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans and Allowance For Credit Losses | 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES Outstanding loans as of September 30, 2022 and December 31, 2021 are summarized below. Certain loans have been pledged to secure borrowing arrangements (see Note 4). (Dollars in thousands) September 30, December 31, Commercial and industrial $ 643,131 474,281 Real estate - other 824,867 697,212 Real estate - construction and land 71,523 43,194 SBA 8,565 81,403 Other 39,815 80,559 Total loans, gross 1,587,901 1,376,649 Deferred loan origination costs, net 1,902 1,688 Allowance for credit losses (16,555 ) (14,081 ) Total loans, net $ 1,573,248 1,364,256 SBA loans include Paycheck Protection Program (“PPP”) loans funded under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was enacted as a result of the COVID-19. re-launch The following table reflects the loan portfolio allocated by management’s internal risk ratings at September 30, 2022 and December 31, 2021. (Dollars in thousands) Commercial Real Estate Real Estate SBA Other Total As of September 30, 2022 Grade: Pass $ 619,363 $ 816,546 $ 69,813 $ 7,488 $ 39,815 $ 1,553,025 Special Mention 20,438 3,658 — 503 — 24,599 Substandard 3,330 4,663 1,710 574 — 10,277 Total $ 643,131 $ 824,867 $ 71,523 $ 8,565 $ 39,815 $ 1,587,901 As of December 31, 2021 Grade: Pass $ 450,913 $ 690,916 $ 39,074 $ 79,379 $ 80,559 $ 1,340,841 Special Mention 20,904 1,583 1,278 1,111 — 24,876 Substandard 2,464 4,713 2,842 913 — 10,932 Total $ 474,281 $ 697,212 $ 43,194 $ 81,403 $ 80,559 $ 1,376,649 The following table reflects an aging analysis of the loan portfolio by the time past due at September 30, 2022 and December 31, 2021. (Dollars in thousands) 30 Days 60 Days 90+ Days Non-Accrual Current Total As of September 30, 2022 Commercial and industrial $ 524 $ — $ 161 $ — $ 642,446 $ 643,131 Real estate - other 4,060 — — — 820,807 824,867 Real estate - construction and land — — — — 71,523 71,523 SBA — — — 182 8,383 8,565 Other — — — — 39,815 39,815 Total loans, gross $ 4,584 $ — $ 161 $ 182 $ 1,582,974 $ 1,587,901 As of December 31, 2021 Commercial and industrial $ — $ 2,597 $ — $ — $ 471,684 $ 474,281 Real estate - other — — — — 697,212 697,212 Real estate - construction and land — — — — 43,194 43,194 SBA — — — 232 81,171 81,403 Other — — — — 80,559 80,559 Total loans, gross $ — $ 2,597 $ — $ 232 $ 1,373,820 $ 1,376,649 The following table reflects the impairment methodology applied to gross loans by portfolio segment and the related allowance for credit losses as of September 30, 2022 and December 31, 2021. (Dollars in thousands) Commercial Real Estate Real Estate SBA Other Total As of September 30, 2022 Gross loans: Loans individually evaluated for impairment $ — $ — $ — $ 182 $ — $ 182 Loans collectively evaluated for impairment 643,131 824,867 71,523 8,383 39,815 1,587,719 Total gross loans $ 643,131 $ 824,867 $ 71,523 $ 8,565 $ 39,815 $ 1,587,901 Allowance for loan losses: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 10,225 5,173 997 128 32 16,555 Total allowance for loan losses $ 10,225 $ 5,173 $ 997 $ 128 $ 32 $ 16,555 As of December 31, 2021 Gross loans: Loans individually evaluated for impairment $ — $ — $ — $ 731 $ — $ 731 Loans collectively evaluated for impairment 474,281 697,212 43,194 80,672 80,559 1,375,918 Total gross loans $ 474,281 $ 697,212 $ 43,194 $ 81,403 $ 80,559 $ 1,376,649 Allowance for loan losses: Loans individually evaluated for impairment $ — $ — $ — $ 142 $ — $ 142 Loans collectively evaluated for impairment 8,552 4,524 681 167 15 13,939 Total allowance for loan losses $ 8,552 $ 4,524 $ 681 $ 309 $ 15 $ 14,081 The following table reflects information related to impaired loans as of September 30, 2022 and December 31, 2021. (Dollars in thousands) Recorded Unpaid Related Average Interest As of September 30, 2022 With no related allowance recorded: SBA $ 182 $ 580 $ — $ 207 $ — With an allowance recorded: SBA $ — $ — $ — $ 249 $ — Total: SBA $ 182 $ 580 $ — $ 457 $ — As of December 31, 2021 With no related allowance recorded: SBA $ 232 $ 705 $ — $ 233 $ 14 With an allowance recorded: SBA $ 499 $ 499 $ 142 $ 477 $ 59 Total: SBA $ 731 $ 1,204 $ 142 $ 710 $ 73 The recorded investment in impaired loans in the table above excludes interest receivable and net deferred origination costs due to their immateriality. The following tables reflect the changes in, and allocation of, the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2022 and 2021. Commercial Real Estate and Real Estate Construction (Dollars in thousands) Industrial Other and Land SBA Other Total Three months ended September 30, 2022 Beginning balance $ 9,526 $ 5,243 $ 907 $ 273 $ 8 $ 15,957 Provision for loan losses 699 (70 ) 90 57 24 800 Charge-offs — — — (202 ) — (202 ) Recoveries — — — — — — Ending balance $ 10,225 $ 5,173 $ 997 $ 128 $ 32 $ 16,555 Net recoveries (charge-offs) / gross loans 0.00 % 0.00 % 0.00 % -2.36 % 0.00 % -0.01 % Three months ended September 30, 2021 Beginning balance $ 8,133 $ 4,069 $ 697 $ 317 $ 24 $ 13,240 Provision for loan losses 45 324 (22 ) (44 ) (3 ) 300 Charge-offs — — — — — — Recoveries 31 — — — — 31 Ending balance $ 8,209 $ 4,393 $ 675 $ 273 $ 21 $ 13,571 Net recoveries (charge-offs) / gross loans 0.01 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Nine months ended September 30, 2022 Beginning balance $ 8,552 $ 4,524 $ 681 $ 309 $ 15 $ 14,081 Provision for loan losses 1,672 649 316 21 17 2,675 Charge-offs — — — (202 ) — (202 ) Recoveries 1 — — — — 1 Ending balance $ 10,225 $ 5,173 $ 997 $ 128 $ 32 $ 16,555 Net recoveries (charge-offs) / gross loans 0.00 % 0.00 % 0.00 % -2.36 % 0.00 % -0.01 % Nine months ended September 30, 2021 Beginning balance $ 8,923 $ 3,877 $ 681 $ 604 $ 26 $ 14,111 Provision for loan losses (952 ) 516 (6 ) (53 ) (5 ) (500 ) Charge-offs — — — (278 ) — (278 ) Recoveries 238 — — — — 238 Ending balance $ 8,209 $ 4,393 $ 675 $ 273 $ 21 $ 13,571 Net recoveries (charge-offs) / gross loans 0.06 % 0.00 % 0.00 % -0.26 % 0.00 % 0.00 % Interest forgone on nonaccrual loans totaled $25,000 and $31,000 for the three months ended September 30, 2022 and 2021, respectively. Interest forgone on nonaccrual loans totaled $60,000 and $84,000 for the nine months ended September 30, 2022 and 2021, respectively. There was no interest recognized on a cash-basis on impaired loans for the three and nine months ended September 30, 2022 and 2021, respectively. Troubled Debt Restructurings At September 30, 2022 and December 31, 2021, the Company had no recorded investments or allocated specific reserves related to loans with terms that had been modified in troubled debt restructurings. The Company had no commitments as of September 30, 2022 and December 31, 2021 to customers with outstanding loans that were classified as troubled debt restructurings. There were no new troubled debt restructurings during the three and nine months ended September 30, 2022. The Company had no troubled debt restructurings with a subsequent payment default within twelve months following the modification during the three and nine months ended September 30, 2022. |
Borrowing Arrangements
Borrowing Arrangements | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | 4. BORROWING ARRANGEMENTS The Company has a borrowing arrangement with the Federal Reserve Bank of San Francisco (FRB) under which advances are secured by portions of the Bank’s loan and investment securities portfolios. The Company’s credit limit varies according to the amount and composition of the assets pledged as collateral. At September 30, 2022, amounts pledged and available borrowing capacity under such limits were approximately $436.6 million and $346.0 million, respectively. At December 31, 2021, amounts pledged and available borrowing capacity under such limits were approximately $317.8 million and $218.9 million, respectively. In April 2020, the Company secured an additional arrangement with the FRB for a $332.7 million Paycheck Protection Liquidity Facility (PPPLF) two year term borrowing maturing in April 2022 at a fixed rate of 0.35%. The Company repaid the PPPLF borrowing in full during the second quarter of 2022 and therefore had no balance outstanding as of September 30, 2022. At December 31, 2021, the PPPLF borrowing arrangement had an outstanding balance of $56.4 million. The Company has a borrowing arrangement with the Federal Home Loan Bank (FHLB) under which advances are secured by portions of the Bank’s loan portfolio. The