Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 15, 2023 | Jun. 30, 2022 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K/A | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2022 | ||
Entity File Number | 001-41196 | ||
Entity Registrant Name | USCB Financial Holdings, Inc. | ||
Entity Incorporation State Country Code | FL | ||
Entity Tax Identification Number | 87-4070846 | ||
Entity Address Address Line 1 | 2301 NW 87th Avenue | ||
Entity Address City Or Town | Doral | ||
Entity Address State Or Province | FL | ||
Entity Address Postal Zip Code | 33172 | ||
City Area Code | 305 | ||
Local Phone Number | 715-5200 | ||
Security 12b Title | Class A Common Stock, $1.00 par value per share | ||
Trading Symbol | USCB | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Common Stock Shares Outstanding | 19,622,380 | ||
Amendment Flag | true | ||
Entity Central Index Key | 0001901637 | ||
Document Fiscal Period Focus | FY | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Icfr Auditor Attestation Flag | false | ||
Documents Incorporated By Reference [Text Block] | Certain portions of the registrant’s Proxy Statement for the 2023 Annual Meeting of Shareholders (the “2023 reference into Part III of this report. | ||
Entity Public Float | $ 125.4 | ||
Auditor Name | Crowe LLP | ||
Auditor Firm Id | 173 | ||
Auditor Location | Fort Lauderdale, Florida | ||
Amendment Description | EXPLANATORY NOTE This Amendment No. 1 (“Amendment No. 1”) to the Annual Report on Form 10-K of USCB Financial Holdings, Inc. (the “Company”, “we,” “our” or “us”) for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission (“SEC”) on March 24, 2023 (the “2022 Annual Report” or “Original Report”), is being filed (i) to correct an HTML conversion error in the stock performance graph included in Item 5 of Part II and (ii) to delete the logo of the independent registered public accounting firm that was inadvertently included on more pages than the audit report in the consolidated financial statements included in Item 8 of Part II (none of the financial data contained in the consolidated financial statements and the notes thereto set forth in Item 8 was revised or modified in any way). In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended, Item 5 and Item 8 of Part II of the 2022 Annual Report are hereby amended and restated in their entirety. In addition, pursuant to Rule 12b-15, the Company is including Item 15 of Part IV with this Amendment No. 1, solely to file the certifications required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002. This Amendment No. 1 does not affect any other portion of the 2022 Annual Report. Additionally, except as specifically referenced herein, this Amendment No. 1 does not reflect any event after March 24, 2023, the filing date of the 2022 Annual Report or modify disclosures affected by subsequent events. Terms used herein but not otherwise defined in Amendment No. 1 have such meaning ascribed to them in the Original Report. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and due from banks | $ 6,605 | $ 6,477 |
Interest-bearing deposits in banks | 47,563 | 39,751 |
Total cash & cash equivalents | 54,168 | 46,228 |
Investment securities held to maturity (fair value $169,088 and $120,157, respectively) | 188,699 | 122,658 |
Investment securities available for sale, at fair value | 230,140 | 401,542 |
Federal Home Loan Bank stock, at cost | 2,882 | 2,100 |
Loans held for investment, net of allowance of $17,487 and $15,057, respectively | 1,489,851 | 1,175,024 |
Accrued interest receivable | 7,546 | 5,975 |
Premises and equipment, net | 5,263 | 5,278 |
Bank owned life insurance | 42,781 | 41,720 |
Deferred tax asset, net | 42,360 | 34,929 |
Lease right-of-use asset | 14,395 | 14,185 |
Other assets | 7,749 | 4,300 |
Total assets | 2,085,834 | 1,853,939 |
Deposits: | ||
Demand | 629,776 | 605,425 |
Money market and savings accounts | 915,853 | 703,856 |
Interest-bearing checking accounts | 66,675 | 55,878 |
Time deposits | 216,977 | 225,220 |
Total deposits | 1,829,281 | 1,590,379 |
Federal Home Loan Bank advances | 46,000 | 36,000 |
Lease liability | 14,395 | 14,185 |
Accrued interest and other liabilities | 13,730 | 9,478 |
Total liabilities | 1,903,406 | 1,650,042 |
Commitments and contingencies (see Note 10 and 18) | ||
Stockholders' Equity: | ||
Additional paid-in capital on common stock | 311,282 | 310,666 |
Accumulated deficit | (104,104) | (124,245) |
Accumulated other comprehensive income (loss) | (44,751) | (2,516) |
Total stockholders' equity | 182,428 | 203,897 |
Total liabilities and stockholders' equity | 2,085,834 | 1,853,939 |
Preferred Stock Class C [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Preferred Stock Class D [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Preferred Stock Class E [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 20,001 | 19,992 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investment securities held to maturity, fair value | $ 169,088 | $ 120,157 |
Loans held for investment, allowance | $ 17,487 | $ 15,057 |
Preferred stock, share outstanding | 0 | |
Common stock, par value | $ 1 | |
Preferred Stock Class C [Member] | ||
Preferred stock, par value | 1 | $ 1 |
Preferred stock, per share liquidation preference | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized | 52,748 | 52,748 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, share outstanding | 0 | 0 |
Preferred Stock Class D [Member] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, per share liquidation preference | $ 5 | $ 5 |
Preferred stock, shares authorized | 12,309,480 | 12,309,480 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, share outstanding | 0 | 0 |
Preferred Stock Class E [Member] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, per share liquidation preference | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized | 3,185,024 | 3,185,024 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, share outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 20,000,753 | 19,991,753 |
Common stock, shares outstanding | 20,000,753 | 19,991,753 |
Common Class B [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 8,000,000 | 8,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | ||
Loans, including fees | $ 60,825 | $ 48,730 |
Investment securities | 9,346 | 7,886 |
Interest-bearing deposits in financial institutions | 929 | 106 |
Total interest income | 71,100 | 56,722 |
Interest expense: | ||
Interest-bearing deposits | 86 | 59 |
Savings and money markets accounts | 5,173 | 2,082 |
Time deposits | 1,509 | 1,531 |
Federal Home Loan Bank advances | 671 | 554 |
Total interest expense | 7,439 | 4,226 |
Net interest income before provision for credit losses | 63,661 | 52,496 |
Provision for credit losses | 2,495 | (160) |
Net interest income after provision for credit losses | 61,166 | 52,656 |
Non-interest income: | ||
Service fees | 4,010 | 3,609 |
Bank Owned life insurance income | 1,061 | 759 |
Gain (loss) on sale of securities available for sale, net | (2,529) | 214 |
Gain on sale of loans held for sale, net | 891 | 1,626 |
Gain on sale of premises and equipment, net | 983 | |
Loan settlement | 161 | 2,500 |
Other non-interest income | 1,634 | 1,007 |
Total non-interest income | 5,228 | 10,698 |
Non-interest expense: | ||
Salaries and employee benefits | 23,943 | 21,438 |
Occupancy | 5,058 | 5,257 |
Regulatory assessment and fees | 930 | 783 |
Consulting and legal fees | 1,890 | 1,454 |
Network and information technology services | 1,806 | 1,466 |
Audit and tax services fees | 918 | 975 |
Other operating | 4,764 | 4,304 |
Total non -interest expense | 39,309 | 35,677 |
Net income before income tax expense | 27,085 | 27,677 |
Income tax expense | 6,944 | 6,600 |
Net income | 20,141 | 21,077 |
Less: Preferred stock dividends | 2,077 | |
Less: Exchange and redemption of preferred shares | 89,585 | |
Net income (loss) available to common stockholders | 20,141 | (70,585) |
Common Class A [Member] | ||
Non-interest expense: | ||
Net income (loss) available to common stockholders | $ 20,141 | $ (70,585) |
Per share information: | ||
Net income (loss) per share, basic | $ 1.01 | $ (6.72) |
Net income (loss) per share, diluted | $ 1 | $ (6.72) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||
Net income | $ 20,141 | $ 21,077 |
Other comprehensive income (loss): | ||
Unrealized loss on investment securities | (59,260) | (9,561) |
Amortization of net unrealized gains on securities transferred from available-for-sale to held-to-maturity | 120 | 108 |
Reclassification adjustment for (gain) loss included in net income | 2,529 | (214) |
Tax effect | 14,376 | 2,370 |
Total other comprehensive loss, net of tax | (42,235) | (7,297) |
Total comprehensive income (loss) | $ (22,094) | $ 13,780 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital On Common Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2020 | $ 171,001 | $ 32,077 | $ 10,010 | $ 177,755 | $ (53,622) | $ 4,781 |
Balance, shares at Dec. 31, 2020 | 12,350,879 | 10,010,521 | ||||
Net income | 21,077 | 21,077 | ||||
Other comprehensive loss | (7,297) | (7,297) | ||||
Dividends - preferred stock | (2,077) | (2,077) | ||||
Issuance of common stock - exercised options | $ 4,600 | |||||
Issuance of common stock - exercised options, shares | 4,600,000 | |||||
Issuance of Class A common stock, net of offering costs of $6,048 | 39,826 | 35,226 | ||||
Exchange of preferred stock | $ (22,154) | $ 10,279 | 92,501 | (80,626) | ||
Exchange of preferred stock, shares | 11,109,025 | 10,278,072 | ||||
Redemption of preferred stock | (18,920) | $ (9,923) | (8,997) | |||
Redemption of preferred stock | (1,241,854) | |||||
Exchange of Class B to Class A common stock | $ (4,897) | 4,897 | ||||
Exchange of Class B to Class A common stock, shares | 4,896,840 | |||||
Stock based compensation | 287 | 287 | ||||
Balance at Dec. 31, 2021 | 203,897 | $ 19,992 | 310,666 | (124,245) | (2,516) | |
Balance, shares at Dec. 31, 2021 | 0 | 19,991,753 | ||||
Net income | 20,141 | 20,141 | ||||
Other comprehensive loss | (42,235) | (42,235) | ||||
Issuance of common stock - exercised options | $ 102 | $ 9 | 93 | |||
Issuance of common stock - exercised options, shares | 9,000 | 9,000 | ||||
Stock based compensation | $ 523 | 523 | ||||
Balance at Dec. 31, 2022 | $ 182,428 | $ 20,001 | $ 311,282 | $ (104,104) | $ (44,751) | |
Balance, shares at Dec. 31, 2022 | 0 | 20,000,753 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Issuance of Class A common stock, offering costs | $ 6,048 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 20,141 | $ 21,077 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 2,495 | (160) |
Depreciation and amortization | 688 | 1,033 |
Amortization of premiums on securities, net | 433 | 596 |
Accretion of deferred loan fees, net | (1,497) | (3,754) |
Stock based compensation | 523 | 287 |
Loss (Gain) on sale of available for sale securities | 2,529 | (214) |
Gain on sale of loans held for sale | (891) | (1,626) |
Gain on sale of premises and equipment, net | (983) | |
Increase in cash surrender value of bank owned life insurance | (1,061) | (759) |
Decrease in deferred tax asset | 6,945 | 6,600 |
Net change in operating assets and liabilities: | ||
Accrued interest receivable | (1,571) | (428) |
Other assets | (3,449) | (2,270) |
Accrued interest and other liabilities | 4,252 | 2,652 |
Net cash provided by operating activities | 29,537 | 22,051 |
Cash flows from investing activities: | ||
Purchase of investment securities held to maturity | (14,739) | (57,917) |
Proceeds from maturities and pay-down of investment securities held to maturity | 12,237 | 3,736 |
Purchase of investment securities available for sale | (53,113) | (258,767) |
Proceeds from maturities and pay-down of investment securities available for sale | 40,754 | 61,047 |
Proceeds from sales of investment securities available for sale | 60,649 | 48,940 |
Proceeds from call of investment securities available for sale | 3,034 | |
Net increase in loans held for investment | (257,580) | (33,515) |
Purchase of loans held for investment | (70,175) | (129,531) |
Additions to premises and equipment | (673) | (633) |
Proceeds from the sale of loans held for sale | 12,821 | 16,980 |
Proceeds from the sale of property | 1,652 | |
Proceeds from the redemption of Federal Home Loan Bank stock | 3,440 | 611 |
Purchase of Federal Home Loan Bank stock | (4,222) | |
Purchase of bank owned life insurance | (15,000) | |
Net cash used in investment activities | (270,601) | (359,363) |
Cash flows from financing activities: | ||
Proceeds from issuance of Class A common stock, net | 102 | 39,826 |
Cash dividends paid | (2,077) | |
Net increase in deposits | 238,902 | 316,977 |
Proceeds from Federal Home Loan Bank advances | 126,000 | |
Repayments on Federal Home Loan Bank advances | (116,000) | |
Net cash provided by financing activities | 249,004 | 335,806 |
Net increase (decrease) in cash and cash equivalents | 7,940 | (1,506) |
Cash and cash equivalents at beginning of year | 46,228 | 47,734 |
Cash and cash equivalents at end of year | 54,168 | 46,228 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 7,306 | 4,286 |
Supplemental schedule of non-cash investing and financing activities: | ||
Transfer of loans held for investment to loans held for sale | 11,930 | 15,354 |
Transfer of investment securities from available-for-sale to held-to-maturity | 63,798 | 68,667 |
Transfer of premises and equipment to assets held for sale | 652 | |
Lease liability arising from obtaining right-of-use assets | 3,203 | 328 |
Preferred Stock Class C [Member] | ||
Cash flows from financing activities: | ||
Redemption of Preferred stock | (5,275) | |
Supplemental schedule of non-cash investing and financing activities: | ||
Exchange of stock for Class A common stock | 47,473 | |
Preferred Stock Class D [Member] | ||
Cash flows from financing activities: | ||
Redemption of Preferred stock | (6,145) | |
Supplemental schedule of non-cash investing and financing activities: | ||
Exchange of stock for Class A common stock | 55,308 | |
Preferred Stock Class E [Member] | ||
Cash flows from financing activities: | ||
Redemption of Preferred stock | (7,500) | |
Common Class B [Member] | ||
Supplemental schedule of non-cash investing and financing activities: | ||
Exchange of stock for Class A common stock | $ 4,897 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Overview USCB Financial Holdings, Inc., a owned subsidiary, is a Florida in South Florida. In December 2021, USCB Financial stock of the Bank. Each of the outstanding shares of 1.00 its shareholders were $ 1.00 The Bank transactions closed at the Bank. Licensed in the State of Florida and approved by the Department of Insurance Regulation, Florida Peninsula tittle LLC began operations in 2021. Principles of Consolidation Intercompany transactions been prepared in accordance with U.S. Generally Accepted Initial Public Offering and Exchange and Redemption On July 27, 2021, began trading exchange outstanding preferred shares. In December 2021, common 1 for 5 December 31, “Stockholders’ Equity” for further information about the IPO Risk and Uncertainties Current Banking Environment Industry concerns regarding access to diverse sources of public commercial clients without a high level of industry concentration. In response to Funding certain securities at the index swap term of Statements, the Company has not accessed the BTFP. Market conditions and external factors may unpredictably impact the competitive landscape for deposits industry. liquidity is available on the balance sheet date. An unexpected influx to primarily demands or to fund continuing operations. These sources may include proceeds from FHLB advances, sales of securities and loans, federal funds lines of credit from correspondent Such reliance on secondary funding sources could increase the Company's net guarantee they capital expenditures, or other investments, or liquidating assets. For further discussion of the Company's liquidity practices, Use of Estimates In preparing the consolidated financial statements, management is required on available information that affect the amounts reported The coronavirus (“COVID-19”) their ability to fulfill associates and customers to conduct banking and other financial transactions. as of December 31, 2022, if there is a resurgence in the virus, the Company could experience further adverse effects on its business, impact the with its associates and customers they arise. While there was December 31, 2022, economic quantify the Actual results could differ from those estimates. Cash and Cash Equivalents The equivalents. For due from banks, and interest-bearing deposits in banks. Restricted Cash The Company may reports restricted cash within cash and cash equivalents. Interest-Bearing Deposits in Other Financial Institutions Interest-bearing deposits in other financial institutions consist other accounts. Investment Securities Debt securities ability to hold to accounts for them on a trade date basis. Debt securities that and recorded at amortized cost. Trading securities are Securities not classified unrealized gains and must be recorded at fair value with changes in fair value Purchase premiums and discounts are amortized or accreted over held-to-maturity considered in determining the estimated life of in the Consolidated on the sale of securities are recorded on trade date and are determined Declines temporary management considers several factors in their analysis including of security including any downgrade, (iii) intent to sell the security, or if it is more likely than not that it will be required to sell the securities. Federal Home Loan Bank (FHLB) Stock The Bank is a member of the FHLB system. Members are required to of borrowings and asset, and 2021, 2.9 2.1 cash and stock dividends are reported as interest income. Loans Held for Investment and Allowance for Credit Loans held for investment (“loans”) are reported at their outstanding principal fees, unearned method. amortized, using the interest method or the straight-line If the non-accrual status as of for restoration to accrual status. or interest restoration principal and interest of the remaining contractual principal and interest or the loan becomes secured and in the process of collection. All interest accrued but not on these unpaid principal, which may change as conditions dictate. The Company has determined that the entire balance of payment is not received by due loans until the date the loan goes into nonaccrual The Company provides for loan losses through a provision for credit losses charged to operations. When management believes that a recoveries, if any, The ACL Management uses a disciplined the Company loans analyzed on a pooled basis. The ACL consists • • • • • Residential borrower’s credit, capacity including: current ratio and credit history. The Company relies on appraisals in determining the value of the property. analysis and the diversity of the residential portfolio. Commercial real estate Underwriting worthiness of the borrower. service, other rates in geographic location and loan to value. Land and construction analysis will include the time to develop, sell or lease the property. securing the commercial real estate loans are diverse in Commercial inventory, and receivables. the debt based The Company mitigates the risk in the commercial portfolio Foreign Banks Latin America. Most of these loans are for trade capital and have a includes a credit analysis, peer comparison and current borrower and country and a review of authorized term, have limited exposure, and are geographically dispersed. Other collateralized underwritten based on the credit worthiness of the borrower. In management evaluates on factors which, in changes in prevailing economic conditions, historical loss experience, size of the loan portfolio and the overall credit worthiness The ACL the general component for the ACL account for each segment The loan segments are determined based on a ten year look back period. The Company applies time cycle. The environmental factors. To tracks historical non-recurring pool. Management believes the loan portfolio in the normal course of business. Qualitative following are the factors used to adjust the historical loss • • • • • • • • • Changes in these factors could could differ materially from the amounts estimated In addition sheet risk, such as letters Consolidated Operations. experience and with off-balance sheet risk. A loan is considered unable to agreement or when the loan in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. classified as impaired. Impairment is measured on a loan by loan basis by either the present flows discounted at the loan's effective loan investment in the loan (outstanding principal balance plus accrued interest, net of previous charge-offs, and net of deferred loan fees or cost), impairment is recognized through an allowance In insignificant period of time to the borrower that would not On March 27, of the United borrowers impacted considered a TDR if the loan was not more than 30 days past executed March December 31, 2022. Banking regulators issued similar guidance clarifying that a COVID-19 a TDR if the borrower was current on payments at the time the considered short-term. See Note 3 “Loans” for additional disclosures In addition to the are identified as reserve is provided under the accounting guidance for loan in a TDR are also individually analyzed for estimated impairment. The Company's charge-off policy is to review all impaired loans ability to collateral dependent, investment in the loan is charged off. Concentration of Credit Risks Credit perform as contracted and any collateral or security proved to be insufficient (whether on or off-balance sheet) arising from financial instruments exist in relation to certain groups concentration arises when to meet contractual obligations to be similarly affected by changes in economic or other conditions. The Company does not have a significant exposure to any individual customer Most of the Company's business activity is State of Florida. The Company's loan portfolio is concentrated largely in real estate and commercial loans in South Florida. Many of the Company's the South Florida real estate industry portfolio. At December 31, top ten lending relationships 197.9 156.4 concentration represented 13.1 %, of one commercial real estate loan note with an outstanding balance of $ 20 st located in New York At December 31, 88.8 foreign banks located also had a concentration of risk 47.9 and 31.4 28.9 December 31, 2022 and 2021, respectively. At various times during to the Company from institution. Premises and Equipment, net Land is Depreciation is computed are amortized over the lives of these assets were as follows: Building 40 Furniture, fixtures and equipment 3 25 Computer hardware and software 3 5 Leasehold improvements Maintenance When items are retired or are removed from the accounts and any resulting gains or losses Other Real Estate Owned Other real estate held for sale and are initially recorded at establishing a assets are carried at the lower of carrying amount or fair value less cost to sell. Subsequent write-downs are recognized as a valuation allowance with the offset recorded in the Consolidated Statements of other real estate owned expenses OREO financing has been arranged. Bank Owned Life Insurance Bank owned sheet date, which is typically At December 31, 2022, the Company maintained BOLI policies with value 42.8 beneficiary of these policies. Employee 401(k) Plan The expense is the amount of matching contributions. Income Taxes Income taxes are accounted for under the for the assets and and temporary differences are expected to be recovered or in tax rates is recognized in income in the period that includes Management is required to based on the considers taxable loss of temporary differences, and available tax planning The Company recognizes positions taken guidance on tax liabilities, if any, would Impairment of Long-Lived Assets The Company's long-lived changes in circumstances to be held and flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge asset. Assets lower of disposal group classified as held for Consolidated Balance Sheets. Transfer of Financial Assets Transfers of over presumptively transferee obtains the transferred agreement to repurchase them before their maturity or Comprehensive Income (Loss) Under available-for-sale, are equity comprehensive available-for-sale to held-to-maturity are recorded to accumulated other comprehensive amortized over the remaining life of is reported as a component of comprehensive income Advertising Costs Advertising costs are expensed as incurred. Earnings per Common Share Basic earnings number additional potential common shares issuable under vested stock options. Basic and diluted earnings per share are updated to reflect the effect of stock splits as occurred. See Note 14 “Earnings Per Share” for additional information on earnings per common share. See Note 13 “Stockholders’ Equity” for further Interest Income Interest income is recognized as earned, based upon the principal Operating Segments While the Company monitors financial performance make resource allocations or performance decisions by Company Stock-Based Compensation Stock based compensation accounting guidance requires transactions be recognized in the accompanying Consolidated the grant covers performance-based awards, share appreciation rights, and The stock-based compensation accounting guidance and recognized compensation cost Scholes model is used to estimate the fair value of stock Loss Contingencies Loss liabilities when the of management, none of these actions, either individually or in the aggregate, is expected to have a material adverse effect on the Company’s Consolidated Financial Dividend Restrictions Banking Company or by the Company to the shareholders. Fair Value Measurements Fair values fully disclosed in Note judgment. Changes in assumptions or in market conditions Derivative Instruments Derivative financial instruments are to information. The interest rate agreement allowing Company will enter into a matching agreement with a swaps are other non-interest income. Revenue from Contracts with Customers Revenue from to receive for the and investment Deposit and other transaction-based fees, are the recognized when the service provided by the this standard that is received from sources other than deposit Cash Flow Statement The Company reports the net activity rather than gross activity in the Consolidated cash flows deposits, accrued interest payable, other liabilities, and proceeds Reclassifications Certain presentation. Reclassifications had no impact on the net income Recently Issued Accounting Standards – Not Yet Measurement of Credit Losses on Financial Instruments In June Losses on Financial Instruments. This accounting standard update (“ASU” or “Update”) credit under U.S. GAAP statement Company 2022. The Company adopted this through the adoption date, implemented a parallel run models, and finished a data gap analysis. The company expects its allowance for credit losses to 1.0 2.0 adoption commitments will 200 600 the deemed immaterial. The Company will to retained income statement as charges or credits to earnings. The disclosed estimates are subject to further refinement upon finalization of the Company’s review of the calculations, assumptions, methodologies and judgments. Internal controls over financial reporting relating been designed governance influenced Adoption of credit losses when compared to the Company’s Troubled Debt Restructurings and In Restructurings restructurings restructurings restructuring recognition and measurement guidance, in incorporated in a disclose current-period gross write-offs by year Reference Rate Reform In Reference Rate Reform 2021-01 which provides the effects 2024. The ASU will have material effects on our business |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments Securities [Abstract] | |
Investment Securities | 2. The following value of investment securities at the dates indicated (in For the year 26 sale 74.4 $ 63.8 10.6 was included in accumulated other comprehensive income (loss). Transfers of debt securities into the HTM category from the AFS category are made at fair value at the date of transfer. The unrealized gain or loss at the the carrying value of the held-to-maturity securities. Such amounts the year from AFS to HTM was $ 120 108 The following debt securities for the years ended December 31, 2022 and The indicated (in thousands). call or prepay separately. At December 31, stockholders’ equity obligations 2021. Information pertaining length of dates (in thousands): The unrealized losses 134.7 HTM portfolio represent unrealized in the cost basis upon transfer between portfolios. The Company performs a review any changes in the than-temporary (“OTTI”) basis. Management considers several factors in their analysis including (i) severity and duration of the impairment, (ii) credit than not that it will be required to (v) underlying guarantor of the securities. At 53.7 collateralized 294.6 attributable contractual cash flows entities. The municipal bonds are of high credit the assessment of are a expects to recover the entire amortized cost basis of these securities. At December 31, 2022, the it is not more than likely than not that the Company will be required to sell cost basis. Therefore, 31, 2022. As of December 31, 2022, the Company maintains a master repurchase agreement with a public banking institution for up 20.0 variable interest rate no t have any securities pledged under this agreement. In 2018, the Company became a Qualified Public Depositor (“QPD”) with the State of Florida. As a QPD, the Company has the are secured by 25 % of the The Company must also maintain a minimum amount At December 31, 2022, eighteen 49.0 Florida under the public funds program. The Company held 204.2 At December eleven 20.4 Florida under the public funds program. The Company held 37.3 December 31, 2022 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 10,177 $ - $ (1,522) $ 8,655 Collateralized mortgage obligations 118,951 - (23,410) 95,541 Mortgage-backed securities - Residential 73,838 - (12,959) 60,879 Mortgage-backed securities - Commercial 32,244 15 (4,305) 27,954 Municipal securities 25,084 - (6,601) 18,483 Bank subordinated debt securities 15,964 5 (1,050) 14,919 Corporate bonds 4,037 - (328) 3,709 $ 280,295 $ 20 $ (50,175) $ 230,140 Held-to-maturity: U.S. Government Agency $ 44,914 $ 25 $ (5,877) $ 39,062 U.S. Treasury 9,841 - (13) 9,828 Collateralized mortgage obligations 68,727 28 (7,830) 60,925 Mortgage-backed securities - Residential 42,685 372 (4,574) 38,483 Mortgage-backed securities - Commercial 11,442 - (665) 10,777 Corporate bonds 11,090 - (1,077) 10,013 $ 188,699 $ 425 $ (20,036) $ 169,088 December 31, 2021 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 10,564 $ 6 $ (50) $ 10,520 Collateralized mortgage obligations 160,506 22 (3,699) 156,829 Mortgage-backed securities - Residential 120,643 228 (2,029) 118,842 Mortgage-backed securities - Commercial 49,905 820 (608) 50,117 Municipal securities 25,164 6 (894) 24,276 Bank subordinated debt securities 27,003 1,418 (13) 28,408 Corporate bonds 12,068 482 - 12,550 $ 405,853 $ 2,982 $ (7,293) $ 401,542 Held-to-maturity: U.S. Government Agency $ 34,505 $ 14 $ (615) $ 33,904 Collateralized mortgage obligations 44,820 - (1,021) 43,799 Mortgage-backed securities - Residential 26,920 - (568) 26,352 Mortgage-backed securities - Commercial 3,103 - (90) 3,013 Corporate bonds 13,310 - (221) 13,089 $ 122,658 $ 14 $ (2,515) $ 120,157 Available-for-sale: 2022 2021 Proceeds from sales and call of securities $ 60,649 $ 51,974 Gross Gains $ 217 $ 545 Gross Losses (2,746) (331) Net realized gains (losses) $ (2,529) $ 214 Available-for-sale Held-to-maturity December 31, 2022: Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ - $ - $ 1,515 $ 1,475 Due after one year through five years 4,037 3,709 9,575 8,539 Due after five years through ten years 16,964 15,722 - - Due after ten years 24,084 17,680 - - U.S. Government Agency 10,177 8,655 44,914 39,061 U.S. Treasury - - 9,841 9,828 Collateralized mortgage obligations 118,951 95,541 68,727 60,925 Mortgage-backed securities - Residential 73,838 60,879 42,685 38,483 Mortgage-backed securities - Commercial 32,244 27,954 11,442 10,777 $ 280,295 $ 230,140 $ 188,699 $ 169,088 December 31, 2022 Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agency $ 11,407 (1,093) 36,310 (7,616) $ 47,717 $ (8,709) U.S. Treasury 9,828 (13) - - 9,828 $ (13) Collateralized mortgage obligations 16,500 (963) 139,965 (34,962) 156,465 $ (35,925) Mortgage-backed securities - Residential 5,059 (564) 91,742 (19,348) 96,801 $ (19,912) Mortgage-backed securities - Commercial 10,052 (1,173) 26,823 (5,300) 36,875 $ (6,473) Municipal securities - - 18,483 (6,601) 18,483 $ (6,601) Bank subordinated debt securities 11,295 (670) 2,619 (381) 13,914 $ (1,051) Corporate bonds 13,723 (926) - - 13,723 $ (926) $ 77,864 $ (5,402) $ 315,942 $ (74,208) $ 393,806 $ (79,610) December 31, 2021 Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agency $ 25,951 $ (254) $ 15,477 $ (516) $ 41,428 $ (770) Collateralized mortgage obligations 155,668 (3,223) 38,459 (1,497) 194,127 $ (4,720) Mortgage-backed securities - Residential 88,772 (1,178) 37,373 (1,274) 126,145 $ (2,452) Mortgage-backed securities - Commercial 25,289 (318) 7,507 (309) 32,796 $ (627) Municipal securities 11,292 (395) 11,978 (499) 23,270 $ (894) Bank subordinated debt securities 4,487 (13) - - 4,487 $ (13) $ 311,459 $ (5,381) $ 110,794 $ (4,095) $ 422,253 $ (9,476) |
Loans
Loans | 12 Months Ended |
Dec. 31, 2022 | |
Loans [Abstract] | |
Loans | 90 Days and Still Accruing Total Accruing Non-Accrual Total Loans Residential real estate: Home equity line of credit and other $ 623 $ - $ - $ 623 $ - $ 623 1-4 family residential 131,120 1,058 - 132,178 - 132,178 Condo residential 50,310 2,525 - 52,835 - 52,835 182,053 3,583 - 185,636 - 185,636 Commercial real estate: Land and construction 38,687 - - 38,687 - 38,687 Multi family residential 176,820 - - 176,820 - 176,820 Condo commercial 49,994 - - 49,994 - 49,994 Commercial property 704,884 25 - 704,909 - 704,909 Leasehold improvements - - - - - - 970,385 25 - 970,410 - 970,410 Commercial and industrial: Secured 121,649 31 - 121,680 - 121,680 Unsecured 4,332 972 - 5,304 - 5,304 125,981 1,003 - 126,984 - 126,984 Foreign banks 93,769 - - 93,769 - 93,769 Consumer and other 130,169 260 - 130,429 - 130,429 Total $ 1,502,357 $ 4,871 $ - $ 1,507,228 $ - $ 1,507,228 Accruing As of December 31, 2021: Current Past Due 30-89 Days Past Due > 90 Days and Still Accruing Total Accruing Non-Accrual Total Loans Residential real estate: Home equity line of credit and other $ 701 $ - $ - $ 701 $ - $ 701 1-4 family residential 133,942 289 - 134,231 1,190 135,421 Condo residential 64,243 994 - 65,237 - 65,237 198,886 1,283 - 200,169 1,190 201,359 Commercial real estate: Land and construction 24,581 - - 24,581 - 24,581 Multi family residential 127,053 436 - 127,489 - 127,489 Condo commercial 42,400 - - 42,400 - 42,400 Commercial property 510,411 - - 510,411 - 510,411 Leasehold improvements 107 - - 107 - 107 704,552 436 - 704,988 - 704,988 Commercial and industrial: Secured 98,141 - - 98,141 - 98,141 Unsecured 48,041 410 - 48,451 - 48,451 146,182 410 - 146,592 - 146,592 Foreign banks 59,491 - - 59,491 - 59,491 Consumer and other 78,969 260 - 79,229 - 79,229 Total $ 1,188,080 $ 2,389 $ - $ 1,190,469 $ 1,190 $ 1,191,659 December 31, 2022 December 31, 2021 Unpaid Principal Balance Net Investment Balance Valuation Allowance Unpaid Principal Balance Net Investment Balance Valuation Allowance Impaired Loans with No Specific Allowance: Residential real estate $ 3,551 $ 3,544 $ - $ 5,021 $ 5,035 $ - Commercial real estate 393 393 - 696 695 - 3,944 3,937 - 5,717 5,730 - Impaired Loans with Specific Allowance: Residential real estate 3,655 3,626 155 3,985 3,950 178 Commercial and industrial 82 82 41 141 141 71 Consumer and other 196 196 98 224 224 111 3,933 3,904 294 4,350 4,315 360 Total $ 7,877 $ 7,841 $ 294 $ 10,067 $ 10,045 $ 360 2022 2021 Residential real estate $ 7,626 $ 8,791 Commercial real estate 575 714 Commercial and industrial 109 178 Consumer and other 210 254 Total $ 8,520 $ 9,937 December 31, 2022 December 31, 2021 Accrual Status Non-Accrual Status Total TDRs Accrual Status Non-Accrual Status Total TDRs Residential real estate $ 7,206 $ - $ 7,206 $ 7,815 $ - $ 7,815 Commercial real estate 393 - 393 696 - 696 Commercial and industrial 82 - 82 141 - 141 Consumer and other 196 - 196 224 - 224 Total $ 7,877 $ - $ 7,877 $ 8,876 $ - $ 8,876" id="sjs-B4">3. The following table is a summary of the distribution of At December 31, 2022 and 2021, the Company had $ 338.1 185.1 estate and residential mortgage loans pledged as collateral on lines of credit with the FHLB and the of Atlanta. no 1.2 process of foreclosure. The Company was a participant loans. These had to be used towards payroll cost, mortgage interest, rent, utilities and other costs forgivable under specific criteria 1.3 2022 and $ 42.4 had deferred loan fees of $ 13 1.5 The 1.6 4.5 December 31, Statements of Operations. The collateral type loan environmental factors that may cause estimated credit losses Changes thousands): Allowance for credit losses and the outstanding balances in thousands): Credit Quality Indicators The Company grades loans based on the estimated capability of the borrower to repay the contractual obligation of the loan agreement based payment periodically. The Company's internally assigned credit risk grades are as follows: Pass – Loans indicate different levels of satisfactory Special Mention close attention. If left uncorrected, these potential weaknesses prospects for the loan or of the institution’s Substandard – Loans classified as substandard are inadequately protected capacity of the obligator or of the collateral pledged, if weaknesses that jeopardize the liquidation of the debt. institution will sustain some loss if the deficiencies are Doubtful the added characteristic that the weaknesses make collection facts, conditions, and values, highly questionable and improbable. Loss – Loans classified as loss are considered uncollectible. Loan credit exposures by internally assigned grades are Loan Aging The Company The Company The following table include an aging analysis 2021 (in thousands): There was no Interest $ 0 5 There were no loans over 90 days past due and accruing Impaired Loans The following table includes applicable, on the basis of impairment methodology for the dates Net investment balance is the unpaid principal balance The following table presents the 2021 (in thousands): Interest income 351 and $ 415 Troubled Debt Restructuring A troubled concession for a borrower who is experiencing financial difficulty. The following table presents performing and non-performing The Company had 294 360 2022 and 2021, 0 and $ 18 no The Company no t have no r defaults 2022 and December 31, 2021. During the no t modify by COVID-19. At December 31, 2022, there was no December 31, 2022 December 31, 2021 Total Percent of Total Total Percent of Total Residential Real Estate $ 185,636 12.3 % $ 201,359 16.9 % Commercial Real Estate 970,410 64.4 % 704,988 59.2 % Commercial and Industrial 126,984 8.4 % 146,592 12.3 % Foreign Banks 93,769 6.2 % 59,491 5.0 % Consumer and Other 130,429 8.7 % 79,229 6.6 % Total 1,507,228 100.0 % 1,191,659 100.0 % Less: Unearned income (110) 1,578 Total 1,507,338 1,190,081 Less: Allowance for credit losses 17,487 15,057 Total $ 1,489,851 $ 1,175,024 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total December 31, 2022: Beginning balance $ 2,498 $ 8,758 $ 2,775 $ 457 $ 569 $ 15,057 Provision for credit losses (1,179) 1,385 1,474 263 552 2,495 Recoveries 33 - 18 - 4 55 Charge-offs - - (104) - (16) (120) Ending Balance $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 December 31, 2021: Beginning balance $ 3,408 $ 9,453 $ 1,689 $ 348 $ 188 $ 15,086 Provision for credit losses (919) (695) 955 109 390 (160) Recoveries 238 - 149 - 5 392 Charge-offs (229) - (18) - (14) (261) Ending Balance $ 2,498 $ 8,758 $ 2,775 $ 457 $ 569 $ 15,057 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total December 31, 2022: Allowance for credit losses: Individually evaluated for impairment $ 155 $ - $ 41 $ - $ 98 $ 294 Collectively evaluated for impairment 1,197 10,143 4,122 720 1,011 17,193 Balances, end of period $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 Loans: Individually evaluated for impairment $ 7,206 $ 393 $ 82 $ - $ 196 $ 7,877 Collectively evaluated for impairment 178,430 970,017 126,902 93,769 130,233 1,499,351 Balances, end of period $ 185,636 $ 970,410 $ 126,984 $ 93,769 $ 130,429 $ 1,507,228 December 31, 2021: Allowance for credit losses: Individually evaluated for impairment $ 178 $ - $ 71 $ - $ 111 $ 360 Collectively evaluated for impairment 2,320 8,758 2,704 457 458 14,697 Balances, end of period $ 2,498 $ 8,758 $ 2,775 $ 457 $ 569 $ 15,057 Loans: Individually evaluated for impairment $ 9,006 $ 696 $ 141 $ - $ 224 $ 10,067 Collectively evaluated for impairment 192,353 704,292 146,451 59,491 79,005 1,181,592 Balances, end of period $ 201,359 $ 704,988 $ 146,592 $ 59,491 $ 79,229 $ 1,191,659 As of December 31, 2022 Pass Special Mention Substandard Doubtful Total Loans Residential real estate: Home equity line of credit ("HELOC") and other $ 623 $ - $ - $ - $ 623 1-4 family residential 132,178 - - - 132,178 Condo residential 52,835 - - - 52,835 185,636 - - - 185,636 Commercial real estate: Land and construction 38,687 - - - 38,687 Multi family residential 176,820 - - - 176,820 Condo commercial 49,601 - 393 - 49,994 Commercial property 702,357 - 2,552 - 704,909 Leasehold improvements - - - - - 967,465 - 2,945 - 970,410 Commercial and industrial: (1) Secured 120,873 - 807 - 121,680 Unsecured 5,304 - - - 5,304 126,177 - 807 - 126,984 Foreign banks 93,769 - - - 93,769 Consumer and other loans 130,233 - 196 - 130,429 Total $ 1,503,280 $ - $ 3,948 $ - $ 1,507,228 (1) As of December 31, 2021 Pass Special Mention Substandard Doubtful Total Loans Residential real estate: Home equity line of credit ("HELOC") and other $ 701 $ - $ - $ - $ 701 1-4 family residential 130,840 - 4,581 - 135,421 Condo residential 65,237 - - - 65,237 196,778 - 4,581 - 201,359 Commercial real estate: Land and construction 24,581 - - - 24,581 Multi family residential 127,489 - - - 127,489 Condo commercial 41,983 - 417 - 42,400 Commercial property 509,189 1,222 - - 510,411 Leasehold improvements 107 - - - 107 703,349 1,222 417 - 704,988 Commercial and industrial: (1) Secured 97,605 - 536 - 98,141 Unsecured 48,434 - 17 - 48,451 146,039 - 553 - 146,592 Foreign banks 59,491 - - - 59,491 Consumer and other loans 79,005 - 224 - 79,229 Total $ 1,184,662 $ 1,222 $ 5,775 $ - $ 1,191,659 (1) Accruing As of December 31, 2022: Current Past Due 30- 89 Days Past Due > 90 Days and Still Accruing Total Accruing Non-Accrual Total Loans Residential real estate: Home equity line of credit and other $ 623 $ - $ - $ 623 $ - $ 623 1-4 family residential 131,120 1,058 - 132,178 - 132,178 Condo residential 50,310 2,525 - 52,835 - 52,835 182,053 3,583 - 185,636 - 185,636 Commercial real estate: Land and construction 38,687 - - 38,687 - 38,687 Multi family residential 176,820 - - 176,820 - 176,820 Condo commercial 49,994 - - 49,994 - 49,994 Commercial property 704,884 25 - 704,909 - 704,909 Leasehold improvements - - - - - - 970,385 25 - 970,410 - 970,410 Commercial and industrial: Secured 121,649 31 - 121,680 - 121,680 Unsecured 4,332 972 - 5,304 - 5,304 125,981 1,003 - 126,984 - 126,984 Foreign banks 93,769 - - 93,769 - 93,769 Consumer and other 130,169 260 - 130,429 - 130,429 Total $ 1,502,357 $ 4,871 $ - $ 1,507,228 $ - $ 1,507,228 Accruing As of December 31, 2021: Current Past Due 30-89 Days Past Due > 90 Days and Still Accruing Total Accruing Non-Accrual Total Loans Residential real estate: Home equity line of credit and other $ 701 $ - $ - $ 701 $ - $ 701 1-4 family residential 133,942 289 - 134,231 1,190 135,421 Condo residential 64,243 994 - 65,237 - 65,237 198,886 1,283 - 200,169 1,190 201,359 Commercial real estate: Land and construction 24,581 - - 24,581 - 24,581 Multi family residential 127,053 436 - 127,489 - 127,489 Condo commercial 42,400 - - 42,400 - 42,400 Commercial property 510,411 - - 510,411 - 510,411 Leasehold improvements 107 - - 107 - 107 704,552 436 - 704,988 - 704,988 Commercial and industrial: Secured 98,141 - - 98,141 - 98,141 Unsecured 48,041 410 - 48,451 - 48,451 146,182 410 - 146,592 - 146,592 Foreign banks 59,491 - - 59,491 - 59,491 Consumer and other 78,969 260 - 79,229 - 79,229 Total $ 1,188,080 $ 2,389 $ - $ 1,190,469 $ 1,190 $ 1,191,659 December 31, 2022 December 31, 2021 Unpaid Principal Balance Net Investment Balance Valuation Allowance Unpaid Principal Balance Net Investment Balance Valuation Allowance Impaired Loans with No Specific Allowance: Residential real estate $ 3,551 $ 3,544 $ - $ 5,021 $ 5,035 $ - Commercial real estate 393 393 - 696 695 - 3,944 3,937 - 5,717 5,730 - Impaired Loans with Specific Allowance: Residential real estate 3,655 3,626 155 3,985 3,950 178 Commercial and industrial 82 82 41 141 141 71 Consumer and other 196 196 98 224 224 111 3,933 3,904 294 4,350 4,315 360 Total $ 7,877 $ 7,841 $ 294 $ 10,067 $ 10,045 $ 360 2022 2021 Residential real estate $ 7,626 $ 8,791 Commercial real estate 575 714 Commercial and industrial 109 178 Consumer and other 210 254 Total $ 8,520 $ 9,937 December 31, 2022 December 31, 2021 Accrual Status Non-Accrual Status Total TDRs Accrual Status Non-Accrual Status Total TDRs Residential real estate $ 7,206 $ - $ 7,206 $ 7,815 $ - $ 7,815 Commercial real estate 393 - 393 696 - 696 Commercial and industrial 82 - 82 141 - 141 Consumer and other 196 - 196 224 - 224 Total $ 7,877 $ - $ 7,877 $ 8,876 $ - $ 8,876 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 4. The operations. As of The Company 2026 to 2036, many of these leases have extension dates. The Company straight-line basis over lease elected the short-term ROU assets or lease liabilities are not to be recognized ROU assets and of lease payments other assets while lease liabilities are classified under As information available advance rate matching or nearing the lease term. The following table presents the ROU assets and lease liabilities 2022 2021 ROU assets: Operating leases $ 14,395 $ 14,185 Lease liabilities: Operating leases $ 14,395 $ 14,185 The weighted average remaining lease term and weighted average 2022 2021 Weighted average remaining lease term (in years): Operating leases 6.98 8.28 Weighted average discount rate: Operating leases 2.94 % 2.32 % Future lease payment obligations and a reconciliation to lease 2023 $ 3,158 2024 3,236 2025 3,312 2026 2,383 2027 951 Thereafter 3,478 Total 16,518 Less: interest component (2,123) Total $ 14,395 |
Premises And Equipment
Premises And Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Premises And Equipment [Abstract] | |
Premises And Equipment | 5. A summary of premises and equipment are presented 2022 2021 Land $ 972 $ 972 Building 1,952 1,947 Furniture, fixtures and equipment 8,841 8,726 Computer hardware and software 4,575 4,552 Leasehold improvements 10,451 9,921 Premises and equipment, gross 26,791 26,118 Accumulated depreciation and amortization (21,528) (20,840) Premises and equipment, net $ 5,263 $ 5,278 Depreciation and 688 1.0 and 2021, respectively. 0.6 and relocation 0.6 recognized as an immaterial loss. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | 6. The Company’s provision and 2021 (in thousands): The actual income for the year (computed by applying the 21 % for 2022 and 2021 to income for income taxes) as follows (in thousands): 2022 2021 Federal taxes at statutory rate $ 5,688 $ 5,812 State income taxes, net of federal tax benefit 1,177 $ 969 Bank owned life insurance (269) $ (186) Other, net 348 $ 5 Total $ 6,944 $ 6,600 The following table presents thousands): 2022 2021 Deferred tax assets: Net operating loss $ 21,720 $ 28,819 Allowance for credit losses 4,432 3,816 Lease liability 3,648 3,595 Unrealized loss on available for sale securities 15,193 817 Deferred loan fees - 400 Depreciable property 158 361 Stock option compensation 373 241 Accruals 723 600 Other, net - 2 Deferred tax asset $ 46,247 $ 38,651 Deferred tax liability: Deferred loan cost (28) - Lease right of use asset (3,648) (3,595) Deferred expenses (175) (127) Other, net (36) - Deferred tax liability $ (3,887) $ (3,722) Net deferred tax asset $ 42,360 $ 34,929 At 81.8 104.5 operating earnings of the Company. In assessing the portion or upon the generation of Management considers the scheduled reversal strategies in making this assessment. The U.S. The Company is generally no longer subject to U.S. Federal or For no t have result of no recorded as a result of tax uncertainties. 2022 2021 Current: Federal $ - $ - State - $ - Total - $ - Deferred: Federal 5,462 $ 5,314 State 1,482 $ 1,286 Total 6,944 $ 6,600 Total $ 6,944 $ 6,600 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | 7. The following table presents deposits by type at December 31, 2022 2021 Non-interest bearing deposits $ 629,776 $ 605,425 Interest-bearing transaction accounts 66,675 55,878 Saving and money market deposits 915,853 703,856 Time deposits 216,977 225,220 Total $ 1,829,281 $ 1,590,379 Time $ 82.0 119.4 At December 31, 2022, the scheduled maturities of time deposits 2023 $ 182,647 2024 11,135 2025 1,998 2026 20,402 2027 549 Thereafter 246 $ 216,977 At December 31, $ 230 247 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [Abstract] | |
Borrowings | 8. Borrowed 46.0 million and at December 31, 2021 were $ 36 The following 2022 and 2021 (in thousands): The advances, subject held at the FHLB as additional collateral. See Note 3 “Loans” At December 31, 2022 Interest Rate Type of Rate Maturity Date Amount 2.05 % Fixed March 27, 2025 $ 10,000 1.07 % Fixed July 18, 2025 6,000 1.04 % Fixed July 30, 2024 5,000 0.81 % Fixed August 17, 2023 5,000 4.17 % Fixed January 13, 2023 20,000 $ 46,000 At December 31, 2021 Interest Rate Type of Rate Maturity Date Amount 0.81 % Fixed August 17, 2023 $ 5,000 1.04 % Fixed July 30, 2024 5,000 2.05 % Fixed March 27, 2025 10,000 1.91 % Fixed March 28, 2025 5,000 1.81 % Fixed April 17, 2025 5,000 1.07 % Fixed July 18, 2025 6,000 $ 36,000 |
Equity Based And Other Compensa
Equity Based And Other Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Equity Based And Other Compensation Plans [Abstract] | |
Equity Based And Other Compensation Plans | 9. Employee 401(k) Plan The Company has an a provision There was $ 313 296 2022 and Operations. Stock-Based Compensation Stock option year ended 1 for 5 options are only exercisable split. In authorized grants 2,000,000 2015 Option vesting Options 10 -year expiration of 10 10 -year life and will terminate in 2025. In July 2020, the 3,000,000 5 shares 1 for 5 1,000,000 shareholders of the Company approved to amend the 1,400,000 shares of common stock. At December 31, 2022, there were 1,386,667 2021, there were 1,401,667 shares available for grant under the 2015 Option Plan. The Company recognizes compensation expense based Scholes vesting ultimately vest, actual option forfeitures. The Statements 523 December 31, 2022 287 no years ended December 31, 2022 and 2021. Unrecognized compensation cost 787 1.3 the years ended December 31, 2022 and 2021, respectively Cash activities. Excess tax benefits tax asset attributable to the compensation cost for such The fair value of options 2022: Assumption 2022 Risk-free interest rate 2.34 % Expected term 10 Expected stock price volatility 10 % Dividend yield 0 % The following table presents a summary of stock options Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Years Aggregate Intrinsic Value (in thousands) Balance at January 1, 2022 959,667 $ 10.87 8.4 Granted 15,000 $ 14.03 Exercised (9,000) $ 11.35 Balance at December 31, 2022 965,667 $ 10.91 7.4 Exercisable at December 31, 2022 560,000 $ 10.18 6.4 $ 1,131 Balance at January 1, 2021 339,667 $ 9.37 7.1 Granted 620,000 $ 11.69 Balance at December 31, 2021 959,667 $ 10.87 8.4 Exercisable at December 31, 2021 319,667 $ 9.07 6.0 $ 663 The aggregate intrinsic value in valuation of the Company’s stock and the exercise price, multiplied by would have been received by the option holders had all option The weighted average 3.45 $ 2.32 , respectively. There were no There are no |
Off-Balance Sheet Arrangements
Off-Balance Sheet Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Off-Balance Sheet Arrangements [Abstract] | |
Off-Balance Sheet Arrangements | 10. The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business in order to meet the financial instruments include letters of amount recognized in the Company’s Consolidated Balance Sheets. The Company uses the commitments and conditional obligations as it does for on-balance-sheet The Company's exposure for unused lines of credit, and standby letters of credit A December 31, 2022 and 2021 (in thousands): 2022 2021 Commitments to grant loans and unfunded lines of credit $ 95,461 $ 134,877 Standby and commercial letters of credit 4,320 6,420 Total $ 99,781 $ 141,297 Commitments to established in the contract. Commitments generally have Unfunded lines of customers. These lines of not be drawn upon to the total extent to which the Company Standby performance of a arrangements. Essentially all letters of credit have fixed maturity dates and many of them expire without being drawn upon, they do not generally present a significant liquidity risk |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2022 | |
Derivatives [Abstract] | |
Derivatives | 11. The Company utilizes interest rate swap agreements its interest parties. The amounts exchanged are interest rate swap agreements. The Company enters into interest rate swaps with its loan customers. The Company had 15 18 with loan customers with 33.9 39.2 These interest offsetting derivatives counterparty with funds to Sheets. While these derivatives represent economic hedges, The following table reflects the Company’s customer Fair Value Notional Amount Collateral Amount Balance Sheet Location Asset Liability December 31, 2022: Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 33,893 $ 1,278 Other assets/Other liabilities $ 5,011 $ 5,011 December 31, 2021: Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 39,156 $ 1,260 Other assets/Other liabilities $ 1,434 $ 1,434 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 12. Determination of Fair Value The Company determine fair value financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market However, in where quoted techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in The fair (that is, market conditions. change in the depends on the facts within the range that is most representative of fair value under Fair Value Hierarchy In accordance with at fair assumptions used to determine fair value. Level 1 entity has equity securities that sources for market transactions involving identical assets Level 2 asset liabilities; quoted by observable market data for substantially the full term of the Level 3 significant whose value well as instruments for which determination of fair value A significant to the fair value measurement. Items Measured at Fair Value Investment securities: such securities, Management reviews pricing methodologies provided by the vendors and third-party broker-dealers in order to determine if observable market information is being utilized. Securities measured with pricing provided by independent vendors or party broker-dealers securities, pricing models or discounted cash flow analyses Derivatives: classified within Level 2 of the hierarchy. The following table represents and 2021 for each of the fair value hierarchy levels (in thousands): Items Measured at Fair Value Impaired Loans: At December individual loans 3.9 4.4 their 3.6 4.0 $ 294 360 2022 and 2021, respectively. expected estimates of changes in economic conditions are considered Other Real Estate: estimate of valuation technique the appraiser the value for changes in a consequence of the carrying cost or the considered a Level 3 valuation. The following table represents the Company’s assets measured at fair value on a non-recurring basis at December 31, 2022 and 2021 for each of the fair value hierarchy levels The following table presents value on a non-recurring basis at December 31, 2022 and 2021 There were no Items Not Measured at Fair Value The carrying amounts and estimated fair values of financial instruments not carried at fair value, at December 31, 2022 and 2021 are as follows (in thousands): 2022 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investment securities available for sale: U.S. Government Agency $ - $ 8,655 $ - $ 8,655 $ - $ 10,520 $ - $ 10,520 Collateralized mortgage obligations - 95,541 - 95,541 - 156,829 - 156,829 Mortgage-backed securities - Residential - 60,879 - 60,879 - 118,842 - 118,842 Mortgage-backed securities - Commercial - 27,954 - 27,954 - 50,117 - 50,117 Municipal securities - 18,483 - 18,483 - 24,276 - 24,276 Bank subordinated debt securities - 14,919 - 14,919 - 28,408 - 28,408 Corporate bonds - 3,709 - 3,709 - 12,550 - 12,550 Total - 230,140 - 230,140 - 401,542 - 401,542 Derivative assets - 5,011 - 5,011 - 1,434 - 1,434 Total assets at fair value $ - $ 235,151 $ - $ 235,151 $ - $ 402,976 $ - $ 402,976 Derivative liabilities $ - $ 5,011 $ - $ 5,011 $ - $ 1,434 $ - $ 1,434 Total liabilities at fair value $ - $ 5,011 $ - $ 5,011 $ - $ 1,434 $ - $ 1,434 Level 1 Level 2 Level 3 Total December 31, 2022: Impaired loans $ - $ - $ 3,639 $ 3,639 December 31, 2021: Impaired loans $ - $ - $ 3,990 $ 3,990 Fair Value Valuation Technique(s) Unobservable Input(s) December 31, 2022: Residential real estate $ 3,500 Sales comparison approach Adj. for differences between comparable sales Commercial and industrial 41 Discounted cash flow Adj. for differences in net operating income expectations Other 98 Discounted cash flow Adj. for differences in net operating income expectations Total $ 3,639 December 31, 2021: Residential real estate $ 3,807 Sales comparison approach Adj. for differences between comparable sales Commercial and industrial 70 Discounted cash flow Adj. for differences in net operating income expectations Other 113 Discounted cash flow Adj. for differences in net operating income expectations Total $ 3,990 Fair Value Hierarchy Carrying Amount Level 1 Level 2 Level 3 Fair Value Amount December 31, 2022: Financial Assets: Cash and due from banks $ $6,605 $ $6,605 $ - $ - $ 6,605 Interest-bearing deposits in banks $ 47,563 $ 47,563 $ - $ - $ 47,563 Investment securities held to maturity $ 188,699 $ - $ 169,088 $ - $ 169,088 Loans held for investment, net $ 1,489,851 $ - $ - $ 1,436,877 $ 1,436,877 Accrued interest receivable $ 7,546 $ - $ 1,183 $ 6,363 $ 7,546 Financial Liabilities: Demand Deposits $ $629,776 $ $629,776 $ - $ - $ 629,776 Money market and savings accounts $ 915,853 $ 915,853 $ - $ - $ 915,853 Interest-bearing checking accounts $ 66,675 $ 66,675 $ - $ - $ 66,675 Time deposits $ 216,977 $ - $ - $ 211,406 $ 211,406 FHLB advances $ 46,000 $ - $ 44,547 $ - $ 44,547 Accrued interest payable $ 229 $ - $ 92 $ 137 $ 229 December 31, 2021: Financial Assets: Cash and due from banks $ 6,477 $ 6,477 $ - $ - $ 6,477 Interest-bearing deposits in banks $ 39,751 $ 39,751 $ - $ - $ 39,751 Investment securities held to maturity 122,658 $ - $ 120,157 $ - $ 120,157 Loans held for investment, net $ 1,175,024 $ - $ - $ 1,189,191 $ 1,189,191 Accrued interest receivable $ 5,975 $ - $ 1,222 $ 4,753 $ 5,975 Financial Liabilities: Demand Deposits $ 605,425 $ 605,425 $ - $ - $ 605,425 Money market and savings accounts $ 703,856 $ 703,856 $ - $ - $ 703,856 Interest-bearing checking accounts $ 55,878 $ 55,878 $ - $ - $ 55,878 Time deposits $ 225,220 $ - $ - $ 224,688 $ 224,688 FHLB advances $ 36,000 $ - $ 36,479 $ - $ 36,479 Accrued interest payable $ 96 $ - $ 50 $ 46 $ 96 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 13. Common Stock On June 16, 2021, the Bank 1 for 5 1.00 share. As of the effective date of June 16, 2021, into one up to one whole share. The for this 1 for 5 but if 1 for 5 1 Class A common stock. On July 27, 2021, the Bank completed the Initial Public Offering (“IPO”) of its Class A common stock, in which it issued and 4,600,000 10.00 proceeds of $ 40.0 On outstanding Class total of 6,121,052 1,224,212 In December 2021, the of “Reorganization”) common stock, 1.00 newly issued 1.00 wholly-owned subsidiary. and had not conducted any business or operations except In the same designations, held previously owned of the Bank’s common stock. Preferred Stock On April 5, 2021, stock at 7.5 103 shareholders approved the repurchase which the Company The Company offered the common stock. The offer 90 % of 10 % exchange ratio for the shares of for shares of Class A common stock. During the 47,473 11,061,552 stock converted 10,278,072 shares had 102.8 Class D preferred stock totaling 1,234,354 11.4 The fair value of the 89.6 December 31, 2022, there were no no Dividends The Board approved and 2021 (in thousands): 2022 2021 Preferred stock - Class C: Non-voting, Non-cumulative, Perpetual: $ 1.00 1,000 per share liquidation preference; annual dividend rate of 4 % of liquidation preference paid quarterly. Quarterly dividend of $ 10.00 $ - $ 1,494 Preferred stock - Class D: Non-voting, Non-cumulative, Perpetual: $ 1.00 5.00 per share liquidation preference; annual dividend rate of 4 % of par value paid quarterly. Quarterly dividend of $ 0.01 - 348 Preferred stock - Class E: Non-voting, partially cumulative, Perpetual: $ 1.00 $ 1,000 7 % of liquidation preferences paid quarterly. Quarterly dividend of $ 17.50 - 235 Total $ - $ 2,077 Declaration of dividends by the Board is required before dividend payments are made. The dividend payment dates for Class C and date on the fifteenth of February, No 2021. Additionally, there no |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 14. Earnings securities. Basic EPS number of common shares outstanding for computed by shares outstanding for the period determined using the treasury-stock method. For common stock options and are only included in the calculation In calculating EPS for not allocated no stock at year-end. The following table December 31, 2022 and 2021 (in thousands): 2022 2021 Net Income $ 20,141 $ 21,077 Less: Preferred stock dividends - 2,077 Less: Exchange and redemption of preferred shares - 89,585 Net income (loss) available to common stockholders $ 20,141 $ (70,585) The following ended December 31, 2022 and 2021 (in thousands, except 2022 2021 Class A Class A Basic EPS Numerator: Net income (loss) available to common shares before allocation $ 20,141 $ (70,585) Multiply: % allocated on weighted avg. shares outstanding 100.0% 100.0% Net income (loss) available to common shares after allocation $ 20,141 $ (70,585) Denominator: Weighted average shares outstanding 19,999,323 10,507,530 Earnings (loss) per share, basic $ 1.01 $ (6.72) Diluted EPS Numerator: Net income (loss) available to common shares before allocation $ 20,141 $ (70,585) Multiply: % allocated on weighted avg. shares outstanding 100.0% 100.0% Net income (loss) available to common shares after allocation $ 20,141 $ (70,585) Denominator: Weighted average shares outstanding for basic EPS 19,999,323 10,507,530 Add: Dilutive effects of assumed exercises of stock options 177,515 - Weighted avg. shares including dilutive potential common shares 20,176,838 10,507,530 Earnings (loss) per share, diluted $ 1.00 $ (6.72) Anti-dilutive stock options excluded from diluted EPS 15,000 183,303 For the year the Class C inclusion of all potential common shares outstanding would See Note 13 “Stockholders’ Equity” for further discussion |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | 15. Banks and banking discretionary actions financial Company and the and capital weightings, and other factors. Based on changes to the Federal Reserve’s definition of a “Small Bank Holding to $3.0 billion in assets At such time when the Company reaches the of the Bank. The Bank has calculations, as permitted by the regulations. This capital levels. The Bank is and Consumer Protection 2.5 % capital conservation the minimum requirements limit the ability of 2021, the capital ratios for the Bank were sufficient Prompt undercapitalized, represent overall financial condition. If If required. At December 31, well capitalized guidelines termination of deposit rates of capitalized, an institution in the Bank’s category. Actual and required thousands, except ratios). The required amounts for capital adequacy previously discussed. Effective December 30, 2021, the Company acquired the Bank in a merger and a bank holding company. 