Company’s credit limit varies according to its total assets and the amount and composition of the loan portfolio pledged as collateral. At September 30, 2022, amounts pledged and available borrowing capacity under such limits were approximately $362.6 million and $211.6 million, respectively. At December 31, 2021, amounts pledged and available borrowing capacity under such limits were approximately $184.1 million and $88.1 million, respectively. In May 2022, the Company secured a FHLB short term borrowing for $50.0 million which matured during the third quarter of 2022. In August 2022, the Company secured a FHLB short term borrowing for $50.0 million maturing on October 17, 2022 at a fixed rate of 2.68%. This FHLB short term borrowing had an outstanding balance of $50.0 million at September 30, 2022. In September 2022, the Company secured an additional FHLB short term borrowing for $50.0 million maturing on October 26, 2022 at a fixed rate of 3.25%. This FHLB short term borrowing had an outstanding balance of $50.0 million at September 30, 2022. Under Federal Funds line of credit agreements with several correspondent banks, the Company can borrow up to $123.0 million. There were no borrowings outstanding under these arrangements at September 30, 2022 and December 31, 2021. The Company maintains a revolving line of credit with a commitment of $3.0 million for a six month term at a rate of Prime plus 0.40%. At September 30, 2022 and December 31, 2021, no borrowings were outstanding under this line of credit. The Company entered into a three year borrowing arrangement with a correspondent bank on March 20, 2020 for $12.0 million. The note is secured by the Company’s investment in the Bank and has a fixed rate of 3.95%. There were no borrowings outstanding under this arrangement at September 30, 2022 and December 31, 2021. The Company issued $20.0 million in subordinated debt on September 30, 2020. The subordinated debt has a fixed interest rate of 5.00% for the first 5 years and a stated maturity of September 30, 2030. After the fifth year, the interest rate changes to a quarterly variable rate equal to then current three-month term SOFR plus 0.488%. The subordinated debt was recorded net of related issuance costs of $300,000. At September 30, 2022 and December 31, 2021, the balance remained at $20.0 million, net of the remaining unamortized issuance cost. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 5. COMMITMENTS AND CONTINGENT LIABILITIES Financial Instruments with Off-Balance The Company is a party to financial instruments with off-balance Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case At September 30, 2022 and December 31, 2021, the Company had outstanding unfunded commitments for loans of approximately $626.8 million and $620.0 million, respectively. Unfunded loan commitment reserves, included in the allowance for loan losses, totaled $430,000 and $380,000 at September 30, 2022 and December 31, 2021, respectively. The outstanding unfunded commitments for loans at September 30, 2022 was comprised of fixed rate commitments of approximately $42.0 million and variable rate commitments of approximately $584.8 million. The following table reflects the interest rate and maturity ranges for the unfunded fixed rate loan commitments as of September 30, 2022. Over One Due in Year But One Year Less Than Over (Dollars in thousands) Or Less Five Years Five Years Total Unfunded fixed rate loan commitments: Interest rate less than or equal to 4.00% $ 20,982 $ 3,751 $ 4,973 $ 29,706 Interest rate between 4.00% and 5.00% 1,108 9,188 719 11,015 Interest rate greater than or equal to 5.00% — 1,254 — 1,254 Total unfunded fixed rate loan commitments $ 22,090 $ 14,193 $ 5,692 $ 41,975 Operating Leases The Company leases various office premises under long-term operating lease agreements. These leases expire between 2022 and 2027, with certain leases containing either three, five, or seven year renewal options. The following table reflects the quantitative information for the Company’s leases for the nine months ended, and as of, September 30, 2022. September 30, (Dollars in thousands) 2022 Operating lease cost (cost resulting from lease payments) $ 1,452 Operating lease - operating cash flows (fixed payments) $ 1,844 Operating lease - ROU assets $ 5,015 Operating lease - liabilities $ 6,502 Weighted average lease term—operating leases 2.3 years Weighted average discount rate—operating leases 3.76 % The following table reflects the minimum commitments under these non-cancellable September 30, (Dollars in thousands) 2022 2022 $ 597 2023 1,497 2024 1,456 2025 1,500 2026 1,435 Thereafter 357 Total undiscounted cash flows 6,842 Discount on cash flows (340 ) Total lease liability $ 6,502 Rent expense included in premises and equipment expense totaled $469,000 and $521,000 for the three months ended September 30, 2022 and 2021, respectively. Rent expense included in premises and equipment expense totaled $1.5 million and $1.6 million for the nine months ended September 30, 2022 and 2021, respectively. Contingencies The Company is involved in legal proceedings arising from normal business activities. Management, based upon the advice of legal counsel, believes the ultimate resolution of all pending legal actions will not have a material effect on the Company’s financial position or results of operations. Correspondent Banking Agreements The Company maintains funds on deposit with other federally insured financial institutions under correspondent banking agreements. Insured financial institution deposits up to $250,000 are fully insured by the FDIC under the FDIC’s general deposit insurance rules. At September 30, 2022, uninsured deposits at financial institutions were approximately $2.1 million. At December 31, 2021, uninsured deposits at financial institutions were approximately $11.0 million. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. FAIR VALUE MEASUREMENTS Fair Value Hierarchy The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Valuations within these levels are based upon: Level 1 - Quoted market prices for identical instruments traded in active exchange markets. Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable or can be corroborated by observable market data. Level 3 - Model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect the Company’s estimates of assumptions that market participants would use on pricing the asset or liability. Valuation techniques include management judgment and estimation which may be significant. Management monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities or total earnings. Impaired loans - Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. The fair value of impaired loans with specific allocations of the allowance for loan losses that are secured by real property is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. The methods utilized to estimate the fair value of impaired loans do not necessarily represent an exit price. Deposits - The fair values disclosed for demand deposits (e.g., interest and non-interest FHLB Advances - FHLB Advances are included in Other Borrowings. Fair values for FHLB Advances are estimated using discounted cash flow analyses using interest rates offered at each reporting date by correspondent banks for advances with similar maturities resulting in Level 3 classification. Paycheck Protection Program Liquidity Facility (PPPLF) - The fair value of PPPLF is estimated using a discounted cash flow based on the remaining contractual term and current rates at which similar advances would be obtained resulting in Level 3 classification. Senior Notes - Fair values for senior notes are estimated using a discounted cash flow calculation based on current rates for similar types of debt which may be unobservable, and considering recent trading activity of similar instruments in market which can be inactive and accordingly are classified within in the Level 3 classification. Junior Subordinated Debt Securities - Fair values for subordinated debt are calculated based on its terms and were discounted to the date of the valuation to calculate the fair value on the debt. A market rate based on recent debt offering by peer bank was used to discount cash flow until reprice date and subsequently cash flow were discounted at Prime plus 2% for its security. These assumptions which may be unobservable, and considering recent trading activity of similar instruments in market which can be inactive and accordingly are classified within the Level 3 classification. Accrued Interest Receivable - The carrying amounts of accrued interest receivable approximate fair value resulting in a Level 2 classification for accrued interest receivable on investment securities and a Level 3 classification for accrued interest receivable on loans since investment securities are generally classified using Level 2 inputs and loans are generally classified using Level 3 inputs. Accrued Interest Payable - The carrying amounts of accrued interest payable approximate fair value resulting in a Level 2 classification, since accrued interest payable is from deposits that are generally classified using Level 2 inputs. Off Balance Sheet Instruments - Fair values for off-balance Assets Recorded at Fair Value on a Recurring Basis The Company is required or permitted to record the following assets at fair value on a recurring basis as of September 30, 2022 and December 31, 2021. (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 As of September 30, 2022 Investments available for sale: Mortgage backed securities $ 18,168 $ — $ 18,168 $ — Government agencies 28,714 — 28,714 — Corporate bonds 477 — 477 — Total assets measured at fair value on a recurring basis $ 47,359 $ — $ 47,359 $ — As of December 31, 2021 Investments available for sale: Mortgage backed securities $ 29,948 $ — $ 29,948 $ — Government agencies 2,993 — 2,993 — Corporate bonds 41,951 — 35,040 6,911 Total assets measured at fair value on a recurring basis $ 74,892 $ — $ 67,981 $ 6,911 The following table reflects the changes in all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2022. (Dollars in thousands) Corporate Balance at December 31, 2021 $ 6,911 Purchases — Transfers into Level 3 — Transfers out of Level 3 (6,911 ) Balance at September 30, 2022 $ — Assets Recorded at Fair Value on a Non-Recurring The Company may be required, from time to time, to measure certain assets at fair value on a non-recurring non-recurring Carrying Fair Value Measurements (Dollars in thousands) Amount Level 1 Level 2 Level 3 As of September 30, 2022 Impaired loans - SBA $ 182 $ — $ — $ 182 Total assets measured at fair value on a non-recurring $ 182 $ — $ — $ 182 As of December 31, 2021 Impaired loans - SBA $ 731 $ — $ — $ 731 Total assets measured at fair value on a non-recurring $ 731 $ — $ — $ 731 The fair value of impaired loans is based upon independent market prices, estimated liquidation values of loan collateral or appraised value of the collateral as determined by third-party independent appraisers, less selling costs, generally. Level 3 fair value measurement includes other real estate owned that has been measured at fair value upon transfer to foreclosed assets and impaired loans collateralized by real property and other business asset collateral where a specific reserve has been established or a charge-off The carrying amounts and estimated fair values of financial instruments at September 30, 2022 and December 31, 2021 are as follows: Carrying Fair Value Measurements (Dollars in thousands) Amount Level 1 Level 2 Level 3 Total As of September 30, 2022 Financial assets: Cash and cash equivalents $ 241,054 $ 241,054 $ — $ — $ 241,054 Investment securities: Available for sale 47,359 — 47,359 — 47,359 Held to Maturity 110,172 89,069 8,635 97,704 Loans, net 1,573,248 — — 1,524,759 1,524,759 Accrued interest receivable 6,628 — 851 5,777 6,628 Financial liabilities: Deposits $ 1,709,078 $ 1,391,143 $ 318,310 $ — $ 1,709,453 Other borrowings 100,000 — — 100,000 100,000 Subordinated debt 54,117 — — 51,564 51,564 Accrued interest payable 457 — 355 102 457 As of December 31, 2021 Financial assets: Cash and cash equivalents $ 470,456 $ 470,456 $ — $ — $ 470,456 Investment securities: Available for sale 74,892 — 67,981 6,911 74,892 Held to Maturity 28,386 22,632 5,584 28,216 Loans, net 1,364,256 — 1,353,888 1,353,888 Accrued interest receivable 5,713 — 633 5,080 5,713 Financial liabilities: Deposits $ 1,680,138 $ 1,525,935 $ 154,146 $ — $ 1,680,081 Other borrowings 106,387 — — 106,387 106,387 Subordinated debt 54,028 — — 56,092 56,092 Accrued interest payable 859 — 42 817 859 These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time, nor do they attempt to estimate the value of anticipated future business related to the instruments. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates. The methods and assumptions used to estimate fair values are described as follows: Cash and Due from banks - The carrying amounts of cash and short-term instruments approximate fair values and are classified as Level 1. Investment Securities - Since quoted prices are generally not available for identical securities, fair values are calculated based on market prices of similar securities on similar dates, resulting in Level 2 classification. For securities where market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators, resulting in Level 3 classification. FHLB, IBFC, PCBB Stock - It is not practical to determine the fair value of these correspondent bank stocks due to restrictions placed on their transferability. Loans - Fair values of loans for September 30, 2022 and December 31, 2021 are estimated on an exit price basis with contractual cash flow, prepayments, discount spreads, credit loss and liquidity premium assumptions. Loans with similar characteristics such as prepayment rates, terms and rate indexed are aggregated for purposes of the calculations. The fair values of loans are classified as Level 3. |
Nature of Operations (Tables)
Nature of Operations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Earnings Per Share, Basic and Diluted | Three months ended Nine months ended September 30, September 30, (Dollars in thousands, except per share data) 2022 2021 2022 2021 Net income available to common shareholders $ 5,522 $ 3,216 $ 13,439 $ 10,187 Weighted average basic common shares outstanding 8,322,529 8,244,154 8,298,269 8,211,907 Add: dilutive potential common shares 83,140 66,645 96,170 71,776 Weighted average diluted common shares outstanding 8,405,669 8,310,799 8,394,439 8,283,683 Basic earnings per share $ 0.66 $ 0.39 $ 1.62 $ 1.24 Diluted earnings per share $ 0.66 $ 0.39 $ 1.60 $ 1.23 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-sale | The following table summarizes the amortized cost and estimated fair value of securities available for sale and held to maturity at September 30, 2022 and December 31, 2021. (Dollars in thousands) Amortized Gross Gross Estimated At September 30, 2022: Mortgage backed securities $ 19,080 $ 21 $ (933 ) $ 18,168 Government agencies 29,782 — (1,068 ) 28,714 Corporate bonds 429 48 — 477 Total available for sale securities $ 49,291 $ 69 $ (2,001 ) $ 47,359 Mortgage backed securities $ 62,525 $ — $ (8,245 ) $ 54,280 Government agencies 3,087 — (677 ) 2,410 Corporate bonds 44,560 31 (3,577 ) 41,014 Total held to maturity securities $ 110,172 $ 31 $ (12,499 ) $ 97,704 At December 31, 2021: Mortgage backed securities $ 29,943 $ 325 $ (320 ) $ 29,948 Government agencies 3,093 — (100 ) 2,993 Corporate bonds 41,725 694 (468 ) 41,951 Total available for sale securities $ 74,761 $ 1,019 $ (888 ) $ 74,892 Mortgage backed securities $ 22,772 $ — $ (140 ) $ 22,632 Government agencies — — — — Corporate bonds 5,614 — (30 ) 5,584 Total held to maturity securities $ 28,386 $ — $ (170 ) $ 28,216 |
Summary of available for sale securities and held to maturity securities continuous unrealized loss position fair value | The following table summarizes securities with unrealized losses at September 30, 2022 and December 31, 2021 aggregated by major security type and length of time in a continuous unrealized loss position. Less Than 12 Months More Than 12 Months Total (Dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized At September 30, 2022: Mortgage backed securities $ 11,221 $ (541 ) $ — $ — $ 11,221 $ (541 ) Government agencies 28,714 (1,068 ) 4,434 (392 ) 33,148 (1,460 ) Corporate bonds — — — — — — Total available for sale securities $ 39,935 $ (1,609) $ 4,434 $ (392) $ 44,369 $ (2,001) Mortgage backed securities $ 51,717 $ (7,767) $ 2,563 $ (478) $ 54,280 $ (8,245) Government agencies — — 2,410 (677) 2,410 (677) Corporate bonds 20,046 (1,258) 17,748 (2,319) 37,794 (3,577) Total held to maturity securities $ 71,763 $ (9,025) $ 22,721 $ (3,474) $ 94,484 $ (12,499) At December 31, 2021: Mortgage backed securities $ 14,302 $ (320) $ — $ — $ 14,302 $ (320) Government agencies 2,993 (100) — — 2,993 (100) Corporate bonds 15,233 (200) 4,732 (268) 19,965 (468) Total available for sale securities $ 32,528 $ (620) $ 4,732 $ (268) $ 37,260 $ (888) Mortgage backed securities $ 22,632 $ (140) $ — $ — $ 22,632 $ (140) Government agencies 5,584 (30) — — 5,584 (30) Corporate bonds — — — — — — Total held to maturity securities $ 28,216 $ (170) $ — $ — $ 28,216 $ (170) |