1.00 stock formerly par value common details. The Company the Company’s defined by state banking regulations. However, for any dividend declaration, the Company must consider such as the amount Bank. It is likely that bank regulators have unsound practice. Actual Minimum Capital Requirements To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2022: Total $ 216,693 13.58 % $ 127,616 8.00 % $ 159,520 10.00 % Tier 1 risk-based capital: $ 198,909 12.47 % $ 95,712 6.00 % $ 127,616 8.00 % Common equity tier 1 capital: $ 198,909 12.47 % $ 71,784 4.50 % $ 103,688 6.50 % Leverage ratio: 198,909 9.56 % $ 83,210 4.00 % $ 104,012 5.00 % December 31, 2021: (1) Total $ 186,735 14.92 % $ 100,125 8.00 % $ 125,157 10.00 % Tier 1 risk-based capital $ 171,484 13.70 % $ 75,094 6.00 % $ 100,125 8.00 % Common equity tier 1 capital $ 171,484 13.70 % $ 56,321 4.50 % $ 81,352 6.50 % Leverage ratio $ 171,484 9.55 % $ 71,825 4.00 % $ 89,781 5.00 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. In Company. Consolidated Financial Statements at December 31, 2022 Loan Purchases 42.8 paid those entities fees of $ 881 2022 2021 Consolidated Balance Sheets: Loans held for investment, net $ - $ - Deposits $ 6,825 $ 1,905 Consolidated Statements of Operations: Interest income $ - $ - Interest expense $ 54 $ 16 |
Parent Company Condensed Financ
Parent Company Condensed Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Parent Company Condensed Financial Information [Abstract] | |
Parent Company Condensed Financial Information | 17. In December Bank. thousands): December 31, 2022 December 31, 2021 ASSETS: Cash and Cash Equivalents $ 1,102 $ - Investment in bank subsidiary 181,326 203,897 Other assets - - Total $ 182,428 $ 203,897 LIABILITIES AND STOCKHOLDERS' EQUITY: Other liabilities $ - $ - Stockholders' equity 182,428 203,897 Total $ 182,428 $ 203,897 December 31, 2022 December 31, 2021 INCOME: Dividends from subsidiaries $ 1,000 $ - Service fees from subsidiaries - - Total $ 1,000 $ - EXPENSE: Employee compensation and benefits - - Total - - Income before income taxes and undistributed subsidiary income 1,000 Provision (benefit) for income taxes - - Equity in undisbursed subsidiary income 19,141 Net Income $ 20,141 $ - December 31, 2022 December 31, 2021 Cash flows from operating activities: Net income $ 20,141 $ - Adjustments to reconcile net income to net cash provided activities: - Equity in undistributed earnings of subsidiaries (19,141) - Other - Net cash provided by operating activities $ 1,000 $ - Cash flows from investing activities: Capital contributions to subsidiary - - Other - - Net cash used in investing activities - - Cash flows from financing activities: Dividends paid - - Proceeds from exercise of stock options 102 - Repurchase of common stock - - Net cash (used in) provided by financing activities 102 - Net increase (decrease) in cash and cash equivalents 1,102 - Cash and cash equivalents, beginning of period - - Cash and cash equivalents, end of period $ 1,102 $ - The thousands): The condensed cash flow is presented below for USCB |
Loss Contingencies
Loss Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Loss Contingencies [Abstract] | |
Loss Contingencies | 18. Loss contingencies, management, none on the Company’s Consolidated Financial Statements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Management has Annual Report Form 10-K was available to be issued. Share Repurchase Program In February 2023 the 250,000 at 12.04 . 250,000 Common stock 11.39 Company’s publicly announced repurchase program. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Intercompany transactions been prepared in accordance with U.S. Generally Accepted |
Initial Public Offering and Exchange and Redemption of Shares | Initial Public Offering and Exchange and Redemption On July 27, 2021, began trading exchange outstanding preferred shares. In December 2021, common 1 for 5 December 31, “Stockholders’ Equity” for further information about the IPO |
Risks and Uncertainties | Risk and Uncertainties Current Banking Environment Industry concerns regarding access to diverse sources of public commercial clients without a high level of industry concentration. In response to Funding certain securities at the index swap term of Statements, the Company has not accessed the BTFP. Market conditions and external factors may unpredictably impact the competitive landscape for deposits industry. liquidity is available on the balance sheet date. An unexpected influx to primarily demands or to fund continuing operations. These sources may include proceeds from FHLB advances, sales of securities and loans, federal funds lines of credit from correspondent Such reliance on secondary funding sources could increase the Company's net guarantee they capital expenditures, or other investments, or liquidating assets. For further discussion of the Company's liquidity practices, Use of Estimates In preparing the consolidated financial statements, management is required on available information that affect the amounts reported The coronavirus (“COVID-19”) their ability to fulfill associates and customers to conduct banking and other financial transactions. as of December 31, 2022, if there is a resurgence in the virus, the Company could experience further adverse effects on its business, impact the with its associates and customers they arise. While there was December 31, 2022, economic quantify the Actual results could differ from those estimates. Cash and Cash Equivalents The equivalents. For due from banks, and interest-bearing deposits in banks. Restricted Cash The Company may reports restricted cash within cash and cash equivalents. Interest-Bearing Deposits in Other Financial Institutions Interest-bearing deposits in other financial institutions consist other accounts. Investment Securities Debt securities ability to hold to accounts for them on a trade date basis. Debt securities that and recorded at amortized cost. Trading securities are Securities not classified unrealized gains and must be recorded at fair value with changes in fair value |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements, management is required on available information that affect the amounts reported The coronavirus (“COVID-19”) their ability to fulfill associates and customers to conduct banking and other financial transactions. as of December 31, 2022, if there is a resurgence in the virus, the Company could experience further adverse effects on its business, impact the with its associates and customers they arise. While there was December 31, 2022, economic quantify the Actual results could differ from those estimates. |
Cash And Cash Equivalents | Cash and Cash Equivalents The equivalents. For due from banks, and interest-bearing deposits in banks. |
Restricted Cash | Restricted Cash The Company may reports restricted cash within cash and cash equivalents. |
Interest-Bearing Deposits in Other Financial Institutions | Interest-Bearing Deposits in Other Financial Institutions Interest-bearing deposits in other financial institutions consist other accounts. |
Investment Securities | Investment Securities Debt securities ability to hold to accounts for them on a trade date basis. Debt securities that and recorded at amortized cost. Trading securities are Securities not classified unrealized gains and must be recorded at fair value with changes in fair value Purchase premiums and discounts are amortized or accreted over held-to-maturity considered in determining the estimated life of in the Consolidated on the sale of securities are recorded on trade date and are determined Declines temporary management considers several factors in their analysis including of security including any downgrade, (iii) intent to sell the security, or if it is more likely than not that it will be required to sell the securities. |
Federal Home Loan Bank Stock | Federal Home Loan Bank (FHLB) Stock The Bank is a member of the FHLB system. Members are required to of borrowings and asset, and 2021, 2.9 2.1 cash and stock dividends are reported as interest income. |
Loans Held for Investment and Allowance for Credit Losses | Loans Held for Investment and Allowance for Credit Loans held for investment (“loans”) are reported at their outstanding principal fees, unearned method. amortized, using the interest method or the straight-line If the non-accrual status as of for restoration to accrual status. or interest restoration principal and interest of the remaining contractual principal and interest or the loan becomes secured and in the process of collection. All interest accrued but not on these unpaid principal, which may change as conditions dictate. The Company has determined that the entire balance of payment is not received by due loans until the date the loan goes into nonaccrual The Company provides for loan losses through a provision for credit losses charged to operations. When management believes that a recoveries, if any, The ACL Management uses a disciplined the Company loans analyzed on a pooled basis. The ACL consists • • • • • Residential borrower’s credit, capacity including: current ratio and credit history. The Company relies on appraisals in determining the value of the property. analysis and the diversity of the residential portfolio. Commercial real estate Underwriting worthiness of the borrower. service, other rates in geographic location and loan to value. Land and construction analysis will include the time to develop, sell or lease the property. securing the commercial real estate loans are diverse in Commercial inventory, and receivables. the debt based The Company mitigates the risk in the commercial portfolio Foreign Banks Latin America. Most of these loans are for trade capital and have a includes a credit analysis, peer comparison and current borrower and country and a review of authorized term, have limited exposure, and are geographically dispersed. Other collateralized underwritten based on the credit worthiness of the borrower. In management evaluates on factors which, in changes in prevailing economic conditions, historical loss experience, size of the loan portfolio and the overall credit worthiness The ACL the general component for the ACL account for each segment The loan segments are determined based on a ten year look back period. The Company applies time cycle. The environmental factors. To tracks historical non-recurring pool. Management believes the loan portfolio in the normal course of business. Qualitative following are the factors used to adjust the historical loss • • • • • • • • • Changes in these factors could could differ materially from the amounts estimated In addition sheet risk, such as letters Consolidated Operations. experience and with off-balance sheet risk. A loan is considered unable to agreement or when the loan in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. classified as impaired. Impairment is measured on a loan by loan basis by either the present flows discounted at the loan's effective loan investment in the loan (outstanding principal balance plus accrued interest, net of previous charge-offs, and net of deferred loan fees or cost), impairment is recognized through an allowance In insignificant period of time to the borrower that would not On March 27, of the United borrowers impacted considered a TDR if the loan was not more than 30 days past executed March December 31, 2022. Banking regulators issued similar guidance clarifying that a COVID-19 a TDR if the borrower was current on payments at the time the considered short-term. See Note 3 “Loans” for additional disclosures In addition to the are identified as reserve is provided under the accounting guidance for loan in a TDR are also individually analyzed for estimated impairment. The Company's charge-off policy is to review all impaired loans ability to collateral dependent, investment in the loan is charged off. |
Concentration of Credit Risks | Concentration of Credit Risks Credit perform as contracted and any collateral or security proved to be insufficient (whether on or off-balance sheet) arising from financial instruments exist in relation to certain groups concentration arises when to meet contractual obligations to be similarly affected by changes in economic or other conditions. The Company does not have a significant exposure to any individual customer Most of the Company's business activity is State of Florida. The Company's loan portfolio is concentrated largely in real estate and commercial loans in South Florida. Many of the Company's the South Florida real estate industry portfolio. At December 31, top ten lending relationships 197.9 156.4 concentration represented 13.1 %, of one commercial real estate loan note with an outstanding balance of $ 20 st located in New York At December 31, 88.8 foreign banks located also had a concentration of risk 47.9 and 31.4 28.9 December 31, 2022 and 2021, respectively. At various times during to the Company from institution. |
Premises and Equipment, net | Premises and Equipment, net Land is Depreciation is computed are amortized over the lives of these assets were as follows: Building 40 Furniture, fixtures and equipment 3 25 Computer hardware and software 3 5 Leasehold improvements Maintenance When items are retired or are removed from the accounts and any resulting gains or losses |
Other Real Estate Owned | Other Real Estate Owned Other real estate held for sale and are initially recorded at establishing a assets are carried at the lower of carrying amount or fair value less cost to sell. Subsequent write-downs are recognized as a valuation allowance with the offset recorded in the Consolidated Statements of other real estate owned expenses OREO financing has been arranged. |
Bank Owned Life Insurance | Bank Owned Life Insurance Bank owned sheet date, which is typically At December 31, 2022, the Company maintained BOLI policies with value 42.8 beneficiary of these policies. |
Employee 401(k) Plan | Employee 401(k) Plan The expense is the amount of matching contributions. |
Income Taxes | Income Taxes Income taxes are accounted for under the for the assets and and temporary differences are expected to be recovered or in tax rates is recognized in income in the period that includes Management is required to based on the considers taxable loss of temporary differences, and available tax planning The Company recognizes positions taken guidance on tax liabilities, if any, would |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company's long-lived changes in circumstances to be held and flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge asset. Assets lower of disposal group classified as held for Consolidated Balance Sheets. |
Transfers of Financial Assets | Transfer of Financial Assets Transfers of over presumptively transferee obtains the transferred agreement to repurchase them before their maturity or |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Under available-for-sale, are equity comprehensive available-for-sale to held-to-maturity are recorded to accumulated other comprehensive amortized over the remaining life of is reported as a component of comprehensive income |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. |
Earnings per Common Share | Earnings per Common Share Basic earnings number additional potential common shares issuable under vested stock options. Basic and diluted earnings per share are updated to reflect the effect of stock splits as occurred. See Note 14 “Earnings Per Share” for additional information on earnings per common share. See Note 13 “Stockholders’ Equity” for further |
Interest Income | Interest Income Interest income is recognized as earned, based upon the principal |
Operating Segments | Operating Segments While the Company monitors financial performance make resource allocations or performance decisions by Company |
Stock-Based Compensation | Stock-Based Compensation Stock based compensation accounting guidance requires transactions be recognized in the accompanying Consolidated the grant covers performance-based awards, share appreciation rights, and The stock-based compensation accounting guidance and recognized compensation cost Scholes model is used to estimate the fair value of stock |
Loss Contingencies | Loss Contingencies Loss liabilities when the of management, none of these actions, either individually or in the aggregate, is expected to have a material adverse effect on the Company’s Consolidated Financial |
Dividend Restrictions | Dividend Restrictions Banking Company or by the Company to the shareholders. |
Fair Value Measurements | Fair Value Measurements Fair values fully disclosed in Note judgment. Changes in assumptions or in market conditions |
Derivatives Instruments | Derivative Instruments Derivative financial instruments are to information. The interest rate agreement allowing Company will enter into a matching agreement with a swaps are other non-interest income. |
Revenue From Contract With Customers | Revenue from Contracts with Customers Revenue from to receive for the and investment Deposit and other transaction-based fees, are the recognized when the service provided by the this standard that is received from sources other than deposit |
Cash Flow Statement | Cash Flow Statement The Company reports the net activity rather than gross activity in the Consolidated cash flows deposits, accrued interest payable, other liabilities, and proceeds |
Reclassifications | Reclassifications Certain presentation. Reclassifications had no impact on the net income |
Recently Issued Accounting Standards - Not Yet Adopted | Recently Issued Accounting Standards – Not Yet Measurement of Credit Losses on Financial Instruments In June Losses on Financial Instruments. This accounting standard update (“ASU” or “Update”) credit under U.S. GAAP statement Company 2022. The Company adopted this through the adoption date, implemented a parallel run models, and finished a data gap analysis. The company expects its allowance for credit losses to 1.0 2.0 adoption commitments will 200 600 the deemed immaterial. The Company will to retained income statement as charges or credits to earnings. The disclosed estimates are subject to further refinement upon finalization of the Company’s review of the calculations, assumptions, methodologies and judgments. Internal controls over financial reporting relating been designed governance influenced Adoption of credit losses when compared to the Company’s Troubled Debt Restructurings and In Restructurings restructurings restructurings restructuring recognition and measurement guidance, in incorporated in a disclose current-period gross write-offs by year Reference Rate Reform In Reference Rate Reform 2021-01 which provides the effects 2024. The ASU will have material effects on our business |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments Securities [Abstract] | |