Summary of maturities available for sale investment securities | The following table summarizes the scheduled maturities of the Company’s investment securities as of September 30, 2022. Available for Sale Held to Maturity (Dollars in thousands) Amortized Fair Value Amortized Fair Value Less that one year $ — $ — $ 2,521 $ 2,478 One to five years 34,810 33,645 21,080 20,377 Five to ten years 2,141 2,100 32,139 30,049 Beyond ten years 2,512 2,477 21,606 16,811 Securities not due at a single maturity date 9,828 9,137 32,826 27,989 Total investment securities $ 49,291 $ 47,359 $ 110,172 $ 97,704 |
Loans and Allowance For Credi_2
Loans and Allowance For Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Loans and Leases Receivable Disclosure [Line Items] | |
Summary of Outstanding Loans | Outstanding loans as of September 30, 2022 and December 31, 2021 are summarized below. Certain loans have been pledged to secure borrowing arrangements (see Note 4). (Dollars in thousands) September 30, December 31, Commercial and industrial $ 643,131 474,281 Real estate - other 824,867 697,212 Real estate - construction and land 71,523 43,194 SBA 8,565 81,403 Other 39,815 80,559 Total loans, gross 1,587,901 1,376,649 Deferred loan origination costs, net 1,902 1,688 Allowance for credit losses (16,555 ) (14,081 ) Total loans, net $ 1,573,248 1,364,256 |
Summary of Loan Portfolio Allocated by Management's Internal Risk Ratings | The following table reflects the loan portfolio allocated by management’s internal risk ratings at September 30, 2022 and December 31, 2021. (Dollars in thousands) Commercial Real Estate Real Estate SBA Other Total As of September 30, 2022 Grade: Pass $ 619,363 $ 816,546 $ 69,813 $ 7,488 $ 39,815 $ 1,553,025 Special Mention 20,438 3,658 — 503 — 24,599 Substandard 3,330 4,663 1,710 574 — 10,277 Total $ 643,131 $ 824,867 $ 71,523 $ 8,565 $ 39,815 $ 1,587,901 As of December 31, 2021 Grade: Pass $ 450,913 $ 690,916 $ 39,074 $ 79,379 $ 80,559 $ 1,340,841 Special Mention 20,904 1,583 1,278 1,111 — 24,876 Substandard 2,464 4,713 2,842 913 — 10,932 Total $ 474,281 $ 697,212 $ 43,194 $ 81,403 $ 80,559 $ 1,376,649 |
Summary of Aging Analysis of the Loan Portfolio by the Time Past Due | The following table reflects an aging analysis of the loan portfolio by the time past due at September 30, 2022 and December 31, 2021. (Dollars in thousands) 30 Days 60 Days 90+ Days Non-Accrual Current Total As of September 30, 2022 Commercial and industrial $ 524 $ — $ 161 $ — $ 642,446 $ 643,131 Real estate - other 4,060 — — — 820,807 824,867 Real estate - construction and land — — — — 71,523 71,523 SBA — — — 182 8,383 8,565 Other — — — — 39,815 39,815 Total loans, gross $ 4,584 $ — $ 161 $ 182 $ 1,582,974 $ 1,587,901 As of December 31, 2021 Commercial and industrial $ — $ 2,597 $ — $ — $ 471,684 $ 474,281 Real estate - other — — — — 697,212 697,212 Real estate - construction and land — — — — 43,194 43,194 SBA — — — 232 81,171 81,403 Other — — — — 80,559 80,559 Total loans, gross $ — $ 2,597 $ — $ 232 $ 1,373,820 $ 1,376,649 |
Summary of Financing Receivable and Related Impairment Methodology | The following table reflects the impairment methodology applied to gross loans by portfolio segment and the related allowance for credit losses as of September 30, 2022 and December 31, 2021. (Dollars in thousands) Commercial Real Estate Real Estate SBA Other Total As of September 30, 2022 Gross loans: Loans individually evaluated for impairment $ — $ — $ — $ 182 $ — $ 182 Loans collectively evaluated for impairment 643,131 824,867 71,523 8,383 39,815 1,587,719 Total gross loans $ 643,131 $ 824,867 $ 71,523 $ 8,565 $ 39,815 $ 1,587,901 Allowance for loan losses: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 10,225 5,173 997 128 32 16,555 Total allowance for loan losses $ 10,225 $ 5,173 $ 997 $ 128 $ 32 $ 16,555 As of December 31, 2021 Gross loans: Loans individually evaluated for impairment $ — $ — $ — $ 731 $ — $ 731 Loans collectively evaluated for impairment 474,281 697,212 43,194 80,672 80,559 1,375,918 Total gross loans $ 474,281 $ 697,212 $ 43,194 $ 81,403 $ 80,559 $ 1,376,649 Allowance for loan losses: Loans individually evaluated for impairment $ — $ — $ — $ 142 $ — $ 142 Loans collectively evaluated for impairment 8,552 4,524 681 167 15 13,939 Total allowance for loan losses $ 8,552 $ 4,524 $ 681 $ 309 $ 15 $ 14,081 |
Summary of Information Related to Impaired Loans | The following table reflects information related to impaired loans as of September 30, 2022 and December 31, 2021. (Dollars in thousands) Recorded Unpaid Related Average Interest As of September 30, 2022 With no related allowance recorded: SBA $ 182 $ 580 $ — $ 207 $ — With an allowance recorded: SBA $ — $ — $ — $ 249 $ — Total: SBA $ 182 $ 580 $ — $ 457 $ — As of December 31, 2021 With no related allowance recorded: SBA $ 232 $ 705 $ — $ 233 $ 14 With an allowance recorded: SBA $ 499 $ 499 $ 142 $ 477 $ 59 Total: SBA $ 731 $ 1,204 $ 142 $ 710 $ 73 |
Summary of Allowance for Loan Losses | The following tables reflect the changes in, and allocation of, the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2022 and 2021. Commercial Real Estate and Real Estate Construction (Dollars in thousands) Industrial Other and Land SBA Other Total Three months ended September 30, 2022 Beginning balance $ 9,526 $ 5,243 $ 907 $ 273 $ 8 $ 15,957 Provision for loan losses 699 (70 ) 90 57 24 800 Charge-offs — — — (202 ) — (202 ) Recoveries — — — — — — Ending balance $ 10,225 $ 5,173 $ 997 $ 128 $ 32 $ 16,555 Net recoveries (charge-offs) / gross loans 0.00 % 0.00 % 0.00 % -2.36 % 0.00 % -0.01 % Three months ended September 30, 2021 Beginning balance $ 8,133 $ 4,069 $ 697 $ 317 $ 24 $ 13,240 Provision for loan losses 45 324 (22 ) (44 ) (3 ) 300 Charge-offs — — — — — — Recoveries 31 — — — — 31 Ending balance $ 8,209 $ 4,393 $ 675 $ 273 $ 21 $ 13,571 Net recoveries (charge-offs) / gross loans 0.01 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Nine months ended September 30, 2022 Beginning balance $ 8,552 $ 4,524 $ 681 $ 309 $ 15 $ 14,081 Provision for loan losses 1,672 649 316 21 17 2,675 Charge-offs — — — (202 ) — (202 ) Recoveries 1 — — — — 1 Ending balance $ 10,225 $ 5,173 $ 997 $ 128 $ 32 $ 16,555 Net recoveries (charge-offs) / gross loans 0.00 % 0.00 % 0.00 % -2.36 % 0.00 % -0.01 % Nine months ended September 30, 2021 Beginning balance $ 8,923 $ 3,877 $ 681 $ 604 $ 26 $ 14,111 Provision for loan losses (952 ) 516 (6 ) (53 ) (5 ) (500 ) Charge-offs — — — (278 ) — (278 ) Recoveries 238 — — — — 238 Ending balance $ 8,209 $ 4,393 $ 675 $ 273 $ 21 $ 13,571 Net recoveries (charge-offs) / gross loans 0.06 % 0.00 % 0.00 % -0.26 % 0.00 % 0.00 % |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Unfunded Fixed Rate Loan Commitments | Over One Due in Year But One Year Less Than Over (Dollars in thousands) Or Less Five Years Five Years Total Unfunded fixed rate loan commitments: Interest rate less than or equal to 4.00% $ 20,982 $ 3,751 $ 4,973 $ 29,706 Interest rate between 4.00% and 5.00% 1,108 9,188 719 11,015 Interest rate greater than or equal to 5.00% — 1,254 — 1,254 Total unfunded fixed rate loan commitments $ 22,090 $ 14,193 $ 5,692 $ 41,975 |
Summary of Quantitative Information About Operating Leases | The following table reflects the quantitative information for the Company’s leases for the nine months ended, and as of, September 30, 2022. September 30, (Dollars in thousands) 2022 Operating lease cost (cost resulting from lease payments) $ 1,452 Operating lease - operating cash flows (fixed payments) $ 1,844 Operating lease - ROU assets $ 5,015 Operating lease - liabilities $ 6,502 Weighted average lease term—operating leases 2.3 years Weighted average discount rate—operating leases 3.76 % |
Summary of Lessee, Operating Lease | The following table reflects the minimum commitments under these non-cancellable September 30, (Dollars in thousands) 2022 2022 $ 597 2023 1,497 2024 1,456 2025 1,500 2026 1,435 Thereafter 357 Total undiscounted cash flows 6,842 Discount on cash flows (340 ) Total lease liability $ 6,502 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at September 30, 2022 and December 31, 2021 are as follows: Carrying Fair Value Measurements (Dollars in thousands) Amount Level 1 Level 2 Level 3 Total As of September 30, 2022 Financial assets: Cash and cash equivalents $ 241,054 $ 241,054 $ — $ — $ 241,054 Investment securities: Available for sale 47,359 — 47,359 — 47,359 Held to Maturity 110,172 89,069 8,635 97,704 Loans, net 1,573,248 — — 1,524,759 1,524,759 Accrued interest receivable 6,628 — 851 5,777 6,628 Financial liabilities: Deposits $ 1,709,078 $ 1,391,143 $ 318,310 $ — $ 1,709,453 Other borrowings 100,000 — — 100,000 100,000 Subordinated debt 54,117 — — 51,564 51,564 Accrued interest payable 457 — 355 102 457 As of December 31, 2021 Financial assets: Cash and cash equivalents $ 470,456 $ 470,456 $ — $ — $ 470,456 Investment securities: Available for sale 74,892 — 67,981 6,911 74,892 Held to Maturity 28,386 22,632 5,584 28,216 Loans, net 1,364,256 — 1,353,888 1,353,888 Accrued interest receivable 5,713 — 633 5,080 5,713 Financial liabilities: Deposits $ 1,680,138 $ 1,525,935 $ 154,146 $ — $ 1,680,081 Other borrowings 106,387 — — 106,387 106,387 Subordinated debt 54,028 — — 56,092 56,092 Accrued interest payable 859 — 42 817 859 |
Summary of Assets at Fair Value on a Recurring Basis | The Company is required or permitted to record the following assets at fair value on a recurring basis as of September 30, 2022 and December 31, 2021. (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 As of September 30, 2022 Investments available for sale: Mortgage backed securities $ 18,168 $ — $ 18,168 $ — Government agencies 28,714 — 28,714 — Corporate bonds 477 — 477 — Total assets measured at fair value on a recurring basis $ 47,359 $ — $ 47,359 $ — As of December 31, 2021 Investments available for sale: Mortgage backed securities $ 29,948 $ — $ 29,948 $ — Government agencies 2,993 — 2,993 — Corporate bonds 41,951 — 35,040 6,911 Total assets measured at fair value on a recurring basis $ 74,892 $ — $ 67,981 $ 6,911 |
Summary of asset measured at fair value on recurring basis | The following table reflects the changes in all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2022. (Dollars in thousands) Corporate Balance at December 31, 2021 $ 6,911 Purchases — Transfers into Level 3 — Transfers out of Level 3 (6,911 ) Balance at September 30, 2022 $ — |
Summary of Impaired Loans Measured at Fair Value on a Non-Recurring Basis | The following table summarizes impaired loans measured at fair value on a non-recurring Carrying Fair Value Measurements (Dollars in thousands) Amount Level 1 Level 2 Level 3 As of September 30, 2022 Impaired loans - SBA $ 182 $ — $ — $ 182 Total assets measured at fair value on a non-recurring $ 182 $ — $ — $ 182 As of December 31, 2021 Impaired loans - SBA $ 731 $ — $ — $ 731 Total assets measured at fair value on a non-recurring $ 731 $ — $ — $ 731 |
Nature of Operations - Summary
Nature of Operations - Summary of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||||||
Net income available to common shareholders | $ 5,522 | $ 4,244 | $ 3,673 | $ 3,216 | $ 4,162 | $ 2,809 | $ 13,439 | $ 10,187 |
Weighted average basic common shares outstanding | 8,322,529 | 8,244,154 | 8,298,269 | 8,211,907 | ||||
Add: dilutive potential common shares | 83,140 | 66,645 | 96,170 | 71,776 | ||||
Weighted average diluted common shares outstanding | 8,405,669 | 8,310,799 | 8,394,439 | 8,283,683 | ||||
Basic earnings per share | $ 0.66 | $ 0.39 | $ 1.62 | $ 1.24 | ||||
Diluted earnings per share | $ 0.66 | $ 0.39 | $ 1.6 | $ 1.23 |
Investment Securities - Summary
Investment Securities - Summary Of The Amortized Cost And Estimated Fair Value Of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 49,291 | $ 74,761 |
Gross Unrealized / Unrecognized Gains | 69 | 1,019 |
Gross Unrealized / Unrecognized Losses | (2,001) | (888) |
Estimated fair value | 47,359 | 74,892 |
Amortized cost | 110,172 | 28,386 |
Gross Unrealized / Unrecognized Gains | 31 | 0 |
Gross Unrealized / Unrecognized Losses | (12,499) | (170) |
Estimated fair value | 97,704 | 28,216 |
Mortgage backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 19,080 | 29,943 |
Gross Unrealized / Unrecognized Gains | 21 | 325 |
Gross Unrealized / Unrecognized Losses | (933) | (320) |
Estimated fair value | 18,168 | 29,948 |
Amortized cost | 62,525 | 22,772 |
Gross Unrealized / Unrecognized Gains | 0 | 0 |
Gross Unrealized / Unrecognized Losses | (8,245) | (140) |
Estimated fair value | 54,280 | 22,632 |
Government agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 29,782 | 3,093 |
Gross Unrealized / Unrecognized Gains | 0 | 0 |
Gross Unrealized / Unrecognized Losses | (1,068) | (100) |
Estimated fair value | 28,714 | 2,993 |
Amortized cost | 3,087 | 0 |
Gross Unrealized / Unrecognized Gains | 0 | 0 |
Gross Unrealized / Unrecognized Losses | (677) | 0 |
Estimated fair value | 2,410 | 0 |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 429 | 41,725 |
Gross Unrealized / Unrecognized Gains | 48 | 694 |
Gross Unrealized / Unrecognized Losses | 0 | (468) |
Estimated fair value | 477 | 41,951 |
Amortized cost | 44,560 | 5,614 |
Gross Unrealized / Unrecognized Gains | 31 | 0 |
Gross Unrealized / Unrecognized Losses | (3,577) | (30) |
Estimated fair value | $ 41,014 | $ 5,584 |
Investment Securities - Summa_2
Investment Securities - Summary of Available-For-Sale Securities and Held to Maturity Securities, Continuous Unrealized Loss Position, Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Investments Debt And Equity Securities [Line Items] | ||
Less than 12 months fair value | $ 39,935 | $ 32,528 |
Less than 12 months unrealized losses | (1,609) | (620) |
12 months or longer fair value | 4,434 | 4,732 |
12 months or longer unrealized losses | (392) | (268) |
Fair value | 44,369 | 37,260 |
Unrealized losses | (2,001) | (888) |
Less than 12 months fair value of held to maturity | 71,763 | 28,216 |
Less than 12 months unrealized losses of held to maturity | (9,025) | (170) |
12 months or longer fair value of held to maturity | 22,721 | |
12 months or longer unrealized losses of held to maturity | (3,474) | |
Fair value of held to maturity | 94,484 | 28,216 |
Unrealized losses of held to maturity | (12,499) | (170) |
Mortgage backed securities [Member] | ||
Investments Debt And Equity Securities [Line Items] | ||
Less than 12 months fair value | 11,221 | 14,302 |
Less than 12 months unrealized losses | (541) | (320) |
Fair value | 11,221 | 14,302 |
Unrealized losses | (541) | (320) |
Less than 12 months fair value of held to maturity | 51,717 | 22,632 |
Less than 12 months unrealized losses of held to maturity | (7,767) | (140) |
12 months or longer fair value of held to maturity | 2,563 | |
12 months or longer unrealized losses of held to maturity | (478) | |
Fair value of held to maturity | 54,280 | 22,632 |
Unrealized losses of held to maturity | (8,245) | (140) |
Government agencies [Member] | ||
Investments Debt And Equity Securities [Line Items] | ||
Less than 12 months fair value | 28,714 | 2,993 |
Less than 12 months unrealized losses | (1,068) | (100) |
12 months or longer fair value | 4,434 | |
12 months or longer unrealized losses | (392) | |
Fair value | 33,148 | 2,993 |
Unrealized losses | (1,460) | (100) |
Less than 12 months fair value of held to maturity | 0 | 5,584 |
Less than 12 months unrealized losses of held to maturity | 0 | (30) |
12 months or longer fair value of held to maturity | 2,410 | |
12 months or longer unrealized losses of held to maturity | (677) | |
Fair value of held to maturity | 2,410 | 5,584 |
Unrealized losses of held to maturity | (677) | (30) |
Corporate bonds [Member] | ||
Investments Debt And Equity Securities [Line Items] | ||
Less than 12 months fair value | 15,233 | |
Less than 12 months unrealized losses | (200) | |
12 months or longer fair value | 4,732 | |
12 months or longer unrealized losses | (268) | |
Fair value | 19,965 | |
Unrealized losses | $ (468) | |
Less than 12 months fair value of held to maturity | 20,046 | |
Less than 12 months unrealized losses of held to maturity | (1,258) | |
12 months or longer fair value of held to maturity | 17,748 | |
12 months or longer unrealized losses of held to maturity | (2,319) | |
Fair value of held to maturity | 37,794 | |
Unrealized losses of held to maturity | $ (3,577) |
Investment Securities - Summa_3
Investment Securities - Summary of Maturities Available for Sale Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost Available for sale securities: | ||
Less that one year | $ 0 | |