Schedule of Available-for-sale Securities and Held-to-maturity Securities Reconciliation | December 31, 2022 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 10,177 $ - $ (1,522) $ 8,655 Collateralized mortgage obligations 118,951 - (23,410) 95,541 Mortgage-backed securities - Residential 73,838 - (12,959) 60,879 Mortgage-backed securities - Commercial 32,244 15 (4,305) 27,954 Municipal securities 25,084 - (6,601) 18,483 Bank subordinated debt securities 15,964 5 (1,050) 14,919 Corporate bonds 4,037 - (328) 3,709 $ 280,295 $ 20 $ (50,175) $ 230,140 Held-to-maturity: U.S. Government Agency $ 44,914 $ 25 $ (5,877) $ 39,062 U.S. Treasury 9,841 - (13) 9,828 Collateralized mortgage obligations 68,727 28 (7,830) 60,925 Mortgage-backed securities - Residential 42,685 372 (4,574) 38,483 Mortgage-backed securities - Commercial 11,442 - (665) 10,777 Corporate bonds 11,090 - (1,077) 10,013 $ 188,699 $ 425 $ (20,036) $ 169,088 December 31, 2021 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 10,564 $ 6 $ (50) $ 10,520 Collateralized mortgage obligations 160,506 22 (3,699) 156,829 Mortgage-backed securities - Residential 120,643 228 (2,029) 118,842 Mortgage-backed securities - Commercial 49,905 820 (608) 50,117 Municipal securities 25,164 6 (894) 24,276 Bank subordinated debt securities 27,003 1,418 (13) 28,408 Corporate bonds 12,068 482 - 12,550 $ 405,853 $ 2,982 $ (7,293) $ 401,542 Held-to-maturity: U.S. Government Agency $ 34,505 $ 14 $ (615) $ 33,904 Collateralized mortgage obligations 44,820 - (1,021) 43,799 Mortgage-backed securities - Residential 26,920 - (568) 26,352 Mortgage-backed securities - Commercial 3,103 - (90) 3,013 Corporate bonds 13,310 - (221) 13,089 $ 122,658 $ 14 $ (2,515) $ 120,157 |
Schedule of Realized Gains and Losses | Available-for-sale: 2022 2021 Proceeds from sales and call of securities $ 60,649 $ 51,974 Gross Gains $ 217 $ 545 Gross Losses (2,746) (331) Net realized gains (losses) $ (2,529) $ 214 |
Amortized Cost and Fair Value of Investment Securities by Contractual Maturity Date | Available-for-sale Held-to-maturity December 31, 2022: Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ - $ - $ 1,515 $ 1,475 Due after one year through five years 4,037 3,709 9,575 8,539 Due after five years through ten years 16,964 15,722 - - Due after ten years 24,084 17,680 - - U.S. Government Agency 10,177 8,655 44,914 39,061 U.S. Treasury - - 9,841 9,828 Collateralized mortgage obligations 118,951 95,541 68,727 60,925 Mortgage-backed securities - Residential 73,838 60,879 42,685 38,483 Mortgage-backed securities - Commercial 32,244 27,954 11,442 10,777 $ 280,295 $ 230,140 $ 188,699 $ 169,088 |
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Table Text Block] | December 31, 2022 Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agency $ 11,407 (1,093) 36,310 (7,616) $ 47,717 $ (8,709) U.S. Treasury 9,828 (13) - - 9,828 $ (13) Collateralized mortgage obligations 16,500 (963) 139,965 (34,962) 156,465 $ (35,925) Mortgage-backed securities - Residential 5,059 (564) 91,742 (19,348) 96,801 $ (19,912) Mortgage-backed securities - Commercial 10,052 (1,173) 26,823 (5,300) 36,875 $ (6,473) Municipal securities - - 18,483 (6,601) 18,483 $ (6,601) Bank subordinated debt securities 11,295 (670) 2,619 (381) 13,914 $ (1,051) Corporate bonds 13,723 (926) - - 13,723 $ (926) $ 77,864 $ (5,402) $ 315,942 $ (74,208) $ 393,806 $ (79,610) December 31, 2021 Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agency $ 25,951 $ (254) $ 15,477 $ (516) $ 41,428 $ (770) Collateralized mortgage obligations 155,668 (3,223) 38,459 (1,497) 194,127 $ (4,720) Mortgage-backed securities - Residential 88,772 (1,178) 37,373 (1,274) 126,145 $ (2,452) Mortgage-backed securities - Commercial 25,289 (318) 7,507 (309) 32,796 $ (627) Municipal securities 11,292 (395) 11,978 (499) 23,270 $ (894) Bank subordinated debt securities 4,487 (13) - - 4,487 $ (13) $ 311,459 $ (5,381) $ 110,794 $ (4,095) $ 422,253 $ (9,476) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loans [Abstract] | |
Summary of Loans Held for Investment | December 31, 2022 December 31, 2021 Total Percent of Total Total Percent of Total Residential Real Estate $ 185,636 12.3 % $ 201,359 16.9 % Commercial Real Estate 970,410 64.4 % 704,988 59.2 % Commercial and Industrial 126,984 8.4 % 146,592 12.3 % Foreign Banks 93,769 6.2 % 59,491 5.0 % Consumer and Other 130,429 8.7 % 79,229 6.6 % Total 1,507,228 100.0 % 1,191,659 100.0 % Less: Unearned income (110) 1,578 Total 1,507,338 1,190,081 Less: Allowance for credit losses 17,487 15,057 Total $ 1,489,851 $ 1,175,024 |
Allowance for Credit Losses | Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total December 31, 2022: Beginning balance $ 2,498 $ 8,758 $ 2,775 $ 457 $ 569 $ 15,057 Provision for credit losses (1,179) 1,385 1,474 263 552 2,495 Recoveries 33 - 18 - 4 55 Charge-offs - - (104) - (16) (120) Ending Balance $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 December 31, 2021: Beginning balance $ 3,408 $ 9,453 $ 1,689 $ 348 $ 188 $ 15,086 Provision for credit losses (919) (695) 955 109 390 (160) Recoveries 238 - 149 - 5 392 Charge-offs (229) - (18) - (14) (261) Ending Balance $ 2,498 $ 8,758 $ 2,775 $ 457 $ 569 $ 15,057 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total December 31, 2022: Allowance for credit losses: Individually evaluated for impairment $ 155 $ - $ 41 $ - $ 98 $ 294 Collectively evaluated for impairment 1,197 10,143 4,122 720 1,011 17,193 Balances, end of period $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 Loans: Individually evaluated for impairment $ 7,206 $ 393 $ 82 $ - $ 196 $ 7,877 Collectively evaluated for impairment 178,430 970,017 126,902 93,769 130,233 1,499,351 Balances, end of period $ 185,636 $ 970,410 $ 126,984 $ 93,769 $ 130,429 $ 1,507,228 December 31, 2021: Allowance for credit losses: Individually evaluated for impairment $ 178 $ - $ 71 $ - $ 111 $ 360 Collectively evaluated for impairment 2,320 8,758 2,704 457 458 14,697 Balances, end of period $ 2,498 $ 8,758 $ 2,775 $ 457 $ 569 $ 15,057 Loans: Individually evaluated for impairment $ 9,006 $ 696 $ 141 $ - $ 224 $ 10,067 Collectively evaluated for impairment 192,353 704,292 146,451 59,491 79,005 1,181,592 Balances, end of period $ 201,359 $ 704,988 $ 146,592 $ 59,491 $ 79,229 $ 1,191,659 |
Loan Credit Exposures | As of December 31, 2022 Pass Special Mention Substandard Doubtful Total Loans Residential real estate: Home equity line of credit ("HELOC") and other $ 623 $ - $ - $ - $ 623 1-4 family residential 132,178 - - - 132,178 Condo residential 52,835 - - - 52,835 185,636 - - - 185,636 Commercial real estate: Land and construction 38,687 - - - 38,687 Multi family residential 176,820 - - - 176,820 Condo commercial 49,601 - 393 - 49,994 Commercial property 702,357 - 2,552 - 704,909 Leasehold improvements - - - - - 967,465 - 2,945 - 970,410 Commercial and industrial: (1) Secured 120,873 - 807 - 121,680 Unsecured 5,304 - - - 5,304 126,177 - 807 - 126,984 Foreign banks 93,769 - - - 93,769 Consumer and other loans 130,233 - 196 - 130,429 Total $ 1,503,280 $ - $ 3,948 $ - $ 1,507,228 (1) As of December 31, 2021 Pass Special Mention Substandard Doubtful Total Loans Residential real estate: Home equity line of credit ("HELOC") and other $ 701 $ - $ - $ - $ 701 1-4 family residential 130,840 - 4,581 - 135,421 Condo residential 65,237 - - - 65,237 196,778 - 4,581 - 201,359 Commercial real estate: Land and construction 24,581 - - - 24,581 Multi family residential 127,489 - - - 127,489 Condo commercial 41,983 - 417 - 42,400 Commercial property 509,189 1,222 - - 510,411 Leasehold improvements 107 - - - 107 703,349 1,222 417 - 704,988 Commercial and industrial: (1) Secured 97,605 - 536 - 98,141 Unsecured 48,434 - 17 - 48,451 146,039 - 553 - 146,592 Foreign banks 59,491 - - - 59,491 Consumer and other loans 79,005 - 224 - 79,229 Total $ 1,184,662 $ 1,222 $ 5,775 $ - $ 1,191,659 (1) |
Aging Analysis of Accruing and Total Non-Accruing Loans | Accruing As of December 31, 2022: Current Past Due 30- 89 Days Past Due > 90 Days and Still Accruing Total Accruing Non-Accrual Total Loans Residential real estate: Home equity line of credit and other $ 623 $ - $ - $ 623 $ - $ 623 1-4 family residential 131,120 1,058 - 132,178 - 132,178 Condo residential 50,310 2,525 - 52,835 - 52,835 182,053 3,583 - 185,636 - 185,636 Commercial real estate: Land and construction 38,687 - - 38,687 - 38,687 Multi family residential 176,820 - - 176,820 - 176,820 Condo commercial 49,994 - - 49,994 - 49,994 Commercial property 704,884 25 - 704,909 - 704,909 Leasehold improvements - - - - - - 970,385 25 - 970,410 - 970,410 Commercial and industrial: Secured 121,649 31 - 121,680 - 121,680 Unsecured 4,332 972 - 5,304 - 5,304 125,981 1,003 - 126,984 - 126,984 Foreign banks 93,769 - - 93,769 - 93,769 Consumer and other 130,169 260 - 130,429 - 130,429 Total $ 1,502,357 $ 4,871 $ - $ 1,507,228 $ - $ 1,507,228 Accruing As of December 31, 2021: Current Past Due 30-89 Days Past Due > 90 Days and Still Accruing Total Accruing Non-Accrual Total Loans Residential real estate: Home equity line of credit and other $ 701 $ - $ - $ 701 $ - $ 701 1-4 family residential 133,942 289 - 134,231 1,190 135,421 Condo residential 64,243 994 - 65,237 - 65,237 198,886 1,283 - 200,169 1,190 201,359 Commercial real estate: Land and construction 24,581 - - 24,581 - 24,581 Multi family residential 127,053 436 - 127,489 - 127,489 Condo commercial 42,400 - - 42,400 - 42,400 Commercial property 510,411 - - 510,411 - 510,411 Leasehold improvements 107 - - 107 - 107 704,552 436 - 704,988 - 704,988 Commercial and industrial: Secured 98,141 - - 98,141 - 98,141 Unsecured 48,041 410 - 48,451 - 48,451 146,182 410 - 146,592 - 146,592 Foreign banks 59,491 - - 59,491 - 59,491 Consumer and other 78,969 260 - 79,229 - 79,229 Total $ 1,188,080 $ 2,389 $ - $ 1,190,469 $ 1,190 $ 1,191,659 |
Impaired Loans | December 31, 2022 December 31, 2021 Unpaid Principal Balance Net Investment Balance Valuation Allowance Unpaid Principal Balance Net Investment Balance Valuation Allowance Impaired Loans with No Specific Allowance: Residential real estate $ 3,551 $ 3,544 $ - $ 5,021 $ 5,035 $ - Commercial real estate 393 393 - 696 695 - 3,944 3,937 - 5,717 5,730 - Impaired Loans with Specific Allowance: Residential real estate 3,655 3,626 155 3,985 3,950 178 Commercial and industrial 82 82 41 141 141 71 Consumer and other 196 196 98 224 224 111 3,933 3,904 294 4,350 4,315 360 Total $ 7,877 $ 7,841 $ 294 $ 10,067 $ 10,045 $ 360 2022 2021 Residential real estate $ 7,626 $ 8,791 Commercial real estate 575 714 Commercial and industrial 109 178 Consumer and other 210 254 Total $ 8,520 $ 9,937 |
Performing and Non-Performing Troubled Debt Restructurings | December 31, 2022 December 31, 2021 Accrual Status Non-Accrual Status Total TDRs Accrual Status Non-Accrual Status Total TDRs Residential real estate $ 7,206 $ - $ 7,206 $ 7,815 $ - $ 7,815 Commercial real estate 393 - 393 696 - 696 Commercial and industrial 82 - 82 141 - 141 Consumer and other 196 - 196 224 - 224 Total $ 7,877 $ - $ 7,877 $ 8,876 $ - $ 8,876 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
ROU Assets And Leases Liabilities | 2022 2021 ROU assets: Operating leases $ 14,395 $ 14,185 Lease liabilities: Operating leases $ 14,395 $ 14,185 |
Weighted Average Remaining Lease Term And Weighted Average Discount Rate | 2022 2021 Weighted average remaining lease term (in years): Operating leases 6.98 8.28 Weighted average discount rate: Operating leases 2.94 % 2.32 % |
Future Lease Payment Obligations And Reconciliation To Lease Liability | 2023 $ 3,158 2024 3,236 2025 3,312 2026 2,383 2027 951 Thereafter 3,478 Total 16,518 Less: interest component (2,123) Total $ 14,395 |
Premises And Equipment (Tables)
Premises And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Premises And Equipment [Abstract] | |
Summary Of Premises And Equipment | 2022 2021 Land $ 972 $ 972 Building 1,952 1,947 Furniture, fixtures and equipment 8,841 8,726 Computer hardware and software 4,575 4,552 Leasehold improvements 10,451 9,921 Premises and equipment, gross 26,791 26,118 Accumulated depreciation and amortization (21,528) (20,840) Premises and equipment, net $ 5,263 $ 5,278 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Components of Income Tax Expense | 2022 2021 Current: Federal $ - $ - State - $ - Total - $ - Deferred: Federal 5,462 $ 5,314 State 1,482 $ 1,286 Total 6,944 $ 6,600 Total $ 6,944 $ 6,600 |
Statutory Tax Expense | 2022 2021 Federal taxes at statutory rate $ 5,688 $ 5,812 State income taxes, net of federal tax benefit 1,177 $ 969 Bank owned life insurance (269) $ (186) Other, net 348 $ 5 Total $ 6,944 $ 6,600 |
Provision for Income Taxes | 2022 2021 Deferred tax assets: Net operating loss $ 21,720 $ 28,819 Allowance for credit losses 4,432 3,816 Lease liability 3,648 3,595 Unrealized loss on available for sale securities 15,193 817 Deferred loan fees - 400 Depreciable property 158 361 Stock option compensation 373 241 Accruals 723 600 Other, net - 2 Deferred tax asset $ 46,247 $ 38,651 Deferred tax liability: Deferred loan cost (28) - Lease right of use asset (3,648) (3,595) Deferred expenses (175) (127) Other, net (36) - Deferred tax liability $ (3,887) $ (3,722) Net deferred tax asset $ 42,360 $ 34,929 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Schedule Of Deposits By Types | 2022 2021 Non-interest bearing deposits $ 629,776 $ 605,425 Interest-bearing transaction accounts 66,675 55,878 Saving and money market deposits 915,853 703,856 Time deposits 216,977 225,220 Total $ 1,829,281 $ 1,590,379 |
Schedule Of Maturities Of Time Deposits | 2023 $ 182,647 2024 11,135 2025 1,998 2026 20,402 2027 549 Thereafter 246 $ 216,977 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [Abstract] | |
Schedule Of Fixed Interest Rates And Expected Maturities | At December 31, 2022 Interest Rate Type of Rate Maturity Date Amount 2.05 % Fixed March 27, 2025 $ 10,000 1.07 % Fixed July 18, 2025 6,000 1.04 % Fixed July 30, 2024 5,000 0.81 % Fixed August 17, 2023 5,000 4.17 % Fixed January 13, 2023 20,000 $ 46,000 At December 31, 2021 Interest Rate Type of Rate Maturity Date Amount 0.81 % Fixed August 17, 2023 $ 5,000 1.04 % Fixed July 30, 2024 5,000 2.05 % Fixed March 27, 2025 10,000 1.91 % Fixed March 28, 2025 5,000 1.81 % Fixed April 17, 2025 5,000 1.07 % Fixed July 18, 2025 6,000 $ 36,000 |
Equity Based And Other Compen_2
Equity Based And Other Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Based And Other Compensation Plans [Abstract] | |
Schedule Of Stock Options Valuation Assumptions | Assumption 2022 Risk-free interest rate 2.34 % Expected term 10 Expected stock price volatility 10 % Dividend yield 0 % |
Schedule Of Stock Options Activity | Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Years Aggregate Intrinsic Value (in thousands) Balance at January 1, 2022 959,667 $ 10.87 8.4 Granted 15,000 $ 14.03 Exercised (9,000) $ 11.35 Balance at December 31, 2022 965,667 $ 10.91 7.4 Exercisable at December 31, 2022 560,000 $ 10.18 6.4 $ 1,131 Balance at January 1, 2021 339,667 $ 9.37 7.1 Granted 620,000 $ 11.69 Balance at December 31, 2021 959,667 $ 10.87 8.4 Exercisable at December 31, 2021 319,667 $ 9.07 6.0 $ 663 |
Off-Balance Sheet Arrangements
Off-Balance Sheet Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Off-Balance Sheet Arrangements [Abstract] | |
Schedule of Financials Instruments with Off-Balance Sheet Risk | 2022 2021 Commitments to grant loans and unfunded lines of credit $ 95,461 $ 134,877 Standby and commercial letters of credit 4,320 6,420 Total $ 99,781 $ 141,297 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivatives [Abstract] | |
Summary of Interest Rate Swaps | Fair Value Notional Amount Collateral Amount Balance Sheet Location Asset Liability December 31, 2022: Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 33,893 $ 1,278 Other assets/Other liabilities $ 5,011 $ 5,011 December 31, 2021: Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 39,156 $ 1,260 Other assets/Other liabilities $ 1,434 $ 1,434 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurements [Abstract] | |
Schedule Of Assets Measured At Fair Value On Recurring Basis | 2022 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investment securities available for sale: U.S. Government Agency $ - $ 8,655 $ - $ 8,655 $ - $ 10,520 $ - $ 10,520 Collateralized mortgage obligations - 95,541 - 95,541 - 156,829 - 156,829 Mortgage-backed securities - Residential - 60,879 - 60,879 - 118,842 - 118,842 Mortgage-backed securities - Commercial - 27,954 - 27,954 - 50,117 - 50,117 Municipal securities - 18,483 - 18,483 - 24,276 - 24,276 Bank subordinated debt securities - 14,919 - 14,919 - 28,408 - 28,408 Corporate bonds - 3,709 - 3,709 - 12,550 - 12,550 Total - 230,140 - 230,140 - 401,542 - 401,542 Derivative assets - 5,011 - 5,011 - 1,434 - 1,434 Total assets at fair value $ - $ 235,151 $ - $ 235,151 $ - $ 402,976 $ - $ 402,976 Derivative liabilities $ - $ 5,011 $ - $ 5,011 $ - $ 1,434 $ - $ 1,434 Total liabilities at fair value $ - $ 5,011 $ - $ 5,011 $ - $ 1,434 $ - $ 1,434 |
Schedule Of Assets Measured At Fair Value On A Nonrecurring Basis | Level 1 Level 2 Level 3 Total December 31, 2022: Impaired loans $ - $ - $ 3,639 $ 3,639 December 31, 2021: Impaired loans $ - $ - $ 3,990 $ 3,990 |
Quantified Information About Level 3 Fair Value Measurements For Assets Measured At Fair Value On A Non-recurring Basis | Fair Value Valuation Technique(s) Unobservable Input(s) December 31, 2022: Residential real estate $ 3,500 Sales comparison approach Adj. for differences between comparable sales Commercial and industrial 41 Discounted cash flow Adj. for differences in net operating income expectations Other 98 Discounted cash flow Adj. for differences in net operating income expectations Total $ 3,639 December 31, 2021: Residential real estate $ 3,807 Sales comparison approach Adj. for differences between comparable sales Commercial and industrial 70 Discounted cash flow Adj. for differences in net operating income expectations Other 113 Discounted cash flow Adj. for differences in net operating income expectations Total $ 3,990 |
Carrying Amounts And Estimated Fair Values Of Financial Instruments Not Carried At Fair Value | Fair Value Hierarchy Carrying Amount Level 1 Level 2 Level 3 Fair Value Amount December 31, 2022: Financial Assets: Cash and due from banks $ $6,605 $ $6,605 $ - $ - $ 6,605 Interest-bearing deposits in banks $ 47,563 $ 47,563 $ - $ - $ 47,563 Investment securities held to maturity $ 188,699 $ - $ 169,088 $ - $ 169,088 Loans held for investment, net $ 1,489,851 $ - $ - $ 1,436,877 $ 1,436,877 Accrued interest receivable $ 7,546 $ - $ 1,183 $ 6,363 $ 7,546 Financial Liabilities: Demand Deposits $ $629,776 $ $629,776 $ - $ - $ 629,776 Money market and savings accounts $ 915,853 $ 915,853 $ - $ - $ 915,853 Interest-bearing checking accounts $ 66,675 $ 66,675 $ - $ - $ 66,675 Time deposits $ 216,977 $ - $ - $ 211,406 $ 211,406 FHLB advances $ 46,000 $ - $ 44,547 $ - $ 44,547 Accrued interest payable $ 229 $ - $ 92 $ 137 $ 229 December 31, 2021: Financial Assets: Cash and due from banks $ 6,477 $ 6,477 $ - $ - $ 6,477 Interest-bearing deposits in banks $ 39,751 $ 39,751 $ - $ - $ 39,751 Investment securities held to maturity 122,658 $ - $ 120,157 $ - $ 120,157 Loans held for investment, net $ 1,175,024 $ - $ - $ 1,189,191 $ 1,189,191 Accrued interest receivable $ 5,975 $ - $ 1,222 $ 4,753 $ 5,975 Financial Liabilities: Demand Deposits $ 605,425 $ 605,425 $ - $ - $ 605,425 Money market and savings accounts $ 703,856 $ 703,856 $ - $ - $ 703,856 Interest-bearing checking accounts $ 55,878 $ 55,878 $ - $ - $ 55,878 Time deposits $ 225,220 $ - $ - $ 224,688 $ 224,688 FHLB advances $ 36,000 $ - $ 36,479 $ - $ 36,479 Accrued interest payable $ 96 $ - $ 50 $ 46 $ 96 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity [Abstract] | |
Schedule Of Dividends On Preferred Shares | 2022 2021 Preferred stock - Class C: Non-voting, Non-cumulative, Perpetual: $ 1.00 1,000 per share liquidation preference; annual dividend rate of 4 % of liquidation preference paid quarterly. Quarterly dividend of $ 10.00 $ - $ 1,494 Preferred stock - Class D: Non-voting, Non-cumulative, Perpetual: $ 1.00 5.00 per share liquidation preference; annual dividend rate of 4 % of par value paid quarterly. Quarterly dividend of $ 0.01 - 348 Preferred stock - Class E: Non-voting, partially cumulative, Perpetual: $ 1.00 $ 1,000 7 % of liquidation preferences paid quarterly. Quarterly dividend of $ 17.50 - 235 Total $ - $ 2,077 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Calculation Of Net Income (Loss) Available To Common Stockholders Before Being Allocable Between Class A And Class B Common Shares | 2022 2021 Net Income $ 20,141 $ 21,077 Less: Preferred stock dividends - 2,077 Less: Exchange and redemption of preferred shares - 89,585 Net income (loss) available to common stockholders $ 20,141 $ (70,585) |