One to five years | 34,810 | |
Five to ten years | 2,141 | |
Beyond ten years | 2,512 | |
Securities not due at a single maturity date | 9,828 | |
Total investment securities | 49,291 | $ 74,761 |
Fair Value Available for sale securities: | ||
Less that one year | 0 | |
One to five years | 33,645 | |
Five to ten years | 2,100 | |
Beyond ten years | 2,477 | |
Securities not due at a single maturity date | 9,137 | |
Total investment securities | 47,359 | 74,892 |
Amortized Cost Held to Maturity | ||
Less that one year | 2,521 | |
One to five years | 21,080 | |
Five to ten years | 32,139 | |
Beyond ten years | 21,606 | |
Securities not due at a single maturity date | 32,826 | |
Total investment securities | 110,172 | |
Fair Value Held to Maturity | ||
Less that one year | 2,478 | |
One to five years | 20,377 | |
Five to ten years | 30,049 | |
Beyond ten years | 16,811 | |
Securities not due at a single maturity date | 27,989 | |
Total investment securities | $ 97,704 | $ 28,216 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) Securities | Sep. 30, 2021 USD ($) Securities | Dec. 31, 2021 USD ($) Securities | |
Investments Debt And Equity Securities [Line Items] | |||
Number of securities held in portfolio | Securities | 60 | 44 | |
Number of available for sale securities in unrealized loss positions | Securities | 0 | 0 | |
Net unrealized gains on available for sale investment securities | $ 1,900,000 | $ 131,000 | |
Payments to acquire securities | 36,000,000 | $ 36,500,000 | |
Acquire a held to maturity securities | 42,800,000 | $ 0 | |
Held to maturity | 110,172,000 | 28,386,000 | |
Other comprehensive income loss available for sale securities adjustment before reclassification adjustments and tax | $ 281,000 | ||
Mortgage Backed Securities And Government Agencies [Member] | |||
Investments Debt And Equity Securities [Line Items] | |||
Held to maturity | $ 49,900,000 |
Loans and Allowance For Credi_3
Loans and Allowance For Credit Losses - Summary of Outstanding Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable Gross | $ 1,587,901 | $ 1,376,649 | ||||
Deferred loan origination costs, net | 1,902 | 1,688 | ||||
Allowance for credit losses | (16,555) | $ (15,957) | (14,081) | $ (13,571) | $ (13,240) | $ (14,111) |
Total loans, net | 1,573,248 | 1,364,256 | ||||
Commercial And Industrial [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable Gross | 643,131 | 474,281 | ||||
Allowance for credit losses | (10,225) | (9,526) | (8,552) | (8,209) | (8,133) | (8,923) |
Real estate—other [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable Gross | 824,867 | 697,212 | ||||
Real estate - construction and land [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable Gross | 71,523 | 43,194 | ||||
Allowance for credit losses | (997) | (907) | (681) | (675) | (697) | (681) |
SBA [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable Gross | 8,565 | 81,403 | ||||
Allowance for credit losses | (128) | (273) | (309) | (273) | (317) | (604) |
Other Loans [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable Gross | 39,815 | 80,559 | ||||
Allowance for credit losses | $ (32) | $ (8) | $ (15) | $ (21) | $ (24) | $ (26) |
Loans and Allowance For Credi_4
Loans and Allowance For Credit Losses - Summary of Loan Portfolio Allocated by Management's Internal Risk Ratings (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | $ 1,587,901 | $ 1,376,649 |
Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 643,131 | 474,281 |
Real estate - construction and land [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 71,523 | 43,194 |
SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 8,565 | 81,403 |
Other Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 39,815 | 80,559 |
Loans Receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 1,587,901 | 1,376,649 |
Loans Receivable [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 1,553,025 | 1,340,841 |
Loans Receivable [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 24,599 | 24,876 |
Loans Receivable [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 10,277 | 10,932 |
Loans Receivable [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 643,131 | 474,281 |
Loans Receivable [Member] | Commercial And Industrial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 619,363 | 450,913 |
Loans Receivable [Member] | Commercial And Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 20,438 | 20,904 |
Loans Receivable [Member] | Commercial And Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 3,330 | 2,464 |
Loans Receivable [Member] | Real estate - other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 824,867 | 697,212 |
Loans Receivable [Member] | Real estate - other [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 816,546 | 690,916 |
Loans Receivable [Member] | Real estate - other [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 3,658 | 1,583 |
Loans Receivable [Member] | Real estate - other [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 4,663 | 4,713 |
Loans Receivable [Member] | Real estate - construction and land [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 71,523 | 43,194 |
Loans Receivable [Member] | Real estate - construction and land [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 69,813 | 39,074 |
Loans Receivable [Member] | Real estate - construction and land [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 1,278 | |
Loans Receivable [Member] | Real estate - construction and land [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 1,710 | 2,842 |
Loans Receivable [Member] | SBA [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 8,565 | 81,403 |
Loans Receivable [Member] | SBA [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 7,488 | 79,379 |
Loans Receivable [Member] | SBA [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 503 | 1,111 |
Loans Receivable [Member] | SBA [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 574 | 913 |
Loans Receivable [Member] | Other Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | 39,815 | 80,559 |
Loans Receivable [Member] | Other Loans [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Credit Exposure | $ 39,815 | $ 80,559 |
Loans and Allowance For Credi_5
Loans and Allowance For Credit Losses - Summary of Aging Analysis of the Loan Portfolio by the Time Past Due (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 1,587,901 | $ 1,376,649 |
Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 643,131 | 474,281 |
Real Estate - Construction & Land [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 71,523 | 43,194 |
SBA [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,565 | 81,403 |
Other Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 39,815 | 80,559 |
Loans Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 182 | 232 |
Current | 1,582,974 | 1,373,820 |
Total | 1,587,901 | 1,376,649 |
Loans Receivable [Member] | Over 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 4,584 | |
Loans Receivable [Member] | Over 60 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 2,597 | |
Loans Receivable [Member] | Over 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 161 | |
Loans Receivable [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 642,446 | 471,684 |
Total | 643,131 | 474,281 |
Loans Receivable [Member] | Commercial And Industrial [Member] | Over 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 524 | |
Loans Receivable [Member] | Commercial And Industrial [Member] | Over 60 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 2,597 | |
Loans Receivable [Member] | Commercial And Industrial [Member] | Over 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 161 | |
Loans Receivable [Member] | Real Estate - Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 820,807 | 697,212 |
Total | 824,867 | 697,212 |
Loans Receivable [Member] | Real Estate - Other [Member] | Over 30 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 4,060 | |
Loans Receivable [Member] | Real Estate - Construction & Land [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 71,523 | 43,194 |
Total | 71,523 | 43,194 |
Loans Receivable [Member] | SBA [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 182 | 232 |
Current | 8,383 | 81,171 |
Total | 8,565 | 81,403 |
Loans Receivable [Member] | Other Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 39,815 | 80,559 |
Total | $ 39,815 | $ 80,559 |
Loans and Allowance For Credi_6
Loans and Allowance For Credit Losses - Summary of Financing Receivable and Related Impairment Methodology (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Total gross loans | $ 1,587,901 | $ 1,376,649 |
Commercial And Industrial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total gross loans | 643,131 | 474,281 |
Real estate - construction and land [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total gross loans | 71,523 | 43,194 |
SBA [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total gross loans | 8,565 | 81,403 |
Other Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total gross loans | 39,815 | 80,559 |
Loans Receivable [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans individually evaluated for impairment | 182 | 731 |
Loans collectively evaluated for impairment | 1,587,719 | 1,375,918 |
Total gross loans | 1,587,901 | 1,376,649 |
Loans individually evaluated for impairment | 0 | 142 |
Loans collectively evaluated for impairment | 16,555 | 13,939 |
Total allowance for loan losses | 16,555 | 14,081 |
Loans Receivable [Member] | Commercial And Industrial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans collectively evaluated for impairment | 643,131 | 474,281 |
Total gross loans | 643,131 | 474,281 |
Loans collectively evaluated for impairment | 10,225 | 8,552 |
Total allowance for loan losses | 10,225 | 8,552 |
Loans Receivable [Member] | Real estate - other [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans collectively evaluated for impairment | 824,867 | 697,212 |
Total gross loans | 824,867 | 697,212 |
Loans collectively evaluated for impairment | 5,173 | 4,524 |
Total allowance for loan losses | 5,173 | 4,524 |
Loans Receivable [Member] | Real estate - construction and land [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans collectively evaluated for impairment | 71,523 | 43,194 |
Total gross loans | 71,523 | 43,194 |
Loans collectively evaluated for impairment | 997 | 681 |
Total allowance for loan losses | 997 | 681 |
Loans Receivable [Member] | SBA [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans individually evaluated for impairment | 182 | 731 |
Loans collectively evaluated for impairment | 8,383 | 80,672 |
Total gross loans | 8,565 | 81,403 |
Loans individually evaluated for impairment | 0 | 142 |
Loans collectively evaluated for impairment | 128 | 167 |
Total allowance for loan losses | 128 | 309 |
Loans Receivable [Member] | Other Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans collectively evaluated for impairment | 39,815 | 80,559 |
Total gross loans | 39,815 | 80,559 |
Loans collectively evaluated for impairment | 32 | 15 |
Total allowance for loan losses | $ 32 | $ 15 |
Loans and Allowance For Credi_7
Loans and Allowance For Credit Losses - Summary of Information Related to Impaired Loans (Detail) - Loans Receivable [Member] - SBA [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With no related allowance | $ 182 | $ 232 |
Unpaid Principal Balance With no related allowance | 580 | 705 |
Average Recorded Investment With no related allowance | 207 | 233 |
Interest Income Recognized With no related allowance | 14 | |
Recorded Investment With an allowance | 0 | 499 |
Unpaid Principal Balance With an allowance | 0 | 499 |
Related Allowance | 0 | 142 |
Average Recorded Investment With an allowance | 249 | 477 |
Interest Income Recognized With an allowance | 0 | 59 |
Recorded Investment | 182 | 731 |
Unpaid Principal Balance | 580 | 1,204 |
Average Recorded Investment | 457 | 710 |
Interest Income Recognized | $ 0 | $ 73 |
Loans and Allowance For Credi_8
Loans and Allowance For Credit Losses - Summary of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | $ 15,957 | $ 13,240 | $ 14,081 | $ 14,111 |
Provision for loan losses | 800 | 300 | 2,675 | (500) |
Charge-offs | (202) | 0 | (202) | (278) |
Recoveries | 31 | 1 | 238 | |
Ending balance | $ 16,555 | $ 13,571 | $ 16,555 | $ 13,571 |
Net recoveries (charge-offs) / gross loans | (0.01%) | 0% | (0.01%) | 0% |
Commercial And Industrial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | $ 9,526 | $ 8,133 | $ 8,552 | $ 8,923 |
Provision for loan losses | 699 | 45 | 1,672 | (952) |
Recoveries | 31 | 1 | 238 | |
Ending balance | $ 10,225 | $ 8,209 | $ 10,225 | $ 8,209 |
Net recoveries (charge-offs) / gross loans | 0% | 0.01% | 0% | 0.06% |
Real Estate, Other [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | $ 5,243 | $ 4,069 | $ 4,524 | $ 3,877 |
Provision for loan losses | (70) | 324 | 649 | 516 |
Ending balance | $ 5,173 | $ 4,393 | $ 5,173 | $ 4,393 |
Net recoveries (charge-offs) / gross loans | 0% | 0% | 0% | 0% |
Real Estate Construction And Land [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | $ 907 | $ 697 | $ 681 | $ 681 |
Provision for loan losses | 90 | (22) | 316 | (6) |
Ending balance | $ 997 | $ 675 | $ 997 | $ 675 |
Net recoveries (charge-offs) / gross loans | 0% | 0% | 0% | 0% |
SBA [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | $ 273 | $ 317 | $ 309 | $ 604 |
Provision for loan losses | 57 | (44) | 21 | (53) |
Charge-offs | (202) | 0 | (202) | (278) |
Ending balance | $ 128 | $ 273 | $ 128 | $ 273 |
Net recoveries (charge-offs) / gross loans | (2.36%) | 0% | (2.36%) | (0.26%) |
Other Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | $ 8 | $ 24 | $ 15 | $ 26 |
Provision for loan losses | 24 | (3) | 17 | (5) |
Ending balance | $ 32 | $ 21 | $ 32 | $ 21 |
Net recoveries (charge-offs) / gross loans | 0% | 0% | 0% | 0% |
Loans and Allowance For Credi_9
Loans and Allowance For Credit Losses - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Loans | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) Loans | Jan. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest forgone on nonaccrual loans | $ 25,000 | $ 31,000 | $ 60,000 | $ 84,000 | ||
Financing Receivable, Troubled Debt Restructuring | 0 | $ 0 | $ 0 | |||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||||
Increase Decrease In Allowance For Loan And Lease Losses | 0 | $ 0 | ||||
Loans funded | 1,587,901,000 | 1,587,901,000 | $ 1,376,649,000 | |||
SBA Payment Protection Program [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans funded | 491,200,000 | 491,200,000 | ||||
Loan for granted forgiveness | $ 487,400,000 | |||||
Loan Outstanding | $ 3,800,000 | $ 3,800,000 | $ 72,500,000 |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) - USD ($) | 9 Months Ended | |||||||
Aug. 17, 2021 | Apr. 30, 2020 | Sep. 30, 2022 | Aug. 31, 2022 | Jun. 30, 2022 | May 31, 2022 | Dec. 31, 2021 | Sep. 30, 2020 | |
Short-term Debt [Line Items] | ||||||||
Borrowings outstanding | $ 50,000,000 | |||||||
FHLB Advance, Collateral Pledged | 362,600,000 | $ 184,100,000 | ||||||
FHLB Advance, Available Borrowing Capacity | 211,600,000 | 88,100,000 | ||||||
FHLB Advance, Amount Of Advances | $ 50,000,000 | 0 | ||||||
Line Of Credit, Fixed Interest Rate | 2.68% | |||||||
Junior Subordinated debt securities | $ 54,117,000 | 54,028,000 | ||||||
Advances from federal home loan banks | $ 50,000,000 | $ 50,000,000 | ||||||
Junior Subordinated Debt [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, IssuanceDate | Sep. 30, 2020 | |||||||
Debt Instrument, Interest Rate Terms | The subordinated debt has a fixed interest rate of 5.00% for the first 5 years | |||||||
Additional Junior Subordinated Debt [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Borrowings outstanding | $ 50,000,000 | |||||||
FHLB Advance, Interest Rate | 3.25% | |||||||
SOFR [Member] | Junior Subordinated Debt [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Variable Interest Rate Basis | variable rate equal to then current three-month term SOFR plus 0.488%. | |||||||
Debt Instrument, Variable Rate | 0.488% | |||||||
Debt Instrument, Face Amount | $ 20,000,000 | |||||||
Debt Instrument, Fixed Interest Rate | 5% | |||||||
Related issuance costs | $ 300,000 | |||||||
Junior Subordinated debt securities | $ 20,000,000 | 20,000,000 | ||||||
SOFR [Member] | Additional Junior Subordinated Debt [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Variable Interest Rate Basis | variable rate equal to then current three-month term SOFR plus 0.286%. | |||||||
Debt Instrument, Variable Rate | 3.50% | |||||||
Debt Instrument, Face Amount | $ 35,000,000 | |||||||
Debt Instrument, Interest Rate Terms | The subordinated debt has a fixed interest rate of 3.50% | |||||||
Related issuance costs | $ 760,000 | |||||||
Junior Subordinated debt securities | 35,000,000 | 35,000,000 | ||||||
Debt Instrument, Maturity Date | Sep. 01, 2031 | |||||||