Calculation Of Basic And Diluted Earnings (Loss) Per Common Share Class | 2022 2021 Class A Class A Basic EPS Numerator: Net income (loss) available to common shares before allocation $ 20,141 $ (70,585) Multiply: % allocated on weighted avg. shares outstanding 100.0% 100.0% Net income (loss) available to common shares after allocation $ 20,141 $ (70,585) Denominator: Weighted average shares outstanding 19,999,323 10,507,530 Earnings (loss) per share, basic $ 1.01 $ (6.72) Diluted EPS Numerator: Net income (loss) available to common shares before allocation $ 20,141 $ (70,585) Multiply: % allocated on weighted avg. shares outstanding 100.0% 100.0% Net income (loss) available to common shares after allocation $ 20,141 $ (70,585) Denominator: Weighted average shares outstanding for basic EPS 19,999,323 10,507,530 Add: Dilutive effects of assumed exercises of stock options 177,515 - Weighted avg. shares including dilutive potential common shares 20,176,838 10,507,530 Earnings (loss) per share, diluted $ 1.00 $ (6.72) Anti-dilutive stock options excluded from diluted EPS 15,000 183,303 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Schedule Of Actual Capital Amounts And Ratios | Actual Minimum Capital Requirements To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2022: Total $ 216,693 13.58 % $ 127,616 8.00 % $ 159,520 10.00 % Tier 1 risk-based capital: $ 198,909 12.47 % $ 95,712 6.00 % $ 127,616 8.00 % Common equity tier 1 capital: $ 198,909 12.47 % $ 71,784 4.50 % $ 103,688 6.50 % Leverage ratio: 198,909 9.56 % $ 83,210 4.00 % $ 104,012 5.00 % December 31, 2021: (1) Total $ 186,735 14.92 % $ 100,125 8.00 % $ 125,157 10.00 % Tier 1 risk-based capital $ 171,484 13.70 % $ 75,094 6.00 % $ 100,125 8.00 % Common equity tier 1 capital $ 171,484 13.70 % $ 56,321 4.50 % $ 81,352 6.50 % Leverage ratio $ 171,484 9.55 % $ 71,825 4.00 % $ 89,781 5.00 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule Of Loans To And Deposits From Related Parties | 2022 2021 Consolidated Balance Sheets: Loans held for investment, net $ - $ - Deposits $ 6,825 $ 1,905 Consolidated Statements of Operations: Interest income $ - $ - Interest expense $ 54 $ 16 |
Parent Company Condensed Fina_2
Parent Company Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Parent Company Condensed Financial Information [Abstract] | |
Schedule Of Condensed Balance Sheets | December 31, 2022 December 31, 2021 ASSETS: Cash and Cash Equivalents $ 1,102 $ - Investment in bank subsidiary 181,326 203,897 Other assets - - Total $ 182,428 $ 203,897 LIABILITIES AND STOCKHOLDERS' EQUITY: Other liabilities $ - $ - Stockholders' equity 182,428 203,897 Total $ 182,428 $ 203,897 |
Schedule Of Income Statement | December 31, 2022 December 31, 2021 INCOME: Dividends from subsidiaries $ 1,000 $ - Service fees from subsidiaries - - Total $ 1,000 $ - EXPENSE: Employee compensation and benefits - - Total - - Income before income taxes and undistributed subsidiary income 1,000 Provision (benefit) for income taxes - - Equity in undisbursed subsidiary income 19,141 Net Income $ 20,141 $ - |
Schedule Of Cash Flow | December 31, 2022 December 31, 2021 Cash flows from operating activities: Net income $ 20,141 $ - Adjustments to reconcile net income to net cash provided activities: - Equity in undistributed earnings of subsidiaries (19,141) - Other - Net cash provided by operating activities $ 1,000 $ - Cash flows from investing activities: Capital contributions to subsidiary - - Other - - Net cash used in investing activities - - Cash flows from financing activities: Dividends paid - - Proceeds from exercise of stock options 102 - Repurchase of common stock - - Net cash (used in) provided by financing activities 102 - Net increase (decrease) in cash and cash equivalents 1,102 - Cash and cash equivalents, beginning of period - - Cash and cash equivalents, end of period $ 1,102 $ - |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2021 USD ($) $ / shares shares | Jul. 31, 2020 shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) Item $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2015 shares | Dec. 28, 2021 $ / shares | Jun. 16, 2021 $ / shares | Dec. 31, 2020 USD ($) | |
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Loans outstanding | $ 1,190,081 | $ 1,507,338 | $ 1,190,081 | ||||||
Loans pledged as collateral | 1,191,659 | 1,507,228 | 1,191,659 | ||||||
Deposits with right of offset | 28,900 | 31,400 | 28,900 | ||||||
Federal Home Loan Bank stock, at cost | 2,100 | 2,882 | 2,100 | ||||||
Bank owned life insurance | 41,720 | $ 42,781 | 41,720 | ||||||
Common stock, par value | $ / shares | $ 1 | ||||||||
Preferred Stock Shares Outstanding | shares | 0 | ||||||||
Allowance for credit losses | 15,057 | $ 17,487 | 15,057 | $ 15,086 | |||||
Reserve on unfunded commitments | $ 141,297 | $ 99,781 | $ 141,297 | ||||||
Mortgage-Backed Securities - Commercial [Member] | Asset Pledged As Collateral Without Right [Member] | |||||||||
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Number of loans pledged as collateral | Item | 1 | ||||||||
Loans pledged as collateral | $ 20,000 | ||||||||
Scenario Forecast [Member] | Unfunded Commitments [Member] | |||||||||
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Allowance for credit losses | $ 2,000 | ||||||||
Increase in allowance for credit losses | 1,000 | ||||||||
Increase in reserve on unfunded commitments | 200 | ||||||||
Reserve on unfunded commitments | $ 600 | ||||||||
Common Class A [Member] | |||||||||
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Common stock, stock split conversion ratio | 0.2 | ||||||||
Common stock, par value | $ / shares | $ 1 | $ 1 | $ 1 | $ 1 | |||||
2015 Option Plan [Member] | |||||||||
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Expiration period | 10 years | ||||||||
Number of additional shares authorized | shares | 1,400,000 | 3,000,000 | |||||||
Extended life of option plan | 5 years | ||||||||
Number of shares authorized | shares | 1,000,000 | 1,000,000 | 2,000,000 | ||||||
Subsidiaries [Member] | |||||||||
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Common stock, par value | $ / shares | $ 1 | $ 1 | |||||||
Building [Member] | |||||||||
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Estimated useful Life | 40 years | ||||||||
Furniture, Fixtures And Equipment [Member] | Maximum [Member] | |||||||||
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Estimated useful Life | 25 years | ||||||||
Furniture, Fixtures And Equipment [Member] | Minimum [Member] | |||||||||
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Estimated useful Life | 3 years | ||||||||
Computer Equipment [Member] | Maximum [Member] | |||||||||
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Estimated useful Life | 5 years | ||||||||
Computer Equipment [Member] | Minimum [Member] | |||||||||
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Estimated useful Life | 3 years | ||||||||
Loans Outstanding [Member] | Customer Concentration Risk [Member] | Top Ten Lending Relationships [Member] | |||||||||
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Loans outstanding | $ 156,400 | $ 197,900 | $ 156,400 | ||||||
Concentration risk percentage | 13.10% | ||||||||
Loans Outstanding [Member] | Customer Concentration Risk [Member] | Ecuador, Honduras, Panama, and El Salvador [Member] | |||||||||
Significant Accounting Policies Disclosure [Line Items] | |||||||||
Loans outstanding | $ 47,900 | $ 88,800 | $ 47,900 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) Item | Dec. 31, 2021 USD ($) Item | |
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Amortized cost | $ 280,295,000 | $ 405,853,000 |
Fair Value | 230,140,000 | 401,542,000 |
Pledged under public funds, fair value | 204,200,000 | 37,300,000 |
Asset Pledged As Collateral With Right [Member] | Securities Sold Under Agreements To Repurchase [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Repurchase agreement with a public banking institution | $ 20,000,000 | $ 0 |
Florida [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Number of securities pledged under agreement | Item | 18 | 11 |
Ratio of outstanding uninsured deposits for public deposits secured by securities pledged | 25% | |
Pledged under public funds, fair value | $ 49,000,000 | $ 20,400,000 |
Corporate Bond Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Amortized cost | 4,037,000 | 12,068,000 |
Fair Value | 3,709,000 | 12,550,000 |
Mortgage Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value | 294,600,000 | |
Unrealized losses | $ 53,700,000 | |
Investment Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Number of investment securities | Item | 26 | |
Amortized cost | $ 74,400,000 | |
Fair Value | 63,800,000 | |
Net unrealized gain | 10,600,000 | |
Unrealized losses | 134,700,000 | |
Investment Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | Corporate Bond Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Amortized cost | $ 120,000 | $ 108,000 |
Investment Securities (Schedule
Investment Securities (Schedule of Available-for-sale Securities and Held-to-maturity Securities Reconciliation) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available-for-sale: | ||
Amortized Cost | $ 280,295 | $ 405,853 |
Unrealized Gains | 20 | 2,982 |
Unrealized Losses | (50,175) | (7,293) |
Fair Value | 230,140 | 401,542 |
Held-to-maturity: | ||
Amortized Cost | 188,699 | 122,658 |
Unrealized Gains | 425 | 14 |
Unrealized Losses | (20,036) | (2,515) |
Fair Value | 169,088 | 120,157 |
U.S. Government Agency [Member] | ||
Available-for-sale: | ||
Amortized Cost | 10,177 | 10,564 |
Unrealized Gains | 6 | |
Unrealized Losses | (1,522) | (50) |
Fair Value | 8,655 | 10,520 |
Held-to-maturity: | ||
Amortized Cost | 44,914 | 34,505 |
Unrealized Gains | 25 | 14 |
Unrealized Losses | (5,877) | (615) |
Fair Value | 39,062 | 33,904 |
U.S. Treasury [Member] | ||
Held-to-maturity: | ||
Amortized Cost | 9,841 | |
Unrealized Gains | ||
Unrealized Losses | (13) | |
Fair Value | 9,828 | |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale: | ||
Amortized Cost | 118,951 | 160,506 |
Unrealized Gains | 22 | |
Unrealized Losses | (23,410) | (3,699) |
Fair Value | 95,541 | 156,829 |
Held-to-maturity: | ||
Amortized Cost | 68,727 | 44,820 |
Unrealized Gains | 28 | |
Unrealized Losses | (7,830) | (1,021) |
Fair Value | 60,925 | 43,799 |
Mortgage-Backed Securities - Residential [Member] | ||
Available-for-sale: | ||
Amortized Cost | 73,838 | 120,643 |
Unrealized Gains | 228 | |
Unrealized Losses | (12,959) | (2,029) |
Fair Value | 60,879 | 118,842 |
Held-to-maturity: | ||
Amortized Cost | 42,685 | 26,920 |
Unrealized Gains | 372 | |
Unrealized Losses | (4,574) | (568) |
Fair Value | 38,483 | 26,352 |
Mortgage-Backed Securities - Commercial [Member] | ||
Available-for-sale: | ||
Amortized Cost | 32,244 | 49,905 |
Unrealized Gains | 15 | 820 |
Unrealized Losses | (4,305) | (608) |
Fair Value | 27,954 | 50,117 |
Held-to-maturity: | ||
Amortized Cost | 11,442 | 3,103 |
Unrealized Gains | ||
Unrealized Losses | (665) | (90) |
Fair Value | 10,777 | 3,013 |
Municipal Securities [Member] | ||
Available-for-sale: | ||
Amortized Cost | 25,084 | 25,164 |
Unrealized Gains | 6 | |
Unrealized Losses | (6,601) | (894) |
Fair Value | 18,483 | 24,276 |
Bank Subordinated Debt Securities [Member] | ||
Available-for-sale: | ||
Amortized Cost | 15,964 | 27,003 |
Unrealized Gains | 5 | 1,418 |
Unrealized Losses | (1,050) | (13) |
Fair Value | 14,919 | 28,408 |
Corporate Bonds [Member] | ||
Available-for-sale: | ||
Amortized Cost | 4,037 | 12,068 |
Unrealized Gains | 482 | |
Unrealized Losses | (328) | |
Fair Value | 3,709 | 12,550 |
Held-to-maturity: | ||
Amortized Cost | 11,090 | 13,310 |
Unrealized Gains | ||
Unrealized Losses | (1,077) | (221) |
Fair Value | $ 10,013 | $ 13,089 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investments Securities [Abstract] | ||
Proceeds from sales and call of securities | $ 60,649 | $ 51,974 |
Gross Gains | 217 | 545 |
Gross Losses | (2,746) | (331) |
Net realized gains (losses) | $ (2,529) | $ 214 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of Investment Securities by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available-for-sale, Amortized Cost: | ||
Due within one year | ||
Due after one year through five years | 4,037 | |
Due after five years through ten years | 16,964 | |
Due after ten years | 24,084 | |
Amortized Cost | 280,295 | $ 405,853 |
Available-for-sale, Fair Value: | ||
Due within one year | ||
Due after one year through five years | 3,709 | |
Due after five years through ten years | 15,722 | |
Due after ten years | 17,680 | |
Fair Value | 230,140 | 401,542 |
Held-to-maturity, Amortized Cost: | ||
Due within one year | 1,515 | |
Due after one year through five years | 9,575 | |
Amortized Cost | 188,699 | 122,658 |
Held-to-maturity, Fair Value: | ||
Due within one year | 1,475 | |
Due after one year through five years | 8,539 | |
Fair Value | 169,088 | 120,157 |
U.S. Government Agency [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 10,177 | |
Amortized Cost | 10,177 | 10,564 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 8,655 | |
Fair Value | 8,655 | 10,520 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 44,914 | |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 39,061 | |
Fair Value | 39,062 | 33,904 |
U.S. Treasury [Member] | ||
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 9,841 | |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 9,828 | |
Fair Value | 9,828 | |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 118,951 | |
Amortized Cost | 118,951 | 160,506 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 95,541 | |
Fair Value | 95,541 | 156,829 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 68,727 | |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 60,925 | |
Fair Value | 60,925 | 43,799 |
Mortgage-Backed Securities - Residential [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 73,838 | |
Amortized Cost | 73,838 | 120,643 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 60,879 | |
Fair Value | 60,879 | 118,842 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 42,685 | |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 38,483 | |
Fair Value | 38,483 | 26,352 |
Mortgage-Backed Securities - Commercial [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 32,244 | |
Amortized Cost | 32,244 | 49,905 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 27,954 | |
Fair Value | 27,954 | 50,117 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 11,442 | |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 10,777 | |
Fair Value | $ 10,777 | $ 3,013 |
Investment Securities (Availabl
Investment Securities (Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Less than 12 months, Fair Value | $ 77,864 | $ 311,459 |
Less than 12 months, Unrealized Losses | (5,402) | (5,381) |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer | 315,942 | 110,794 |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | 74,208 | 4,095 |
Debt Securities Available For Sale Unrealized Loss Position | 393,806 | 422,253 |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | 79,610 | 9,476 |
U.S. Government Agency [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Less than 12 months, Fair Value | 11,407 | 25,951 |
Less than 12 months, Unrealized Losses | (1,093) | (254) |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer | 36,310 | 15,477 |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | 7,616 | 516 |
Debt Securities Available For Sale Unrealized Loss Position | 47,717 | 41,428 |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | 8,709 | 770 |
U.S. Treasury [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Less than 12 months, Fair Value | 9,828 | |
Less than 12 months, Unrealized Losses | (13) | |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer | ||
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | ||
Debt Securities Available For Sale Unrealized Loss Position | 9,828 | |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | 13 | |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Less than 12 months, Fair Value | 16,500 | 155,668 |
Less than 12 months, Unrealized Losses | (963) | (3,223) |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer | 139,965 | 38,459 |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | 34,962 | 1,497 |
Debt Securities Available For Sale Unrealized Loss Position | 156,465 | 194,127 |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | 35,925 | 4,720 |
Mortgage-Backed Securities - Residential [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Less than 12 months, Fair Value | 5,059 | 88,772 |
Less than 12 months, Unrealized Losses | (564) | (1,178) |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer | 91,742 | 37,373 |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | 19,348 | 1,274 |
Debt Securities Available For Sale Unrealized Loss Position | 96,801 | 126,145 |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | 19,912 | 2,452 |
Mortgage-Backed Securities - Commercial [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Less than 12 months, Fair Value | 10,052 | 25,289 |
Less than 12 months, Unrealized Losses | (1,173) | (318) |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer | 26,823 | 7,507 |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | 5,300 | 309 |
Debt Securities Available For Sale Unrealized Loss Position | 36,875 | 32,796 |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | 6,473 | 627 |
Municipal Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Less than 12 months, Fair Value | 11,292 | |
Less than 12 months, Unrealized Losses | (395) | |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer | 18,483 | 11,978 |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | 6,601 | 499 |
Debt Securities Available For Sale Unrealized Loss Position | 18,483 | 23,270 |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | 6,601 | 894 |
Bank Subordinated Debt Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Less than 12 months, Fair Value | 11,295 | 4,487 |
Less than 12 months, Unrealized Losses | (670) | (13) |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer | 2,619 | |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | 381 | |
Debt Securities Available For Sale Unrealized Loss Position | 13,914 | 4,487 |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | 1,051 | $ 13 |
Corporate Bond Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Less than 12 months, Fair Value | 13,723 | |
Less than 12 months, Unrealized Losses | (926) | |
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer | ||
Debt Securities Available For Sale Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | ||
Debt Securities Available For Sale Unrealized Loss Position | 13,723 | |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | $ 926 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans pledged as collateral | $ 1,507,228,000 | $ 1,191,659,000 |
Loans in process of foreclosure amount | 0 | 1,200,000 |
Interest income recognized attributable to nonaccrual loans | 0 | 0 |
Interest income | 5,000 | |
Interest income recognized on impaired loans | 351,000 | 415,000 |
Allocated of specific allowance for TDR loans | 294,000 | 360,000 |
Commitment to lend additional funds | 0 | 0 |
Charge-offs | 120,000 | 261,000 |
Total TDRs | 7,877,000 | 8,876,000 |
Federal Home Loan Bank Advances [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans pledged as collateral | $ 338,100,000 | $ 185,100,000 |
Financial Asset Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of Loans | 0 | |
CARES Act Modifications [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of Loans | 0 | 0 |
TDR Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Charge-offs | $ 18,000 | |
Defaults on loans modified as TDR | 0 | 0 |
Total TDRs | 0 | 0 |
Paycheck Protection Program [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan amount | 1,300,000 | 42,400,000 |
Deferred loan fees | 13,000 | 1,500,000 |
Loan fees | 1,600,000 | 4,500,000 |
Commercial and Industrial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans pledged as collateral | 126,984,000 | 146,592,000 |
Allocated of specific allowance for TDR loans | 41,000 | 71,000 |
Charge-offs | 104,000 | 18,000 |
Total TDRs | $ 82,000 | $ 141,000 |
Loans (Summary of Loans Held fo
Loans (Summary of Loans Held for Investment) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 1,507,228 | $ 1,191,659 |
Less: Unearned income | (110) | 1,578 |
Total loans net of unearned income | 1,507,338 | 1,190,081 |
Less: ACL | 17,487 | 15,057 |
Total net loans | $ 1,489,851 | $ 1,175,024 |
Percent of Total | 100% | 100% |
Residential Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 185,636 | $ 201,359 |
Percent of Total | 12.30% | 16.90% |
Commercial Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 970,410 | $ 704,988 |