Correspondent Banks [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Borrowings outstanding | 0 | 0 | ||||||
Line Of Credit Maximum Borrowing Capacity | 123,000,000 | |||||||
Secured Debt [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Borrowings outstanding | 0 | 0 | ||||||
Line Of Credit Maximum Borrowing Capacity | $ 12,000,000 | |||||||
Line of Credit Facility, Expiration Period | 3 years | |||||||
Line Of Credit, Fixed Interest Rate | 3.95% | |||||||
Secured Debt [Member] | Federal Reserve Bank of San Francisco [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Loans Pledged | $ 436,600,000 | 317,800,000 | ||||||
Line Of Credit Available Borrowing Capacity | 346,000,000 | 218,900,000 | ||||||
Revolving Credit Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Borrowings outstanding | 0 | 0 | ||||||
Line Of Credit Maximum Borrowing Capacity | $ 3,000,000 | |||||||
Revolving Credit Facility [Member] | One Year Prime Rate [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Variable Interest Rate Basis | six month term at a rate of Prime plus 0.40%. | |||||||
Debt Instrument, Variable Rate | 0.40% | |||||||
Paycheck Protection Liquidity Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Borrowings outstanding | $ 56,400,000 | |||||||
Line Of Credit Maximum Borrowing Capacity | $ 332,700,000 | |||||||
Line of Credit Facility, Expiration Period | 2 years | |||||||
Line Of Credit, Fixed Interest Rate | 0.35% |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Percentage Of Commercial And industrial Loans to Total Loans | |||||
Cash Deposit FDIC Insurance Limit | $ 250,000 | $ 250,000 | |||
Uninsured deposits at financial institutions | 2,100,000 | 2,100,000 | $ 11,000,000 | ||
Commitments for loans | 626,800,000 | 626,800,000 | 620,000,000 | ||
Reserve for unfunded loan commitments | 430,000 | 430,000 | $ 380,000 | ||
Rent and equipment expense | $ 469,000 | $ 521,000 | 1,500,000 | $ 1,600,000 | |
Outstanding unfunded commitments for loans fixed rate of interest amount | 41,975,000 | ||||
Outstanding unfunded commitments for loans fixed rate of interest amount | $ 584,800,000 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Summary of Unfunded Fixed Rate Loan Commitments (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Schedule Of Disclosure Of Unfunded Fixed Rate Loan Commitments [Line Items] | |
Due in One Year Or Less | $ 22,090 |
Over One Year But Less Than Five Years | 14,193 |
Over Five Years | 5,692 |
Total | 41,975 |
Interest rate less than or equal to 4.00% | |
Schedule Of Disclosure Of Unfunded Fixed Rate Loan Commitments [Line Items] | |
Due in One Year Or Less | 20,982 |
Over One Year But Less Than Five Years | 3,751 |
Over Five Years | 4,973 |
Total | 29,706 |
Interest rate between 4.00% and 5.00% | |
Schedule Of Disclosure Of Unfunded Fixed Rate Loan Commitments [Line Items] | |
Due in One Year Or Less | 1,108 |
Over One Year But Less Than Five Years | 9,188 |
Over Five Years | 719 |
Total | 11,015 |
Interest rate greater than or equal to 5.00% | |
Schedule Of Disclosure Of Unfunded Fixed Rate Loan Commitments [Line Items] | |
Due in One Year Or Less | 0 |
Over One Year But Less Than Five Years | 1,254 |
Over Five Years | 0 |
Total | $ 1,254 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Summary of Unfunded Fixed Rate Loan Commitments (Details) (Parenthetical) | Sep. 30, 2022 |
Interest rate less than or equal to 4.00% | |
Schedule Of Disclosure Of Unfunded Fixed Rate Loan Commitments [Line Items] | |
Loan receivable unfunded commitements fixed rate of interest percentage | 4% |
Interest rate greater than or equal to 5.00% | |
Schedule Of Disclosure Of Unfunded Fixed Rate Loan Commitments [Line Items] | |
Loan receivable unfunded commitements fixed rate of interest percentage | 5% |
Maximum [Member] | Interest rate between 4.00% and 5.00% | |
Schedule Of Disclosure Of Unfunded Fixed Rate Loan Commitments [Line Items] | |
Loan receivable unfunded commitements fixed rate of interest percentage | 5% |
Minimum [Member] | Interest rate between 4.00% and 5.00% | |
Schedule Of Disclosure Of Unfunded Fixed Rate Loan Commitments [Line Items] | |
Loan receivable unfunded commitements fixed rate of interest percentage | 4% |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities - Summary of Quantitative Information for the Company's Leases (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Operating lease cost (cost resulting from lease payments) | $ 1,452 |
Operating lease - operating cash flows (fixed payments) | 1,844 |
Operating lease - ROU assets | 5,015 |
Operating lease - liabilities | $ 6,502 |
Weighted average lease term - operating leases | 2 years 3 months 18 days |
Weighted average discount rate - operating leases | 3.76% |
Commitments and Contingent Li_7
Commitments and Contingent Liabilities - Summary of Operating Lease (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
2022 | $ 597 |
2023 | 1,497 |
2024 | 1,456 |
2025 | 1,500 |
2026 | 1,435 |
Thereafter | 357 |
Total undiscounted cash flows | 6,842 |
Discount on cash flows | (340) |
Total lease liability | $ 6,502 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financial assets | ||
Cash and cash equivalents | $ 241,054 | $ 470,456 |
Available for sale | 47,359 | 74,892 |
Held to maturity | 97,704 | 28,216 |
Loans, net | 1,524,759 | 1,353,888 |
Accrued interest receivable | 6,628 | 5,713 |
Financial liabilities | ||
Deposits | 1,709,453 | 1,680,081 |
Other borrowings | 100,000 | 106,387 |
Subordinated debt | 51,564 | 56,092 |
Accrued interest payable | 457 | 859 |
Carrying Amount [Member] | ||
Financial assets | ||
Cash and cash equivalents | 241,054 | 470,456 |
Available for sale | 47,359 | 74,892 |
Held to maturity | 110,172 | 28,386 |
Loans, net | 1,573,248 | 1,364,256 |
Accrued interest receivable | 6,628 | 5,713 |
Financial liabilities | ||
Deposits | 1,709,078 | 1,680,138 |
Other borrowings | 100,000 | 106,387 |
Subordinated debt | 54,117 | 54,028 |
Accrued interest payable | 457 | 859 |
Level 1 [Member] | ||
Financial assets | ||
Cash and cash equivalents | 241,054 | 470,456 |
Financial liabilities | ||
Deposits | 1,391,143 | 1,525,935 |
Level 2 [Member] | ||
Financial assets | ||
Available for sale | 47,359 | 67,981 |
Held to maturity | 89,069 | 22,632 |
Accrued interest receivable | 851 | 633 |
Financial liabilities | ||
Deposits | 318,310 | 154,146 |
Accrued interest payable | 355 | 42 |
Level 3 [Member] | ||
Financial assets | ||
Available for sale | 6,911 | |
Held to maturity | 8,635 | 5,584 |
Loans, net | 1,524,759 | 1,353,888 |
Accrued interest receivable | 5,777 | 5,080 |
Financial liabilities | ||
Other borrowings | 100,000 | 106,387 |
Subordinated debt | 51,564 | 56,092 |
Accrued interest payable | $ 102 | $ 817 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Apr. 15, 2016 |
Junior Subordinated Debt [Member] | Prime Rate [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt Instrument, Variable Rate | 2% |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 47,359 | $ 74,892 |
Mortgage backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 18,168 | 29,948 |
Government agencies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 28,714 | 2,993 |
Corporate bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 477 | 41,951 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 47,359 | 67,981 |
Level 2 [Member] | Mortgage backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 18,168 | 29,948 |
Level 2 [Member] | Government agencies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 28,714 | 2,993 |
Level 2 [Member] | Corporate bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 477 | 35,040 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 6,911 | |
Level 3 [Member] | Corporate bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 6,911 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Asset Measured at Fair Value On Recurring Basis (Details) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | $ 6,911 |
Purchases | 0 |
Transfers into Level 3 | 0 |
Transfers out of Level 3 | (6,911) |
Ending balance | $ 0 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Impaired Loans Measured at Fair Value on a Non-Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 182 | $ 731 |
Carrying Amount [Member] | SBA [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 182 | 731 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 182 | 731 |
Level 3 [Member] | SBA [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 182 | $ 731 |