Percent of Total | 64.40% | 59.20% |
Commercial and Industrial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 126,984 | $ 146,592 |
Percent of Total | 8.40% | 12.30% |
Foreign Banks [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 93,769 | $ 59,491 |
Percent of Total | 6.20% | 5% |
Consumer and Other [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 130,429 | $ 79,229 |
Percent of Total | 8.70% | 6.60% |
Loans (Allowance for Credit Los
Loans (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | $ 15,057 | $ 15,086 |
Provision for credit losses | 2,495 | (160) |
Recoveries | 55 | 392 |
Charge-offs | (120) | (261) |
Ending balance | 17,487 | 15,057 |
Allowance for Credit Losses: | ||
Individually evaluated for impairment | 294 | 360 |
Collectively evaluated for impairment | 17,193 | 14,697 |
Balances, end of period | 17,487 | 15,057 |
Loans: | ||
Individually evaluated for impairment | 7,877 | 10,067 |
Collectively evaluated for impairment | 1,499,351 | 1,181,592 |
Balances, end of period | 1,507,228 | 1,191,659 |
Residential Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 2,498 | 3,408 |
Provision for credit losses | (1,179) | (919) |
Recoveries | 33 | 238 |
Charge-offs | (229) | |
Ending balance | 1,352 | 2,498 |
Allowance for Credit Losses: | ||
Individually evaluated for impairment | 155 | 178 |
Collectively evaluated for impairment | 1,197 | 2,320 |
Balances, end of period | 1,352 | 2,498 |
Loans: | ||
Individually evaluated for impairment | 7,206 | 9,006 |
Collectively evaluated for impairment | 178,430 | 192,353 |
Balances, end of period | 185,636 | 201,359 |
Commercial Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 8,758 | 9,453 |
Provision for credit losses | 1,385 | (695) |
Ending balance | 10,143 | 8,758 |
Allowance for Credit Losses: | ||
Collectively evaluated for impairment | 10,143 | 8,758 |
Balances, end of period | 10,143 | 8,758 |
Loans: | ||
Individually evaluated for impairment | 393 | 696 |
Collectively evaluated for impairment | 970,017 | 704,292 |
Balances, end of period | 970,410 | 704,988 |
Commercial and Industrial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 2,775 | 1,689 |
Provision for credit losses | 1,474 | 955 |
Recoveries | 18 | 149 |
Charge-offs | (104) | (18) |
Ending balance | 4,163 | 2,775 |
Allowance for Credit Losses: | ||
Individually evaluated for impairment | 41 | 71 |
Collectively evaluated for impairment | 4,122 | 2,704 |
Balances, end of period | 4,163 | 2,775 |
Loans: | ||
Individually evaluated for impairment | 82 | 141 |
Collectively evaluated for impairment | 126,902 | 146,451 |
Balances, end of period | 126,984 | 146,592 |
Foreign Banks [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 457 | 348 |
Provision for credit losses | 263 | 109 |
Ending balance | 720 | 457 |
Allowance for Credit Losses: | ||
Collectively evaluated for impairment | 720 | 457 |
Balances, end of period | 720 | 457 |
Loans: | ||
Collectively evaluated for impairment | 93,769 | 59,491 |
Balances, end of period | 93,769 | 59,491 |
Consumer and Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 569 | 188 |
Provision for credit losses | 552 | 390 |
Recoveries | 4 | 5 |
Charge-offs | (16) | (14) |
Ending balance | 1,109 | 569 |
Allowance for Credit Losses: | ||
Individually evaluated for impairment | 98 | 111 |
Collectively evaluated for impairment | 1,011 | 458 |
Balances, end of period | 1,109 | 569 |
Loans: | ||
Individually evaluated for impairment | 196 | 224 |
Collectively evaluated for impairment | 130,233 | 79,005 |
Balances, end of period | $ 130,429 | $ 79,229 |
Loans (Loan Credit Exposures) (
Loans (Loan Credit Exposures) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | $ 1,507,228 | $ 1,191,659 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 185,636 | 201,359 |
Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 623 | 701 |
Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 132,178 | 135,421 |
Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 52,835 | 65,237 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 970,410 | 704,988 |
Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 38,687 | 24,581 |
Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 176,820 | 127,489 |
Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 49,994 | 42,400 |
Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 704,909 | 510,411 |
Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 107 | |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 126,984 | 146,592 |
Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 121,680 | 98,141 |
Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 5,304 | 48,451 |
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 93,769 | 59,491 |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 130,429 | 79,229 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,503,280 | 1,184,662 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 185,636 | 196,778 |
Pass [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 623 | 701 |
Pass [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 132,178 | 130,840 |
Pass [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 52,835 | 65,237 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 967,465 | 703,349 |
Pass [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 38,687 | 24,581 |
Pass [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 176,820 | 127,489 |
Pass [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 49,601 | 41,983 |
Pass [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 702,357 | 509,189 |
Pass [Member] | Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 107 | |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 126,177 | 146,039 |
Pass [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 120,873 | 97,605 |
Pass [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 5,304 | 48,434 |
Pass [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 93,769 | 59,491 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 130,233 | 79,005 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,222 | |
Special Mention [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,222 | |
Special Mention [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,222 | |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 3,948 | 5,775 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 4,581 | |
Substandard [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 4,581 | |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 2,945 | 417 |
Substandard [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 393 | 417 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 807 | 553 |
Substandard [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 807 | 536 |
Substandard [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 17 | |
Substandard [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | $ 196 | $ 224 |
Loans (Aging Analysis of Accrui
Loans (Aging Analysis of Accruing and Total Non-Accruing Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | $ 1,507,228 | $ 1,190,469 |
Non-Accrual | 1,190 | |
Balances, end of period | 1,507,228 | 1,191,659 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 185,636 | 200,169 |
Non-Accrual | 1,190 | |
Balances, end of period | 185,636 | 201,359 |
Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 623 | 701 |
Balances, end of period | 623 | 701 |
Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 132,178 | 134,231 |
Non-Accrual | 1,190 | |
Balances, end of period | 132,178 | 135,421 |
Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 52,835 | 65,237 |
Balances, end of period | 52,835 | 65,237 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 970,410 | 704,988 |
Balances, end of period | 970,410 | 704,988 |
Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 38,687 | 24,581 |
Balances, end of period | 38,687 | 24,581 |
Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 176,820 | 127,489 |
Balances, end of period | 176,820 | 127,489 |
Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 49,994 | 42,400 |
Balances, end of period | 49,994 | 42,400 |
Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 704,909 | 510,411 |
Balances, end of period | 704,909 | 510,411 |
Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 107 | |
Balances, end of period | 107 | |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 126,984 | 146,592 |
Balances, end of period | 126,984 | 146,592 |
Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 121,680 | 98,141 |
Balances, end of period | 121,680 | 98,141 |
Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 5,304 | 48,451 |
Balances, end of period | 5,304 | 48,451 |
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 93,769 | 59,491 |
Balances, end of period | 93,769 | 59,491 |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 130,429 | 79,229 |
Balances, end of period | 130,429 | 79,229 |
Current [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,502,357 | 1,188,080 |
Current [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 182,053 | 198,886 |
Current [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 623 | 701 |
Current [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 131,120 | 133,942 |
Current [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 50,310 | 64,243 |
Current [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 970,385 | 704,552 |
Current [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 38,687 | 24,581 |
Current [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 176,820 | 127,053 |
Current [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 49,994 | 42,400 |
Current [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 704,884 | 510,411 |
Current [Member] | Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 107 | |
Current [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 125,981 | 146,182 |
Current [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 121,649 | 98,141 |
Current [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 4,332 | 48,041 |
Current [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 93,769 | 59,491 |
Current [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 130,169 | 78,969 |
Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 4,871 | 2,389 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 3,583 | 1,283 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,058 | 289 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 2,525 | 994 |
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 25 | 436 |
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 436 | |
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 25 | |
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,003 | 410 |
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 31 | |
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 972 | 410 |
Past Due 30-89 Days [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | $ 260 | $ 260 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance Recorded: Unpaid Principal Balance | $ 3,944 | $ 5,717 |
Impaired Loans with Specific Allowance Recorded: Unpaid Principal Balance | 3,933 | 4,350 |
Unpaid Principal Balance | 7,877 | 10,067 |
Impaired Loans with Specific Allowance Recorded: Net Investment Balance | 3,904 | 4,315 |
Impaired Loans with No Specific Allowance Recorded: Net Investment Balance | 3,937 | 5,730 |
Net Investment Income | 7,841 | 10,045 |
Valuation Allowance | 294 | 360 |
Average Recorded Investment | 8,520 | 9,937 |
Residential Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance Recorded: Unpaid Principal Balance | 3,551 | 5,021 |
Impaired Loans with Specific Allowance Recorded: Unpaid Principal Balance | 3,655 | 3,985 |
Impaired Loans with Specific Allowance Recorded: Net Investment Balance | 3,626 | 3,950 |
Impaired Loans with No Specific Allowance Recorded: Net Investment Balance | 3,544 | 5,035 |
Valuation Allowance | 155 | 178 |
Average Recorded Investment | 7,626 | 8,791 |
Commercial Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance Recorded: Unpaid Principal Balance | 393 | 696 |
Impaired Loans with No Specific Allowance Recorded: Net Investment Balance | 393 | 695 |
Average Recorded Investment | 575 | 714 |
Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired Loans with Specific Allowance Recorded: Unpaid Principal Balance | 82 | 141 |
Impaired Loans with Specific Allowance Recorded: Net Investment Balance | 82 | 141 |
Valuation Allowance | 41 | 71 |
Average Recorded Investment | 109 | 178 |
Consumer and Other [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired Loans with Specific Allowance Recorded: Unpaid Principal Balance | 196 | 224 |
Impaired Loans with Specific Allowance Recorded: Net Investment Balance | 196 | 224 |
Valuation Allowance | 98 | 111 |
Average Recorded Investment | $ 210 | $ 254 |
Loans (Performing and Non-Perfo
Loans (Performing and Non-Performing Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | $ 7,877 | $ 8,876 |
Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 7,206 | 7,815 |
Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 393 | 696 |
Commercial and Industrial [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 82 | 141 |
Consumer and Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 196 | 224 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 7,877 | 8,876 |
Performing Financing Receivable [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 7,206 | 7,815 |
Performing Financing Receivable [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 393 | 696 |
Performing Financing Receivable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 82 | 141 |
Performing Financing Receivable [Member] | Consumer and Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | $ 196 | $ 224 |
Leases (ROU Assets And Leases L
Leases (ROU Assets And Leases Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
ROU Assets: Operating leases | $ 14,395 | $ 14,185 |
Lease liabilities: Operating leases | $ 14,395 | $ 14,185 |
Leases (Weighted Average Remain
Leases (Weighted Average Remaining Lease Term And Weighted Average Discount Rate) (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Weighed average remaining lease term: Operating leases (in years) | 6 years 11 months 23 days | 8 years 3 months 10 days |
Weighted average discount rate: Operating leases | 2.94% | 2.32% |
Leases (Future Lease Payment Ob
Leases (Future Lease Payment Obligations And Reconciliation To Lease Liability) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 3,158 |
2024 | 3,236 |
2025 | 3,312 |
2026 | 2,383 |
2027 | 951 |
Thereafter | 3,478 |
Total future minimum lease payments | $ 16,518 |
Leases (Future Lease Payment _2
Leases (Future Lease Payment Obligations And Reconciliation To Lease Liability II) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Total future minimum lease payments | $ 16,518 | |
Less: interest component | (2,123) | |
Lease liability | $ 14,395 | $ 14,185 |
Premises And Equipment (Narrati
Premises And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property Plant And Equipment [Line Items] | ||
Depreciation and amortization expense | $ 688 | $ 1,000 |
Branch Sale And Relocation [Member] | ||
Property Plant And Equipment [Line Items] | ||
Depreciation and amortization expense | 600 | |
Elimination of assets | $ 600 |
Premises And Equipment (Summary
Premises And Equipment (Summary Of Premises And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 26,791 | $ 26,118 |
Accumulated depreciation and amortization | (21,528) | (20,840) |
Premises and equipment, net | 5,263 | 5,278 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 972 | 972 |
Building [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 1,952 | 1,947 |
Furniture, Fixtures And Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 8,841 | 8,726 |
Computer Hardware And Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 4,575 | 4,552 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 10,451 | $ 9,921 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | ||
Federal statutory income tax rate | 21% | 21% |
Unrecognized tax benefits | $ 0 | $ 0 |
Interest or penalties | 0 | $ 0 |
Domestic Country [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards | 81,800,000 | |
State And Local Jurisdiction [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards | $ 104,500,000 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | ||
Federal | ||
State | ||
Total current | ||
Deferred: | ||
Federal | 5,462 | 5,314 |
State | 1,482 | 1,286 |
Total deferred | 6,944 | 6,600 |
Total | $ 6,944 | $ 6,600 |
Income Taxes (Statutory Tax Exp
Income Taxes (Statutory Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Federal taxes at statutory rate | $ 5,688 | $ 5,812 |
State income taxes, net of federal tax benefit | 1,177 | 969 |
Bank owned life insurance | (269) | (186) |
Other, net | 348 | 5 |
Total | $ 6,944 | $ 6,600 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Net operating loss | $ 21,720,000 | $ 28,819,000 |
Allowance for credit losses | 4,432,000 | 3,816,000 |
Lease liability | 3,648,000 | 3,595,000 |
Unrealized loss on available for sale securities | 15,193,000 | 817,000 |
Deferred loan fees | 400,000 | |
Depreciable property | 158,000 | 361,000 |
Stock option compensation | 373,000 | 241,000 |
Accruals | 723,000 | 600,000 |
Other, net | 2,000 | |
Deferred tax asset | 46,247,000 | 38,651,000 |
Deferred tax liabilities: | ||
Deferred loan costs | (28,000) | |
Lease right of use asset | (3,648,000) | (3,595,000) |
Deferred expenses | (175,000) | (127,000) |
Other, net | (36,000) | |
Deferred tax liability | (3,887,000) | (3,722,000) |
Net deferred tax asset | $ 42,360,000 | $ 34,929,000 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Time deposits exceeding the FDIC insurance limit of $250 thousand | $ 82,000 | $ 119,400 |
Reclassification of time deposits | $ 230 | $ 247 |
Deposits (Schedule Of Deposits
Deposits (Schedule Of Deposits By Types) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 629,776 | $ 605,425 |
Interest-bearing transaction accounts | 66,675 | 55,878 |
Saving and money market deposits | 915,853 | 703,856 |
Time deposits | 216,977 | 225,220 |
Total deposits | $ 1,829,281 | $ 1,590,379 |
Deposits (Schedule Of Maturitie
Deposits (Schedule Of Maturities Of Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
2023 | $ 182,647 | |
2024 | 11,135 | |
2025 | 1,998 | |
2026 | 20,402 | |
2027 | 549 | |
Thereafter | 246 | |
Total deposits | $ 216,977 | $ 225,220 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Borrowings [Abstract] | ||
Borrowed funds, fixed rate advances from FHLB | $ 46,000 | $ 36,000 |
Borrowings (Schedule Of Fixed I
Borrowings (Schedule Of Fixed Interest Rates And Expected Maturities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Amount | $ 46,000 | $ 36,000 |
FHLB, Fixed Rate 0.81% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.81% | 0.81% |
Maturity Date | Aug. 17, 2023 | Aug. 17, 2023 |
Amount | $ 5,000 | $ 5,000 |
FHLB, Fixed Rate 1.04% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.04% | 1.04% |
Maturity Date | Jul. 30, 2024 | Jul. 30, 2024 |
Amount | $ 5,000 | $ 5,000 |
FHLB, Fixed Rate 2.05% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.05% | 2.05% |
Maturity Date | Mar. 27, 2025 | Mar. 27, 2025 |
Amount | $ 10,000 | $ 10,000 |
FHLB, Fixed Rate 1.91% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.91% | |
Maturity Date | Mar. 28, 2025 | |
Amount | $ 5,000 | |
FHLB, Fixed Rate 1.81% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.81% | |
Maturity Date | Apr. 17, 2025 | |
Amount | $ 5,000 | |
FHLB, Fixed Rate 1.07% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.07% | 1.07% |
Maturity Date | Jul. 18, 2025 | Jul. 18, 2025 |
Amount | $ 6,000 | $ 6,000 |
FHLB, Fixed Rate 4.17% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.17% | |
Maturity Date | Jan. 13, 2023 | |
Amount | $ 20,000 |
Equity Based And Other Compen_3
Equity Based And Other Compensation Plans (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 USD ($) Item shares | Jul. 31, 2020 shares | Dec. 31, 2022 USD ($) Item $ / shares shares | Dec. 31, 2021 USD ($) Item $ / shares shares | Dec. 31, 2015 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Contributions to the 401(k) plan | $ | $ 313,000 | $ 296,000 | |||
Number of equity compensation plans not approved by shareholders | Item | 0 | 0 | 0 | ||
Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards outstanding | shares | 0 | 0 | 0 | ||
2015 Option Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares authorized | shares | 1,000,000 | 1,000,000 | 2,000,000 | ||
Exercisable term, years | 10 years | ||||
Expiration period | 10 years | ||||
Number of additional shares authorized | shares | 1,400,000 | 3,000,000 | |||
Extended life of option plan | 5 years | ||||
Number of shares available for grant | shares | 1,401,667 | 1,386,667 | 1,401,667 | ||
Compensation expense | $ | $ 523,000 | $ 287,000 | |||
Tax benefit from compensation expense | $ | 0 | 0 | |||
Unrecognized compensation cost | $ | $ 1,300,000 | $ 787,000 | $ 1,300,000 | ||
Weighted average fair value of options granted | $ / shares | $ 3.45 | $ 2.32 | |||
Common Class A [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 0.2 |
Equity Based And Other Compen_4
Equity Based And Other Compensation Plans (Schedule Of Stock Options Valuation Assumptions) (Details) - Stock Option [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Risk-free interest rate | 2.34% |
Expected term | 10 years |
Expected stock price volatility | 10% |
Dividend yield | 0% |
Equity Based And Other Compen_5
Equity Based And Other Compensation Plans (Schedule Of Stock Options Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 $ / shares shares | |
Equity Based And Other Compensation Plans [Abstract] | |||
Stock Options, Balance at the beginning | shares | 959,667 | 339,667 | |
Stock Options, Granted | shares | 15,000 | 620,000 | |
Stock Options, Exercised | shares | (9,000) | ||
Stock Options, Balance at the ending | shares | 965,667 | 959,667 | 339,667 |
Stock Options, Exercisable | shares | 560,000 | 319,667 | |
Weighted Average Exercise Price, Balance at the beginning | $ / shares | $ 10.87 | $ 9.37 | |
Weighted Average Exercise Price, Granted | $ / shares | 14.03 | 11.69 | |
Weighted Average Exercise Price, Exercised | $ / shares | 11.35 | ||
Weighted Average Exercise Price, Balance at the ending | $ / shares | 10.91 | 10.87 | $ 9.37 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 10.18 | $ 9.07 | |
Weighted Average Remaining Contractual Years | 7 years 4 months 24 days | 8 years 4 months 24 days | 7 years 1 month 6 days |
Weighted Average Remaining Contractual Years, Exercisable | 6 years 4 months 24 days | 6 years | |
Aggregate Intrinsic Value, Exercisable | $ | $ 1,131 | $ 663 | |
Common Class A [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 0.2 |
Off-Balance Sheet Arrangement_2
Off-Balance Sheet Arrangements (Schedule of Financials Instruments with Off-Balance Sheet Risk) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 99,781 | $ 141,297 |
Commitments to Grant Loans and Unfunded Lines of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | 95,461 | 134,877 |
Standby and Commercial Letters of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 4,320 | $ 6,420 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - Interest Rate Swap [Member] $ in Millions | Dec. 31, 2022 USD ($) Item | Dec. 31, 2021 USD ($) Item |
Derivatives Fair Value [Line Items] | ||
Number of instruments with loan customers | Item | 15 | 18 |
Notional amount | $ | $ 33.9 | $ 39.2 |
Derivatives (Summary of Interes
Derivatives (Summary of Interest Rate Swaps) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 33,900 | $ 39,200 |
Not Designated as Hedging Instrument [Member] | Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 33,893 | 39,156 |
Collateral Amount | 1,278 | 1,260 |
Asset | $ 5,011 | $ 1,434 |
Derivative Asset Statement Of Financial Position Extensible Enumeration | Other Assets | Other Assets |
Liability | $ 5,011 | $ 1,434 |
Derivative Liability Statement Of Financial Position Extensible Enumeration | Accrued Interest And Other Liabilities | Accrued Interest And Other Liabilities |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans carrying amount | $ 1,489,851,000 | $ 1,175,024,000 |
Impaired loan impairment charge | 120,000 | 261,000 |
Fair Value, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans carrying amount | 3,900,000 | 4,400,000 |
Impaired loans fair value | 3,639,000 | 3,990,000 |
Impaired loan impairment charge | 294,000 | 360,000 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans fair value | 3,639,000 | 3,990,000 |
Financial liabilities measured at fair value | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets Measured At Fair Value On Recurring And Nonrecurring Basis) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | $ 230,140,000 | $ 401,542,000 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 230,140,000 | 401,542,000 |
Derivative assets | 5,011,000 | 1,434,000 |
Total assets at fair value | 235,151,000 | 402,976,000 |
Derivative liabilities | 5,011,000 | 1,434,000 |
Total liabilities at fair value | 5,011,000 | 1,434,000 |
U.S. Treasury [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 8,655,000 | 10,520,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 95,541,000 | 156,829,000 |
Mortgage-Backed Securities - Residential [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 60,879,000 | 118,842,000 |
Mortgage-Backed Securities - Commercial [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 27,954,000 | 50,117,000 |
Municipal Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 18,483,000 | 24,276,000 |
Bank Subordinated Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 14,919,000 | 28,408,000 |
Corporate Bonds [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 3,709,000 | 12,550,000 |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 3,639,000 | 3,990,000 |
Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 230,140,000 | 401,542,000 |
Derivative assets | 5,011,000 | 1,434,000 |
Total assets at fair value | 235,151,000 | 402,976,000 |
Derivative liabilities | 5,011,000 | 1,434,000 |
Total liabilities at fair value | 5,011,000 | 1,434,000 |
Level 2 [Member] | U.S. Treasury [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 8,655,000 | 10,520,000 |
Level 2 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 95,541,000 | 156,829,000 |
Level 2 [Member] | Mortgage-Backed Securities - Residential [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 60,879,000 | 118,842,000 |
Level 2 [Member] | Mortgage-Backed Securities - Commercial [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 27,954,000 | 50,117,000 |
Level 2 [Member] | Municipal Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 18,483,000 | 24,276,000 |
Level 2 [Member] | Bank Subordinated Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 14,919,000 | 28,408,000 |
Level 2 [Member] | Corporate Bonds [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 3,709,000 | 12,550,000 |
Level 3 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 3,639,000 | 3,990,000 |
Total liabilities at fair value | $ 0 | $ 0 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantified Information About Level 3 Fair Value Measurements For Assets Measured At Fair Value On A Non-recurring Basis) (Details) - Fair Value, Nonrecurring [Member] - Impaired Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans fair value | $ 3,639 | $ 3,990 |
Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans fair value | 3,639 | 3,990 |
Level 3 [Member] | Residential Real Estate [Member] | Sales Comparison Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans fair value | 3,500 | 3,807 |
Level 3 [Member] | Commercial And Industrial [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans fair value | 41 | 70 |
Level 3 [Member] | Other [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans fair value | $ 98 | $ 113 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts And Estimated Fair Values Of Financial Instruments Not Carried At Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Assets: | ||
Investment securities held to maturity | $ 169,088 | $ 120,157 |
Carrying Amount [Member] | ||
Financial Assets: | ||
Cash and due from banks | 6,605 | 6,477 |
Interest-bearing deposits in banks | 47,563 | 39,751 |
Investment securities held to maturity | 188,699 | 122,658 |
Loans held for investment, net | 1,489,851 | 1,175,024 |
Accrued interest receivable | 7,546 | 5,975 |
Financial Liabilities: | ||
Demand deposits | 629,776 | 605,425 |
Money market and savings accounts | 915,853 | 703,856 |
Interest-bearing checking accounts | 66,675 | 55,878 |
Time deposits | 216,977 | 225,220 |
FHLB advances | 46,000 | 36,000 |
Accrued interest payable | 229 | 96 |
Fair Value [Member] | ||
Financial Assets: | ||
Cash and due from banks | 6,605 | 6,477 |
Interest-bearing deposits in banks | 47,563 | 39,751 |
Investment securities held to maturity | 169,088 | 120,157 |
Loans held for investment, net | 1,436,877 | 1,189,191 |
Accrued interest receivable | 7,546 | 5,975 |
Financial Liabilities: | ||
Demand deposits | 629,776 | 605,425 |
Money market and savings accounts | 915,853 | 703,856 |
Interest-bearing checking accounts | 66,675 | 55,878 |
Time deposits | 211,406 | 224,688 |
FHLB advances | 44,547 | 36,479 |
Accrued interest payable | 229 | 96 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and due from banks | 6,605 | 6,477 |
Interest-bearing deposits in banks | 47,563 | 39,751 |
Financial Liabilities: | ||
Demand deposits | 629,776 | 605,425 |
Money market and savings accounts | 915,853 | 703,856 |
Interest-bearing checking accounts | 66,675 | 55,878 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Assets: | ||
Investment securities held to maturity | 169,088 | 120,157 |
Accrued interest receivable | 1,183 | 1,222 |
Financial Liabilities: | ||
FHLB advances | 44,547 | 36,479 |
Accrued interest payable | 92 | 50 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans held for investment, net | 1,436,877 | 1,189,191 |
Accrued interest receivable | 6,363 | 4,753 |
Financial Liabilities: | ||
Time deposits | 211,406 | 224,688 |
Accrued interest payable | $ 137 | $ 46 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | 12 Months Ended | ||||||
Dec. 21, 2021 shares | Jul. 27, 2021 USD ($) $ / shares shares | Jun. 16, 2021 $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 28, 2021 $ / shares | Apr. 05, 2021 USD ($) | |
Class of Stock [Line Items] | |||||||
Common stock issued share price | $ / shares | $ 1 | ||||||
Conversion of common stock shares issued | 1,234,354 | ||||||
Net income | $ | $ 20,141,000 | $ 21,077,000 | |||||
Common stock, par value | $ / shares | $ 1 | ||||||
Preferred stock, share outstanding | 0 | ||||||
Subsidiaries [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock issued share price | $ / shares | $ 1 | ||||||
Common stock, par value | $ / shares | $ 1 | $ 1 | |||||
Common Class A [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares issued | 20,000,753 | 19,991,753 | |||||
Stock issued | 1,224,212 | ||||||
Conversion of common stock shares issued | 1 | 10,278,072 | |||||
Common stock, par value | $ / shares | $ 1 | $ 1 | $ 1 | ||||
Common stock, stock split conversion ratio | 0.2 | ||||||
Common Class A [Member] | IPO [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock issued | 4,600,000 | ||||||
Proceeds from issuance of common stock | $ | $ 40,000,000 | ||||||
Common stock issued share price | $ / shares | $ 10 | ||||||
Common Class B [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares issued | 0 | 0 | |||||
Common stock, par value | $ / shares | $ 1 | $ 1 | |||||
Conversion of stock, converted from | 6,121,052 | ||||||
Preferred Stock Class C [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock converted | 47,473 | ||||||
Preferred stock, shares issued | 0 | 0 | |||||
Preferred stock, share outstanding | 0 | 0 | |||||
Preferred Stock Class D [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock converted | 11,061,552 | ||||||
Preferred stock, shares issued | 0 | 0 | |||||
Preferred stock, share outstanding | 0 | 0 | |||||
Preferred Stock Class E [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred shares total liquidation value | $ | $ 7,500,000 | ||||||
Outstanding dividends | $ | $ 103,000,000 | ||||||
Preferred stock, shares issued | 0 | 0 | |||||
Preferred stock, share outstanding | 0 | 0 | |||||
Class C Preferred Stock And Class D Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock conversion ratio | 0.90 | ||||||
Preferred stock remaining conversion ratio to be redeemed in form of the cash | 10% | ||||||
Preferred shares total liquidation value | $ | $ 11,400,000 | $ 102,800,000 | |||||
Net income | $ | (89,600,000) | ||||||
Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Outstanding dividends | $ | 0 | ||||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Outstanding dividends | $ | $ 0 | $ 0 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Dividends On Preferred Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Dividend paid | $ 2,077 | |
Preferred Stock Class C [Member] | ||
Class of Stock [Line Items] | ||
Dividend paid | $ 1,494 | |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, per share liquidation preference | $ 1,000 | $ 1,000 |
Preferred stock, dividend rate, percentage | 4% | |
Quarterly paid per share | $ 10 | |
Preferred Stock Class D [Member] | ||
Class of Stock [Line Items] | ||
Dividend paid | $ 348 | |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, per share liquidation preference | $ 5 | $ 5 |
Preferred stock, dividend rate, percentage | 4% | |
Quarterly paid per share | $ 0.01 | |
Preferred Stock Class E [Member] | ||
Class of Stock [Line Items] | ||
Dividend paid | $ 235 | |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, per share liquidation preference | $ 1,000 | $ 1,000 |
Preferred stock, dividend rate, percentage | 7% | |
Quarterly paid per share | $ 17.50 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common Class A [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Common stock, shares issued | 20,000,753 | 19,991,753 |
Common stock, shares outstanding | 20,000,753 | 19,991,753 |
Common Class B [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation Of Net Income (Loss) Available To Common Stockholders Before Being Allocable Between Class A And Class B Common Shares) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income | $ 20,141 | $ 21,077 |
Less: Preferred stock dividends | 2,077 | |
Less: Exchange and redemption of preferred shares | 89,585 | |
Net income (loss) available to common stockholders | $ 20,141 | $ (70,585) |
Earnings Per Share (Calculati_2
Earnings Per Share (Calculation Of Basic And Diluted Earnings (Loss) Per Common Share Class) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Basic EPS | ||
Net income (loss) available to common shares before allocation | $ 20,141 | $ (70,585) |
Common Class A [Member] | ||
Basic EPS | ||
Net income (loss) available to common shares before allocation | $ 20,141 | $ (70,585) |
Multiply: % allocated on weighted average shares outstanding | 100% | 100% |
Net Income (loss) available to common shares after allocation | $ 20,141 | $ (70,585) |
Weighted average shares outstanding | 19,999,323 | 10,507,530 |
Earnings (loss) per share, basic | $ 1.01 | $ (6.72) |
Diluted EPS | ||
Add: Dilutive effects of assumed exercises of stock options | 177,515 | 0 |
Weighted avg. share including dilutive potential common shares | 20,176,838 | 10,507,530 |
Earnings (loss) per share, diluted | $ 1 | $ (6.72) |
Anti-dilutive stock options excluded from diluted EPS calculation | 15,000 | 183,303 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | Dec. 31, 2022 $ / shares | Dec. 28, 2021 $ / shares |
Regulatory Matters [Abstract] | ||
Capital conservation buffer, percent | 0.025 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Common stock, par value | $ 1 | |
Subsidiaries [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Common stock, par value | $ 1 | $ 1 |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Actual Capital Amounts And Ratios) (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total risk-based capital, Actual, Amount | $ 216,693 | $ 186,735 |
Total risk-based capital, Actual, Ratio | 0.1358 | 0.1492 |
Total risk-based capital, Minimum Capital Requirement, Amount | $ 127,616 | $ 100,125 |
Total risk-based capital, Minimum Capital Requirement, Ratio | 0.0800 | 0.0800 |
Total risk-based capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 159,520 | $ 125,157 |
Total risk-based capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.1000 | 0.1000 |
Tier 1 risk-based capital, Actual, Amount | $ 198,909 | $ 171,484 |
Tier 1 risk-based capital, Actual, Ratio | 0.1247 | 0.1370 |
Tier 1 risk-based capital, Minimum Capital Requirement, Amount | $ 95,712 | $ 75,094 |
Tier 1 risk-based capital, Minimum Capital Requirement, Ratio | 0.0600 | 0.0600 |
Tier 1 risk-based capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 127,616 | $ 100,125 |
Tier 1 risk-based capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0800 | 0.0800 |
Common equity tier 1 capital, Actual, Amount | $ 198,909 | $ 171,484 |
Common equity tier 1 capital, Actual, Ratio | 0.1247 | 0.1370 |
Common equity tier 1 capital, Minimum Capital Requirement, Amount | $ 71,784 | $ 56,321 |
Common equity tier 1 capital, Minimum Capital Requirement, Ratio | 0.0450 | 0.0450 |
Common equity tier 1 capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 103,688 | $ 81,352 |
Common equity tier 1 capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0650 | 0.0650 |
Leverage ratio, Actual, Amount | $ 198,909 | $ 171,484 |
Leverage ratio, Actual, Ratio | 0.0956 | 0.0955 |
Leverage ratio, Minimum Capital Requirement, Amount | $ 83,210 | $ 71,825 |
Leverage ratio, Minimum Capital Requirement, Ratio | 0.0400 | 0.0400 |
Leverage ratio, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 104,012 | $ 89,781 |
Leverage ratio, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0500 | 0.0500 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - Purchase Of Loan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | |
Related party transaction amounts | $ 42,800 |
Related party transaction fee amount | $ 881 |
Related Party Transactions (Sch
Related Party Transactions (Schedule Of Loans To And Deposits From Related Parties) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Loans held for investment, net | ||
Deposits | 6,825 | 1,905 |
Interest income | ||
Interest expense | $ 54 | $ 16 |
Parent Company Condensed Fina_3
Parent Company Condensed Financial Information (Schedule Of Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Balance Sheet Statements Captions [Line Items] | |||
Cash and Cash Equivalents | $ 54,168 | $ 46,228 | |
Other assets | 7,749 | 4,300 | |
Total assets | 2,085,834 | 1,853,939 | |
Stockholders' equity | 182,428 | 203,897 | $ 171,001 |
Total liabilities and stockholders' equity | 2,085,834 | 1,853,939 | |
Parent Company [Member] | |||
Condensed Balance Sheet Statements Captions [Line Items] | |||
Cash and Cash Equivalents | 1,102 | ||
Investment in bank subsidiary | 181,326 | 203,897 | |
Other assets | |||
Total assets | 182,428 | 203,897 | |
Other liabilities | |||
Stockholders' equity | 182,428 | 203,897 | |
Total liabilities and stockholders' equity | $ 182,428 | $ 203,897 |
Parent Company Condensed Fina_4
Parent Company Condensed Financial Information (Schedule Of Income Statement) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
EXPENSES: | ||
Employee compensation and benefits | $ 23,943 | $ 21,438 |
Net income before income tax expense | 27,085 | 27,677 |
Provision (benefit) for income taxes | 6,944 | 6,600 |
Net income | 20,141 | 21,077 |
Parent Company [Member] | ||
INCOME: | ||
Dividends from subsidiaries | 1,000 | |
Service fees from subsidiaries | ||
Total | 1,000 | |
EXPENSES: | ||
Employee compensation and benefits | ||
Total | ||
Net income before income tax expense | 1,000 | |
Provision (benefit) for income taxes | ||
Equity in undisbursed subsidiary income | 19,141 | |
Net income | $ 20,141 |
Parent Company Condensed Fina_5
Parent Company Condensed Financial Information (Schedule Of Cash Flow) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 20,141 | $ 21,077 |
Net cash provided by operating activities | 29,537 | 22,051 |
Cash flows from investing activities: | ||
Net Cash Provided By Used In Investing Activities | (270,601) | (359,363) |
Cash flows from financing activities: | ||
Dividends paid | (2,077) | |
Net cash provided by financing activities | 249,004 | 335,806 |
Net increase (decrease) in cash and cash equivalents | 7,940 | (1,506) |
Cash and cash equivalents at beginning of year | 46,228 | 47,734 |
Cash and cash equivalents at end of year | 54,168 | 46,228 |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net income | 20,141 | |
Equity in undistributed earnings of subsidiaries | (19,141) | |
Other | ||
Net cash provided by operating activities | 1,000 | |
Cash flows from investing activities: | ||
Capital contributions to subsidiary | ||
Other | ||
Net Cash Provided By Used In Investing Activities | ||
Cash flows from financing activities: | ||
Dividends paid | ||
Proceeds from exercise of stock options | 102 | |
Repurchase of common stock | ||
Net cash provided by financing activities | 102 | |
Net increase (decrease) in cash and cash equivalents | 1,102 | |
Cash and cash equivalents at beginning of year | ||
Cash and cash equivalents at end of year | $ 1,102 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - Common Class A [Member] - $ / shares | 1 Months Ended | |
Mar. 24, 2023 | Feb. 28, 2023 | |
Subsequent Event [Line Items] | ||
Shares repurchased | 250,000 | 250,000 |
Shares repurchased, cost per share | $ 11.39 | $ 12.04 |